The Plan, The Customers, and IT
Banks and financial service entities may need to more thoroughly establish the roles of marketing and IT when it comes to updating or adding services for their customer or client base.
Many banks and financial services entities have to distinguish between the requirements of better serving customers and clients and having their entire operation be in complete compliance at all times.
A more specific example is working with technical requirements for adding a feature for customers to use, especially where account numbers and/or ecommerce transactions are involved. It is a situation where IT and marketing each have a different role in completing the process. Management needs to recognize how both departments (or employees from both) need to work together.
Suppose IT wants to make entering a customer account or credit card number a two-step process. Doing so is understandable with today’s security concerns and compliance requirements. Meanwhile, marketing wants to present the solution to customers as “an easy,one-step process”. If the two departments are not working hand-in-hand, the time, effort, and funds spent on the marketing effort may not reflect exactly how the feature is to be used. A consequence of that event is that one side or both sides need to make costly revisions. When that happens, it shows the impact of having a disconnect between departments.
A big part of our process is working with and for marketing people and managers who are not IT oriented. A big part of our success is making sure the concept is ready and adaptable on all sides, including the customers or clients.
If the customers have difficulty and/or challenges, the results could be worse than not making the change or addition. The entire process works best when the plan goes back and forth between the marketing and compliance people or departments. When both agree, and management approves, should be when IT takes over.
Our team is experienced at working with marketing and compliance for banks and financial services while understanding the importance of serving and attracting customers through technology.
