Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

12) #ByTheBook: The Humanity of Digital Growth


The most important element of digital growth is not technology. 

It’s not sales.

It’s not marketing. 

In fact, it’s something ancient. Something that’s missing in almost every conversation that happens in every boardroom across the country. 


I’ve talked before about how you can generate 10X more loans & deposits.

But 10x growth is only made possible through 10X thinking. 

And any digital growth strategy that doesn’t place human connection at its heart is at best only half of a strategy. 

I’m James Robert Lay, CEO of Digital Growth Institute and author of Banking on Digital Growth

What I talk about:
-Why only 15-20% of financial brands are “Digital Haves” 

-The secret to digital growth that is missing from most conversations

-How to take your marketing team from underestimate to invaluable

-Why digital growth is about so much more than marketing and sales technology

This episode is hosted by James Robert Lay  Founder and CEO at Digital Growth Institute

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

You're listening to banking on digital growth with James Robert Lay, 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 by the book series where James Robert unlocks and shares the secrets of digital marketing and sales strategies for financial brands from his upcoming book banking on Digital Growth, a strategic marketing manifesto to say financial brands. Let's get into the show. Greetings in Hello, I am James Robert Lay and welcome to the twelve episode of the banking on digital growth podcast. Today's episode is part of the by the book series where I share insights from my book banking on Digital Growth, the strategic marketing manifesto to transform financial brands, which is now available on Amazon. An episode number nine, I ask three key questions for you to think about consider number one, do you feel like you might be stuck in the circle of chaos, and it might not be you, it might be others on your marketing team or on your cells team, maybe they're on your leadership team. Feeling stuck in the circle of chaos where you're a little confused, you're frustrated and you're overwhelmed about digital growth. Question number two was how might the four fears beholding you or someone you know back from maximizing your financial brands future growth potential? And once again, a brief summary The four fears or fear of the unknown, fear of change, fear of failure and fear of success. These are the fears that I hear time and time again when working with different financial brands and their marketing cells and leadership teams. And the number...

...three is, what's your plan? What's your plan to move forward with courage and confidence to generate ten times more loans in deposits? Really now, in this post covid nineteen world, once again there's that that phrase ten times, ten times more loans and deposits. But why ten times? Is that even possible? Is it just hype? Well, let's dig in a bit further to get to the truth, because ten times growth is only the direct result of ten times thinking. But here's the problem. It does not make matters any easier, particularly that financial brand marketing teams. Up to this point, and I'm speaking generally here. They're greatly misunderstood and they're greatly undervalued. Now this comes through our own going research as well as the direct work we do with financial brands and their marketing teams, because I hear time and time again from financial brand marketing team members that they feel they are typically viewed by others at their organization as nothing more than cost centers are or worse, and this has been shared with me multiple times. Marketing is viewed by others as nothing more than we're just kids that play with paint and crayons all day long. Or another way to look at this is well, marketing is just to glorified inhouse Fedex Kinkos, and our job is to exist, to take the orders and serve the last minute needs of others. So I have another question for you. What if this negative image of marketing at financial brands, maybe it's...

...your financial brand. What if this negative image was turned on its head? What if your marketing team stopped feeling like overwhelmed and frustrated order takers? What if you stopped feeling like a frustrated and overwhelmed order taker, if you are working in marketing, and instead became the strategic growth leader within your financial brand must speak outside of marketing. Now, what if, instead of taking marketing for granted, financial brand cells and leadership teams saw marketing as the trusted vehicle to drive your financial brand towards future growth in this post covid nineteen world? What if, instead of being viewed as a necessary evil or a cost center, marketing finally proved its value by generating ten times more loans in deposits? Now, I am not exaggerating when I say ten times growth is totally doable. There's a lot of people out there who talk a lot of mess and they say ten times this, ten times that. It's important for people to understand. I've seen this. I've seen this level of growth firsthand over and over and over again for different financial brands that deploy the thinking we teach here at the Digital Growth Institute. In fact, I've seen financial brands experience fifteen times digital growth, and that's why I wrote the book banking on Digital Growth, not just to save financial brands from extinction, which is a reality that he's that is even more real post covid nineteen, but to transform financial brands,...

...because I just don't want financial brands to survive. I want them to thrive, and the way to do this is through ten times thinking. Once again, as I stated before, if you want to ten times your growth, ten times growth is only the direct result of ten times thinking. As Dan Soulivan, a strategic coach, shares, anyone, any one of us has the potential to too x something, make something twice as good. We all can work a little bit harder, we can throw more dollars at a problem. But if you want exponential digital growth, which is what what is really needed for financial brands today, in this post covid nineteen world, you're going to need to transform your entire way of thinking, and not just your your entire way of thinking, your team's entire way of thinking, your organization's entire way of thinking. You're marketing your cells models and all the habits that go with it. But how are you going to do this? I invite you to use the digital growth blueprint. That's what I unpack for you in the book banking on Digital Growth Oath. 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 and proven insights you can use to confidently generate ten times more loans and deposits. Now back to the show and the digital growth blueprint and and the strategic marketing manifesto that I put forward in the book is broken up and to twelve key areas, and each one of these areas builds upon the other. But here's the secret. The different areas that make up the digital growth blueprint are also independent. In other words, even if you just focus on and commit to one of these different areas, this effort alone can empower you and your financial brand to make marketing even better. Now, if you focus on all of the the different areas within the book. You transform your entire organization to truly maximize your future digital growth potential. Here's the problem, though. Unfortunately, the majority of banks and credit unions that we've studied and that we've worked with are nowhere close to this when they begin their digital growth at journey through our year of your research, we continue to find an ever growing digital divide. It really follows the Parto principle or the eighty twenty role, with the minority being fifteen to twenty percent of financial brands. Those are becoming the digital halves, and a lot of those are digital first players or mobile first players, while the majority, aided to eighty five percent of banks and credit unions, or the... have nts, those that have built their entire business model around the physical world of branches and broadcasts, and they're struggling to transform themselves. They're thinking their behaviors, their action for digital growth. So why are the eighty percent having so much much trouble? Digital growth requires so much more than just adopting the latest and greatest marketing and cells tech. In fact, one of the most important elements of digital growth is something that is ancient, it's timeless, but many times at the executive table and at the Board of table it's left out altogether because those conversations they are focus primarily on the technology, and technology is not bad, but the secret here is humanity, it's people. We are not robots, well not yet anyway, and people still trust people far more than they do financial brands. There's something about connecting with another human being that makes people feel good, and it's important for you and your team because of the nature of financial services, is inherently complex. Now, in this post covid nineteen world, the human connection primarily happen online first, if not only, and that could be through chat, could be through email and might even be something through like facetime or zoom, or we'll see how things play out. But it's still has the potential to be facetoface in the real world, flesh and blood. What matters here isn't the channel of connection, but...

...the connection of humanity. Branches might not be disappearing entirely kind like I said before, we're not robots yet. Branches might not be disappearing entirely yet, but they're no longer the transactional centers for deposits, for transfers, for payments, for the like that they were in the past, where people used to come, and that's where we build a relationship. facetoface. In today's digital economy, I predict branches will be Centers for Financial Coaching, guidance, accountability, physical places for you to provide deep level, in person expertise, which all will support a digital first growth model. Once again, this is a post covid nineteen world and I'm starting to do a lot of thinking of how financial brands can develop digital first coaching programs to support digital first marketing efforts. Again, consumers, and this is really speaking about marketing, consumers, do not want to hear you talk about Brag about your commoditized rates, you're amazing service, your laundry list of look like product features, but instead they want you to meet them where they are on their own journey of life, and this is one of the greatest opportunities for your financial brand to use the digital growth blueprint that I that I write about in the book, that I give to you in the book, to define a purpose, a purpose that transcends dollars and sense, and then, through marketing, through cells, communicate and fulfill that person and that purpose with digital growth strategies that do three things.

They educate, they empower and then they elevate consumers beyond their financial stress, provide people with helpful content and positive experiences that guide them towards a bigger, better, brighter future. And so, as we continue the conversations that I'll share in the insights that I'll share in this series by the book, going to begin to unpack the strategic marketing manifesto that I write about and I'm going to show you exactly how you can apply this thinking at your own financial brand by doing three things. The very first thing that you're going to do is you're going to establish a strong foundation for digital growth. And what you have that foundation in place, you can then begin to build the digital growth engine, and this digital growth engine will drive your new digital first, mobile first, strategic marketing and cells model. And finally, you'll maximize your digital growth potential to generate ten times more loans in deposits as you begin to drive traffic into that engine through the production and promotion of content, of helpful content, of content that provides hope, of content that guides people. Digital growth is a journey it is a journey from good to great. It is a journey that begins in the mind and marketing cells. Leadership teams at financial brands must first transform their thinking, because then and only then, can they transform themselves, transform their teams, transform their organizations and transform the lives of people within...

...the communities that we all serve. But this doesn't happen overnight. It's like running a marathon. It all starts with proper training and planning. Then, once you're off and running, you have to be open to change conditions, of environmental conditions, like kind of like covid because the environment is unpredictable, the competition is unpredictable and you won't get their right away. But if you follow the framework, the manifesto, the blueprint that I share in the book, you'll begin to see progress almost immediately. I encourage you do not get distracted or lose hope when you want to fall back on old patterns and behaviors that feel safe. Keep your eyes focused on creating a bigger, better and brighter future for yourself, for your team, for your financial brand and the People's in the communities that you serve. Forget about perfection, focus on progress. And focus on the progress that you make day after day, week after week, month after month, year after year. Before long, you and your team will gain new found clarity, you will build your own courage and commitment and your confidence will grow. Not only will you establish new digital marketing and cell systems through technologies and new habits, but you'll also let go of the past, of the limiting mindsets, the old strategies and the negative behaviors that have been holding you back for so long. Ultimately breaking free from legacy marketing and cell systems that were built around branches and broadcast, you'll get to an exciting future of exponential digital growth. So enjoy the journey, but remember...'s a Marathi, it's not a spread. And here's the good news. You do not have to run this race alone, because I am here to guide you every step of the way. So, until next time, be well, 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 Robert's 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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