As banks are continuously updating their digital channels, the question whether to build new digital features in house, or purchase the solution through a fintech comes up all the time.
Innovating Digital Channels is the priority for most banks
Banks have a talented and capable in-house product and tech team, and there isn’t much they can’t do. Not only that, but they understand the intricacies of their systems, which allows them to have the full scope of how to implement new features.
And while fintechs lack that in-house experience, the purpose of their existence is to solve specific needs within financial services and obsess over the outcome. They’ve streamlined implementation, and deployment and more often than not guarantee performance.
This is why deciding to buy vs build is so challenging.
It’s a high-stakes choice: around $900 billion of the $1.3 trillion spent each year on enterprise digital transformation goes to waste.
We’ve written the playbook to serve as a guide the next time you’re faced with whether to buy vs build.
We take you through 3 key learnings:
- Why buying is (usually) the better option
Building your own technology stack and digital capabilities in-house is usually a false economy.
- What to look for in a vendor?
With a glut of fintech vendors on the market, as well as each bank having different needs and goals, selecting the right partner demands careful consideration.
- Unlock a treasure chest of customer-facing functionality
While focusing on technology deployment, integration, and extensibility demands, it’s easy to lose sight of what your digital bank is really all about.
With real-life examples of successful client partnership.