We have seen centuries of tech-led transformation, starting right from the dawn of the industrial age. So powerful is the impact, especially in today’s times, that tech is seen as a religion. Why has it risen to religion level status – because it is omnipresent and appears to be omnipotent. It also appears to be veering towards omniscience. Pretty much like any other supernatural force.
So, is technology unstoppable? Unbeatable?
Maybe, maybe not!
Tech, hitherto solo, is now facing competition from CX. Particularly for mobile apps, this competition is severe. Let’s see with examples.
Take bigtechs like Google, Facebook, Amazon, Twitter, Netflix, PayPal, Zoom, etc. Sure they have invested massive amounts in technology. Sure each of them has tons of technology patents. But doesn’t each of them have multiple competitors? Is the technology of their competitors substantially weaker? The answer to both questions is a clear-cut NO. So, what makes them winners? The most meaningful answer is their CX – the user experience of ease and convenience and intuitiveness is attracting hoards of users.
What is true of bigtechs is already applicable to all kinds of financial institutions. While the financial sector will continue to make huge investments in technology, that will not be enough to give a competitive advantage. To get that competitive advantage, investments will have to veer towards enhancing CX, and to create some kind of strategic uniqueness.
Bottomline is that CX is the new tech. With a population of 8 billion human beings on the planet, the CX wave is huge and growing.
So, how should financial organizations respond to this new wave? Should they appoint technology leaders as CX leaders? Should they appoint a new breed of CX leaders? Should CX be a support function for business units or a driver for enterprise-wide strategy? How can CX create better synergy and better strategy across organizational units?
Those with the best answers to such questions will determine who the winners will be in the years ahead.
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CIMB: Investing in Technology Resilience
