Automation and lower costs: Choosing the right partner for your business needs
Do you need a partner?
We have helped multiple Scandinavian asset managers and depositary banks with various IT solutions. Therefore, we would like to share some best practices we’ve seen in order to successfully automate depositary processes and integrate various systems while still growing in efficiency and decreasing costs. A typical digitization project involves three steps:
- Assessing the case & developing a plan;
- Choosing the right partner;
- Developing, implementing and rolling out processes.
In the previous post “Part 1 of Achieving compliance in depositary banking“, we introduced the first step. Now you should ask yourself “Do we need a partner or can we manage ourselves?” In case you answer the question with the necessity for a partner, keep reading to get guidance on how to choose the right one for your business needs.
Step 2: Choose a partner with the right tools for your business needs
It is complex to automate depositary processes and integrate multiple systems. If not done correctly, the system will need substantial maintenance in the future and may harm your business. Therefore, we recommend involving somebody from outside your corporation.
Select the right systems integration and development partner for your depositary bank
Do your homework. Choosing wrongly may lead up to delays in the project. It will also increase the total cost of ownership in the future. Select a partner that:
- Has successful references from similar projects with depositary banks;
- Understands depositary business and the technical details;
- Understands the importance of supporting organizational change.
There are a few IT-solutions available on the market. Most of them serve merely as reminders, not automating any depositary processes. Be aware of platforms with expensive license fees and closed or non-standard technologies, because they will limit your options, increase vendor dependency, and costs.
Do you think you have chosen the suitable partner? Great, now you can continue to part 3: developing, implementing and rolling out processes.