Catch A Wave And You Are Sitting On Top Of The World

For many, March and April is marked by a vacation to celebrate the return of Spring, and provide time for rest and thought.?Those who venture near the ocean’s shore know that the sea is not at all reticent during these times - waves, currents, tides, and wind pronounce its transformational nature.?The ocean is a very good analogy for our current digital operating environment, as an embodiment of constant unrelenting change.

For financial institutions grappling with the question of their digital futures, the ocean being considered is the one of customer and member sentiment. Sentiment fuels the manner in which technology is embraced and used, creating the surfing conditions for our operating environment.?Technology on its own does not transform a business model; what is transformational, is when, where, and how technology is used by stakeholders, and the measure of value that arises from this use.

In considering our analogy of an ocean, not being provisioned with a sufficient surfboard facilitating platform based delivery leaves one in the position of being a spectator on the sidelines.?Not ideal from the perspective of a financial institution - the winds of change precipitate waves meant to ride. Members and customers will not remain spectators long-term without being served in the manner they expect.?Not equipping them, will result in their interests transitioning elsewhere.?As the saying goes, “The Ocean Giveth and the Ocean Taketh Away,” making shifting with demand essential.?Consumers of financial services want and need to be empowered by their institutions.

Undercurrents exist, present in the form of legacy technology and suboptimal technology arrays, which inevitably result in higher cost delivery and “dead ends.” Being there for your customers and members involves supporting their experiences in the moment - thoughtful experiences in financial services support life experiences, contribute to well-being, and build affinity.?

For financial institutions, the waves of transformational demand are cresting now, and are not just a fad. Empowering customers and members to “go strong” with the right platform-based technology enables them to surf the evolving landscape with balance and agility, supporting experiences that matter when, where, and how. ?As we return from Spring Break with a fresh perspective, now is the time to reflect upon digital strategies that will be impactful in 2023 and beyond. Ensuring those we serve catch a wave will truly put them at the top of the world.