Implementing a digital banking platform is a complex process that requires a tailored approach rather than a standard, one-size-fits-all business banking solution. At Alkami, with over 266 active digital banking clients and more than 19.5 million registered users (Alkami Technology Third Quarter 2024 Financial Results), we are committed to refining our implementation and launch strategies with every new client. Our process is designed to deliver an exceptional experience that includes comprehensive scoping, targeted training, proactive safeguards, and clear, ongoing communication. This dedication ensures our clients are well-prepared to make the most of their digital transformation journey.
Samantha Pause, chief innovation and brand officer at Mascoma Bank shed some light on what goes on behind the scenes in the months leading up to a business banking implementation. She shared key considerations, best practices and lessons they learned along the way. Keep reading for her insights which can be a helpful starting point for institutions that are considering a business banking switch in the near future.
As Mascoma Bank considered switching digital banking platforms, several key factors were top of mind. Foremost, they sought a solution that could support a comprehensive range of customer needs both now and in the future. The bank prioritized finding a vendor with a strong roadmap that demonstrated a commitment to continuous innovation. They needed assurance that the platform would be modern, with features and functionality capable of effectively serving their evolving customer base. Flexibility and extensibility were also crucial, as Mascoma Bank wanted control over the system and the capability to build their own features without being fully dependent on the vendor. Access to developer tools was essential for customizing the platform to their specifications. Additionally, establishing a strong partnership with the digital banking provider was important, ensuring the bank could rely on the provider’s expertise and collaboration to best support their customers’ needs.
It was important to (Mascoma) to find a digital banking vendor that had a very robust roadmap – not only in what they could offer now, but also what they could offer in regards to the direction they were going in the future.
- Samantha Pause, Chief Innovation and Brand Officer, Mascoma Bank
As Sam was reflecting on Mascoma’s experience, she centered around four main considerations that financial institutions should explore to best prepare for a business banking implementation.
Sam recognized that change can be particularly challenging for customers, especially for business banking clients. Understanding that a strategic and phased approach was essential for a successful implementation, the bank carefully segmented the business banking launch into manageable groups of customers. To support this effort, they engaged subject matter experts from various areas of the institution, including treasury management and branch staff with experience in cash management. These experts were involved early in the process, gaining exposure to development activities, participating in status meetings, receiving comprehensive education and training, and conducting hands-on testing for commercial accounts.
This phased approach ensured that the subject matter experts could manage a volume of customers they could effectively support, setting realistic expectations throughout the launch. Each wave of customers had dedicated support, and Mascoma Bank learned valuable lessons from each stage, enabling them to make real-time adjustments to communications and swiftly resolve any unforeseen issues. This continuous learning process prepared the next group of customers more thoroughly, enhancing the bank’s ability to provide personalized advice. Breaking down the implementation into manageable phases prevented the team from being overwhelmed and proved to be a powerful lesson in strategic customer onboarding.
The importance of involving key stakeholders from the very beginning of a project cannot be overstated. Mascoma Bank learned firsthand that bringing in expertise from various teams such as risk, compliance, marketing, and more is crucial for a smoother execution. If they could do it over again, they would double down on this approach. Throughout the project, they found themselves playing catch-up with team members who weren’t brought in from the start, which created some delays. Each team brings unique perspectives, asks valuable questions, and identifies potential risks and considerations that can significantly impact the project. Gaining this insight early helps avoid slowdowns and roadblocks later on. Ultimately, preparation is key to a project’s success, and early, cross-functional collaboration is essential to achieving that.
In a digital banking implementation, it’s crucial to have a comprehensive understanding of how all elements will connect and to anticipate potential issues that could arise, both within the institution and on the customer-facing side. A deep dive into the intricate details, including configuration requirements and data movement needs, is essential for a seamless integration. Sam reflected on her experience and recognized that investing more time in thorough requirements gathering from the start would have been invaluable. Proper preparation and attention to these details pave the way for a smoother, more effective implementation.
To ensure a successful business banking implementation, Sam advises other financial institutions to engage with their complex business customers early in the project. Even if these customers have demanding schedules, it’s essential to stress the importance of their early involvement. Institutions should not assume that business customers inherently know how to use new digital banking platforms and tools. By sitting down with these customers to understand their specific needs and the intentions behind their platform usage, institutions can de-risk the implementation process. This proactive engagement helps avoid missing crucial details and prevents making incorrect assumptions about the customers’ abilities and expectations, ensuring a smoother and more effective rollout.
Honestly, the best part of the implementation truly was the partnership we had with the Alkami team. Alkami really heard us, listened to us and took our feedback seriously. We didn't shy away from challenging certain aspects of the process. You really took our feedback seriously. And this partnership didn't stop just once the implementation was done. It has continued on throughout this entire process. It continues today.
- Samantha Pause, Chief Innovation and Brand Officer, Mascoma Bank
Want to learn more? Watch our on-demand webinar, Business Banking Implementation Best Practices & Preparedness.
