High Street banks and building societies often need only small changes to their retail technologies and modest investments to succeed in a tough economy. That’s according to retail transformation services company, Box Technologies (Box).

Instead of wholesale rip and replacement programmes, the company believes that banks and building societies only need to make small enhancements which support the way in which customers want to transact with them. “Retail technologies are understandably one of the key drivers of change and growth during this difficult economic time. But understanding how those technologies support the customer journey is the key to getting it right,” comments Box chairman, Russell Willcox. “Sometimes companies look to implement systems which are not always well aligned with the way a customer wants to interact with them. Equally, when it comes to banks, I believe that one size does not fit all; what services are offered in a large flagship city branch may not be the same as a local High Street branch, but we need to deliver consistency across the branch network.”

Willcox adds: “When we meet with clients, we ask them to look at the systems they already have in place, and how they can deliver what the customer ultimately needs. From there, we identify the most effective way to move forward. At the end of the day a bank needs to offer a solution to enable the customer to interact, either through multiple channels or within the branch. Technology needs to bring the customer experience to life, which can often be achieved through low-level and careful investment.”

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