| | OCTOBER 20209CIOReviewproduct strategies & market share strategies. This alignment should then allow a feasible evaluation of a combination of technology solutions. Also, given the speed with which businesses need to move to compete in the market, these evaluations should not require months-long of in-depth business cases analyses but the following high-level rough roadmap:1. Identify at a high-level 10,000-foot view, what is driving this assessment for a business and technology transformation­ recurring reported lack of efficiencies, unsatisfactory customer experience, incremental operational costs, lost potential new revenues, lost customers2. Consolidate from customer service and relationship partner teams the repeatable pain points customers report& reasons why customers leave your services3. Collaborate with operations, customer service, relationship management, sales, marketing, product & IT to gain an understanding of the main strategic pain points to your company's short-term and long-term revenue growth plan4. Bucket these Pain Points into 3-4 Solution Buckets i. Technology Solutions (e.g., making payments online is cumbersome, the application process is cumbersome, the self-service portal is not user-friendly, the self-service portal is not comprehensive) ii. Product Offerings (e.g., current product offerings do not meet the evolving needs of the targeted customer base, features & functionalities are not user-friendly, sales & customers can not differentiate the advantages of product and services) iii. Servicing of the Customers (e.g., call queues are too long, service team is not competent in understanding customer issues, customer service is not empowered to provide immediate solutions, customer service does not have visibility to real-time transaction flow, statements are too cumbersome, requests on transaction reversals, disputes resolutions are not resolved within reasonable time frame) iv. Service & Technology Partners (e.g., integration of technology stack delays deal closing, customer implementations, customer billings)5. Any overlapping solution requirements that could be addressed by one transformation path?6. Identify Key Business Metrics that correlate to these Solution Buckets 7. Evaluate current technology platform features and functionalities:i. identify the gaps in the features and functionalities related to Solution Bucketsii. create a matrix of pros and cons with high-level swag cost estimates of what can be leveraged with current third-party service technology relationships versus building in a house with inhouse IT resource and technology capabilities versus outsources certain functionalities build versus full outsourcing iii. obtain from each business unit and IT the high-level swag on benefits &costs on each Solution Bucket8. Prioritize required Solution Buckets in collaboration with the business counterparts - operations, customer service, relationship management, sales, marketing, product & IT9. Develop an "Intent Proposal" inclusive of the recommended solution roadmap with the swag benefits and costs10. Present "Intent Proposal" to Executive Leadership for their buy-in on required changes and budget11. If approved, design a "Go to Market" roadmap - IT technology, product roadmap, customer experience, sales enablement, marketing, operations, customer servicing, partner relations, communications, change management (how things were done in the past versus proposed). Poonam NathThe financial services industry is constantly exploring innovative ways to deliver services faster, provide various risk-based instant decisioning tools, while also servicing customers securely and with excellence
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