Lenders may spend months vetting business technology, but even after they decide what to buy, the work has just begun. Spending money can create an urgency to get systems up and running but patience here is equally important, because if you rush ahead, you risk losing efficiency. Without careful planning, implementation can take longer than expected.
We recently held discovery sessions with dozens of banks, credit unions and IMBs (Independent Mortgage Bankers) of various sizes. Here are four best practices they used to build a bulletproof rollout plan when implementing new technology.
Set clear implementation goals
You would never start driving to an unfamiliar destination without a map or GPS. Instead, you would plan out relevant milestones that let you know you’re headed in the right direction.
It’s the same for any business. Lenders must decide relevant rollout milestones before the implementation process begins so they can know which parts of the process are on track, and which need their attention. Setting clear improvement targets and success criteria will help lenders define success down the road.
Needs before speed
It’s the first question on many lenders’ minds as soon as a transaction is complete: How soon can my new technology be up and running? While vendors may be quick to make promises, the lenders we spoke with said shortcuts now can lead to headaches later during implementation.
To help combat that, they recommend lenders challenge vendors to build a realistic implementation plan that minimizes internal disruption and still delivers expected business outcomes. This may take the form of a phased rollout, which – while slower – comes with distinct advantages. For instance, deploying technology one branch at a time can provide invaluable feedback about hiccups early in the process, while also allowing early adopters to iron out those wrinkles in an insulated environment.
Identify change champions
Early adopters can be some of your biggest assets during a new tech rollout. Not only can they identify and troubleshoot initial problems, they can also help overcome resistance to new systems and processes. Read more in the white paper to learn about how change champions can help lenders rally the troops.
Enlist outside help
Finally, the right vendor can make all the difference. Lenders in our discovery sessions recommended choosing vendors that take a high-touch approach to implementation and offer expert-level advice, industry knowledge and best practices.