The financial services industry is changing fast. In this environment, technology vendors are challenged to continuously calibrate their product development strategy to keep pace with the changing requirements of their client base. We at Doxim® embrace this challenge and are inspired by it every day. We believe the real advantage we can provide to our clients lies in the way we go further, by identifying and responding to anticipated needs before the market even expresses them.
Our President and CEO, Chris Rasmussen, has seen and has been an integral part of the evolution in the community finance industry over the last 20 years. He sat down with me recently to discuss his perspective on the top challenges facing the industry today and the responsibility that technology partners have in making a long-term impact on the evolution of the financial services industry. Today I’m pleased to share some highlights from that conversation.
Olga Z.: Chris Rasmussen, thank you for speaking with me today. From your perspective, what’s the top challenge facing credit unions and banks today, and going into the next year, and how can technology help solve these challenges?
Chris Rasmussen: The biggest challenge really is digitizing key business-critical processes that are not digitized. Bear in mind, though – digitization isn’t the end goal, it’s the means to the end of being able to communicate in an omni-channel world. Financial institutions that don’t take advantage of what digitization offers from the operational efficiency and customer engagement perspective will inevitably, and very soon, find themselves at a significant disadvantage.
Olga Z.: Chris, what are financial institutions looking for from their technology vendors today, beyond the software solutions? How can their partners help them succeed?
Chris Rasmussen: The first thing is that financial institutions trust their vendors to make the right investments. Every supplier to any company makes investments, and the FIs that we serve, I believe, want all of their service providers and key business partners to be making investments that will be in their best interest in the long run.
Olga Z.: How does Doxim leadership team decide what technologies to invest in, and how do we determine where the industry is going next?
Chris Rasmussen: At Doxim we take a lot of pride in our very thoughtful approach to how we make investments, and how we distribute R&D spending across our various offerings. We’re different in this from many other vendors that are often motivated to only turn out a quarterly number for their stockholders. Instead, we take a long view, based on a lens that is unique in the marketplace; we get to see organizations large and small, across all of their various core banking systems, across all their different online channels and their physical, offline channels, and we see the full breadth of challenges that they face.
Therefore, our advantage is our perspective informed by well over 1,500 clients across North America, and we can tap into a representative population of the entire marketplace to help us learn and make truly informed decisions.
Such breadth of experience allows us to make decisions and corresponding investments in continuously improving the offerings that we have and in identifying the new types of forward-looking data services that we are developing in our labs. It’s an advantage a smaller vendor, or a non-industry-specific software provider, just can’t match.
Want to know more about Doxim’s strategic vision? Check out this recent blog post, in which VP Innovation & Strategy Chris Palmer, talks about Doxim’s vision for the future of customer engagement technology. And if you have further questions, just reach out to Doxim to discuss your challenges, and we’re happy to share some solutions that have worked for our clients in similar situations.
About the Contributor
Chris is the President and CEO of Doxim. He founded the company in 2000 with a vision to develop and deliver software that helps financial institutions automate and digitize processes that enhance customer engagement. Over the last two decades he has lived through the ground zero of transformational change in business communications, information management, and document automation.