Did you ever notice that winners always want to win, no matter what their field or activity? This makes it easy to find inspiration for using technology to your advantage, even in the most unlikely of places.
In prior blogs we opened our eyes to the creative banking efforts in African supermarkets and to transforming business like super heroes. Today, I’m drawing ideas from the field of “wellness.”
The more I meet highly successful leaders in different industries, the more I notice they all want to “win” by living as long as possible, with the least number of health issues. As wellness mixologists – as opposed to bartending mixologists – they might bring together time-tested food staples like oatmeal, then drop in vitamin-rich Goji berries and newer world-sourced ingredients.
In their quest for optimal health and longevity, “winners” mix together their ultimate combination of nourishment. The most sophisticated mixologists push it even further, combining their optimized, nutrient-packed formulas with the most convenient package (also known as delivery mechanisms).
I believe that a similar approach can be possible for those of us seeking ways to build the best possible business, bringing together powerful content management technologies and experimental approaches. As industries literally transform amidst new mobile and social trends, we can win if we can make technologies work better together. For a delightful customer experience, and higher profitability and lower costs, we must all become technology mixologists.
An obvious example is one you may already know if you joined us at Momentum earlier this month – take a robust and proven platform like Documentum, and try out new LEAP (formerly Project Horizon) applications.
Other mixologist ideas are readily found across the financial services industry, although they could apply to other industries as well.
Consider Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank. They invested in new core banking infrastructure in their U.S. operation, BBVA Compass, as they shared in their 2015 annual report. Their platform allows for real-time transaction processing, making them one of the first U.S. banks to offer customers “banking for the 21st century.”
Mixed in with this technology, which is initially described as targeting US customers seeking greater control over their finances, is an emphasis on digital apps. Their new mobile application includes functionality to rapidly enroll customers directly into mobile banking. This is a great example of leveraging an underlying platform and its content to deliver new services that matter to certain customer segments.
For those that can’t reach the right customers with their existing technology, mixing in some business partnerships might help. We see this today across regions like Southeast Asia and Africa, particularly in areas where large telecom providers are expanding. These providers already reach many customers underserved by other industries. Particularly as they reinvent their revenue models and move further away from voice-based service, telcos offer the right channels and reach to mix with banking services.
For example, ICICI Bank, a leading provider of mobile banking services in India, teamed up with mobile services provider Aircel to reach unbanked customers. Whether rural or underserved, ICIC Bank now helps them safely transfer funds. They also mixed in a global provider, Visa.
Another way to capitalize on bringing more services to untapped populations is by mixing technology into your branch expansion plans. Malaysia’s RHB Banking Group, the nation’s fourth-largest financial services provider, rolled out its Easy brand to over 400 sites.
More cost-effective and developed for unbanked populations, Easy has since been accompanied by interesting digital apps that RHB either develops or partners to add. Most recently, the bank upgraded its mobile banking app ‘RHB Now,’ hoping it will attract at least 100,000 new users within the next 12 months.
I hope this sprinkling of examples from recent news and reports inspires you to think of your own ideas. As you look across your own “cluttered IT technology garage,” as one of our partners described client application portfolios, what mixology magic can you perform? Can you pair Documentum as a Service with one use case, while using on-premises Documentum in another scenario? To delight new types of end users, how about quick-building mobile apps or tapping into LEAP modules of functionality?
With the right mixologist mindset, many new business opportunities are possible. I hope you’ll share your comments and feedback below – any good examples you can share?