Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year 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 growthwith James Robert Lay, a podcast that empowers financial brand marketing, sales andleadership teams to maximize their digital growth potential by generating ten times more loans anddeposits. Today's episode is part of the by the book series where James Robertunlocks and shares the secrets of digital marketing and sales strategies for financial brands fromhis upcoming book banking on Digital Growth, a strategic marketing manifesto to say financialbrands. Let's get into the show. Greetings in Hello, I am JamesRobert 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 insightsfrom my book banking on Digital Growth, the strategic marketing manifesto to transform financialbrands, which is now available on Amazon. An episode number nine, I askthree key questions for you to think about consider number one, do youfeel like you might be stuck in the circle of chaos, and it mightnot be you, it might be others on your marketing team or on yourcells team, maybe they're on your leadership team. Feeling stuck in the circleof chaos where you're a little confused, you're frustrated and you're overwhelmed about digitalgrowth. Question number two was how might the four fears beholding you or someoneyou 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 ofchange, fear of failure and fear of success. These are the fears thatI hear time and time again when working with different financial brands and their marketingcells 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 moreloans in deposits? Really now, in this post covid nineteen world, onceagain 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, becauseten times growth is only the direct result of ten times thinking. But here'sthe problem. It does not make matters any easier, particularly that financial brandmarketing teams. Up to this point, and I'm speaking generally here. They'regreatly misunderstood and they're greatly undervalued. Now this comes through our own going researchas 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 thatthey feel they are typically viewed by others at their organization as nothing more thancost 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 playwith paint and crayons all day long. Or another way to look at thisis well, marketing is just to glorified inhouse Fedex Kinkos, and our jobis to exist, to take the orders and serve the last minute needs ofothers. So I have another question for you. What if this negative imageof marketing at financial brands, maybe it's...

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

...because I just don't want financial brandsto survive. I want them to thrive, and the way to dothis 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 directresult 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 exponentialdigital 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 entireway of thinking, and not just your your entire way of thinking, yourteam's entire way of thinking, your organization's entire way of thinking. You're marketingyour cells models and all the habits that go with it. But how areyou 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 shopfor and buy financial services forever now. Consumers make purchase decisions long before theywalk into a branch, if they walk into a branch at all. Butyour 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 andsales leader. But it doesn't have to, because James Robert wrote the book thatguides you every step of the way...

...along your digital growth journey. Visitwww dot digital growthcom to get a preview of banking on digital growth. Itis a strategic marketing manifesto that was written to say financial brands, and itis packed full of practical and proven insights you can use to confidently generate tentimes more loans and deposits. Now back to the show and the digital growthblueprint and and the strategic marketing manifesto that I put forward in the book isbroken up and to twelve key areas, and each one of these areas buildsupon the other. But here's the secret. The different areas that make up thedigital growth blueprint are also independent. In other words, even if youjust focus on and commit to one of these different areas, this effort alonecan 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. Youtransform your entire organization to truly maximize your future digital growth potential. Here's theproblem, though. Unfortunately, the majority of banks and credit unions that we'vestudied and that we've worked with are nowhere close to this when they begin theirdigital growth at journey through our year of your research, we continue to findan ever growing digital divide. It really follows the Parto principle or the eightytwenty 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 firstplayers or mobile first players, while the majority, aided to eighty five percentof banks and credit unions, or the... have nts, those that havebuilt their entire business model around the physical world of branches and broadcasts, andthey're struggling to transform themselves. They're thinking their behaviors, their action for digitalgrowth. So why are the eighty percent having so much much trouble? Digitalgrowth requires so much more than just adopting the latest and greatest marketing and cellstech. In fact, one of the most important elements of digital growth issomething that is ancient, it's timeless, but many times at the executive tableand at the Board of table it's left out altogether because those conversations they arefocus primarily on the technology, and technology is not bad, but the secrethere is humanity, it's people. We are not robots, well not yetanyway, 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, andit'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 humanconnection primarily happen online first, if not only, and that could be throughchat, could be through email and might even be something through like facetime orzoom, or we'll see how things play out. But it's still has thepotential to be facetoface in the real world, flesh and blood. What matters hereisn't the channel of connection, but...

...the connection of humanity. Branches mightnot 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 centersfor deposits, for transfers, for payments, for the like that they were inthe past, where people used to come, and that's where we builda relationship. facetoface. In today's digital economy, I predict branches will beCenters for Financial Coaching, guidance, accountability, physical places for you to provide deeplevel, in person expertise, which all will support a digital first growthmodel. Once again, this is a post covid nineteen world and I'm startingto do a lot of thinking of how financial brands can develop digital first coachingprograms to support digital first marketing efforts. Again, consumers, and this isreally speaking about marketing, consumers, do not want to hear you talk aboutBrag about your commoditized rates, you're amazing service, your laundry list of looklike product features, but instead they want you to meet them where they areon their own journey of life, and this is one of the greatest opportunitiesfor your financial brand to use the digital growth blueprint that I that I writeabout in the book, that I give to you in the book, todefine a purpose, a purpose that transcends dollars and sense, and then,through marketing, through cells, communicate and fulfill that person and that purpose withdigital growth strategies that do three things.

They educate, they empower and thenthey elevate consumers beyond their financial stress, provide people with helpful content and positiveexperiences 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 sharein this series by the book, going to begin to unpack the strategic marketingmanifesto that I write about and I'm going to show you exactly how you canapply this thinking at your own financial brand by doing three things. The veryfirst thing that you're going to do is you're going to establish a strong foundationfor digital growth. And what you have that foundation in place, you canthen begin to build the digital growth engine, and this digital growth engine will driveyour new digital first, mobile first, strategic marketing and cells model. Andfinally, you'll maximize your digital growth potential to generate ten times more loansin deposits as you begin to drive traffic into that engine through the production andpromotion of content, of helpful content, of content that provides hope, ofcontent that guides people. Digital growth is a journey it is a journey fromgood to great. It is a journey that begins in the mind and marketingcells. Leadership teams at financial brands must first transform their thinking, because thenand only then, can they transform themselves, transform their teams, transform their organizationsand 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 startswith proper training and planning. Then, once you're off and running, youhave to be open to change conditions, of environmental conditions, like kind oflike covid because the environment is unpredictable, the competition is unpredictable and you won'tget 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 wantto fall back on old patterns and behaviors that feel safe. Keep your eyesfocused on creating a bigger, better and brighter future for yourself, for yourteam, 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 youmake day after day, week after week, month after month, yearafter 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 newhabits, 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 forso long. Ultimately breaking free from legacy marketing and cell systems that were builtaround 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 aspread. And here's the good news. You do not have to run thisrace alone, because I am here to guide you every step of the way. So, until next time, be well, do good and wash yourhands. Thank you for listening to another episode of banking on Digital Growth withJames Robert Laigh. Like what you hear, tell a friend about the podcast andleave us a review on Itunes, stitcher or spotify, and subscribe whileyou're there to get even more practical, improven insights that can guide you inyour financial brand along your digital growth journey. Visit www dot digital growthcom to geta preview of James Robert's upcoming book banking on Digital Growth, a strategicmarketing manifesto to save financial brands. Inside you'll find a strategic blueprint framed aroundtwelve key areas of focus that empower you to confidently generate ten times more loansand deposits. Until next time, be well and do good.

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