Banking on Digital Growth
Banking on Digital Growth

Episode · 6 months ago

134) #InsideDigitalGrowth: Your Digital Growth Marathon Starts with 12 Easy Steps

ABOUT THIS EPISODE

Your digital growth journey is not something that just happens on auto pilot— it requires planning and preparation.

And while every journey starts with a single step…

There are 12 steps everyone must take on their digital growth journey.

I’m flying solo in today’s episode from the Inside Digital Growth series to cover the 12 steps you need to take to inculcate a digital growth mindset in your organization.

I cover:

- The 4 transformations that must happen to achieve digital growth

- Why we need to ACT

- The 12 steps you must take to create a digital growth mindset

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

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

...a couple of weeks ago, I was speaking at total experts accelerate conference and after my session Jim came up and asked me how he can help his financial brand, developed a digital growth mindset and I told him that I'd answered the question on this podcast because it's a great question and one that I look forward to thinking through and answering on today's episode of banking on digital growth, 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 10 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, have a question you want to get answers to on a future episode visit www dot go ask jr dot com to submit your question today. Now let's go Inside digital growth greetings and hello I am James robert, ley and welcome to the 134th episode of the Banking on digital growth podcast where I James robert lay your digital anthropologists, commit to continue to coach and guide you along your digital growth journey as you commit to coach and guide others at your financial brand at your fin tech, beyond financial stress towards a bigger, better and brighter future. Today's episode is part of the inside digital growth series and I look forward to answering a question from Jim who is in my session a few weeks ago at total experts accelerate hosted at the Fairmont hotel in Scottsdale, Arizona, you know, it was so good getting back in person and a shout out to the total expert team for really putting on a top notch event. I even got pulled into doing some line dancing, which is not in my area of expertise, there are pictures, if you connect with me on linkedin, send me a direct message, um I will send you a post, me doing a line dance um Because you give me a stage of 1000 people, 2000 people easy peasy, but you make me lion dance in front of others. Well they say a picture is worth 1000 words and I'll send you that picture um to give you a laugh, but I digress because I want to get back to Jim's question, it's an important question and one that we should take time to think through to talk through together today because Jim asked me, how can I help my financial brand develop a digital growth mindset and this was a follow up to some of the perspectives that I was sharing in my session at the...

...total expert conference and I appreciate Jim's question because Jim knows he knows that for a financial brand to truly maximize their digital growth potential, they must be thinking about, they must be talking about far more than just technology and that's where a lot of financial brands actually get stuck up to this point, the vast majority of financial brands that have joined the banking on digital growth program are focused so much on technology to where they're, they're pretty much blinded by the tech and they're not able to see anything else. And and that's a problem when the focus, when the thinking the conversations are all framed around tech, this is exactly where you begin to lose people, especially those that have built a career around the physical world of brick and mortar, and even the physical world of marketing of broadcast, print, direct mail, et cetera, I think most concerning is that a focus on technology alone? It is the reason and multiple studies have shown this Around 60-85% of all digital transformation initiatives fail. And here's my hypothesis. The reason that we see such a high failure rate is because we're missing out on the four most important transformations that must happen for digital growth to be a success for digital transformation to be a success. And these four transformations in fact have nothing to do about technology from the traditional sense. In fact, the most important piece of technology for a financial brand for Fintech to maximize their future growth potential is something that you the dear listener already has right now, the human brain, it's your brain, yes, even in the age of AI researchers are finding the human brain is the greatest technology on planet Earth. In fact, a typical computer runs on about 100 watts of power. Well the human brain on the other hand requires about 10 watts of power. And what this means is that your brain is 10 times more energy efficient then a computer. Now, if we could only get our brains to mine, Cryptocurrency conversation for another day. The other thing is, there's some research that's...

...coming out over the past few years that shows human brains may in fact be quantum computers, which means that every single one of you listening right now way smarter than any Ai. But I don't want to dive too far deep down that rabbit hole and get distracted. I want to bring us back to the point here because the study of the brain and relationship to managing change and transformation that leads to future growth has been a growing area of study and research that we've been doing as I'm in the process of writing my second book titled Banking on Change, which is a follow up to banking on digital growth. Because with banking on digital growth, I gave financial brands a blueprint a roadmap that literally shows them exactly what they can do to maximize their future digital growth potential. But the problem is this and the problem follows the Peredo principle. We're only about 15, Maybe 20%, sometimes even 10 only apply the knowledge and the insights they gain. You see the other 80% they're receiving knowledge, they're receiving new insights but they failed to apply the thinking and when that happens the past, that they know that they're safe. That they feel comfortable with their past becomes the predictable future and they stay stuck in a constant state of confusion, chaos and conflict. That's been brought on by digital, that's been brought on from Covid. They get trapped in what I call the cave of complacency. And this is one reason we have continued to optimize the banking on digital growth program to not just give people the answers to not just tell people what to do. Because when you tell someone what to do, You're only going to get 10, 15, 20% of people applying that thinking, what were you found on the opposite end of the spectrum is when you teach, when you coach, when you guide financial brand, fintech marketing, sales, leadership teams to learn to gain new insights first to then think deeply second, that's where self actualization happens and the answers to the questions they're seeking come from within and are always framed around their unique situation because it is through learning that individuals and teams overcome their...

...fears of the unknown. One of the greatest fears that hold people back is the fear of the unknown. It's it's human nature. And when you think deeply when you think critically that's where we build the courage to commit to overcome those fears of change while doing, which is where we apply the thinking to create space and time to then review and reflect that's where we overcome our fears of success by increasing our confidence as we move forward onward and upward. In fact even clarity cannot be gained without courage because there can be no awareness without some type of action being taken, there can be no new insights gained without some type of innovation taking place because what's the point of gaining new insights? If we keep trying the same old things to address new problems, That's why there's on one side of the equation. If we look at the four growth environments, learn think do and review on one side, learning and thinking that's knowing on doing and reviewing that's growing to bridge the gap between two requires one simple word requires us to act and we gain an act as an acronym, we gain awareness by ascending to the apex of awareness by learning and thinking and then we transform and grow by doing and reviewing but the sea in the middle of act, that's where we must commit to move forward with courage and confidence. And when we think about courage, when we think about confidence, we often find confusion, we find chaos. We find complexity when the conversations that we're having with ourselves and with our teams are only framed around technology and technology is just a tool that connects people together and for your financial brand for your Fintech to truly Maximize your future digital growth potential. There are four transformational mindsets thinking to consider as transformation begins first and foremost with you because when you transform your mindset then and only then can you begin to transform the team's mindset? And the transformation of teams mindset is...

...where you begin to transform the collective mindset of the organization. That's because organizations are made up of teams and teams are made up of individuals. And when you try to transform the mindset of the organization to think beyond technology from the traditional sense to view technology as a tool that connects people together for good, to go beyond even from a marketing perspective, beyond the promotion of great rates, amazing service and look like lodge a list of commoditized features to think about sells more than just pushing product, but to help first to sell second it is here you can finally once and for all place the transformation of people, the people in the community that you serve over to commoditize transaction of dollars and cents and as a result, this is how you will truly transform the lives of people to give them hope to guide them beyond financial stress, that's taking a toll on their physical well being, their mental well being, their relationships guide them beyond that stress towards a bigger, better and brighter future. So what I want to do for you jim along with the dear listener Is I want to give you 12 steps, I'm gonna give you 12 actions that you can take to develop a digital growth mindset first and foremost for yourself, then your team and ultimately your entire organization as you continue to move forward and make progress along your own digital growth journey. 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 growth dot com to get a preview of his best selling book banking on digital growth or order a copy right now for you and your team from amazon Inside you'll find a strategic marketing manifesto that was written to transform financial brands and it is packed full of practical and proven insights you can start using today To confidently generate 10 times more loans and deposits now back to the show. Mm And so the first mindset that will look at the first action the first stage and I...

...liken this to running a marathon because as you begin to move forward through each one of these actions to develop a digital growth mindset, your level of confidence will continue to increase. And so These 12 actions, these 12 steps start with assessment when you run a marathon, you don't just start running, you go to the doctor, you get a health check, you want to make sure that you're, you're, you're healthy enough to go and run the marathon and it might not be a marathon, it might be a five K, it might be a 10-K, it might be a half marathon doesn't matter. An assessment can create value for you, for your team, for your organization when embarking on your digital growth journey so that you know, you get a health check about where you've been and where you're at and where you could go next because through the assessment we move then move to the next action out of the next stage, which is awareness and an awareness comes from training. It comes from planning. That's why I always say when you think about, you know, digital growth, digital transformation, it always begins with three things. Number one, telling the truth about where you've been, where you're at, where you go next, Number two, getting training education to provide clarity into what the future could look like to help the unaware become aware and the number three thinking about the next best steps forward again. If you're running a marathon, you don't just start running 26.2 miles on day one and I've run a couple of marathons and like for me at this point in my life now with four kids, I want to go run another marathon, but I know that I am not conditioned to do that just yet. You have to train your body and follow a plan that guides you when I've run marathons. I always have a plan. I always have a coach always have a guide to to to point me in the right direction to also make sure that I'm moving forward and making progress. And so the same, this awareness is idea of awareness is true for you. It's true for your team as training and planning or training and thinking helps you become aware of the roadblocks and that's the key. It's so easy to think about the goals that we're looking to achieve, but we never take time from the very beginning to think about the roadblocks that we must need to eliminate, that could stand in a way or the opportunities that are available for us to create or captured to move forward to make progress as we eliminate those roadblocks. Let's move on to the third stage of the third action item when developing a digital growth mindset and that is acceptance and this is where I see a lot of financial brands struggle. They take time, they assess their situation, they have awareness of what they need to do next.

But then they don't accept the fact whether as an individual, a team or an organization, that there are things that are going to have to change. They don't accept that they're probably going to have to make some tough decisions. And so as a result, they fail to fully commit to take the next steps on their journey. They get stuck in the cape of complacency and the past becomes the predictable future. Here's the thing. When you sign up for a marathon, there's an acceptance on your part. You are now committed to a specific goal to be completed in the future. That's why for those that join the Banking on digital growth program, that first step of signing up of applying and not everyone that applies has the opportunity to join were we're very intentional to make sure that there is a good fit for those that are joining, but it's the first step of signing up. There's an acceptance. There's an acceptance on the part of, of an individual, hopefully a team even more importantly, hopefully for an organization that there's a specific goal that they're working towards that will be completed in the future. Let's move on to the fourth, A the fourth action item here to developing a digital growth mindset. When you're training for a marathon, you have to adapt and modify your behavior adapt to diet your lifestyle, got to get up in the morning, You gotta put the miles in even when you don't want to and when you are committed to moving forward and making progress along your digital growth journey, you're also going to have to adapt and modify your behavior as an individual, as teams as an organization, to build new systems, new processes and really what that boils down to. It's new habits and that's why I'm a big believer. Digital transformation, digital growth begins in the mind and really has very, very little to do about technology Because now we move on to the 5th point here, which is attitude when you're training for a marathon, things are going to get tough, things are not going to go as expected or as you plan. And that's why Kind of like I just said before about digital growth, 90% of marathon running is mind over matter. The same is true when you're moving forward, Making progress along your own digital growth journey. Keeping a positive attitude for yourself, for your team, for your organization is crucial and it is that positive attitude that is what is going to get you through the tough times. See the mind can only hold a positive or a negative thought or emotion in the...

...conscious mind at one time and and really it boils down to it's a choice, it's a choice that we all make and the more that we choose a positive thought or emotion, the easier it becomes to stay in a positive mind state to be in a positive state of being because if you don't have a positive attitude for whatever journey that you're on in life, it doesn't matter if it's digital growth or you know focusing on you know relationships or focusing on money or focusing on health and fitness. If you don't have a positive attitude I guarantee you 100% of the time you will fall back on old patterns, you will fall back on old behaviors, you will fall back on old habits and you will end up exactly where you first started. So mindset once again, mindset brings us to our six a which is abundance or six action item training and running a marathon, it creates a tremendous opportunity to come together with others. And once again when you bring people together it's easy to look at others as competition. But when you're running a marathon you're not necessarily competing with others, you're running with them and in life as well as digital growth, another choice we have to make, we can either choose to view the world around us from a place, a lens, a sense of abundance or of scarcity and when we choose abundance we see a limited opportunity and the potential to collaborate with with with each other. That's why collaboration, particularly in this digital world, collaboration will create exponential value when compared to competition and I think of this through the lens of financial brands and Finn Tex, collaborating with each other. Mhm. On the flip side, the opposite of abundance is scarcity and that's where we find ourselves always worried that there is never going to be enough. We are lost in lack, lack of time, lack of resources, lack of money, lack of talent and when we are lost in lack we turn inwards, we begin to view those around us as the enemy as competitors. Maybe it's our co workers, maybe it's our peers, maybe it's our colleagues.

And that lack then goes back to my previous point about attitude. That's where you fall into a negative pattern, negative thinking, negative habits And so to break free from all of this leads us to our 7th a which is action were training for a marathon. It's the moment of truth. Race day has arrived. You've trained up, you're at the starting line, you're ready to go. This is when shit gets real, you've got 26.2 miles ahead of you. It's where the rubber meets the road now is not the time to get scared to back out. It's just time to go. It's time to move, take your first steps, start running because no one is going to run this marathon for you. You are. And the same is true for any progress that you're going to make along your own digital goods journey. You must commit. See there's that idea of act awareness, commitment leads to transformation. You must commit to take action to move forward every single day. Even if it's just one step at a time. James clear great book. Atomic habits, writes about getting 1% better every single day. I've seen some of the best plans. The best strategy is the best idea is the best thinking for digital growth go to waste because when the time came to take action to act, to move forward to make progress, what does it matter if it was a marketing team, sales team, maybe a leadership team, they got cold feet. Why? Because they had not properly developed their digital growth mindset. Let's move on here to the next a in our action plan of developing our digital growth mindset which is automation technology has given us the ability to automate tasks that used to make training and running a marathon very difficult. And that's why when you get to raise day you're you're pretty prepared, you're ready to go if you if you've done the work, if you've done the training because now you just show up and run your GPS, watch is going to automate tasks that were either manual or even impossible to track things like your heart rate, your distance, your pace, your splits, your elevation, that your calorie burns and monitoring all of these different data points can have a positive impact on your finish time. Now automation along with Ai can help maximize your digital growth potential...

...to as you become even more efficient by automating predictable and repeatable marketing and sales activities to free up time to focus on other areas like building relationships like practicing empathy, like helping first and selling second Moving on to our 8th action item to developing a digital growth mindset. It is analysis as you make progress along your run, it doesn't matter if it's a marathon. Once again five K, 10-K half marathon. Your GPS watch is automatically crunching all of the data from multiple sources like I said before, heart rate, distance pace etcetera. And this gives you the ability to quickly analyze your performance with every single step you take and when it comes to digital marketing, when it comes to digital sells you too must also analyze multiple data points often in real time to ensure you're on the right track to ensure that you're moving in the right direction to ensure that you're not going off course and by doing so will help you to maximize your future digital growth potential. And that brings us to the 9th action item here to developing a digital growth mindset which is adjustment when you analyze your running performance in real time, you are going to make adjustments to ensure that you're going to achieve your goal. Maybe you need to speed up maybe you need to slow down because you have to watch your heart rate whatever the case might be making adjustments being prepared to do the same as you move forward along your digital growth journey. I want to give you this, don't be afraid to adjust, don't be afraid to change your pace to protect yourself and your team from burnout because I often see financial brands and Finn Tex that have the best goals, the best plans. And as they begin to implement those plans, life happens, the environment changes, but they continue forward as if nothing changed because they failed to make adjustments. They failed to set new expectations. True story. I was training for a marathon in Houston and it was, I was probably running started running in november, It was december january. The race was in february and so it's as winter weather is, you're going to get here in Houston running Probably average of 40, uh somewhat rainy, somewhat dry, depending upon whether or not we were...

...getting cool fronts through Race day came Valentine's date is actually February 14 and the race was in Galveston. Texas, Galveston is, is an island right outside of Houston is about 45 minutes south of downtown Houston. That's where beaches are. And on the day of the race It was about 72° 72 at the start, maybe 75, About 90 95% humidity. My goal was to run a sub for um by the time that we ended that race, We were up into the 80s, which when you're getting the heat like that particularly, you have the humidity. I think the heat index was pushing up around 90 and this was in february. It's just an odd odd odd day. A lot of adjustments had to be made, new expectations had to be set because the environment changed. If I went in and had the same expectations of what I had whenever I was training and planning of running a 45 degree weather, 50 degree weather at that, you know, piece of cake. No big deal. But when you increase the temperature, we're running an entirely new race. One of the things that help though however, brings us to our our our next a which is accountability when you're running a marathon, you're not running alone, you're either running with a team of training partners or you're running with hundreds of thousands of others on the day of the race who are all working towards the same goal you are and you two need people alongside you on your digital growth journey. Whether someone internally at at your organization or another financial brand or through the digital growth insider community, you need people to ensure that you don't fall behind. You don't get off track. You don't go down a negative path in your own mind and it is so helpful to have these partners to guide you to hold you accountable to help you keep moving forward. That's why at the Digital Growth Institute we have been so big and will continue to be big and bet on and double down building a community of like minds of financial brand and Fintech marketing cells and leadership team members who are all working to transform banking for good and if you want to join this community please. I I love to have you become a part of it because...

...community is where the greatest growth happens. As we come to our last A R&R. 12 steps to developing a digital growth mindset. We have authenticity and you're off and running on your marathon, you feel good, everything's going great. It's a perfect day and then you hit the dreaded wall and that that wall and if you've ever run a marathon, you know exactly what I'm talking about that wall. You hit that wall between mile 18 miles 20 miles 21. This is where the race becomes way more mental than it does physical, this is where you must be true to yourself. And remember why you started down this path in the first place and I promise you, I guarantee you that you will hit a wall on your digital growth journey always happens. Sometimes it's it's not miles obviously, but sometimes it's month eight, sometimes it's month 12, sometimes it's month 18 and when you hit that wall, falling back on and staying committed to your financial brands purpose, which I've talked about extensively early on in this podcast in the earlier episodes, your purpose, your North star will be what empowers you, your team, your organization to keep pushing forward onward an upward, this is what you will focus on as you measure not how much you still have to do, but you measure looking behind you at how far you've come. All the progress that you've made along your own digital growth journey. Now of course to do any of this, to take any of these actions, to apply this, thinking to develop your own digital growth mindset, you need to give yourself time, you need to give yourself space to work on it. The most dangerous place to be on a digital growth journey is to get trapped, quote unquote doing to get trapped doing digital. You must create space and time to stop to pause to review, to reflect because from there it's through that reflection. Through that review you can learn what you've done, pull out those key insights, think about those insights further and how...

...they apply to your unique situation and then apply that thinking going onwards and upwards through the next round of doing so as you think about the next steps forward, the next step that you must take along your own digital growth journey. I'm curious. I'm curious what might be holding you back, What questions might you have that you're looking for clarity, you're looking for answers to your looking for guidance now is the opportunity for you to text your biggest digital marketing, digital sales leadership questions that you have right now. Text those questions Just one. Text 1 Question 28, : 5495792. And that will come directly to me because I'd love to have you on as a guest of the podcast to talk through the question that's holding you back to provide you with some clarity to empower you, your financial brand, your Fintech to move forward to make progress along your digital growth journey with courage and with confidence as always and until next time be well. Do good and make your bed. Thank you for listening to another episode of banking on digital growth with James robert ley like what you hear, tell a friend about the podcast and leave us a review on apple podcasts, google podcasts or Spotify and subscribe while you're there to get even more practical improvement insights visit www dot digital growth dot com to grab a preview of James roberts, best selling book banking on digital growth or order a copy right now for you and your team from amazon inside you'll find a strategic marketing and sales blueprint framed around 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good.

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