When we talk about ISV, it refers to various independent companies that provide software solutions to banks and other financial services. Nowadays, there are strict rules and regulations for banks and financial institutes, and they must adhere to them.
ISVs help the banks in adhering to the new rules. Instead of relying on the old school of taking software from hardware manufacturers, financial industries find it preferable to take solutions from ISVs.
Many large companies also support and prefer the ISVs for their software solutions. They are specialized, have specific software for any problem, and provide a better solution to tackle complex issues. However, finding the right ISV banking and financial services is a difficult task since there are a lot of ISVs available. Below are some of the tips to find the best ISV for your business.
Do your homework
The first thing to do is that you must know about ISVs, their uses, and strong points. When you are having a meeting about any ISV, this information will help you set the tone of the meeting. You can ask the right questions in the meeting and know which partner will work the best for you instead of just listening to details from the other side.
Make a Sharp Pitch
Give proper information to your team and give them a go-ahead about asking various questions in the meeting. Search about the product and do proper competitor analysis. You may even make specific notes that will guide you about the meeting. Thus, you will make a sharp pitch with the ISVs.
Do market research
When finding the best ISVs, market research helps you a lot. You will note the market, search the competitor moves, and know when there is a new opportunity for you. The ISVs run several offers so it will be a benefit when you take the offer during that time. Focus on your strategic priorities when making a deal.
Look for the pros and cons
When finalizing the decision, what makes the leading role is that if a specific ISV will bring more benefits or problems to your financial industry. Every company, bank, or industry has different needs, and one knows best about the good things for them.
When you have done the meeting with various ISVs, now is the time to evaluate between them. Every ISV has some benefits while there are also some cons that you know better. So, when you conclude your meetings, then is the time to check whether an ISV brings benefits to your institute.
In the modern age, banks and financial institutes face a lot of security threats. With the growing threats, the need to get the right solution also increased more than ever. So, you must understand the needs of your bank, financial institute, or industry. Instead of relying on second-hand information, it is always better to do proper research and then find what is better for your industry and which one to select.