Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years 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 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 by the book Siri's, Where James Robert unlocks and shares the secrets of digital marketing and sales strategies for financial brands from his best selling book, Banking on Digital Growth. The Strategic Marketing Manifesto to transform financial brands that is now available on Amazon. Let's get into the show Greetings in Hello Thank you for tuning in to the 24th episode of the Banking on Digital Growth podcast, where I, James Robert Lay, your digital anthropologist, commits to simplify the biggest digital marketing and self strategies that will empower you and your financial brand to generate 10 times more loans and deposits. Today's episode is part of the by the book Siri's where I share insights from my best selling book, Banking on Digital Growth, the Strategic marketing manifesto to transform financial brands. But before we get into today's discussion, I'd like to first give a shout out to Yuri for his book review on Amazon Ury writes. This book is a clear and instructive manual for gaining a competitive edge by developing your digital growth mindset. It offers a transformative message for practitioners and leaders that is actionable and aimed at generating value as your main competitive advantage. Thank you very much for the note. Yuri and I'd like to take a moment to pause and reflect on one word you noted and shared, and that's transformative or transformation. And when we think about transformation, our minds might go straight to digital transformation. That's a word that's getting thrown around a little bit too much for me right now. In fact, I think there's a misunderstanding of what digital transformation is at the heart of the matter. And that's because too much of the conversation around digital transformation has been and continues to be rooted around technology. But technology is just another tool, and tools will continue to change for digital transformation to be realized and to truly be a success. There was a report that I recently read that 80 to 85% of digital transformation projects fail. That's because the conversation must transcend beyond technology and really start focusing on the people that have to apply the technology. Jim Morris, co...

...publisher of the financial brand and CEO of the digital Banking report, recently noted and quote he quotes Legacy cultures still must undergo a significant evolution to facilitate the digital transformation underway. While progress seems to be occurring with the development of talent and skills throughout the organization, this is still a major challenge to digital transformation. This relates not just specific capabilities, but also to the need for leaders who better understand how to integrate new digital methods and processes into existing ways of working. Jim finishes up and says it is expected that this challenge will continue toe on Lee, get be greater in the future due to the lack of experience in the marketplace now. This is why I believe organizations, in addition to thinking about technology, transformations, must really first and foremost focus on and empower the transformation of the individual self of the person. The people applying these technology changes because change, let alone exponential change is hard. As I discussed an episode number 19, we as human beings would much rather stay in our cave of complacency where it is safe. It is warm, it's comfortable instead of having to venture outside into the dark, unknown territory where wild and hungry beasts are just waiting to devour you now a lot. Often time were held back by fear. But fear, as I noted in Episode 19, is false evidence appearing riel. So in brief review here to transform oneself, one must begin their transformation journey by transforming their thinking and to transform. Their thinking requires the gathering of new insights and new perspectives, which Onley comes through ongoing training and education. Therefore, training and education must be at the heart of digital transformation, not technology. Because once again, technology is just a tool. The tools will continue to change and really even more so at an exponential pace over the next 5 to 10 years. As we move deeper and deeper into the age of AI, those that fail toe learn those that fail to change that fell to transform their thinking. Those will be the ones that struggle, but not you, not your financial brand. And that's because instead of talking about all of the changes that have toe...

...happen internally in the coming months and years, I recommend you begin really talking about all of the transformations 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 transformation Transformation is all about leveling up. It's about progressing. Transformation is about evolving. It's about growing. It's about becoming an even better version of ourself to reach and achieve our full potential. And if digital transformation begins with the transformation of the self of individual thinking, which leads to personal transformation, digital transformation, digital growth, for that matter, as I've noted many times before, starts in the mind. In fact, the transformational opportunities I see for financial brands in the age of AI are rooted even deeper within Meta Neue meta Neue meta neue is a Greek word that could be broken down into two parts, with metta meaning beyond and noose meaning mind and classical Greek Meta Neue actually meant changing one's mind about someone or something. And when we experience Meta neue when we change our mind about something, it means 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 brand and really most importantly, for the people in the communities that we serve granted. And, truth be told, letting go over the past is much easier said than done. But that is exactly what today's by The book episode is all about because those that clean, too, and felt so let go of the past put their future at risk. This is something I call digital Darwinism in digital Darwinism is a phenomenon that we're seeing when technology, consumer expectations and the competition simply evolve faster than a financial brand can adapt and evolve themselves. Now, when this occurs, banks and credit is get stuck in the circle of chaos. And here's how the the theory of digital Darwinism typically unfolds and plays out. First and foremost, you have a financial brand, their leadership team, their marketing team, their cells, teams. They feel confused. Of all of the exponential changes occurring around...

...them, this confusion leads to frustration. When they try new approaches, Thio achieve growth digitally speaking, whether that be on the marketing side on the sell side and when they don't get the results they had hoped for. This leads to a feeling of overwhelming because they begin to feel defeated because they just they start toe, falsely believe they can't keep up and compete digitally. This becomes a vicious cycle. And despite all the good intentions marketing cells and leadership teams have, they just can't break free from the legacy models from the mindset of the past that have left them up to this point. Really understaffed, underfunded and underdeveloped for digital growth. And so the same pattern. The same cycle continues. And they end up just operating in a constant state of conflict, just simply trying to survive, not really making any progress or growth, for that matter. And so something all of this up. Where are they? They're stuck in the present moment, informed by and not even just informed by. I would say something stronger, more so they're weighted down by the past. And when you begin to recognize and gain awareness of this challenge, something that I discussed an episode Number 21. When you begin to gain awareness of long entrenched legacy models and mindsets that have created significant structural barriers to growth to digital strategy for marketing for cells, it takes time to rewrite the narrative. It takes time to rewrite the stories, to develop a new path to develop new systems, to develop new processes. But that is exactly what has to be done. It's metta Noya 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 thio 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. When a team is stuck in the circle of chaos, one of the very first pain points they typically self identify, you're self diagnosis has to do with the awareness they have of a growing technology gap. It's the easiest, most obvious thing for them to identify. And so they fall behind on marketing and sales technology, and they begin to feel debilitated. Marketing and sales technology to that point has actually become the great divider in our research. We're finding that 20% of financial brands or become becoming the digital haves and the other ones they're struggling to survive. The other 80% are becoming the digital have nots getting left behind. Once again, I want to know technology and technology alone, focusing all the time, effort and energy on technology. That's not the answer. Technology is just another tool that brings people together 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 go for one reason or another, and then the last challenges is the struggling to keep up with consumer expectations. And that's because consumers are now very much in control of the communication and the messages that they receive throughout the entire buying journey on which they decide how to move forward themselves. That's why it's financial brands. We can do nothing more than play the role of the helpful guide on the consumers journey because the consumer is the hero. We're not the hero were the helpful guide, leading them, showing them the way so that they can move forward whenever they are ready. So what? A financial brand reaches a point when they can't keep up with these ever growing consumer expectations. It leads to decay, which in practice decay means an erosion of market share. And the same sad outcome is seen when they can't keep up with all of the competition. The competition that's coming in, that's capturing that market share because when a financial brand can't fill the consumer needs or the market gap in their competitors can,...

...that's the end. That's the demise that is death. To get a glimpse of what's going on outside of this industry, take some time to Google. Two words. Pull up a browser on your phone and I want 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 that are no longer with us because their marketing, their cells, their leadership teams were stuck in digital denial. They're stuck in the circle of chaos. And when we talk about this idea of digital denial, this is a theory that I discussed in detail and episode number 21. And sure, I've shared these stories before the stories of Blockbuster of Borders, of Kodak of Tower Records of Toysr US on previous podcast. But in some recent research that we've conducted, we have found that just in the first eight months of 2020 digital denial and digital Darwinism have taken down more than 7500 retail stores that are closing this year. And this includes some one on 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, I really think it's interesting to note how Amazon is talking about acquiring Sears and JC Penney Mall space for pennies on the dollar as part of their digital retail to physical distribution growth strategy, which really began a couple of years ago when Amazon acquired Whole Foods. But even in the midst of all of this co vid chaos and confusion of technology tension, I want to give you some hope. I want to give you a path. I wanna light the way for you and your financial brand to escape the circle of chaos with confidence to not Onley survive but thrive in the age of AI. Now I get it words like extinction and apocalypse. They might sound grim. They might sound scary, but this is where I see a small glimmer of hope and one that could become even greater with 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 account the theory of evolution, it wasn't...

...actually the biggest, the strongest dinosaurs that survived the mass extinctions. In fact, it was the smaller, more agile, more nimble creatures that could quickly adapt to the changes in the environment. Today, digital and really even co vid, metaphorically speaking is like the meteorite that has been cast down on almost every single vertical, including financial services. But just as in prehistoric times, it's going to be the more agile, the more adaptable, the more nimble financial brands who, even within all of these environmental changes happening at both the macro and the micro level, it will be those that thrive. And that's my hope for you to not 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 all around us? What about the rest of your team? What about your organization at large? Because your financial brand is made up of teams which is made up of people, and this is why digital growth digital transformation must begin with the transformation of people. Commit to ask yourself toe, ask your team the hard questions. The tough questions that I impact for you an episode number 22 As you assess your situation, this quick and simple exercise I shared. It is one of the best ways to begin toe to really help ensure that you escape digital Darwinism. But you don't get trapped in the circle of chaos caused by digital denial. As we wrap up today's episode and look ahead towards the future, I want to leave you with one of my personal maxims that really helps to keep me honest on a day in and day out basis. It's an old Latin phrase. It's two words Momento, Mori and Memento Mori means remember your death. For example, the stoic philosopher Seneca wrote numerous letters that were full of thoughts and meditation on death and if anything, whether we want...

...to admit it or not, Cove, it has most likely forced us all to meditate on our own demise, which we've probably doing now more than we ever have before. And that's a good thing. And that's why I share this maximum of momentum more with you today. Not to be afraid, not to be morbid, but to really encourage you to think of this time right now as your own Momenta Maury moment for yourself, for your team, for your financial brand. Remember your death. Remember your death 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 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 Podcast or Spotify and subscribe while you're there to get even. Mawr Practical and proven Insights, visit www dot digital growth dot com to grab a preview of James Roberts bestselling 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.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (236)