Tradition can be a good thing when it facilitates workflow, adds deeper meaning to otherwise ordinary activities and enriches the corporate culture. But unless the tried-and-true also evolves with the times, sticking with the old way of doing things can also be a restrictive hindrance. This is especially true for established banks operating in an increasingly digital world.
Traditionally, banks have stored customer information by account type (i.e., checking, savings, mortgages, etc.). The result – a siloed mindset – may have worked in a retail banking world, but it is causing problems in the increasingly omni-channel, digital ecosystem, in which consumers hold much more power, and poor data visibility and counter-predictive analytics can sink even the most progressive-minded institution.