3 Signs Technology is Sabotaging Your Organization (And how to stop it)
There’s a good chance your technology is seriously hurting your business. No, I’m not talking about a Terminator or HAL-9000 getting their wires crossed and destroying mankind. This kind of sabotage is subtler than Arnold Schwarzenegger, but it can be just as destructive.
In the early days of digital, banks sought to grow channels as quickly as possible to meet consumer demand. The goal at that time was to provide narrow channel functionality that could provide the lowest possible cost per interaction.
Keeping up with ever-growing customer demand for more channels and more functionality then led to banks shellacking solution on top of solution, technology on technology, until whole systems resembled a Frankenstein’s monster built by a legion of vendors over the course of decades.
In other words, a bunch of short-term solutions created a huge long-term problem.
How do you know if your own system is a victim? In this blog, we’ll expand on the signs of what we like to call “technical debt”, or the accumulated growth of uncommunicative and clunky solutions, and offer a potential solution.
Sign #1: For your organization, “omnichannel” really means “one-or-two-channel”
The Problem: So, your focus on the all-important “omni” digital experience is really only focused on a limited digital solution for consumer web and mobile. In reality, your customers traverse any number of digital channels whether they know it or not. Interactions across web, mobile, in-branch, kiosk, call center and remote sales all rely on a digital element. If your omnichannel strategy doesn’t address these ancillary channels, your technology is shooting your bank in the foot.
The Solution : Customers don’t think in channels. Banks shouldn’t either. Devices are irrelevant. Millennials, arguably the most tech-focused group of consumers the world has ever seen, still rely on in-person interaction for much of their banking. You need a solution that still works for the 70% of millennials who expect to open a new account in a branch.Focus on providing uninterrupted content, even when switching between devices, locations or bank associates. Interaction should be seamless and an unquestionable part of our digital presence.
Sign #2: Your current vendors always promise they’ll have a common platform…”next year”
The Problem: So, you committed to a core provider years—maybe even decades—ago, and they’ve effectively kept you hostage with promises of the future that never seem to materialize. They know your Frankensteined solutions are inefficient and mind-numbingly hard to use, but their own technology architecture is a cross-hatch of siloed systems that never seem to communicate. It’s the blind leading the blind, and no one seems to be getting anywhere.
The Solution: Wipe the slate. You need to find a provider who can consolidate your legacy platforms into a singular vision for digital across the board. Imagine it: A single source of customer data, record-breaking customer satisfaction and a return on investment your CFO will go nuts for. There are solutions that can give you all of this. I’m not naming names—*cough* Zenmonics *cough*—but you can find the cure for what ails you in a cross-channel, all-purpose solution built with omnichannel in mind.
Sign #3: Your IT team ages faster than a sitting US President because they’re dealing with untenable issues on your back-end
The Problem: If you’ve worked up close with software engineers, you know they’re not the most photogenic group to begin with, but when one look at your system’s back-end makes them dissolve like they looked at the ark of the covenant, you know you’ve got some technical debt.
The Solution: The great thing about a single solution is that it has a big impact internally AND externally. We’ve talked about how it will make your CFO happy, and it will, but the internal efficiency offered by a one cross-channel solution makes every body happy. Again, you have to focus on finding a solution that’s flexible enough to handle your unique organizational needs but not so cobbled-together in attempts at customization that it creates a nightmare on the back end.
Consider Zenmonics’ channelUNITED platform the purge your company needs to wipe out its technical debt. Our cross-channel platform was created to unify your digital platforms—whatever they may be—so your singular view of the customer won’t be obscured by the channel or outdated technology associated with it.
Clean. Simple. Convenient. That’s the way we like it. Learn more here.