The virtual branch has not replaced the brick and mortar branch, the virtual branch has been added to brick and mortar as a primary delivery vehicle for banking products and services. In some demographics, the virtual branch is even more important than the brick and mortar.
The things that make online banking popular – easy access to information and services on a 24 x 7 basis through any number of channels – are the same attributes that make changing difficult. To paraphrase Esurance’s tagline, customers “want technology when they want it, people when they don’t.” Changing online banking is neither simple nor is it without consequences – but the decision to not change when change is needed is even more problematic.Do you remember the Rubik’s Cube craze of the 1980s? With the original 3x3x3 cube, there are billions of possible combinations; with the correct sequence of moves the puzzle can be solved in less than 26 moves. According to Wikipedia, in speed-solving competitions it has been solved in less than seven seconds. Several years ago, after spending several days off-and-on grappling with the Rubik’s toy, I was shattered when my school-age nephew solved it over and over, each time in less than a minute. Frustrated, I did a Google search and found that he wasn’t some budding mathematical genius; he had looked on the Web and discovered a process he could easily follow.
The real lesson I learned that day was that “knowledge is power.” Conversions offer a similar lesson – there are right ways and wrong ways to do them. After years and years managing dozens upon dozens of system conversions, we feel we would be remiss if we did not impart to our loyal readers, GonzoBanker’s 10 Keys to a Successful Online Banking Conversion. Here they be:
Changing an online banking system is a difficult decision, but if a change is to be made, these best practices will go a long way toward making the transition successful.
Financial institutions can spend huge bucks on a new system – whether core, online banking, or other ancillary system. Unfortunately, many find themselves victims of the three major roadblocks that stand between their organization and a successful system selection:
Enter Cornerstone Advisors. Backed by well over 200 vendor selection, system conversion and contract negotiation engagements, Cornerstone has the in-depth knowledge and tools to help financial institutions make informed, well-documented vendor decisions that support the organization’s strategic goals.