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Spring Cleaning | Spring into Action

By Temenos reporter 1 Jun 2016

Spring Break is nice. It’s a time for us to recharge, step back from the everyday. Get a fresh perspective.

For instance, we all operate in a certain way and follow a routine that fits into our lifestyle. We know (for the most part) what we have sketched out and planned for the day. I realize that some of us are more detail-oriented when it comes to getting ready, but everybody's checklist looks more or less like this:

  • Wake up – check.
  • Get in car, fight traffic – check and check.
  • Open laptop and make sure there isn’t any critical issues – check, double check.
  • Grab some coffee (size varies based on whether kids were crying, phones were buzzing, etc.) – check all the way.
  • Meetings, Meetings, Meetings – big check.
  • Deskwork – are we done with the "check"-ing?
  • Close laptop, go home – WAHOOOOO! CHECK!

There is a bit of tongue in cheek here, but I think you get the idea: we are drawn to what we know and naturally play to our strengths to get done what we need in the most effective way (aka with the least effort) possible. So, what’s my point? And better question, what’s wrong with that scenario?

When financial institutions apply that same routine, relaxed approach to tackling their technology and account service initiatives, opportunities get missed. And account holders may soon be missed too.

BAI and SAS recently co-released a white paper based off of a survey covering Consumer Digital Banking, giving voice to account holders clamoring for better technology and a shift to digital banking. Findings from the survey state that 40% of the respondents use online banking at least five times a month, and 22% use mobile banking at the same frequency. Many of the respondents state that online and mobile are their preferred channels for tasks such as transferring funds, managing investment accounts and resolving an issue with an account. Most importantly, those respondents said they would change financial institutions if they found that they offered more innovative products and services. Financial institutions are still far away from meeting the demands of their account holders.

Consumer satisfaction of technologies offered by primary financial instituion

 

I encourage you to read the full article "Digital Banking and Analytics: Enhancing Customer Experience and Efficiency" where the author makes a compelling argument for financial institutions to broaden and improve their digital offerings to meet account holder demands. This will also help the financial institution operate more efficiently, deepen relationships with existing account holders and help to expand their account holder base.

Although account holders are relying more on digital banking services to meet their financial needs, technology cannot and will not replace how we treat our customers and members. Take some time to analyze and digest the data that you have to assess whether or not you are sharing the same mindset as the people using your products and services.

This spring, smell the flowers. Breathe in the fresh air. And reconsider how you are using technology and if you are truly meeting the needs of your account holders. Let’s not sit back and settle into what we are used to, let's spring into action!

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