Good relationships are all about getting rid of friction and interruptions.
To give you a technology example of how things can work well, let's look at the Internet of Things. This is the connection of all things that work on the internet.
IoT is about physical devices, cars, buildings, and more all talking to each through embedded computing devices. All these objects are sending and receiving data through the internet and working seamlessly together to make life a lot easier.
As these various objects become embedded with sensors and gain the ability to communicate with each other, the new information networks promise to create new business models, improve business processes, and reduce costs and risks, according to McKinsey.
Where technology is not working well, is in some of the new devices hitting the marketplace. Google Home, Apple
The technology example has a lot of parallels with investment firms.
Often firms have multiple marketing efforts with multiple tools happening at multiple levels to get the message out to customers.
But there is a lack of coordination between each effort which not only slows down results but with multiple marketing channels, tracking performance becomes more difficult, at a time when it is critical.
In an age where we are expected to have timely results, a key factor to keep up with the competition is seamless coordination between efforts within an organization.
Amazon.com is a great example of leaving out friction and creating smooth relationships. There is a reason this giant retailer has become a prominent source people go
For financial firms, the more tools that are knitted together, the more problems occur, and the less productivity happens with mismatched systems.
Business models today can no longer be based on static information happening in different parts of the business but real time with each area working seamlessly together. Companies that take advantage of these capabilities stand to gain against competitors that don’t.
That is how financial firms today will create new value and ultimately revenue.