Vendor consolidation might seem like the easiest path to cutting costs, but what does it mean for your account holder experience? When #financialinstitutions reduce vendors, they’re often limiting their tech options and risking a one-size-fits-all approach—one that can’t meet the unique needs of their account holders. The result? A loss of the personalized service that sets your institution apart. Our COO, Soren Bested, takes a deep dive into the hidden risks of vendor consolidation and how it can damage the relationships your institution has worked hard to build. You can get #TheScoop and read Soren's article here: https://hubs.ly/Q02Q1GlY0 #fintech #digitalbanking
Everyone’s talking about vendor consolidation as a quick fix to rising costs in banking. It sounds simple—fewer vendors, streamlined processes, and cost savings. But what’s often left out of the conversation is the real cost: your customer experience. When you consolidate vendors, you’re not just reducing partnerships—you’re limiting your tech options, stifling innovation, and risking a one-size-fits-all approach that doesn’t meet the unique needs of your customers. That’s where the real danger lies. Agent IQ's COO, Soren Bested, explores how vendor consolidation can damage the very relationships that set your #financialinstitution apart. In his latest article, he explains why this approach could lead to generic, less-personalized customer and member interactions and what you should consider before taking that leap. Before your institution makes any moves to cut costs, it’s crucial to understand the hidden risks of consolidation—and how it can undermine the personal service your #accountholders expect and deserve. You can learn more by clicking the link below to read Soren's article. https://hubs.ly/Q02Q1GlY0 #fintech #digitalbanking #relationshipbanking