Customers expect perfection from financial institutions. And when money and personal information are at stake, there’s nothing unusual about that expectation. But striving for perfection and being perfect are not the same thing. Companies that strive for perfection in banking actually strive for constant improvement.
In this episode of the Digital Banking Podcast, our host Josh DeTar welcomed Joel Morehouse, a Strategic Solutions Project Manager at DaLand CUSO. They got into the concept of imperfection in banking and why it helps build customer relationships and improve internal processes. They also talked about the role of technology and how FIs can live up to customers’ digital expectations.
⚡ A company can’t be perfect, but it can strive for perfection. According to Joel, a certain degree of imperfection is good because it means you’re constantly making progress and refining your processes. Community FIs that strive for perfection might not ever reach it, but one thing’s for sure: They will grow as a company. Also, imperfection brings the human element to the table — making customers trust you more. “When something’s fake and artificial and not changing, that’s when there’s no growth,” said Morehouse. “I like to be in an environment where people are willing to take risks, mitigate them as best as we can, and know how to handle that imperfection.”
⚡ Customers want FIs that are in their corner. Morehouse and DeTar discussed the importance of trust in banking. At the end of the day, people want FIs they can trust with their finances and personal information. According to Joel, credit unions have a huge potential to build strong relationships with their “We get to have a local relationship. We get to have all those benefits, and we can actually be better technologically than our larger peers,” claimed Morehouse. “We’re also providing the advantage of being good. And when I say good, I mean morally good; we’re in your corner as a trusted partner.”
⚡ The future of money is digital. Technology plays a key role in banking, and it will continue to do so in the years to come. With technological development, people are becoming more financially literate and gaining more control over their money. Joel thinks that technology also dictates the relationships that people have with their FIs.