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Putting an end to the technological silos

Putting an end to the technological silos

Putting an end to the technological silos

We catch up with Ali Paterson, Host/Producer of Fintech Finance at Customer Contact Expo 2015, who shared a few of his insights on the world of legacy technology in Banking & Finance. 

Ali prompts us to consider that a vital problem holding back banks today is the legacy of various acquisitions and technologies causing banks to work in technological silos. This has resulted in various customer contact points operating in isolation such as social media channels, sitting miles away from the call centre which is usually even further away from the online customer portal. 

The segmentation of these customer contact points has resulted in banks attempting to break down these walls to form a unified customer focus organisation. The changing needs of customers and their preferences, together with technological innovations has resulted in increased popularity of direct channels  (Trends in Retail Banking Channels: Improving Client Service and Operating Costs, CapGemini), where Omni-Channel banking is now vital in allowing banks to gather relevant information to create a complete view  of their customers behaviours. 

Ali goes on to state that banks should not be afraid of writing off legacy technology that is only hindering the customer experience journey. Fresh innovative technology should be adopted to provide a seamless and consistent customer experience across all contact points not just the one. Customers should be able to complete a complex transaction in the channel of their choice. If required they should be able to access support from advisors conveniently without leaving their chosen channel. (Retail Channels – competing and cannibalising? Alex Bray). 

Ali discusses that banks should not only be looking for something new and innovative, but also technology that will be future proof adapting to new ideas and themes which will emerge in due course. 10 years ago today social media was not even a channel; today it forms one of the most transparent channels there are available for customers. As Ali states, the benefit of social media allows banks and organisations alike to speak to not just one customer, but to the whole of their customer’s network at the same time. 

To sum up, Ali raises a vital point in customer service and banking today. In this modern and technological day, banks should no longer be working in silos. Legacy technology which has been around for many years should not be hindering the customer journey any longer. Instead, banks should be willing to take that step further in refreshing their technology and adapting to modern day needs as well as future ones. The Omni-channel approach will provide banks with the ability to unify their technologies to better their customer experience – a vital component in giving organisations that competitive edge.