Banking technology is continually evolving, with new solutions emerging that increase efficiencies and improve cost-effectiveness. At Key, the utilization of technology does more than meet the needs of our clients today; it is also an opportunity to grow our knowledge and address the siloed nature of back-office systems. This approach focuses on three areas: client segmentation, quick iteration and shared services.
To meet the needs of a client base comprised of diverse industry types and sales sizes, it is crucial to segment it into thinner verticals. The broader the scope of your initiative, the greater the chance you will have missed your target audience and created a solution that is only marginally useful to the general population. By defining a target, you can work with your technology partners to form teams that focus on a specific segment.
Next, align this integrated product management and technology team with actual users. Start this process by breaking larger goals into small chunks, prototype as quickly as possible and gain feedback on ideas at every stage from a core group of actual users. The feedback received will allow you to further develop ideas. The goal of this step is to break down the walls between product managers, sales, clients and development teams. Not only does this help with product development, it also helps gain buy-in with sales and shortens the commercialization process. Finally, integrate a shared services strategy within product requirements, empowering a select group of developers to "float" among segment-focused teams and identify core systems challenges or features that may be beneficial to multiple segments, and empower them to expose such functionality on a services layer.
By following this three-step approach you will realize that over time deep silos can be exposed to a flexible layer of technology and client needs continuously met.