Traditionally, it’s always been your employees who are responsible for the “front line.” In the wake of digital transformation, has technology taken over responsibility for the front line? The short answer is no. Technology is just a new tool that can help your employees better serve your accountholders. Thus, your employees must be well-versed in the use of that technology.
In this episode of The Digital Banking Podcast, host Josh DeTar was joined by John Findlay, the CEO of LemonadeLXP. The two discussed the importance of digital transformation in the modern-day finance space, why certain financial institutions develop defense mechanisms against this change, and the ways to overcome them. Findlay also talked about gamification and how it impacts employee training, helps companies increase engagement and makes their employees successful digital ambassadors.
⚡ You must use the tool internally to promote it externally. According to Findlay, around 70% of FI employees are not required to bank with their employer. If that’s the case with your organization, it’s critical to help employees understand how the solution works. Otherwise, you risk losing potential accountholders. ”If they don’t bank with you, it’s difficult for them to develop fluency and be comfortable promoting it,” said Findlay. “That’s a big challenge of what we’ve been trying to solve — helping FIs drive that fluency amongst frontline staff. They need to be able to say, ‘You know how easy it would’ve been to deposit those checks using mobile. Let me show you how easy it is.”’
⚡ Technology aversion is not an age thing. An assumption is that older executives are less open to innovation. However, people of all ages fear change — in this case, digital transformation. ”Looking at my parents, my dad is a fellow who can be frustrated by an iPad, whereas my mom embraces new technology,” noted Findlay. “I have friends who are technology averse. But once they understand how to use technology and are familiar with it, they love it. They’ll talk about it and use it all the time.”
⚡ Great technology is a journey, not a destination. Despite the best efforts of both developers and their FI customers, sometimes there are hiccups. That’s inevitable. ”I have utter faith that the technology providers and the FIs rolling out the technology that experience issues weren’t lazy or careless or anything; just something happened that was unlucky,” said Findlay. “If you’ve done all the things right, and your frontline understands the technology so that at least they can speak to the problem fairly well, and there are support tools available for customers … I think that can help mitigate some of the risks you have in rolling out new tech.”