By Jeffery Schmid
Although not a new concept, outsourcing has emerged in management circles as a strategic approach when planning for the future. For many, the upside to outsourcing various functions far outweighs the disadvantages. In outsourcing certain functions, your bank has the opportunity to leverage skilled professionals, remain flexible in changing environments, and ensure regulatory compliance all the while management teams can refocus their energy on spearheading overall growth.
Finding the right vendor to help manage critical and non-critical functions can be troublesome and requires banks to consider many aspects of vendor. Determining the vendor’s reputation, delivery, knowledge, creativity, responsiveness, and customer support will help your team determine the partner that is most aligned with the mission and goals of your institution. In all cases, it is critical that banks trust their vendor enough to be considered as part of the overall succession strategy and long-term growth. If not, you found the wrong vendor.
The “right” vendor should be dedicated to tailoring programs that align with your specific product offerings, business structure, and risk management requirements. There should be no question as to whether your vendor will aid in alleviating stress, reducing errors, and transferring compliance and IT risks away from the bank at a manageable cost. Rather than simply outsourcing aspects of your organization, the relationship should be a mutually understood a partnership; one in which each party needs the other one to be successful in the industry.
At FIPCO, we view our members as banking partners, not just customers. Our team is genuinely invested in helping your bank to streamline operations though our centralized software host and integration within third-party platforms. If this sounds like the right fit for your bank, please contact me at 608-441-1220 or jschmid@fipco.com.
Schmid is director – compliance and management services at FIPCO, a WBA Gold Associate Member.
