Digital Transformation at Small Institutions: A Case Study

Report Summary

Digital Transformation at Small Institutions: A Case Study

Technology vendors for the SMFI market should rethink their approach to contracting, especially as regards digital transformation.

Boston, November 12, 2020 – Most small and midsize financial institutions rely on vendors for all of their technology needs. The good news is that, across financial services, the vendor landscape provides lots of options. The bad news is that this renders the SMFI a technology “taker,” often trapped in a vendor’s platforms whether or not that vendor can deliver from a strategic perspective.

This case study provides a look into the vendor contracting process of an SMFI seeking to move beyond the take-it-or-leave-it options inherent in being a smaller institution. The study covers the entire process, which began in 2015 and culminated in 2019 with a fully executed, eight-year contract with multiple product upgrades either installed or planned.

Clients of Aite Group’s Wealth Management, Wholesale Banking & Payments, Retail Banking & Payments, Health Insurance, Life Insurance, or P&C Insurance service can download this 11-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

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