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Member You - The Problem With Technology At The Point Of Sale In Financial Services
Business Ethics have only come to the fore recently. They state that there is more to business than just making a profit. The new focus is also on how the business treats the environment, reacts with the local community and works with its staff to build a responsible company that is both sustainable and adds value to the people that it interacts with."Greed is good" is no longer acceptable to most consumers. The consumer is now better educated with new means at his disposal. High speed internet access and forums like Ecademy now mean that good and bad news travels almost at the speed of thought. They are now demanding more from businesses even though their own ethics at times might be questionable!Business ethics are now included in most business courses and the top management schools. The top graduates enter the corporate world ready to incorporate what they have learnt in the classroom.
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues
Ask most people in an organisation what they think of the salespeople, and the response it likely to be mute and/or confused. The best salespeople are, after all, a bizarre hybrid between the charming and arrogant, generous and selfish, calm and diplomatic extremely emotional and extremely aggressive. Unfortunately, the organisations which these salespeople represent tend to see most of the negative traits, in large part perhaps because all the positive ones are reserved exclusively for clients. Such unpredictable schizophrenia can alienate more sober members of the organisation, and lead many to believe that salespeople are just a necessary evil in any organisation.This reputation has lead most firms over the past two decades to label their salespeople with distinctly neutral titles, such as “Account Executive” or “Client Services Representative”. Organisations claim that the titles detract from th
There’s a conundrum that currently exists between the customer and the seller in financial services. The customer buys and the seller sells. The customer is focused on their wants as much as needs, and whilst the seller often says they are focused on the customer’s needs, all too often the focus is on products and profit. Indeed a wider examination of the decline in customer service might also do well to address the issue of remuneration systems which reward sales but not customer service. This latter practice merely confirms the customer’s suspicion that the seller has more to gain from any advice or transaction than the buyer. Included in the mix is regulation. Regulation was meant to assist and protect the consumer. Instead, we have witnessed a massive exodus from providing advice whilst compliance costs rocket skywards. The continuation of bad press on sales practices; fines of major firms; and the inability of the industry to speak with one voice leads many to believe that protection for the consumer is a by-product not an aim. In addition the customer is now faced with an overloading of the sales or customer relationship process with paper, which include endless questions to complete even the simplest transaction and massive fact finds covering every conceivable piece of information imaginable. Rather than act as a comfort to customers these processes have merely heightened their suspicions. Yet insofar as technology is concerned, whilst the customer trusts the technology, they do not trust the person operating the technology.
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues
You don’t have to be a tech geek to know that Web 2.0 has completely changed the way things work online. If you wise up to these trends, you can easily use them to your advantage. Now, before you start to think that you're going to have to spend all day "friending" people on MySpace and other social networking sites, hold on a minute! This can be done in a time-efficient manner that makes a significant contribution to your business in a way that doesn't overwhelm your schedule.Social networking can in some cases make or break your online business. Taking an example from American politics, the 2006 U.S. Senate campaign of George Allen, the favored candidate in Virginia, was literally derailed by one video that was posted on YouTube and crawled its way virally through the internet. Your good customers can become instant evangelizers by willingly promoting your great service through their own netw
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues
Looking for a way to change up your mortgage broker marketing? Probably the easiest way to deliver an efficient, cost effective marketing is with the use of a simple post card.Most mortgage brokers have used post card marketing at some point, but their message is frequently diluted because they deliver the simply rate sheets. The postcard doesn’t capture the attention of the reader, and as a result, doesn’t yield much return for the mortgage broker.There’s a far better way to use postcards as a marketing tool – one that delivers a great return for the broker.Postcards are effective for the following reasons: They are easy to mass-produce and affordable to print. Postcards are inexpensive to mail. Postcards demand little time and attention. The reader can read through the postcard in a few minutes. <
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues
Preperation is vital when conducting a successful videoconference session. Thus there are a number of steps to remember prior to the videoconference session itself:Always test the equipment before hand.The WebVideo4U software is extremely reliable but it always pays to test the software prior to the videoconference itself. There may be problems with the Internet connection, the webcam or the microphone. Better to find out in time to rectify the problem than have embarrassing delays during the videoconference itself.Double Check TimezonesThe beauty of global communication also comes with the pitfall of negotiating the different timezones. Always check the timezones, double check them and confirm with both parties to ensure that there are no embarrassing hickups.There are also several important steps to take when setting things up at your end to ensure that the videoconfere
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues
If you are attempting to start a venture that will require some sort of internet presence you may be able to find a way to impress potential investors without the need of an in depth business plan.How do you do it? It is pretty simple. Just buy a professional looking website template and logo template that goes along with the theme you are envisioning. Customize the text as if this was the fully running website. Include links to the future functional areas just do not activate them. Take this site and begin showing it to select individuals, they will think you are farther along than you may really be and it is easier to show someone a prototype than a 50 page business plan.How much would something like this cost? Domain $8.95 See: http://www.Godaddy.com Hosting $10/month See: http://www.HostGator.com Site Template about $35
Point of Sale systems
In this scenario it is hardly surprising that Point of Sale systems continually fail to pay back the investment. In most cases it’s not that the system doesn’t work, it’s just that working the system requires different skill-sets and a realisation that the customer is wary of being asked questions. These are behavioural issues and yet whilst Point of Sale systems by design are based upon a customer’s past buying behaviours and potential future buying propensity they tend to lack an appreciation of:
a) The reluctance of the seller to use technology at the point of sale
b) The physical environment in which customer interactions take place
c) The amount of time it takes to learn to operate new technology with confidence in front of a customer
Reluctance of sellers to use technology at the point of sale
Many experienced and qualified advisers now rely heavily on technology. This explosion of the use of technology has led all software and hardware suppliers and IT departments to believe that the future is bright, the future is technology. In the rush to design and implement systems however, some basics have been overlooked:
a) Sellers are as opposed to sales processes as are customers
b) Introducing technology at the point of sale involves a significant change of behaviour on the part of the seller
c) Sellers experience great difficultly in changing their behaviour
d) Most sellers in the type of financial services organisations that can afford to buy Point of Sale systems are junior front-line staff with the consequence that
- their feedback on the reality of using these systems in front of customers is often ignored
- where they provide feedback it is often guarded
- pilot launches are always used with ‘champions’ who provide a minute insight into the difficulties which will be fac
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