Part 1: Why break away from Retail based task, workforce, appointment management?
Good governance, privacy and safety also meant a slower rate of adoption of new technology in Financial Services compared to Retail. Case of productivity systems – task management, workforce management, appointments, learning et al – was unique. Most technologies simply migrated over from Retail as-is. Multi-locational, workforce intensive nature of both verticals meant they were a close enough match. But, what if their first target customers were Financial Institutions? Could these software systems have been any different? Answer is certainly a resounding YES.
Appointment booking in healthcare is a perfect case to study. As a productivity tool, appointments were a need in healthcare first. Thus, systems built for it are deeply embedded in the workflow of our healthcare practitioners. Newer, generic appointment platforms cannot penetrate healthcare market. They simply do not deliver the same convenience during flow of a busy day at the clinic. Therein lies the lesson, Productivity tools improve flow of specific work – not any work!
To maximize operational effectiveness, Bank & CU employees too need productivity tooling that offers tailor made workflows for managing daily chores, tasks, appointments, filings, planning, learning et al. Something of their own, not borrowed from retail!
The challenge of adopting retail software in financial institutions lies not in their basic functionality but in the fact that they view a bank or a credit union through the same lense as they would see a convenience store or a supermarket.
In what ways can productivity at Banks & Credit Unions look different from retail?
Here’s a sampling. We will write a full blog on this. In the mean time, what ways can you think of?
1
Retail systems are massive and over priced because they are designed to cater to dozens of sub verticals. FIs pay a stiff price for stuff they will never use. A system for FIs can be a lot leaner and yet pack more punch.
2
Productivity in retail is siloed – tasks, meetings, planning are each an individual productivity consideration managed by separate groups. FIs stand to gain a lot more by thinking of all productivity as a single cohesive topc.
3
Workforce optimization in retail is mainly about cost saving through forecasting accuracy. FIs can do better by maximizing available resource time through better workflows, work prioritization & recommendations.
4
Retail productivity is about touching more people. Banks & CUs touch less people but for longer durations. Methodical trace of each interaction, and it’s outcome play a significant role for FIs.
