Finding the right administrative system for your factoring, debt collection, or lending business is not easy. It’s hard to find your way through the jungle of suppliers and solutions offering different options, characteristics, and functionality. The deciding factor, however, should always be whether they can truly meet your company’s needs. Can it facilitate your business processes now? Can it still meet your needs when you optimise for the future, not to mention the ever-changing regulatory landscape in the financial industry? We’ve gathered 8 things to keep in mind when choosing financial service software.
Regardless of which solution is the right fit and what your future plans are, there are some specific qualifications that can help ensure you make the right choice. Let us walk you through the questions we recommend asking any potential fintech system vendor.
1. Does the supplier understand the industry?
Your partner should know your industry. They should have a deep understanding of the specific challenges within your industry and, preferably, have good references from others in the industry. Having a supplier who is attuned to changes in the market and can proactively introduce new functionality as needed will mean a much better solution across multiple aspects of your business needs.
2. Is the system future-proof?
A sound system will work for many years to come. When choosing financial service software, ensure that the system can be scaled up as your business grows. Also make sure that the supplier can act as a sounding board and offer support in the process.
3. Is it easy to connect with other systems and services?
It should be easy to integrate or connect the platform with the other systems and services you use regularly, such as credit information, services for input and output, etc. Integrating the best services on the market with your administrative platform creates an incredibly powerful tool for your business operations.
4. Is the solution adaptable to individual needs?
Every business is different and has different needs, even within the same industry. Using individual parameters to create a tailor-made offer for your customers is vital to being able to differentiate your business in a competitive space. In addition, different users may need different types of information and access. Hence, when choosing financial service software it is important to make sure the system can be adapted to the business. Not the other way around.
5. How fast and easy is the onboarding?
It should be quick and easy to get started, but it should, above all, be easy for new customers to get started as well. Customers need to be able to connect easily with your platform to send their invoices directly, and ideally on the day the agreement is signed so they don’t have to wait!
6. How quickly do you get access to new functionality?
Time to market is a critical factor in today’s fast-moving world. Getting new functionality into the system quickly is essential. Updates should be regular, continuous, and in bite-sized pieces that shorten the process. You should always know when you can expect new features to be added to the platform. Read our previous blog here to know more about our view on time to market solutions.
7. Does the system work internationally?
Do you have international expansion plans? Be sure to choose a supplier who has substantial experience in multiple country markets and can help you with the diversity of challenges and opportunities that come with exporting your services.
8. Is there well-functioning support available?
Any supplier you choose should have highly competent and knowledgeable staff that you can turn to for support, advice, training, and development.
Finding the right supplier can be a long and arduous process but asking the right questions can make a big difference in shortening it and, hopefully, ensuring an ideal outcome. Getting it right and choosing the best digital platform for your business is an excellent way to create new and innovative opportunities for serving your customers, and it is an important next step in your business development.
Want to know more about what value Aptic’s platform can bring to your business?
Read more about Cloudware factoring and download our whitepaper here!