Bad technology is costly.
How is your technology? Is bad technology taking over? Do you seem to struggle every day with your tech vendor to get it right? Is the quality of service going down and the state of the technology provided by your vendor always lagging behind? Are you finding it harder to justify the monthly expense your vendor charges? Does your vendor raise your price every year, and you ask yourself “for what”? Are you getting tired of systems being unavailable? Or running slow for no apparent reason? And when you ask why the internet is down, your vendor spends the first two hours trying to tell you that everything is fine on their end and it is your problem—only to find later that in a press release that it was the vendor’s problem all along? Well, I have bad news. Things that are always broken will never be fixed, and if the syndrome that I have just described is happening to you, the news is it will most likely get worse before it improves. It’s just plain old. The cold hard truth is there is a lot of banking technology out there that is old and stretched to the limit. Bad technology and bad service can destroy your organization. It can create a siege mentality and negative culture within your organization and it will continue to grow unless you do something about it.
Bad technology and poor vendor support can consume a voracious amount of human resources. For what it will cost your bank, it will show little development except frustrated employees and irritated customers. Ask yourself, how hard are you working to keep your vendor on the ball? How hard are you finding it to receive the services your organization contracted for? Does your vendor own up to and tell you when they have made a mistake or do you have to prove it to them that they missed it, then ask for a refund?
Maybe it’s time to give up legacy relationship
Vigilance in vendor relationships is good, but if you have lost trust in your vendor it is truly time to move on!
There are plenty of options, and as fast as technology changes, dumping your current platform and the patchwork integration seems to be a better play.
Get to the core of the matter…
If you want to change the culture of your organization and establish a new sense of teamwork …. change your core!
The playing field becomes level and everybody is starting off with the same skills. Tired of doing it the old way … take it away!
The best way to incent your staff to try something new is to dispose of the old way. A core conversion will do that in 180 days or less.
There are plenty of options available today regarding newer technology, better service, and improved cost. A core conversion is not as hard as you think if you select the right system.
Implementing a totally new platform will return faster results sooner than sticking with the dinosaur with the hope that it will evolve.
If I have just described your existing vendor relationship, now is the time for seriously considering change—before your customers seriously decide to change financial institutions.
A word to the weary: Waiting for your vendor to catch up is not a strategy!