To put it plainly, using an integration partner is not only simpler than an in-house solution, but is a faster, more efficient option to accelerate your market expansion goals in the Financial Services market.
Potential integration partners already have ready-made solutions that have been there and done that. You can feel comfortable knowing the solution has already been used and is working successfully within other businesses.
But more to the point; this process is undoubtedly faster than any in-house alternative. It has been tested, validated, and proven in your industry – while providing a great opportunity to diversify and learn from technology companies in this space.
9Spokes Technical Account Manager Melvin Chin says, “What’s perhaps not so obvious of a benefit is that through collaboration with a partner, the Bank/FI teams will learn to work and deliver in more modern (e.g., Agile) methodologies which is beneficial to the organisation, and there is also knowledge transfer by osmosis”.
Fintech integration partners are not in too dissimilar position to the FIs themselves. In this rapidly evolving industry, companies like 9Spokes are working with the most up-to-date and industry best practice systems.
“Fintech integration partners have been setup relatively recently and are normally making use of the latest available Industry standard technical architecture like Cloud infrastructure that are more scalable”.
It’s this same rapidly advancing industry that also increases the risk of being left behind when developing custom made systems in-house. In a world of constant technological advancements, app integrations must be able to keep up with regular changes made within applications’ framework. Using an integration partner nullifies the need to constantly be across updates. Let your partner do the hard work for you.
“Fintech partners like 9Spokes operate as SaaS solutions who are going to be innovating continuously which will benefit a Bank/FI, the hardest part for a Bank/FI is to try and keep up with the speed of change to benefit from innovation,” said Melvin.
Building in-house can be a viable short-term solution for your integration needs. But, as scaling and requirements grow and change, partnering with a team that offers a nimble and effective alternative will help you scale your business at a faster and more effective rate for your customers.
Key benefits of an integration partner for SMB lending:
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Speed of solution implementation
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Proven in market
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Learning from the best (knowledge by osmosis)
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Latest available industry standard technical architecture
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Constant innovation, maintaining reliable connections
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