Is it Time to Modernize Your Outdated Financial Services Software?
Sure, your firm may have functioning software. But does it compete with today’s financial services innovations? We explore the benefits and pitfalls of modernization, and give you the tools to ensure success.
WATCH: An introduction to software modernization for Financial Services
Video Transcription
As the leader of an established firm competing in the hyper-competitive world of financial services, you know customer experience is everything. But based on their digital experiences with you, do your customers know you know that?
As large tech companies continue to innovate and update, they push standards of digital experience further ahead and you, further behind. That means the software you built five to ten years ago may no longer reflect the care you have for your customers. And this discrepancy could cost you their loyalty and their revenue.
A recent study conducted by Bain & Company found that when a financial services firm increases its customer retention by just 5%, it increases its profits by 25% or more. That means the most valuable thing you can do is keep the customers you already have. It also means it might be time for an upgrade.
So why haven’t you modernized yet? Could it be your custom software application is not only massive and mission critical; it’s extremely complex with a codebase that’s nearly impossible to decipher? Could it be that your executive team thinks replacing or modernizing it is simply too expensive and risky? Could it be that your technology lead doesn’t feel ready to support or implement such a change?
If this all sounds familiar, you’ve likely been down this road before. 68% of software projects fail for three main reasons: design flaws, poorly formulated strategy, and unchecked technical complexity.
Think of your software modernization project like a stool with these three legs. If just one of the legs isn’t fully built out, your stool will be wobbly and unable to support the weight of your investment. These three problem areas are often intensified by the fourth reason software modernizations fail: unmanageable release size. Ambitious project plans and dreams of visionary tech often lead to feature bloat where the scope of the project becomes too large and unmanageable to build all at once, pulling the entire project down towards collapse.
In the world of websites and mobile apps, your software does one of two things: it either works, or it’s a wash for your customers. Given that failure is not an option, how do you avoid these four all-too-common pitfalls? And how. Do you do it in a way that improves your customer experience, grows your revenue, and gives you an edge on your competitors in the process?
In our new eBook, we’ll walk you through the tried and true approach we’ve used on hundreds of projects facing the same set of challenges. We’ll show you why these four failure areas keep happening, and give you the twelve tools you need to keep them from happening to you. We’ll go in-depth into the three pillars of a modernization software project: strategy, design, and technology, and we’ll give you all the warning signs as well as the individual strategies that will fortify each pillar of your project.
These tips and tricks will crystallize what you need to worry about and what you need to work on as you start to create your new digital customer experience. Not only that, they will give you the insights you need to sell that experience to your team and internal stakeholders.
Sound good? Click on the link below to download your copy today. Or, you can head to Praxent.com – p-r-a-x-e-n-t dot com, and schedule a call with one of our software modernization experts, and they will create a project risk assessment and recommendation that customizes the twelve strategies to the needs of your team.
It’s time to stop losing customers and revenue due to outdated software, and start building a successful digital system for your business. With our framework, not only can you create an improved customer experience, you can complete it with confidence.