Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

10) #InsideDigitalGrowth: Face-to-Face Communication in a Socially-Distant Digital Age

ABOUT THIS EPISODE

It’s well past time to merge digital and human experiences.

I’ve been saying it for years, but social distancing proved it. 

It proved how, too. Face-to-face interactions through video. 

On the latest episode of Banking on Digital Growth, I cover why face-to-face interaction, even remotely, is more important now than ever. 

Things are starting to open up. But it will be some time before the world returns to normal. 

And some things, like video communication, never will. 

In today’s episode, I explain:

-Why our new video habits are here to stay

-Why you need to adapt to the new societal norms

-5 ways you can start using video today

Check out these financial brands we mentioned in today’s episode who are nailing video communication:

-Louisana Federal Credit Union

-Citizens Bank of Edmond

-Canvass Credit Union


You can find this interview, and many more, by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Michelle asked what is the best way for our marketing and sells teams to communicate with our account holders, along with people in our communities, because, even things are starting to open back up again, we're not seeing them as much as we used to before the COVID nineteen crisis. That's a great question, Michelle, and one that I'll answer for you on today's episode of banking on digital growth. You're listening to banking on digital growth with James Robert Laigh, a podcast that empowers financial brand marketing, sales and leadership teams to maximize their digital growth potential by generating ten times more loans and deposits. Today's episode is part of the inside digital growth series, where James Robert shares answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Visit ask Jr dot digital Growthcom to submit a question you want to get answers to on a future episode. Now let's go inside digital growth. Greetings in Hello, I am James Robert Lay and welcome to the ten episode of the banking on digital growth podcast. Today's episode is part of the inside digital growth series and I'll be answering a question from Michelle, who is a VP of marketing for a financial brand in the south. Michelle asked what is the best way for our marketing and sells teams to communicate with our account holders, along with people in our communities, because, even though things are opening back up again, we're not seeing them as much as we used to before the COVID nineteen crisis. Thanks for the question, Michelle, and I assume that by what you mean, Michelle, even though things are starting to open back up again, you're not seeing them come back into the branch like you saw before the covid nineteen crisis. So this is a really good question and one that I've been spending a lot of time answering for financial brands and our digital growth programs over the past few months, since this crisis begin because communication, communication both internally and externally, is core to how your financial brand is perceived by others. And I'd like to take your question, Michelle, and add a bit more to it, because I wanted to add an additional air. What is the best way to communicate courage and confidence, not only with account holders, but also with internal teams and the people in the communities you serve at large. That's the key here. It's communicating courage and confidence, which are both attributes and characteristics that I talked about in detailed in episode number four, titled Covid Nineteen, how to move forward with courage and confidence because, as I talked about in that episode, courage, just like this virus, is contagious and, as I talked about an episode number seven, courage and confidence are keys to help someone break free from the circle of chaos that so many people are stuck in right now. So how can your financial brand communicate courage and confidence when you're not able to see people facetoface like you might have been before? And the answer is simple. It's video. Now let's dive deeper into this and focus on two key areas for the rest of the conversation. Number one, why video is more important now than before in this post covid nineteen world, for not only marketing teams at a financial brand, but also sells teams as well as leadership teams, and the number two, how you can communicate courage and confidence with video through some very practical examples that I'll...

...talk through for you. So let's get started. Why is video more important now than ever before, in this post covid nineteen world. The answer video humanizes your financial brands digital experience and, as I've predicted from the very beginning of this cry isis the one that we're all trying to navigate through right now. I was predicting that we would see this unfold over an eighteen to twenty four month period, and that did it mean that we are all going to necessarily be stuck in our homes for eighteen to twenty four months. It just meant that we would be dealing with this psychologically, emotionally economically in all of these different levels of life. And as communities are starting to open back up, I do predict that some will get locked back down again if the virus flares back up in the fall and the winter, as many are predicting. And what does that mean? It means we'll be back to a highly remote environment that we were in before and some who are still in as of now. So the time to get comfortable using video to communicate courage and confidence with account holders, along with people in the communities you serve, as well as team members, is right now. As I read about in my book banking on digital growth that's now available in Amazon. Digital growth is not about technology, it's about how we use technology to bring to human beings together for good, and I've been recommending this type of remote communication strategy for at least the past two to three years, not just for financial brand marketing teams, but also for financial brand cells teams, as video bridges the d x, the digital experience, and the human experience, or the CHEX, with face to face communication. Remote video platforms like zoom, for example, helped to further increase and empathetic communication strategy, and this is a topic that I discussed in detailed once again an episode number seven. Remember, ninety three percent of communication is non verbal and if we break this down even further, out of that ninety three percent of communication, fifty five percent of that non verticabal communication is body language, and then the other thirty eight percent of that communication is vocal tonality. So, put another way, seven percent of communication is the actual words that we speak, and having face to face communication, even if it is remotely, is more important during these times of chaos, of confusion, of crisis, because people are looking for clarity, they're looking for calm, they're looking for help and they're looking for hope. Furthermore, where video communication was traditionally used for business and personal personally, via platforms like facetime and WHATSAPP, video communication has become even greater from a societal norm at the macro level because of covid and it's really helping to shape and form new habits and new behaviors. So, for example, students are using video communication to connect with teachers and peers. I think about how quickly all of my kids were able to get back up and running with school using video communication. My two oldest, who are still in elementary, have scheduled zoom calls multiple times a day, while my two youngest are watching youtube videos that their kindergarten teachers are producing and uploading. On the healthcare side of things, remote medicine has become the...

...norm as people don't want to venture out and go to the doctor for fear of catching the virus. Even fitness and health clubs, gyms have moved to a remote delivery of classes through online video. And because of all the shifts in human behavior, where video is becoming more new and more normalized and more accepted, more adopted. From from a channel of communication, I see a tremendous opportunity for financial brands to increase human connections and create exponential value by furthering, deepen, deepening human relationships. With a couple of different audiences. Number One, internal teams that are working remote. Just because we're opening back up in some cities and some states and some countries doesn't necessarily mean that everyone is going to be flocking back into the office. Jack Dorsey, who's the CEO of twitter, has been making some news as of recently that he's stating all of his team member can be remote, and definitely so. We're going to see a transformation of work as a result of this crisis, and if we're transforming the way that we work, we must transform the way that we communicate with other team members. Another transformation that we're seeing is is from the consumer, account holders, customers members who are not able to or don't want to visit a branch location. Once again, just because we're opening back up doesn't mean everyone wants to come back in and conduct business. Facetoface in the branch. Yet along the drive through, why? New Habits have been formed because of an increase in adoption of mobile banking, particularly at an older age demographics, those who are not used to using mobile banking before have now become accustomed to it over the past few months. And then we have small business owners who have been forced to shut down and they're struggling to survive, even as things are opening back up in the communities that we serve. So we have all these different players. Internal teams, are account holders, small business and really the community at large, as we're all working through this time of chaos, crisis and disruption together. So, now that we've established a foundation of why video is more important now than before and a post covid nineteen world, I'd like to share five very practical examples you can use to apply this thinking at your own financial brand, working from the inside out. And so number one, there's an opportunity for your financial brand to use video communication to conduct daily stand up or huddle meetings, typically fifteen to thirty minutes Max, with a small group of team members working remotely, and the goal of these daily Huddle meetings is to help get out of digital communication like email, like chat, like slack. We're sometimes things can get lost in translation, while at the same time working to maintain some type of human connection as you want to limit the negative impact of isolation when we when working remotely. Now, on the flip side of this, I do understand there are some who are starting to fill some zoom fatigue and that's a very psychologically understandable but I'm wondering,...

...is it an expectation that we put on ourselves of how we should come into these zoom conversations to prepare the space to be, quote unquote, camera ready, or is it just working to transform our behaviors in a new type of communication environment? And it's like anything, whenever you started exercise routine and new exercise routine, there's going to be some pain in the early days. So this is something I'm thinking through a little bit more that I don't have a definitive answer for you just yet, but I will most likely address on a future podcast, because I do believe there are some psychological implications to consider here, particularly at the team level. So coming back to the opportunities of using video with teams once again, keeping everyone unified on the same page, celebrating wins and the progress that we continue to make, to keep moral high in the best way to look at kicking off these St and you know the stand up meetings, these huttle meetings, is to commit to apply a process that we teach here at the digital growth institute called WBG, or what's been good, and you do that by simply asking team members what was the best thing about your day yesterday, or you might start off what are you most excited about today or what are you looking forward to tomorrow as you wrap up the meeting, and by doing so it really focuses the conversation on more than just the task at hand work, but it allows someone to dig into what's going on good in their life because, particularly in times of stress and chaos and confusion like this and crisis, it's very easy for the mind to go down the dark rabbit hole and get stuck in the cycle and the circle of chaos, of negativity. But when you focus on and you begin a conversation and even a meeting with just a positive statement from everyone involved, and this should take no more than thirty seconds to a minute per person, it elevates the conversation, elevates the room, even if that room is remote, because the mind can only focus on either a positive feeling and emotion or or a negative feeling and emotion. Technology has transformed our world and digital has changed the way consumers shop for and buy financial services forever. Now consumers make purchase decisions long before they walk into a branch, if they walk into a branch at all. But your financial brand still wants to grow loans and deposits. We get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand marketing and sales leader. But it doesn't have to, because James Robert wrote the book that guides you every step of the way along your digital growth journey. Visit www dot digital growthcom to get a preview of banking on digital growth. It is a strategic marketing manifesto that was written to say financial brands, and it is packed full of practical, improven insights you can use to confidently generate ten times more loans and deposits. Now back to the show. So moving on to practical. Point number two on how you can use video to communicate courage and confidence is to add a schedule, a video meeting, Secondary Call to action on your financial brands website product pages. And here's why this is important. Even though things are starting to reopen in certain area is cities, states, countries, around the world. Once again, I'm projecting that...

...will see some seasonal community to lockdowns on and off over the next eighteen to twenty four months. So take time to bridge the long term DX. Once again, the digital experience and the Chex the human experience, divide for account holders and prospects, by adding a quick and easy way for them to get in touch with someone at your financial brand that can help guide them remotely but still facetoface. This might be for a prospect, a lead someone who's interested in making it a deposit or applying for a loan opening account. It also might be for a current account holder who has questions about their personal financial situation or needs some additional assistance and guidance with a mobile APP. There's a lot of ways to apply this thinking by adding a secondary call to action, that is simply schedule a video meeting. And one of the financial brands that we've guided along their own digital growth journey has already applied this thinking. I recommend taking a look at Texas Tech FCU and their website, which will link up in the show notes, and you'll find they are positioning their see you now video app very well in the top now bar of their website. Furthermore, UMP QUA bank, who's on the west coast of the United States, has also had some early success with their go to banking platform. And expanding on this idea a little bit further, let's take a moment to unpack practical point number three here, because, in addition to adding a schedule, a video meeting Secondary Call to action on your financial brand website, I also recommend you invite current account holders to schedule a remote video review, those who are looking to get some additional help, some hope even, but they've just not gained the courage yet to raise their hand. In episode number six and an episode number seven, I go deep on the subject of financial shame, of money shame, and the psychological told that this takes on a person's financial health, their physical health and their mental wellbeing. So taking a proactive stance to do outreach, to meet with someone in a judgment free like zone. Video and remote communication is a great way to do this, and here's some practical tips to think about applying. Step number one, send out an email to all your account holders, and you might want to do some segmentation around consumers and businesses, and I'll I'm doing some additional thinking around this based upon the advisory work that we've been sharing with other financial brands. But when you send out an email to account holder and you segment businesses consumers, let them know that you're simply there to help, but also just as important, if not more important, that you're there to just simply listen to their questions, to hear their concerns. So a lot of times that's what people just want. They just want to be heard, they want an ear that they can talk to. Step number two, wrap this email up in an empathetic tone of hope that's framed around your financial brand's position and commitment to confidently provide someone with clarity, with the sense of calm during this time of confusion, chaos and crisis. Step number three, the primary call to action for this email should should be something like we're here to guide you through the coming weeks and months. Schedule A remote video review with one of our experts to talk through your unique situation. And once again, when when we talk about financial expertise, I'm...

...quote bank on the West Coast does a great job positioning around this type of expertise. And finally, step number four, with this video review outreach is link the email call to action to a landing page that reinforces the empathetic tone that you've already set in the email, with the meeting request form that gives them the ability to pick a time, to pick a date and maybe even a person that they're already familiar comfortable working with to schedule this remote financial review, and platforms like cub spot, cells, cal and calendarly time trade, all of these can connect your team members calendars, along with the video platforms like zoom for a streamline booking process that simplifies the entire experience through automation and even some Ai. So these meeting request leads that come in on this landing page will then filter to the applicable internal leaders and might be a digital cells team, it might be branch managers, it might be loan officers, it might be calls interrupts for them to then follow up and ultimately conduct facilitate this oneonone remote financial review meeting. We can even build up on this, this insight in this perspective further as we move on to practical point number four and and let's dig into how you can conduct these oneonone remote financial reviews. Will Call Them Video Coaching calls with the count holders and prospect x because, as a rep reference in episode number seven and the strategy of episode number seven, in today's world of confusion, of chaos, of conflict, financial coaching that is delivered remotely via video is exactly what can help calm the nerves of account holders. As your financial coach, a your financial brand, your financial coach works to reduce the fears and anxieties for people in the communities that you serve, for your account holders and for small business there is no better time than now to consider starting a pilot financial coaching program as you invite a select number of count holders to register. Once again, this is a pilot program this is proof of concept. In return for scheduling one of these financial reviews, that will receive some type of a financial blueprint that has recommendations framed around their unique situation, but these recommendations are delivered via some type of remote video meeting platform like zoom. And looking further ahead towards the future, there's an opportunity here to build a financial coaching team, not just a person, but a team, and that's team now has the potential to generate additional noninterest fee income, which I see is such a tremendous opportunity, as the profitability models that we've all been accustomed to or continuously getting disrupted, not only because of covid but because of the competitive landscape. But that's not the goal here. When we're looking at this type of pilot program ninety days, a hundred, eighty days, the goal is simply to provide account holders with help and hope during this time of chaos, of confusion and of crisis. So so far we've discussed, for practical points of how your financial brand marketing team sells, team...

...leadership team can all use video communication to communicate courage and confidence, both to internal team members, account holders, small business and then just people in the communities that you serve at large. I'd like to give you one more we'll call this the fifth element. I'd like to give you a fifth practical point to consider, as there's an opportunity for you to use video for a broader reach to connect with and build relationships in the communities that you serve in addition to just your account holders. Now, this type of recommendation works for both sides of the equation, being account holders and communities. But here I recommend hosting weekly or Bi weekly digital town hall or fireside's chat style meetings, where your financial brand will field frequently ask questions that you've received from your call center or through your website, along with sharing stories of hope and optimism based upon the work you're doing to help others. Once again, this type of communication would be delivered through video, but this is not a medium to sell. Instead, it's a medium and a channel to communicate courage and confidence, while also extending help and hope to others. Now, one of the financial brands that we've been guiding has already started to apply this thinking over the past few weeks, and I'm so proud of them. I want you to take a look at the video section of Louisiana fcu's facebook page, which once again will leak up in the show notes, and you'll find videos featuring their CEO and other team members who have taken time to answer questions during their weekly facebook live streams, and their delivery has continued to improve a week over week, as views have been ranging from eight nine hundred to over twozo views per episode. In addition, each one of these episodes is receiving thirty to fifty different comments per video. To other great examples to look at using video communication to communicate with a community at large is Jill Castilla and Citizens Bank of Edmond at an, Oklahoma, along with todd and Tansley, who have been using video at Canvas Credit Union to communicate courage and confidence during this time. And will also get the links to these youtube pages linked up in the show notes as well, because that just their valuable resources for you to explore and investigate further. Finally, as you build up your own video platform, I see a tremendous opportunity to begin to build a sense of digital community with the physical community your financial brand serves, as you use your own video platform to bring on external guests and to help promote local businesses. So, for example, think about the local restaurant owner who you can invite to your to your weekly facebook live stream that can talk to your account holders, your facebook fans and just people in the communities that you serve on how to make a mill each week. So each week you could rotate restaurant owners and they could then help walk someone through a weekly mill prep. This is an idea that seth seagal gardener and I explored an episode number eight, as Seth is a cheft and he shares some really good insights about how financial brands can help the restaurant and services industry that have been impacted by Covid the hardest. Furthermore, I want you to think about the local bartenders. Just like those running restaurants, local bartenders can also come on and do some type of a Friday happy half hour and show your account holders how they can make up a weekend craft cocktail. And then there are all the local fitness instructors that have transformed their business models for digital...

...delivery of classes, who could do some type of a weekly workout routine for your account holders. And and when you think about food, finances and fitness, it's the perfect complimentary content because, as I've talked about over and over again, there's such a strong correlation between a person's financial wellbeing and their physical wellbeing. So these examples alone, mixed with your own weekly town hall content, provides so many different ways you could use video to create value four to five days per week. And I'm going to be very, very clear, it's going to take some time. It's going to take some planning to pull this off, but with a little practice and some patients, along with committing to progress that perfection, I'm confident that your financial brand has the potential to use video to communicate courage and confidence and a number of ways that we've already already discussed today. So, as we wrap things up, do you have a question that you'd like to get answers to? Like Michelle, I want to invite you to hop over to ask Jr dot digital Growthcom to submit your question and you have a chance to get answered on a future podcast episode. And Remember, the only bad question is the question that goes unasked. So I look forward to hearing from you until next time. B Wow, do good and wash your hands. Thank you for listening to another episode of banking on Digital Growth with James Robert Laigh. Like what you hear, tell a friend about the podcast and leave us a review on Itunes, stitcher or spotify, and subscribe while you're there to get even more practical, improven insights that can guide you in your financial brand along your digital growth journey. Visit www dot digital growthcom to get a preview of James Roberts upcoming book banking on Digital Growth, a strategic marketing manifesto to save financial brands. Inside you'll find a strategic blueprint framed around twelve key areas of focus that empower you to confidently generate ten times more loans and deposits. Until next time, be well and do good.

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