Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

24) #ByTheBook: Don’t Let Your Financial Brand Succumb to Digital Darwinism

ABOUT THIS EPISODE

When it comes to digital transformation… 

If you’re stuck in the past, you’re going to get left behind. 

It’s survival of the fittest for financial brands. 

In this episode of the By the Book series, I’m covering Digital Darwinism and what it takes to avoid being trapped on the wrong side of the digital divide.

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

Okay, you're listening to banking on DigitalGrowth with James Robert Lay, a podcast that empowers financial brand marketing,sales and leadership teams to maximize their digital growth potential bygenerating 10 times more loans and deposits. Today's episode is part ofthe by the book Siri's, Where James Robert unlocks and shares the secretsof digital marketing and sales strategies for financial brands fromhis best selling book, Banking on Digital Growth. The Strategic MarketingManifesto to transform financial brands that is now available on Amazon. Let'sget into the show Greetings in Hello Thank you for tuning in to the 24thepisode of the Banking on Digital Growth podcast, where I, James RobertLay, your digital anthropologist, commits to simplify the biggest digitalmarketing and self strategies that will empower you and your financial brand togenerate 10 times more loans and deposits. Today's episode is part ofthe by the book Siri's where I share insights from my best selling book,Banking on Digital Growth, the Strategic marketing manifesto totransform financial brands. But before we get into today's discussion, I'dlike to first give a shout out to Yuri for his book review on Amazon Urywrites. This book is a clear and instructive manual for gaining acompetitive edge by developing your digital growth mindset. It offers atransformative message for practitioners and leaders that isactionable and aimed at generating value as your main competitiveadvantage. Thank you very much for the note. Yuri and I'd like to take amoment to pause and reflect on one word you noted and shared, and that'stransformative or transformation. And when we think about transformation, ourminds might go straight to digital transformation. That's a word that's getting thrownaround a little bit too much for me right now. In fact, I think there's amisunderstanding of what digital transformation is at the heart of thematter. And that's because too much of the conversation around digitaltransformation has been and continues to be rooted around technology. Buttechnology is just another tool, and tools will continue to change for digital transformation to berealized and to truly be a success. There was a report that I recently readthat 80 to 85% of digital transformation projects fail. That's because the conversation musttranscend beyond technology and really start focusing on the people that haveto apply the technology. Jim Morris, co...

...publisher of the financial brand andCEO of the digital Banking report, recently noted and quote he quotes Legacy cultures still must undergo asignificant evolution to facilitate the digital transformation underway. Whileprogress seems to be occurring with the development of talent and skillsthroughout the organization, this is still a major challenge to digitaltransformation. This relates not just specific capabilities, but also to theneed for leaders who better understand how to integrate new digital methodsand processes into existing ways of working. Jim finishes up and says it isexpected that this challenge will continue toe on Lee, get be greater inthe future due to the lack of experience in the marketplace now. Thisis why I believe organizations, in addition to thinking about technology,transformations, must really first and foremost focus on and empower thetransformation of the individual self of the person. The people applyingthese technology changes because change, let alone exponential change is hard. As I discussed an episode number 19, weas human beings would much rather stay in our cave of complacency where it issafe. It is warm, it's comfortable instead of having to venture outsideinto the dark, unknown territory where wild and hungry beasts are just waitingto devour you now a lot. Often time were held back by fear. But fear, as Inoted in Episode 19, is false evidence appearing riel. So in brief review hereto transform oneself, one must begin their transformation journey bytransforming their thinking and to transform. Their thinking requires thegathering of new insights and new perspectives, which Onley comes throughongoing training and education. Therefore, training and education mustbe at the heart of digital transformation, not technology. Becauseonce again, technology is just a tool. The tools will continue to change andreally even more so at an exponential pace over the next 5 to 10 years. As wemove deeper and deeper into the age of AI, those that fail toe learn thosethat fail to change that fell to transform their thinking. Those will bethe ones that struggle, but not you, not your financial brand. And that's because instead of talkingabout all of the changes that have toe...

...happen internally in the coming monthsand years, I recommend you begin really talking about all of thetransformations that must occur for you to continue to grow from good to great. And this is because no one likes change.Change is scary. Change is hard. Change is painful, but transformationTransformation is all about leveling up. It's about progressing. Transformationis about evolving. It's about growing. It's about becoming an even betterversion of ourself to reach and achieve our full potential. And if digitaltransformation begins with the transformation of the self ofindividual thinking, which leads to personal transformation, digitaltransformation, digital growth, for that matter, as I've noted many timesbefore, starts in the mind. In fact, the transformational opportunities Isee for financial brands in the age of AI are rooted even deeper within MetaNeue meta Neue meta neue is a Greek word that could be broken down into twoparts, with metta meaning beyond and noose meaning mind and classical GreekMeta Neue actually meant changing one's mind about someone or something. Andwhen we experience Meta neue when we change our mind about something, itmeans we must let go of the past so that we can create an even bigger,better and brighter future for ourself for our teams, for our financial brandand really most importantly, for the people in the communities that we servegranted. And, truth be told, letting go over the past is much easier said thandone. But that is exactly what today's by The book episode is all aboutbecause those that clean, too, and felt so let go of the past put their futureat risk. This is something I call digitalDarwinism in digital Darwinism is a phenomenon that we're seeing whentechnology, consumer expectations and the competition simply evolve fasterthan a financial brand can adapt and evolve themselves. Now, when thisoccurs, banks and credit is get stuck in the circle of chaos. And here's howthe the theory of digital Darwinism typically unfolds and plays out. Firstand foremost, you have a financial brand, their leadership team, theirmarketing team, their cells, teams. They feel confused. Of all of theexponential changes occurring around...

...them, this confusion leads tofrustration. When they try new approaches, Thio achieve growthdigitally speaking, whether that be on the marketing side on the sell side andwhen they don't get the results they had hoped for. This leads to a feelingof overwhelming because they begin to feel defeated because they just theystart toe, falsely believe they can't keep up and compete digitally. This becomes a vicious cycle. Anddespite all the good intentions marketing cells and leadership teamshave, they just can't break free from the legacy models from the mindset ofthe past that have left them up to this point. Really understaffed, underfundedand underdeveloped for digital growth. And so the same pattern. The same cyclecontinues. And they end up just operating in a constant state ofconflict, just simply trying to survive, not really making any progress orgrowth, for that matter. And so something all of this up. Where arethey? They're stuck in the present moment, informed by and not even justinformed by. I would say something stronger, more so they're weighted downby the past. And when you begin to recognize and gain awareness of thischallenge, something that I discussed an episode Number 21. When you begin togain awareness of long entrenched legacy models and mindsets that havecreated significant structural barriers to growth to digital strategy formarketing for cells, it takes time to rewrite the narrative. It takes time torewrite the stories, to develop a new path to develop new systems, to developnew processes. But that is exactly what has to be done. It's metta NoyaTechnology has transformed our world, and digital has changed the wayconsumers shop for and buy financial services forever. Now consumers makepurchase decisions long before they walk into a branch if they walk into abranch at all. But your financial brand still wants to grow loans and deposits.We get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand marketing and sales leader. But it doesn't have thiobecause James Robert wrote the book that guides you every step of the wayalong your digital growth journey. Visit www dot digital growth dot com toget a preview of his best selling book, Banking on Digital Growth, or order acopy right now for you and your team from Amazon. Inside, you'll find astrategic marketing manifesto that was...

...written to transform financial brands,and it is packed full of practical and proven insights you can start usingtoday to confidently generate 10 times more loans and deposits now back to theshow. When a team is stuck in the circle of chaos, one of the very firstpain points they typically self identify, you're self diagnosis has todo with the awareness they have of a growing technology gap. It's theeasiest, most obvious thing for them to identify. And so they fall behind onmarketing and sales technology, and they begin to feel debilitated. Marketing and sales technology to thatpoint has actually become the great divider in our research. We're findingthat 20% of financial brands or become becoming the digital haves and theother ones they're struggling to survive. The other 80% are becoming thedigital have nots getting left behind. Once again, I want to know technologyand technology alone, focusing all the time, effort and energy on technology.That's not the answer. Technology is just another tool that brings peopletogether for good, to create value and often times. To make matters worse,marketing and sales teams are already working at maximum maximum capacity.They're overwhelmed. Their leadership teams are still trapped in the past.Those legacy mindsets, those legacy models, but they're just not letting gofor one reason or another, and then the last challenges is thestruggling to keep up with consumer expectations. And that's becauseconsumers are now very much in control of the communication and the messagesthat they receive throughout the entire buying journey on which they decide howto move forward themselves. That's why it's financial brands. Wecan do nothing more than play the role of the helpful guide on the consumersjourney because the consumer is the hero. We're not the hero were thehelpful guide, leading them, showing them the way so that they can moveforward whenever they are ready. So what? A financial brand reaches apoint when they can't keep up with these ever growing consumerexpectations. It leads to decay, which in practice decay means an erosion ofmarket share. And the same sad outcome is seen when they can't keep up withall of the competition. The competition that's coming in, that's capturing thatmarket share because when a financial brand can't fill the consumer needs orthe market gap in their competitors can,...

...that's the end. That's the demise thatis death. To get a glimpse of what's going onoutside of this industry, take some time to Google. Two words. Pull up a browser on your phone and Iwant you to Google Retail Apocalypse. And when you Google Retail Apocalypse,you could begin to read the names of once well known, well known brands thatare no longer with us because their marketing, their cells, theirleadership teams were stuck in digital denial. They're stuck in the circle ofchaos. And when we talk about this idea of digital denial, this is a theorythat I discussed in detail and episode number 21. And sure, I've shared thesestories before the stories of Blockbuster of Borders, of Kodak ofTower Records of Toysr US on previous podcast. But in some recent researchthat we've conducted, we have found that just in the first eight months of2020 digital denial and digital Darwinism have taken down more than7500 retail stores that are closing this year. And this includes some oneon brands Men's Warehouse, Lord and Taylor, GNC, Victoria Secret,Nordstrom's JC Penney, Sears, just to name a few. And on that last point, Ireally think it's interesting to note how Amazon is talking about acquiringSears and JC Penney Mall space for pennies on the dollar as part of theirdigital retail to physical distribution growth strategy, which really began acouple of years ago when Amazon acquired Whole Foods. But even in the midst of all of this covid chaos and confusion of technology tension, I want to giveyou some hope. I want to give you a path. I wanna light the way for you andyour financial brand to escape the circle of chaos with confidence to notOnley survive but thrive in the age of AI. Now I get it words like extinction andapocalypse. They might sound grim. They might sound scary, but this is where Isee a small glimmer of hope and one that could become even greaterwith meta neue with the transformation of the mind, think about the dinosaurs for a moment.Those once mighty creatures that ruled the earth T rex triceratops stegosaurus. When you take into accountthe theory of evolution, it wasn't...

...actually the biggest, the strongestdinosaurs that survived the mass extinctions. In fact, it was thesmaller, more agile, more nimble creatures that could quickly adapt tothe changes in the environment. Today, digital and really even co vid, metaphorically speaking is like themeteorite that has been cast down on almost every single vertical, includingfinancial services. But just as in prehistoric times, it's going to be themore agile, the more adaptable, the more nimble financial brands who, evenwithin all of these environmental changes happening at both the macro andthe micro level, it will be those that thrive. And that's my hope for you tonot just what to survive but to thrive because thriving is all about growing.Thriving is transformation and to transform requires meta Noya. So take a moment. Think about yourself. What kind of creature are you? Are you like the dinosaur, the T rex,the stegosaurus, the triceratops? Are you more like them or smaller, agile,nimble creature that can adapt to the environmental changes happening allaround us? What about the rest of your team? Whatabout your organization at large? Because your financial brand is made upof teams which is made up of people, and this is why digital growth digitaltransformation must begin with the transformation of people. Commit to ask yourself toe, ask yourteam the hard questions. The tough questions that I impact for you anepisode number 22 As you assess your situation, this quick and simpleexercise I shared. It is one of the best ways to begin toe to really helpensure that you escape digital Darwinism. But you don't get trapped inthe circle of chaos caused by digital denial. As we wrap up today's episodeand look ahead towards the future, I want to leave you with one of mypersonal maxims that really helps to keep me honest on a day in and day outbasis. It's an old Latin phrase. It's two words Momento, Mori and MementoMori means remember your death. For example, the stoic philosopherSeneca wrote numerous letters that were full of thoughts and meditation ondeath and if anything, whether we want...

...to admit it or not, Cove, it has mostlikely forced us all to meditate on our own demise, which we've probably doingnow more than we ever have before. And that's a good thing. And that's why Ishare this maximum of momentum more with you today. Not to be afraid, notto be morbid, but to really encourage you to think of this time right now asyour own Momenta Maury moment for yourself, for your team, for yourfinancial brand. Remember your death. Remember yourdeath so that you may carpe diem because the future is bright as always.And until next time be well, do good and wash your hands. Thank you for listening to anotherepisode of banking on Digital Growth with James Robert Ley. Like what youhear. Tell a friend about the podcast and leave us a review on Apple podcasts,Google Podcast or Spotify and subscribe while you're there to get even. MawrPractical and proven Insights, visit www dot digital growth dot com to graba preview of James Roberts bestselling book Banking on Digital Growth or ordera copy right now for you and your team from Amazon. Inside, you'll find astrategic marketing and sales blueprint framed around 12 key areas of focusthat empower you to confidently generate 10 times more loans anddeposits until next time, be well and do good.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (149)