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Get Your Lenders to Engage, Not Revolt

If you’ve made it this far, you’ve embraced the concept of a pricing ecosystem and you’ve got an idea of what pricing tool you’re going to buy and how you’re going to make that purchasing decision.

Now comes the really fun part: Getting your lenders to actually use it.

Before you can get to that point though, rolling out a new pricing system requires some work on a broader, higher level at the bank. It’s a necessity given the cross-functional and complex nature of pricing. Embracing the Price Getting aspect – and everything that follows from that - requires deep organizational change. You need to put a great deal of thought into the cultural and planning phases of implementation.

Embracing Change

Banks get a bad rap when it comes to change. Almost every piece we read on bank innovation mentions that amazing new technology is available, it’s just that the darn banks are no good at implementing new things. If we’re honest, we’ve said similar things on our blog and podcast.

But, to be fair, banks actually have done a pretty good job with innovating over the last decade or so, particularly given all the other pressing issues they’ve had to handle. How many of those smug fintech competitors have had to rebuild nearly every process in their shop to comply with thousands of pages worth of new regulations?

Struggling with change is not unique to banking, as all organizations in all lines of business face similar issues. The simple fact is that humans are creatures of habit. We see this firsthand when we roll out our pricing tool in new banks.

The technology part of it is incredibly easy. Since we are a cloud-based solution, it is simply a matter of turning on their account and then showing them how to configure it. The real pain comes when we take away the tools the bank had previously been using and try to build new processes around our solution. The habits are WAY harder to change than the tools.

This is an excerpt from the book, "Earn It"

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