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3 Ways to Apply Value to Your Technology

25 January, 2023

Technology is only as good as the impact it has on your customers’ lives. Heavy investment without a desired customer experience goal dilutes the value you bring and jeopardizes the major initiatives you undertake to improve your organization.

In 2023, make a point to begin with the end in mind and develop your technologies around the values you hope to embody as an organization and the ways you hope you improve your customers’ financial wellbeing.

Create Processes for Digital Improvement

Make digital improvement a regular part of your organization’s activities. Every employee should be thinking about customers’ experiences with your technology, and how those experiences can be improved. Ideally, executives of financial institutions should create a systemic and ongoing process of technology improvement through:

Review. Make sure you’re measuring the performance of various digital touchpoints and working to improve them.

Exploration. Have regular exploratory processes in place to learn about how new technology and partnerships can be incorporated into your organization’s digital offerings.

Education. Take time to make your branch employees fluent on your digital offerings. Help them understand how the customer sees their in-branch experience and your digital platform as one larger experience with your organization and brand.

An Opportunity to Help

Finding opportunities to support your customers through trying times or confusing macro-economic events demonstrates your ability to go above and beyond for your customers. Consider the following as opportunities to help your customers and differentiate yourself from the pack:

Proactively communicating. Think about ways your organization can help proactively communicate information related to unemployment benefits, forgiveness programs instituted by the government, or new initiatives your organization is undertaking to help customers during economic uncertainty.

Support. Try to increase your digital chat and phone support while customers are forced to utilize your digital platforms. Make sure you’re showing that your organization is accountable and willing to support customers through difficult times.

Begin and End With Customer Experience

When you’re considering a feature to incorporate into your digital platform, think critically about how it will help (or hurt) your customers. Too often, cost-cutting measures for automation are made without the customer in mind, or new technology is hurried through the door without thorough review about customer usability. By keeping your customers front-and-center, you ensure your organization is addressing the “why” behind your digital platform.