If you’ve been following my writing over the last few months, you’ve seen a touch of everything from tech to compliance to marketing to business processes. Maybe you’re thinking I’ve lost my mind, and I am all over the place. I can assure you that this isn’t the case. These are all hot-button topics that need to be addressed and can be pieces in a successful puzzle to create your future.
But there is a method to my madness, and now I’ll show you how it all comes together. Starting with compliance and certification topics, KYC, CECL, Beneficial Ownership rules are examples of things that must be accomplished – minimum requirements that must be addressed in order to continue to do business as a financial institution. I also wrote about how you can use this information to help drive your data collection, so you can better serve your customers.
Then we stopped and looked at business processes, namely Agile vs. Waterfall. Studies are showing that Agile in financial services is well ahead of other industries, but are you only using Agile for your tech development? For it to be a real gamechanger, it needs to be part of your overall business practice. Agile is about flexibility and getting things done quickly, not a set-in-stone, big goal 30+ days away. Moving quickly and getting all your resources communicating and backing each other up across your organization improves overall effectiveness, morale and ability to deliver.
Which brings us to tech. Tech is the glue that ties it all together. Tech can’t do it all; it’s about choosing the right tech to support your other initiatives. Leverage the advances to automate data collection (OCR can get addresses and phone numbers from a driver’s license), automate repetitive tasks (AI can quickly sort large data sets and effectively make Yes/No decisions or identify patterns in large data sets), but don’t forget the human factor. When humans work with tech to serve other humans, you get a combination of the best of both worlds.
Which takes us to our last major topic of the last few months: Marketing. It does matter. You’ve worked hard, you’ve learned, you’ve evolved. Marketing is your opportunity to show your stuff. It’s about attracting those prospects and bringing them to your institution. Make sure that you are bringing it all together so you can make offers that truly matter to your customers, get your message across and get them excited about your results. If you truly want to drive Activate at the Point of Excitement – and you do – you must generate excitement. At the end of the day, that action when you put it all together will define the effectiveness of your efforts.
That’s why Vetter can handle them all to help move your financial institution forward. Contact us today to learn more!