Digital banking has become an integral part of our life. But, selecting the right digital banking solution provider is a difficult task. It's not just about choosing the company with the best technology but it's also about picking one that has deep knowledge and experience of developing customized applications to suit your business needs.
There are multiple factors you should take into account while choosing the best-suited digital banking solution provider.
Differentiate between PoC, POC & PoA
Before signing any contract with the service provider, it is necessary to understand the acronyms that are being used by them. All companies are using different terms with the same meaning. It creates confusion among merchants about choosing the right company. For example, POC is being used by companies to mean both Proof of Concept and Proof of Authorization while PoA means Proof of Audit.
However, it should be noted that all three are different terms with different meanings.
Proof of Concept (POC) – A process by which a Product/solution is tested and analyzed with actual applications in a real time environment. It is a mock trial of how the software will perform its tasks, if implemented.
Proof of Authorization (PoA) – This process ensures only authorized transactions are processed on the customer's account. All un-authorized transactions fail at the merchant level itself instead of reaching the issuer for settlement.
Proof of Audit (PoA) – It is a type of process which checks the system's security and compliance to various standards. This helps in glitch detection in near future.
If you are confused between POC, PoC & PoA, you should take your time out and research about it before hiring any service provider.
Choose a Solution Provider with Technical Expertise
Your digital banking solution provider must have technical expertise in developing any type of application regardless whether it's a mobile app or a web based solution. Ask questions from the service provider about their experience and knowledge in the field. Make sure to check whether they are capable enough to understand your requirements precisely and implement it accordingly.
Time to Market & Success Rate Matters
Before entering into any contract, ensure the service provider will be able to deliver services within stipulated time without compromising on quality. Also, ask them about their success rate in delivering projects before you get trapped with an IT company that has no experience of developing customized applications for banks and financial institutions.
Hire a Solution Provider with Right Mindset
Choosing the right digital banking solution provider isn't just about signing a contract and receiving software. While your trusted IT partner delivers you a product that is technically sound, it's also important to ensure they have a visionary mindset that can take your business into next level.