Technology
With de novo institutions, when it comes to technology, we see two extremes. The entity will either have a very solid Chief Technology Officer or the entity has very little technology acumen. In either circumstance, the importance of a robust technology architecture is critical as it impacts every part of the business. You should become dependent on one of the system providers to fill this role. Their priority will always be to their system and what best supports their system. You need someone who can look at the entire technology landscape. This is where we fit in.
1.
Architecture
You have to have someone overseeing the entirety of the technology stack. Some technologies work together better than others, and some don't work together at all. Other decisions will have cost, security, stability, or maintenance implications. Having a defined architectural framework and set of guidelines will save you time, money, and frustrations down the road.
2.
Integration
Don't be overconfident in the integration of systems and application when you here "APIs". Yes, it has made things easier, but the work still has to be done and it has to be done right and consistent.
3.
Stability
The relationship between hardware and software is becoming more important everyday. Hardware is being designed and built for specific purposes, activities, and systems. Understanding this nuances can impact the overall stability of the environment, how it is maintained, and how it will grow with the bank.
4.
Security
Security, security, security. Every aspect of web security, data security, system security, and user security must be in place before you launch. We have had de novos being attacked even before they opened for business.
5.
Administration
What will it required to keep all the systems running? Who will be responsible for these activities? How do you know when one system or one application is not working correctly? Understanding the systems' administrative requirements and the specific skill needed to perform those tasks is critical. You will outsource to experts as much of this possible, but the regulators will still hold you responsible.
Hardware, software, systems, cloud, connectivity, networking, security, data management, big data, fintech, integration, desktops, managed services, and this list goes on. Some will be more important than others based on your business strategy, but all must be considered.