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Add You - The Problem With Technology At The Point Of Sale In Financial Services
At every few corners in major urban areas, you used to see phone booths.Before cell phones, they served a significant purpose, of course, providing telephone access to the multitudes.But now that they’ve been disappearing, they’ve taken more than dedicated phone lines with them.They’ve removed a significant semi-private space, as well.The old phone booth, while seldom perfectly quiet, facilitated several significant things:(1) It was quiet enough so we could compose ourselves before conversations, thinking through what we were going to say.(2) It did muffle some outside noises, making it easier for us to monitor our own voices, and hear ourselves think.(3) It made it easier for listeners to concentrate on our messages.(4) And perhaps most important, it kept our conversations confidential.I’ve never been comfortable talking business, surrounded
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
Prospective firms frequently receive dozens, if not hundreds of applications for sought after open positions. The job market for high level positions can be extremely competitive. Candidates often neglect several little known ways to be easily recognized in a sea of job applications.The majority of candidates submit applications via traditional mail, email, or web forms. The fax machine is used infrequently and overlooked by most candidates. Many top level executives will reach for several documents received via a fax machine, before considering an overbearing pile of traditional mail or dozens of emails. Fax machine numbers are often unpublished, but can usually be obtained with a nonspecific call to a receptionist. Submitting an attractive cover letter and resume via the fax machine will greatly increase the chance of being noticed.Addressing applications to an appropriate contact greatly i
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 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
It’s an exciting world we live in today and one far different than the world of fifty-years ago. There are very few things in our society now that existed five decades ago, and if they do exist, they have certainly changed in a great many ways.Most people don’t realize that Network Marketing has been around, and flourishing, for more than fifty years. Not only that, but it has gained force over the years, to the point that today, it is the single marketing technique that brings in the most revenues for those that participate.People are suspicious of changeIn the 1960’s franchising was the new technology in business. My parents remember what a scam everyone thought franchising to be. In fact franchising was almost outlawed by Congress, and today this “once thought to be scam” is responsible for over 30% of retail sales in Northern America. Network Marketing has and does face the sa
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
Many business owner with a dream to take their company public often neglect to prepare and plan for the future, very few small and mid-size companies have a business plan.A business plan is like a road map, and can be liken to when you go on a journey sometimes you need to change direction, it doesn’t mean your destination changes, you are just getting there via a different route.A vision is some thing that is birth in the mind and soul of the individual, some people act on it and others procrastinate for a period of time only to see someone else take their dream and bring it to fruition.The dream giver will only allow you to sit on your dream for so long before giving it to someone else. You often hear people saying “ I had that idea two or three years ago”, what good is an idea without taking action, but with the action there must be a strategy.Businesses don’t plan to
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
This simple statement is like a joke to most of the men who strongly feel that women can never stand quietly. Talking continuously is somehow inherent in their genes. However, is this aspect actually so undesirable? Here I am referring to the implicit capacity in women to build a rapport with anyone around thus leading to long-term relationships. Women are generically considered more sensitive and somehow posses the right set of soft skills required catching the other person’s right nerve and striking an apt conversation.However, until now, because our society did not encourage working women, this quality and associated energy were being transformed to other means. Now that the women are decently educated and have a career-oriented bent of mind, the eminence to form bonds even with strangers has resulted in a dynamic woman of today who is a perfect network marketer.Network marketing is a bran
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
Tip #1 The purpose of your speech is to get results; to help people make changes and think or act differently. So start with the end in mind. What do you want people to do as a result of your speech? What do they need to know to do this? What do they need to feel to do this?Tip #2 Show your audience that coaching is a process. It is different from consulting. Do some coaching (role playing) during your presentation. Let audience members see what it would be like to have you as their coach.Tip #3 Determine what kind of coaching the client wants and needs. Interview a few people before you give your program to find out what challenges they are experiencing. The program chair can provide you with a few names to contact. Then use this information in your speech content.Tip #4 People learn in three ways: Visual (what they can see), Auditory (what they can hear), and Kin
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 faced when launching the system to a wider audience. In addition many of the results of pilots are widely exaggerated in order to bolster the confidence of those who have already embarked upon considerable expenditure and of those who will continue to be used as champions
e) The ability of sellers to convince managers that the system is being used when it is not (this in itself is one of the main reasons for Point of Sale systems not realising any return on investment)
f) The ability of sellers to convince managers that customers do not like the new system whereas the opposite is almost always the case. What customers do not like is the behaviour they experience from the seller. Clearly if the seller is reluctant to use the system they will adopt a less than enthusiastic set of behaviours in front of the customer
g) The ability of sellers to convince managers that changes should be made to the system in order to make the customer feel more comfortable
The physical environment
Most Point of Sale systems are information hungry and therefore the programme requires the seller to either input or to read a significant amount of data. This results in the seller and customer seating positions being such
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