Digital wallets for public funds make distribution faster and easier, ask these essential questions before trusting a financial tech company with your funds.

What To Ask A Financial Tech Company About Digital Wallets For Public Funds

Posted on Categories Guides, Industry: Financial Technology, Industry: K12Tags ,

Consider these things about financial tech companies before using their digital wallets for your public funds

Digital wallets for public funds can impact the lives of your constituents. Getting their funds delivered faster and easier than ever before sounds like a no brainer.

So, why aren’t local and state agencies using digital wallets for all public funds? Concerns about compliance and security are completely valid when handing so much public money! Heightened public attention is paid to these programs, making it important for public fund managers to carefully examine potential partners before trusting them to help distribute public funds.

Knowing how to vet a financial tech company makes it easier to trust that your funds will be handled with care from start to finish. Make sure you know what to ask about the technology and the company itself as you go through the selection process to feel secure in your decision.

Keep reading for 4 critical considerations to keep in mind and the questions to ask about the financial technology company when selecting a digital wallet for public funds.

  1. Digital Wallet IT Infrastructure

    Along with state-of-the-art technology, a digital wallet provider should also have exceptional infrastructure in place to support the IT.

    Ask these questions about digital wallet IT infrastructure:

    • Does the company use a cloud-first hosting model, with geo-redundant cloud storage backups?
    • Does it provide robust agility for operations to scale as needed to improve cost efficiency?
    • Does it include a product engineering team dedicated to the performance and capabilities of all technology, preferably led by a full-time Chief Security Officer?
    • Has the company completed recognized audits and certifications that take commitment, time and effort to attain?
  2. Digital Wallet Credibility and Commitment

    When working with public funds, trust and credibility are essential — you need a reputable partner that you can depend on.

    Ask these questions about digital wallet credibility and commitment:

    • Does the company have a track record of establishing trust with agencies, program administrators and end users?
    • Does it demonstrate the experience and longevity to support you appropriately, effectively and compliantly in any challenges you may face?
  3. Digital Wallet Customer Support

    It is vital to partner with a company that is guided by a commitment to service excellence and places customers as their top priority.

    Ask these questions about digital wallet customer support:

    • Is the company’s customer support team made up of accountable, efficient and engaged professionals?
    • Does the company have a culture of continual improvement, with team members participating in ongoing professional development training, including live and recorded webinars?
    • Does it support diverse end users by providing bilingual capabilities?
  4. Digital Wallet Company’s Financial Stability

    Programs often have extended timelines and you need a digital wallet technology partner that can stay the course with your public funds over the long run.

    Ask these questions about digital wallet company’s financial stability:

    • Is the company financially stable and well-resourced?
    • Does it have a strong leadership team that is committed to remaining your trusted partner over the lifetime of your program — and beyond?

    The right financial tech partner enables you to work compliantly, efficiently and cost-effectively, no matter what public funds you are managing and their funding source.

Consider both the Digital Wallet Technology and the Digital Wallet Company

Picking the right financial technology company comes down to asking the right questions. Make sure you take the time to ensure you can trust the company responsible for your digital wallet.

Selecting the right partner can change the way local and state agencies disburse and reimburse public funds.

If you’re a public fund manager, take the considerations and questions here as a north star for identifying the company that best meets your needs. Make sure they can provide both the reliable partnership and compliant technology you and your constituents need.

For help with the questions to ask about the technology of a digital wallet for public funds, check out part one of this series.

The right digital wallet can assure public funds will reach the right people and be used for the right purpose, so you can stay focused on maximizing your mission.

If you are a public leader tasked with distributing public funds, request a demo to learn how ClassWallet can help!