Steven P. Williams, Principal, Cornerstone Advisors, Inc., Scottsdale, Ariz.
The most effective "onion peeler" with a vendor's new product is the good old client reference. Even if a product is in early pilot or beta stages, discussions with the initial banks or credit unions using the product can really enlighten the decision.
It's also important to focus on how an innovation will really work in your environment operationally.
I have noticed at the booths that challenges like customer acceptance, navigation and interactions with other vendors tend to get glossed over in the sales presentation.
The main point is bulldog-like due diligence on the front end, and make sure you document your findings. Regulators will be looking for it with new vendor management regulations.
Chris Barber, WesCorp, San Dimas, Calif.
It depends on how the technology ties in with the overall vision and strategic plan of the credit union.
* Does the technology create efficiencies? Does it enable the CU to offer new products or services?
* Does it improve the defensive posture or assist with compliance efforts? Is there an ROI that can be calculated for moving ahead with the project?
Another factor is the stability of the vendor offering the product, size of existing customer base, support options, etc.
In the end, the most important thing is to avoid "technology for technology's sake" and to ensure a proper alignment with the business and direction of the company.
Have A Question For The Technology Panel? E-mail Managing Editor Lisa Freeman at lfreeman
