Are you a financial services firm looking to fend off digital upstarts and remain competitive? If so, it’s essential that you have a business transformation strategy and also be able to execute on it.
A successful digital business transformation will help you optimize efficiency. By automating manual tasks, your employees will be freed up to deliver more meaningful client experiences across multiple digital touchpoints.
Few firms try to develop the necessary technical capabilities in-house to make their digital vision a reality. Rather, they choose to form a strategic partnership to accelerate their digital transformation. They recognize that a good strategic partner can move their firm towards digital innovation quicker and at a lower cost.
Four key qualities that define a strong strategic partner
To ensure your firm gets the optimal results and desired return on your digital transformation investment, here are the key qualities you should look for in a strategic partner.
1. Technology and operations expertise
Partner with vendors that understand your business and have the specific expertise you need. A vendor that can do both beautiful, front-end interfaces as well as complex, back-end integrations is an asset. Consolidating the workload with just one vendor will simplify project management for you. A good partner will understand that not every business transformation is the same. By leveraging their knowledge of past digital transformations in your vertical, a strategic partner can create specific solutions to meet your firm’s unique disruptive needs.
2. Customer-centric focus
You want a partner that can help you take a customer-centric approach to your business transformation. This will enable your firm to be innovative while still satisfying the needs of your customers. Firms that focus on delivering quality user experiences have greater success with their digital transformation than firms that focus solely on cost reduction.
3. Experts in multiple fields and verticals
A good strategic partner will have expertise in other industries that can help you drive revenue. The ability to connect partners across multiple fields and verticals can help speed up innovation and propel your firm’s growth.
4. Share the same goal
Look for a digital partner that shares your perspective and approach to business. Because every business case is different, your partner should genuinely understand what you want to achieve. Make sure you’re both on the same page when it comes to the goals and expectations of your digital transformation strategy.
Success begins with the right digital transformation partner
In the rapidly changing world of technology, digital leaders recognize they can’t merely rely on the capabilities of their own companies to be successful. To keep pace and scale their business, they need to tap into the knowledge and skills of others and collaborate through strong strategic partnerships. Choosing a client-focused partner with solid technical and digital creative capabilities can put your business transformation on the right path.
PureFacts is your fintech expert with wealth management software and custom digital solutions. We combine the technical capabilities of a systems integrator with the creative expertise of a digital creative agency under one roof. We can partner with your firm to develop solutions that optimize your operations, drive revenue, and help you deliver exceptional client experiences. Contact us to discuss how we can propel your digital transformation.