How Hassle-Free Bank Tech Implementations Deliver Results

Modern risk and compliance technology implementations are remarkably easy for businesses. Gone are the days when a technology implementation meant multiple quarters or years of business process disruptions and issues that had to be fixed for months after the implementation. Modern implementations are a breeze compared to what was the industry standard until a decade or two ago. A lot of this ease can be attributed to the SaaS model that modern risk and compliance solutions are built on.

Whenever the benefits of SaaS solutions are touted the focus is on how convenient these are. Cloud solutions can be used from any device with an internet connection, ensuring that employees can access the information and work from anywhere needed. This functionality proved to be essential during the shutdowns caused by the Covid-19 pandemic. While most businesses realize the benefits of SaaS solutions for their operations, many do not realize that these solutions are not just easier to use and also much easier to implement.

Development on the Cloud

The biggest differentiator in the implementations of SaaS solutions versus the implementations of on-premises risk and compliance solutions is that the development is handled on the cloud. On-premise solutions need to be deployed on the network and computers within the organization. The organizations that deploy software on premise are responsible for the ongoing costs of the server hardware, power consumption, and space. This can be a significant amount of money if it is a large-scale implementation which requires multiple resources from the vendor to implement.

Contrast this with the development required for SaaS solutions. Since the solution operates from the cloud, all the development can be easily handled from the vendor’s cloud environment. Instead of paying for the traveling costs and related expenses of resources for the development period, the business only needs to invest in the work being done, which brings the cost down to a fraction of what it was previously. This also makes the implementation easier for both the vendor and the client.

Consider the development and deployment of an on-premises solution. Not only does the development team need to configure the solution according to the needs of the client – the team also needs to make sure it works on the hardware and network infrastructure being used on-premises. This can often cause compatibility related issues, which can further increase implementation time. SaaS solutions have no such problem – the cloud is already configured for the solution; the developers simply need to customize the solution for the client.

This nature of SaaS models is also very helpful when a business needs help from the vendor with the solution. Instead of having to ask the vendor to send someone over so they can diagnose the issue in the on-premises solution, which adds both a lot of time and a lot of costs to the process, the vendors can diagnose the problem on the cloud without requiring anyone to travel anywhere.

The most astonishing possibility with SaaS solutions is that businesses can begin using them in a matter of weeks, depending on the configuration required. Click To Tweet

Ready-to-Go.

The most astonishing possibility with SaaS solutions is that businesses can begin using them in a matter of weeks, depending on the configuration required. A business that finds a SaaS risk and compliance solution that already has all the functionality needed will be able to begin using the solution almost instantly. This cannot even be thought about when it comes to on-premise solutions, which often have implementation periods that are counted in months.

SaaS solutions can deliver this functionality because they are already configured to run from the cloud completely. There is no need to install them on new hardware or to configure them to make sure they are running properly. This also raises the possibility of using a SaaS based solution on a trial basis. When a business purchased an on-premises solution, they would have to commit to making a payment for the full solution along with implementation and maintenance costs. They had to make a major investment without the ability to test the software at all.

SaaS solutions make it possible for businesses to adopt risk and compliance technology without making a major investment. A business can pick a single tool from a risk and compliance suite and pay for it for a month or two, thereby testing the solution at a fraction of the cost of the total solution. This is often possible at such low rates that risk and compliance experts can easily test the solution out themselves without requiring any increase in operating budgets approved by upper management. A full deployment will require proper approval, but at that point the benefits and ROI that can be expected from the solution will also be easily apparent.

Interested in testing out a risk and compliance management solution that can be deployed painlessly? Get in touch with our experts for a demonstration of Predict360, our risk and compliance solution is endorsed by American Bankers Association (ABA).