How can you overcome resistance to new banking technologies?

Resistance will always be there , just let the people involved from the start and listen to their comments and feedback and then let them try the differences.

In my role as a treasury technology consultant, I've often encountered clients resistant to change when implementing new SAP systems or banking technologies. Understanding these barriers is crucial to navigate such challenges effectively. A client I worked with hesitated to embrace a new SAP-based system due to a lack of awareness about its capabilities, trust issues related to data security, and a perceived lack of motivation for the transition. We provided comprehensive education and training, assured data security, and highlighted the efficiency gains, ultimately motivating and supporting the team to successfully transition to the new system. This experience underscores the importance of addressing specific client concerns.

If an application or technology has a user-friendly interface that minimizes effort to accomplish tasks, it is likely to face less resistance and may even be welcomed by users.

Bank executives generally get enamored with new technologies and experience Fear Of Missing Out (FOMO). The focus should NOT be on the latest whiz bang technology. The focus should be on the bank's clients & prospects. Key questions: 1) Who are our customers? 2) How are they currently interacting with the bank? 3) What are their "Pain Points"? 4) What are their top three concerns / wishes? 5) What technologies will help the bank address these? 6) Do we have the talent/processes/systems/resources to implement and execute this technology? There are obviously many more questions and discussions that need to be had with key players in the bank. In summary, focus on your customer and the technology needed will become clearer.

Education and Communication Provide clear and comprehensive information about the benefits and features of new technologies. Address concerns and misconceptions.

Experience with clients has shown that providing incentives and rewards plays a vital role in addressing resistance to adopting new banking technologies. To illustrate, when assisting a corporate treasury department in transitioning to an advanced cash management system, we implemented an incentive program. This program included a learning module with a quiz that offered the chance to earn badges upon completion. This approach not only encouraged the team to embrace the new technology but also instilled a sense of value, curiosity, and engagement. It emphasizes the importance of aligning incentives with the specific needs and motivations of customers when introducing technology-driven changes in the treasury sector.

Offer incentives or rewards for customers who adopt and actively use the new technologies. This could include special discounts, cashback, or exclusive access to certain services

Recognize that different demographics may have varying comfort levels with technology. Tailor communication and support strategies to address the specific needs and concerns of different customer segments.

Create channels for customers to provide feedback and suggestions. Actively listen to their concerns and make improvements based on their input. Involve customers in the decision-making process by seeking their opinions on features or changes to the new technologies

To overcome resistance to new banking technologies in a Nigerian Commercial Bank, as a banker, it's crucial to: 1. Educate and train staff and customers about the benefits and security of these technologies. 2. Provide seamless and user-friendly interfaces for customers. 3. Collaborate with regulators to ensure compliance and security. 4. Offer incentives and rewards for early adopters. 5. Gradually phase out older systems to encourage adoption. 6. Collect and address feedback to continuously improve the technology. By following these steps, you can help the bank and its stakeholders transition to new technologies smoothly.