Digital Wealth News recently interviewed Michael Partnow, Group President, Wealth Management, JIFFY.ai, about how wealth organizations should approach their technology wish lists.
“I’ll start by saying, ’tis the season! One of my favorite holiday songs is ‘Santa Claus is coming to town.’ For organizations, I would say, replace ‘Santa Claus’ with ‘Budget Clause,’ because Budget Clause is checking their wish lists, and likely checking it twice!” Partnow says.
It is the season for leaders to examine their organizations’ nonfunctioning processes and seek innovative technology solutions to solve their problems. To add new solutions to the holiday wish list, those requesting them must demonstrate that while the operating team has been good this year, they are handcuffed by the existing technology in doing better and understand what is at stake by not implementing the new tech.
Make a wish list and check it twice.
The Budget Clause constantly checks spending and justifies ROI. When leveraging technology, it is imperative to demonstrate that your wish list will be used to improve the bottom line by slashing costs and enhancing ROI.
“Leaders must include their teams in gathering information to make their case. They must then express to ‘Budget Clause’ what they want and how it will improve processes by saving time and money and above all, enhance the experience,” adds Partnow.
He encourages leaders to share their wish lists with colleagues and ask for their input.
“Gather around the conference room table and prioritize your technology wish list much like a child does when asking for toys on their wish list. The leader and the team making the request must have been good this year, or likely Budget Clause won’t bring them any gift,” he says.
Also, make sure to include prospects and clients when making your technology wish list. Clients depend on technology at all levels—from onboarding to servicing—so, their wish list is important. Without being able to deliver great client experiences across all touchpoints, the organization is at risk.
Small gifts matter too.
“Even small gifts for stocking stuffers—don’t discount those. Go for them! And remember, nothing is too big or too small. Wish for that big gift but appreciate smaller gifts that enhance processes and client experiences even slightly,” Partnow says.
You better not pout or cry if you don’t get what you ask for.
” Budget Clause is always watching. Do not throw a tantrum if you do not receive your gift. Do not hinder progress moving forward. Not receiving your requests does not mean you are on the Naughty List. But, if you do pout, you will be on the Naughty List next year and you risk far more than receiving coal!” Partnow adds.
