THE PROCESS ISSUE

So, sometimes there's a little bit of fear of disrupting a process that works, even if it's not the most efficient process.

You have different lines of business potentially operating in silos so that they are making technology decisions on their own to some extent, and it ends up resulting in a lot of redundant software and applications. It spreads the people even thinner that can be experts on each of the different technologies. And certainly there's a bit of an inefficient use of resources vendor leverage from a cost perspective and otherwise.  

I think there's a lot of issues around just trying to apply technology to a process that maybe doesn't work particularly well and seeing technology as a band aid. So rather than analyzing the process and trying to fix it, there's a lot of instances where firms are just thinking technology will solve that problem. And they really need to go back to the process first and make sure that's working effectively and works how it should do, because it often doesn't actually work how you think it will in reality.  

I think a lot of banks and financial institutions have done a really good job of improving onboarding processes. So looking at that component of the experience or the customer onboarding, but maybe not spent as much time on the servicing aspect or whatever other micro journey or other use case comes up. There are parts of the processes that still need a lot of work.