Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through panic, overreaction and poor decision making. Part of the advisor’s role was, and is, saving people from themselves. There are parallels in technology decision making.
During my family summer holiday trip to San Diego I was confronted with the notion of budget management front and center. To get around during our trip, I rented a mid-sized sedan, but upon arriving at the rental car center I soon realized we had an extra piece of luggage that would not fit in the car. The rental car agent gave me the option of either upgrading to a luxury SUV, which would double the cost of the rental, or wait for a less costly SUV rental that would not be available until later in the day.
A number of years ago when my niece first got her driver’s license, my brother-in-law got a panicked called from her in tears. In a shaky voice she said, “I pulled into a gas station next to the pump to fill up…now what do I do?”
I remembered this story recently when I spent some time in rural France. Having rented a car, I knew eventually I was going to need gas. Not speaking much French, it was something I avoided as long as possible. But eventually, even the fumes were running on empty.
As the Vice President of Sales at Determine, I have the opportunity to visit great organizations in many different industries and countries. Often, they present challenges. I always try to not only understand the problem being presented but, more importantly, pinpoint the core issue at the root of the discussion.
It’s something I find personally rewarding, and am always looking for patterns and relationships between issues in order to create common solutions.
Sometimes I discover a nugget that stops me in my tracks — something I find extremely fascinating. What catches my attention is when it’s really a great example of how new is embracing old. Let me explain….
When you buy a new car, driving off the lot should be the easiest part of the process. For us, implementation should be the same as driving off the lot. As I discussed in a recent OutLoud podcast with Constantine Limberakis, VP of Product Marketing at Determine, to achieve this we align three key aspects: Communication, resources, and a very user-friendly UI.