In this post, we’re going to discuss the top three pains and frustrations financial institutions experience when using an outdated wire transfer system.
More specifically, we’ll cover the following three points:
- company complacency,
- poor vendor relationships, and
- a lack of functionality or resources.
Let’s get started.
One of your biggest responsibilities as a financial institution is to provide your customers with a secure way to transfer funds. Think about yourself for a minute and the institution you use. Do you trust them to wire your money? If so, why do you trust them? Is it because they have a reliable and secure system? Do they provide frequent updates to ensure you’re getting the best experience? Is it easy for you to send and track a wire yourself?
Now think about the institution you work for. Do you provide that same trust and experience to your customers when wiring their money? And do you, as an employee, believe your system is secure and reliable enough? If not, it’s time to evaluate your wire process and start looking for a new system or vendor.
Let’s take a deeper look at some of the top frustrations and pains you might be experiencing yourself.
1. Company Complacency
Company complacency is an issue for any organization. It’s doing what you’ve always done and thinking you don’t need to change anything because what you have is good enough. Is this how your institution thinks? How long has it been since you evaluated your system or surveyed your customer satisfaction? If it’s been a couple of years, then you need to do an evaluation, review the data, and figure out if it’s time for an upgrade.
How do you conduct an evaluation? A great place to start would be to survey your current customers and ask for their honest feedback. Don’t be afraid of the responses you’ll get. Your customers will most likely be happy to see that you're taking interest in their needs. They’ll be happy to provide you with valuable insight that helps you assess what they need and whether it’s time for a new wire system or vendor.
While change can be challenging, it can also be revitalizing for your employees and customers. By not reviewing your wire process for improvement and growth, you’re missing opportunities to not only expand your business but also provide the best services you can to your customers and employees.
Looking for a new wire solution does takes time, but the advantages far outweigh doing the same thing you’ve been doing simply because it works.
2. Poor Vendor Relationship
Vendor relationships are important to the success of your business and the productivity of your employees. When your vendor knows you well, they understand your needs, provide solutions, and negotiate reasonable costs and services that will help you succeed as an institution.
Think about your current vendor and ask yourself the following questions: Is the level of service provided by your wire service meeting your business needs? Does your current vendor answer your questions in a timely manner or offer employee training? Are they reliable when things go wrong? Is the quality of their product meeting your expectations, or can improvements be made to the system? What is the cost of doing business with your current vendor? Can your wire service be combined with other services being offered by your core processor or another business partner? Is your relationship as a business partner beneficial to you as well as them?
The best business relationships are successful for all involved. If you answered negatively to any of these questions, the vendor isn’t giving your institution the attention it deserves, and it’s time to look for someone who will prioritize your needs, just as you prioritize your customers’ needs.
3. Lack of Functionality or Resources
Having the right tools to process and manage wires makes the process efficient and helps your employees do their jobs well. Resource management—including technology changes, system updates, and reporting tools—can lead to effective and efficient work, keeping you compliant and your employees sharp.
Consider the following questions: How easy is it to process a wire using your current system? If you’re still using paper, how can paper be eliminated in your wire processing? If you’re keeping track of wires using a spreadsheet, how can that be done electronically? What functions does your wire system have for keeping track of your wires? When being audited, are you looking through boxes of paper to find the documentation for that one wire the auditor needs to review, or can you locate the file via electronic means using your wire system and documentation system easily and readily?
When using the right tools, the cost of doing business decreases, employees are happier because they can get their jobs done efficiently, and your customers benefit because they receive the best level of service possible when they come into your institution.
Conclusion
Consider the benefits that may result when you do the right thing by evaluating your current wire process, reviewing your vendor relationship and ongoing costs with current and potentially new vendors, and providing up-to-date and smart tools for your employees to do the job right. Evaluating your wire system will benefit your customers, employees, and business by creating accuracy and efficiency.
If you’ve been experiencing any of the pains and frustrations discussed above, now is the time to take action and look for something new. Meet with your team today and explain why your institution should consider looking for a new wire system, conduct a proper evaluation, and make the switch to improve your institution’s overall success.
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