We don’t just need new code or a new UI, we need a new way of thinking.
After two weeks of virtual conferences, I can say with conviction that I learned two things: first, it must have been a huge transition for companies of all sizes to pivot their face-time opportunities to a fully digital experience in a few months - so kudos to all going through that journey. I recently hosted my first virtual conference session on “Why Deposit Pricing Matters When Deposit Pricing Doesn’t Matter” and know that I too have to learn how to adopt to this new platform and way of life so that I don’t run the risk of my audiences’ eyes glazing over from starting at me talking on a screen.
The second thing I learned (or at least had reaffirmed) is that banks and credit unions are dealing with the same issues as virtual event organizers- the crowd has suddenly shifted to new channels, and what worked in the past isn’t going to work anymore. A new vision is needed. A hybrid online-offline model that we have called “omni-channel” for years now has been exposed as woefully inadequate, and customers want better products, better personalization, and better education.
Unfortunately, most of the industry is laden with legacy technology.
I haven’t talked to a single employee of a financial institution who isn’t busier than they have ever been. Working from home now means working more, with less downtime, less water-cooler chat, and less long lunches. Whether dealing with regulatory and legal issues or system and technology issues, everyone is fully occupied, but I don’t perceive anyone is having much fun either.
Now, more than ever, we need better technology- not just better front-end widgets for customers, but also better efficiency and support tech in the background. The promise of AI is intoxicating as we think about the automation of tasks, but as a software and analytics company I’m proud that Nomis is in such a strong position to fix the problem I see every day- we don’t just need new code or a new UI, we need a new way of thinking. Customers are going to bank differently in the future, and if you haven’t figured out what that looks like, or how to solve for it (and don’t say “replace our Core system- that won’t fix the problem!), then let’s chat, free coffee on me.