The issue, though, is that mistakes in technology shopping don’t just leave banks stuck with expensive, inefficient systems. Those subpar systems also provide a lousy experience for their customers. This is especially true now, as banks around the world are busy spending unprecedented amounts to overhaul their technology stacks (see chart below). These shopping blunders can cripple an organization for years.
Of course, if that were simple to do what Dean's bank did in Chapter 8, we’d see a lot more pricing ecosystems out there. Instead, what we often find are a bunch of cautionary tales about what can go wrong when you’re trying to add new systems and solutions at a bank.
While a lack of technical knowledge is certainly a hindrance, these five recurring issues are the ones that cause real damage. If you are sitting in a meeting and hear one of these lines, some red flags should immediately be raised.
1: Either IT or a procurement team makes every buying decision.
2: Decisions get derailed by “turf defenders.”
3: Resources are not allocated by the ROI of the project.
4: The process is owned by a committee instead of an individual.
5: There is no defined process or timeline.
This is an excerpt from the book, "Earn It"