Is now time to cut spending on Technology?

Hello Friends;

I have had the opportunity to speak to groups of bankers in the last month, with many concerned about existing budget plans for 2008 and setting new budget items for 2009.  Let me encourage all financial institutions not to overlook the correct spending in the next 12-18 months.  As well, I strongly encourage spending on the correct technology. 

So what is the correct technology?  If I may suggest the following guidelines:

1) Core Processing is a given:  Whether in-house or using a data center this is an absolute must have. Many times though banks are inappropraitely allocating conversion expenses because they want more from the Core Processing system (which I will address in summary).

2) Item Processing is a given:  The trend is to now move all capture to the initial point of opportunity, which I am a fan of doing if that end user presents the correct model for the institution.  Some points of capture (in my opinion) will never pay for itself so caution in this area is a must.

3) Sticky Products / Reward Programs / Overdraft Programs:  Sticky products are those product resources that tie each instituions customer closer to the longterm relationship, but some sticky products are used incorrectly and thus create a negative position with certain customers and the institution - so careful evaluation is necessary.. / Reward Programs are often seen as a way to encourage certain types of transactions with free checking and if setup properly work.. / OD Programs are similar to the rewards program whereas certain types of behavior are encouraged..  In summary of these three items, institutions must make the correct evaluations because each “somewhat” require participation costs to the vendor of choice - and I certainly suggest careful evaluation.

4) CRM / Marketing:  This is a subject that hits really close to home because our 360 View solution allows each institution to not only save money but will make you money and there isnt any participation fees associated.  I am personally covering many cost containment items and am blessed to have Jason Tonioli assisting me from the marketing angle in a free webinar – see more by clicking anywhere in the summary area.

In summary: Now isnt the time to put off technology, but yet time to embrace the correct technology! 360 View is absolutely a system that will help you avoid going through conversions for the wrong reasons because the things you are looking for are already in 360: Referal Management, Activities (past and future), Outlook Integration, Marketing, Delinquency Management, Pipelines (workflow), Incident Tracking, Goals and Incentive Management, and even more. Thus allowing you to create wins for each and every employee and your customers will be amazed at how you can better service their needs and building confidence they must have in this economy.

Have a blessed day!

KA