There’s a goldmine of data at your fingertips, but is your team struggling to find the time and/or expertise to put it to good use? You’re not alone. Community banks and credit unions have been facing hiring hurdles for several years, including finding talent that can implement solutions using data intelligence.
Whether it’s too expensive to add another full-time team member, there aren’t enough qualified candidates, or the competition is luring away your current staff, many financial institutions are struggling to make the necessary advancements to stay ahead in their digital transformation.
With payroll and candidate shortages, it may be time to consider partnering with a service-oriented fintech to tackle much-needed data-based initiatives.
The rise of service-oriented fintechs
The consumer-centric approach of service-oriented fintechs prioritizes customization, agility and user experience — and it seems to be working. Research by McKinsey projects fintech revenue will grow nearly three times faster than traditional banking sectors between 2023 and 2028.
These experts bring valuable attributes to the table that one or more full-time employees usually can’t deliver on their own, including:
- Tech innovation: Using cutting-edge technologies like advanced data analytics to develop highly automated, effective solutions.
- Specialization: Instead of trying to be all things to all people, many service-oriented fintechs focus on excelling in a specific area of financial services.
- Data-driven decisions: Harnessing data and using advanced analytics, these companies can gain insights into user behavior to continuously refine and improve their offerings.
Augmenting your staff with a third-party expert has obvious advantages: it doesn’t require a full-time salary plus benefits; they’ve already proven their niche expertise; and they won’t abandon you mid-project. For these reasons and more, a company with intelligent data solutions could be the difference-maker you need to progress your financial institution’s goals.
What expertise do you get when you work with a service-oriented fintech?
Hiring an experienced partner typically gives you more “bang for your buck” compared to adding full-time staff members due to a partner’s:
- Industry expertise: Specialists from various disciplines come together with an in-depth understanding of and experience working with community banks and credit unions, attained from years of relationships with peer financial institutions that have faced challenges similar to yours.
- Data intelligence expertise: A partner who is familiar with your core processor and knows exactly how to access the data you have, use it profitably and analyze results can hit the ground running right away.
- Project management expertise: In addition to the solutions they provide, a competent partner will be able to run the entire implementation process and keep it on track so your team can be productive in their roles and avoid burnout.
- Turnkey solutions: A third-party that specializes in financial data intelligence solutions will have refined systems in place that don’t require other vendors or additional, unexpected expenses.
Augment your staff with Velocity
With proven solutions that deliver 360-degree insights into account holder behavior and activity, KPI tracking, guaranteed ROI, compliance expertise and outstanding service and training, Velocity Solutions’ team of professionals can help your financial institution reach its goals without straining your current staff or payroll.
Contact Velocity today to discuss ways we can help you utilize your data to grow deposits, non-interest income, small-business loans and augment your existing resources.