BlackFin Group, a management consulting firm serving the Banking and Mortgage Industries, is now offering a technology solutions selection practice that the company says will completely overhaul the outdated RFP process lenders are using now to select their next technology investments. Tech Stack Navigator makes it easier for lenders to choose the right tools to fit their process, know in advance what it will cost to implement them and how long it will take.
“Our executives have worked with virtually all of the technology developers in the industry and we know the specifics of what they offer, so we’re in the unique position of being able to support lenders during their selection process,” said Keith Kemph, President and CEO of BlackFin Group. “Over the past five months, we’ve been exploring this process and our conclusion is that the technology selection process is broken. Requesting hundreds of pages of information via RFP and then being driven to a few solutions by a consultant with a vested interest in the outcome is an outdated process. Lenders deserve more and Tech Stack Navigator provides it.”
Over the last few years, BlackFin Group has made a name for itself by attracting some of the industry’s most experienced executives and then deploying them back into the field to help lenders, servicers and technology providers solve persistent problems and implement new tech stacks. But too often, the tools that are implemented were never intended to reach the lender’s real goals or are unable to do so. The key to better implementations is better technology selection.
Kemph says that without better information and the technology to quickly navigate through it, lenders run the risk of choosing poorly…and that is costly. Given that 70% of all technology projects in our industry fail, BlackFin set out to provide a better solution that now allows lenders to:
- Save up to $30k in selection consulting engagement fees
- Reduce FTE time/cost to work through the selection process
- Minimized risk of being ‘sold’ unsuitable technology
- Significantly reduce project failure risk
- Achiever full scale awareness of current technology offerings
Among the first technology developers to sign up for the new program and begin submitting detailed information to the BlackFin selection technology is Constellation Mortgage Solutions, developers of the NOVA LOS and the ReverseVision reverse mortgage origination solution.
“Our technology is now built and tested and we’re in the process of working with technology providers to populate it with the data lenders will use to make their sections,” Kemph said. “Whether it’s a quick look at possible future alternatives or an in-depth analysis of functionality for a new core system, Tech Stack Navigator will give the industry what it needs to make better technology selections and achieve greater success.”
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