What is the best-of-suite approach to banking modernization?

Now that we’ve covered the segment-based, journey-based, and headless methods of progressive banking modernization, we’re ready to move on to another key topic: the best-of-suite approach. But what does this term actually mean and why should you care? Let’s take a look.

The best-of-suite approach to banking modernization is the process of unifying all your bank’s different channels on a common, unified platform. The goal here is to create a harmonized ecosystem, optimizing things until you can offer the exact same user experience across channels and interfaces. Of course, that doesn’t mean you’ll immediately have all your capabilities in place. Rather, this approach ensures your bank has everything it needs to be competitive, as well as the optionality to connect, integrate, and build on top.

Think of the Microsoft Office suite, for example. At the time of its launch, it was a revolutionary prospect — customers could now seamlessly jump between PowerPoint, Excel, Word, and more, with all these products operating in tandem. For the first time, users felt like they were dealing with a single entity, one that offered a series of unified solutions, rather than the patchwork mess they had become so accustomed to.

Unfortunately, many banks are stuck in the past here, and as a result, so are their customers and employees. Of course, this situation came about quite organically. Over the decades, every bank has had to make entirely valid decisions, adopting a new piece of tech here, a different product there, and so on. In isolation, this wasn’t a problem. The problem came later, when banks realized these point solutions also existed in isolation, resulting in an incredibly fragmented user experience. To make matters worse, fixing things has become tremendously difficult, not to mention costly. And when banks actually find these resources, they often make the mistake of directly updating each siloed system, continuing the underlying problem here — namely the fact that point solutions will never result in a harmonious system, let alone a decent user experience.

The main benefit for the customer is also the most obvious — when jumping between products and services, they’ll have the exact same superior level of service. Whether they’re using an app to transfer funds, using a web portal to open an investing account, or visiting a branch to apply for a mortgage, they’ll get the sense that they’re dealing with a single organization that adds value regardless of channel or interface. That’s, of course, a far cry from the situation they have now, with each journey existing in stark contrast to others. Just think of all the times you’ve had to fill in unique forms, re-enter information your bank already has, or even open separate apps just to manage your funds. And afterwards, you might get a text message confirmation, a push notification, maybe an email, who could say? If you didn’t know any better, you might guess that you were dealing with three or more different, clashing entities — a decidedly sub-part experience at best.

Now think of how things could be with the best-of-suite approach. Imagine if your bank was able to onboard customers on an app and then empower them to take the next-best action for them, whether that’s applying for a credit card, taking out a loan, or depositing their salary. Better yet, they could then go on to have the exact same experience on their laptop or at a branch, depending on their preference. Throughout it all, they’d have the sense that your bank knows them and cares about their wants and needs, prioritizing their choices above everything. And in the crowded modern banking market, that’s what it takes to compete.

Sadly enough, your employees might have an even more complicated situation on their hands than your customers. Consider a typical bank employee working in a call center. In order to do their job, they may have to use upwards of 10 different programs or tools that don’t communicate with each other, and that’s only the beginning. In fact, it’s very common to find that many such employees have created personal spreadsheets and docs so they can organize their own work, creating further silos in the process. Now imagine a customer calls in with a seemingly simple task like updating an address. Regardless of how good this employee is at their job, they have an immense number of hoops to jump through, and all while the customer waits on the line. That’s incredibly tedious for your staff — and annoying for the customer.

The best-of-suite approach is a clear way to overcome these disjointed workflows. By creating a single, comprehensive, holistic platform solution, you’ll give your employees the power to orchestrate seamless, effortless customer experiences. With everything centralized in one place, they’ll be prepared to take any necessary action quickly and efficiently — and they’ll do it just once, rather than multiple times across multiple programs and portals. Think of the soaring efficiency rates you’ll see and — later down the line — the skyrocketing customer satisfaction rates.

For more information, check out our Banking Reinvented podcast, where Backbase Founder/CEO Jouk Pleiter dissects similar topics alongside Tim Rutten, EVP/Chief of Staff, and other digital leaders. Stay tuned as they chat about everything from progressive modernization to decomposing your bank’s complexity.