Buy-or-build: The crucial dilemma when moving to Digital Banking

4 min read

Across the banking industry, digital technologies have already reshaped every aspect of how financial institutions and end-consumers communicate and work together. Nevertheless, the digital revolution is far from being over: it is a never-ending movement and there are still countless opportunities ahead. While fintechs work every day to bring new solutions to the table, banking institutions need to define their strategy to catch the digital train and lead a continuous technological transformation.

In this decision-making process, the question “Buy-or-Build?” is the fundamental dilemma financial institution needs to answer. And even though there is no right or wrong answer – and there is no one-size-fits-all solution – ebankIT is continuously working to prove it is possible to combine out-of-the-box features with extensive customization capabilities, enabling banks and credit unions to accelerate the digital transition, while providing the best-in-class customer experience.

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Weighing up the Pros and Cons: Factors for financial institutions to consider

When selecting the right approach – to build a platform in-house or to buy a ready-to-market platform – banks and credit unions need to think about their business strategy, not only for the present day but especially for the medium and long-term future. Each possibility has pros and cons, so there is no obvious choice for every organization.

Financial institutions that choose to build their own platform don’t need to compromise: the solution is built according to exactly what the organization wishes. That means more freedom – no dependency on third-parties or other developers – but also larger expenses and longer time-to-market for each new feature. Banks and credit unions become also responsible for every update and maintenance effort, and will have to embody the responsibility to keep up with the technological market.

Banking Institutions that choose to source the market for a digital platform may eventually not find the perfect fit but are keen to find suitable answers to their questions. If, on one hand, the same solution is deployed for different banks and credit unions, on the other, each organization experience fewer costs and errors, benefiting from a more reliable and shorter delivery time frame.

At ebankIT, we believe that there is an ideal middle-ground solution: a ready-to-market solution with increased product adaptability and extensive customization options. This innovative approach is especially interesting for small and medium financial institutions, that become able to compete with larger financial groups and to deliver top-of-the class products and services to their customers, keeping themselves on the edge of innovation.

It is not just an off-the-shelf solution, it’s an innovation roadmap for the future

The growth of digital banking usage and the emergence of new technologies are constantly creating challenges and opportunities in banking. The market is constantly changing and, to become future-ready, financial institutions need to deploy the most modern digital solutions.

At ebankIT, we understand that the answer does not rely on off-the-shelf solutions, ready to plug-in and operate, but not aware of the business context. These platforms are often too rigid, difficult to modify and, as the business grows and time goes by, quickly become obsolete. On the contrary, ebankIT Omnichannel Digital Platform is an adaptative solution, with a flexible design, able to accommodate a broad range of business strategies. It offers the benefit of tested results and the implementation speed that would not be possible if an in-house solution was pursued, but it also delivers comprehensive customization tools, enabling banks and credit unions to tailor their catalog of services.


It’s time for a decision and consumers demand the most intuitive experience

At this moment, going to market with competitive digital bank offerings is an endless cycle of playing catch-up. Consumers are increasingly turning to new fintech solutions and the banking platform built according to today’s requirements is soon to become outdated. The reality is that consumer expectations are increasing at a pace faster than most institutions’ ability to deliver.

To avoid becoming technologically stagnant, banking institutions need to find a digital platform with a customer-centric approach. Many financial organizations – especially smaller community-based banks and credit unions – need to find a solution designed to build longstanding customer relationships. These kind of interactive and engaging digital platforms are particularly difficult to build in-house from scratch.

humanized digital banking experience

At ebankIT, our main goal is to keep humanizing the digital banking experience. We understand that the best way to undertake a truly digital shift is to become laser-focused on the human connection, offering increased agility, efficiency, and security to every customer. There is no doubt that intuitive features will always be more easily embraced by end-users of any generation or social background.

Additionally, ebankIT Omnichannel Digital Platform is also prepared to integrate with other third-party solutions. Relying on a growing ecosystem of partners, ebankIT enables financial institutions to implement new business models quickly and efficiently. By embracing ebankIT Platform, banks and Credit Unions are not only selecting a technological provider, but engaging in a robust and ambitious innovation roadmap that future-proofs their business strategy for years to come.

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