You can use the Chebyshev Polynomial expansion to calculate the effect of the matrix exponential on a vector. Which is a standard technique in quantum chemistry community and the method is extremely stable and fast. This method was developed by Tal-Ezer and Kossloff in an article named An accurate and efficient scheme for propagating the time dependent Schrödinger equation You can see a Reviews of Modern Physics article by Alexander Wesse which deals with Kernal Polynomial Method (A generalization of the Chebyshev type algorithms). I assume that to access these references you have the subscription to these scientific journals.