Survive by adapting

by Michele Petry
BIO AND CONTACT INFO

For years bankers have struggled with technology preferring to believe that the essence of successful banking was built on forming binding relationships with their customers and clients. After all, human survival depends on building trusted relationships with others. And from the earliest of times, trade and commerce throughout the world and across all cultures have been governed by building relationships based on mutual trust. So when technology and the Internet began to loom large, it was only natural that bankers would begin asking the question of whether High Tech or High Touch would govern the world of banking and commerce in the future. Those who believed that banking would always be based on human relationships spent the early Internet years in denial that technology would ever play a major role in financial relationships, while those who subscribed to the High Tech gospel, rushed to employ the latest and greatest new tech wizardry to gain a competitive edge. The problem, of course, is that the essential question, High Tech or High Touch, is, in fact, all wrong!

The evolution of the species is governed by the survival of the fittest and that survival is generally dictated by adaptability to the ever changing conditions that are present in the environment. Today's changing business landscape demands adaptability in a way that incorporates both High Tech and High Touch into the business environment. Business has entered a new virtual frontier, a new environment if you will, one that blurs the boundaries of geography and time. Successful bankers must adapt to that new environment by extending their traditional customer relationships and allowing them to grow and be nurtured in cyberspace. The question, of course, is how do bankers make that transition?

First, remember that human nature has evolved over thousands of years and that the essence of what people want remains more or less constant. Human touch, emotion and relationships form the core of our desires and value systems and have remain remarkably constant throughout history. That's why the "best" technology implementations generally play off one of those core values. Email, for example, remains the "killer app" on the Net because it has succeeded in augmenting a very basic human desire to communicate. Successful Internet business models, will not be without some component that depends on this very basic technology.

And what is it that is so important to communicate? Trust, appreciation, security ... these are the basic human emotions that have enabled commerce and trade to flourish since the earliest days of the cave man. The most successful business campaigns win customer loyalty by relying on these basic values and emotions. For example, the Mastercard Ad campaign that focuses on the "Priceless" memories that the card enables is an excellent example of using technology to achieve a core human desire. Focusing on what the card can do rather than the specifics of APR or other features builds an emotional bond between the company and the consumer. It's not about technology, it's about how technology allows basic human needs to be met, that ultimately determines market acceptance.

As the Internet matures, the most successful technology implementations will be those that enable core human desires and emotions to be fulfilled. Focusing on technology that allows you to build e-relationships with your customers to extend trust, appreciation and security will ultimately lead to success and business survival.

Second, remember that technology remains simply a tool. It is the "master craftsman" that can turn that tool into a work of art or a highly successful endeavor. The best technology is only as good as the skill of the craftsman who implements it, so be sure to focus on your people. Ensure that your organization achieves success by focusing on the people behind the technology. People, from your tellers, who talk with your customers about your bank's online offerings, to your CTO and CIO who decide and select your most sophisticated technology platforms, are what power the successful implementation of any product. Empower your people with knowledge, training and skill and watch your enterprise grow and succeed.

First published on BankersOnline.com 4/30/01