Ensuring Successful Rollout of a New Fraud Detection Solution
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If you work at a bank that is introducing a new fraud management software product, you know these are exciting times. Your organization has spent a great deal of time and money selecting the right solution for your organization, and the stakes are high for a successful deployment.
Banks that approach the software implementation process with careful preparation help ensure successful adoption by fraud management teams. As someone who’s been on the front line of training users on new technology tools for many years, I’ve seen some great strategies that banks have used to help ensure a successful rollout.
Lay the Groundwork Early
Sharing information about the new software application early in the implementation process with all of the end-users and project stakeholders will ensure a smooth transition to the new solution. This can be done by scheduling meetings about the advantages and capabilities of the new solution, asking the software vendor to give product demos, and provide many opportunities for Q & A with the intended users. Even though the software product has already been sold to the bank, it’s helpful to make sure it’s also been sold to the end users.
Involve the Stakeholders in the Implementation Process
Depending upon the enterprise software solution, representatives from key groups at a bank should be involved during the implementation. This could include business users and leaders from different fraud areas, IT representatives, data owners, as well as project managers. Not only does this ensure that a successful solution is built with all stakeholders in mind, but it will help these representatives understand and more quickly adopt the new application.
Define the New Business Processes
Adding a new software application is likely to affect your fraud team’s business processes, so the sooner your organization can identify and define revised processes, the better. Many users find it challenging to learn how to use a new application – if new processes are not clearly defined up-front, it will reflect badly on the solution. For example, if fraud analysts have been tracking alerts through a manual process using Excel, and you are moving to an online version, identify the record-keeping and tracking functionality in the new application and incorporate that new process within the training.
Run a Pilot Phase
When switching from one fraud management solution to a new one, consider adding a pilot phase before going “live” and turning off the old solution. This will give the users an opportunity to practice using the new application in a risk-free setting, and to work through any kinks in the new business processes. This is also a good time for the users to get training, and make sure they are comfortable using the product.
Preparing all of the key stakeholders for a new fraud management solution will pay off, as the ramp up time will decrease and the loss avoided at your bank increases.