Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

27) #ByTheBook: A Digital Experience: Marketing to People in the Age of AI


We're living in the midst of the fourth industrial revolution, The Age of AI.

In this age, we'll see a massive shift towards one-to-one messaging. The financial brands that excel will be the ones that can communicate at scale through a one-to-one perspective.

On this 27th episode of the Banking on Digital podcast, host James Robert Lay shares insights about banking in the age of AI from his bestselling book, Banking on Digital Growth: The Strategic Marketing Manifesto to Transform Financial Brands.

James discusses:

-The 3 things that happen when we think about a digital experience

-The 4 key areas of focus in the future

-What the future of banking will be about when it's not about dollars and cents

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

You're listening to banking, on digitalgrowth, with James Robert Lay a podcastthat impowers financial brandmarketing sales and leadership teams to maximize theiir digital growthpotential by generating ten times more loans and deposits. Today's episode ispart of the by the book series where James Robert on locks and shares thesecrets of Digital Marketing and sale 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 shell greetings in hello. Thank you for tuning into the twentyseventh episode of the banking on digital growth. PODCAST, where I JamesRobert Lay your digital anthropologist will help you cut through the clutter,the confusion and the chaos of digital, so that you can identify the biggestdigital marketing and sell strategies that will empower you and yourfinancial brand to generate ten times more loans and deposits. Today'sepisode is part of the by the book series, where I share insights fror mybestselling book banking, on Digital Growth, the strategic marketingmanifesto to transform financial brands, but before we get into today'sdiscussion, I'd like to think terrol for his Amazon Review, where he sharedquote banking on digital growth is exactly what this industry and all ofits executives need and need to read too often the subject of digitalmarketing, as cast aside, is just something that maybe we'll do later orwe'll try it for thirty days and if we don't see results well, T it didn'twork James Robert Educates and informs in a way that is easy to read, absorband allows readers to begin to take action. Tall finishes up. He says the book,Won't, disappoint and you'll be excited to get started once you've turned thelast page. Thank you very much for the review onAmazon Terrol, and I appreciate the kind words to your point about gettingexcited. Well, we for sure are living in exciting times and there's a lot that we can learnabout where we are today and maybe even predict about where we will go over thenext five to ten years, simply by taking time to stop and pause to breakfree from the doing so that we may create space an time to review andreflect on where we've been and more importantly, what can we learn through this analysis?So to this point, what I'd like to do right now is to take you on a journey. I want to take you back in time and tequote Duc from back to the future, where we're going, we don't need roads. All we have to do is just go back toepisode number six for context where we explored the four major industrialrevolutions that have beenfolded over the last three hundred years or so, andas I shared before we're in the midst of the Fourth Industrial Revolution orwhat I'm calling the age of Ai and if you haven't had a chance to catch up onepisode. Number six. Don't worry, I'm going to set some contexts here when welook back at the other three major revolutions. What's remarkable? Is thatthe massive steps that we made during that time period the leaps, antechnology which used to come about every hundred years or so? But now whenwe look a where we've been just over the last fifty, what we've done in thelast fifty really, maybe ever in the...

...last twenty five years, is what used totake a hundred years just think about it. It was a hundred years between thefirst industrial revolution which brought about steam powered engines inthe late seventeen hundreds to the second industrial evolution. Where wesaw the rise of of electricity around the eighteen seventies, then another hundred years go go by andwe get into the third industrial revolution in the late nineteen sixtiesand the early seventies, which was built upon computing power, but in this period of time from thenuntil now, this is where things have gotten reallyinteresting. For example, in the early nineteennineties we had a nother huge leap, so that was only about a thirty yearperiod. Twenty Year period, twenty five year period from the late sixties,early seventies, to e early to the mid nineties, where we had the internetcome online. And now it's been another twenty fiveyears or so since the mid nineties and the rise ofthe Internet to where we now have the cybrephysical or the age of AI in whichwere in the early stages still. But we werewe're starting to see, for example,the Internet of things, artificial intelligence, machinelearning, augmented reality, virtual reality and so much more, all of whichare being designed to and and this is really dependent upon your point ofview- either a takeover the world or B, which is my hope, simplify Solf problems and automate thetask that were once very complex for us to do, because when this happens, whenwe simplify the complex with technology, this freesus up to create an evenbigger, better and brighter future for ourselves and those around us andclearly the rate of innovation that we're seeing now is extraordinary. It'sunprecedented. It can even be overwhelming and a vast departure fromwhat we've ever experienced in the past. But the other elements of theserevolutions have stayed the same. For example, when we look back in time andexplore at the maccro level each one of these industrial revolutions happenedduring a period of major societal unrest and societal conflict with thesteam revolution. We had, for example, the we'll just call it the war forAmerica's independence, then, with the rise of electricity wehad in here in the United States, and particularly, we had the civil war, then with the computer revolution thatwas set against the drop of the Vietnam War and all of the conflict that cameout of the rise of the counterculture. But what about now? Well covid from my view, in Mylans of theworld, cove is just a preview of what's to come. T's O buckle up buttercup andget ready for a wild ride. whatce again. This is why I'm betting that Aq, an eq adaptability andemotional intelligence will far outweigh IQ in the coming years. Now is the time to begin to trainourselves to train our minds to become...

...more adaptable, as if provided insightson both in multiple pod Casto far, you know it doesn't matter what side of thepolitical spectrum that you're you're on and and and right now you know here in the: U S:twosand a twenty, it's a big year politically with the the presidentialrace, but it doesn't matter what side you're on and I think it's funny justas in asside talking about sides this this idea of division, something that I covered inin an episode number. Twenty five has digital divided us more just somethingto think about, and I know that there's a really big show right now on Netflix,that is exploring the darker side of social media. But a lot of this, the rise of this division and andreally the anxiety truted in deeper concerns, where's my place going to be in thisage of AI. What what's going to happen to my job? You know: Will a robot takeit and if I don't have a job, how am I going to pay for my student loans? Howam I going to support my family? The point I'm making here is that showing sensitivity to these concerns to these really basicneeds of people is going to have to be essential in doing business in thispost covet world and I've said it before. Ampathy is going to be one ofthe biggest strategic competitive advantages in this digital world. Inthis age of Ai, and really we could just call it the age of anxiety overmoney and more ipathy is going to be a powerful tool in your tool belt from arelationship standpoint for both marketing and cells. But the good newsis that empathe is I shade an episode o Number Twenty Five epathy can belearned. So let's come back to looking at theseindustrial revolutions, because through this analysis, through this study, wecan also map out, along the same chronology, a series of revolutions andtransformations in marketing, for example, the late seventeen hundreds tomoving into the eighteen hundreds we go from from print to mass media massmediain the early nineteen hundreds. We have newspaper that evolves into radio thanto t v Broadcast and then from mass and broadcast. We move into digital andsocial social media, then now in the fourth industrial revolution, inthe age of Ai, we're moving into the fourth marketingrevolution or transformation, which involves a massive shift even furthertowards one to one messaging: automation, data, AI, all opportunitiesto empower bank and credit in both marketing teams, as well as sales teamsto be even smarter to be even better with communication, becausecommunication is at the heart of everything for bothmarketing and cells. But it's what we're looking at is is communication atscale and really communication as scale from a one to one perspective and thefinancial brands that can communicate at scale through a one to oneperspective will be the ones that excel...

...and those that do it with empathy willbe the wiwinners over the next five to ten years. Technology has transformed our world,and digital has changed the way consumers shot for and buy financialservices forever. Now consumers make purchase decisions long before theywalk into a branch if they walk into a branch. At all, but your financialbrand still wants to grow loans and deposits. We get it. Digital growth canfeel confusing, frustrating and overwhelming for any financial brandmarketing and sales leader, but it doesn't have to because James Robertwrote the book that guides you every step of the way along your digitalgrowth journey visit, www, dot, digital growth docom to get a preview of hisbest selling book banking on digital growth, or order a copy right now foryou, and your team from Amazon inside you'll find a strategic marketingmanifesto that was written to transform financial brands and it is packed fullof practical andprovent insight. You can start using today to confidentlygenerate ten times more loans and deposits. Now back to the show in this new age of marketing in cells,banks and credit unions is so important for us to realize it doesn't matter. Iffoe on the marketing team, the cells team, the leadership team that we are no longer in control of thebuying journey and the way that consumers receive our communicationtechnology has given rise to both an educated and an empowered consumer.They control the communication. They receive as well as the individualizedbuying journeys that they choose to take. They do what they want when theywant how they want, not by what we want them to do. All wecan do is guide them along those journeys, and this is forcing USrightfully to put people at the centre of all of our thinking and doing this is not about US marketing it cells are products, theyare not about us. This is about what people need when they need it, not whenwe need it and that's why the the old legacy models of running the quarterlymarketing campaigns we have to transition those into perpetualevergreen, always on campaign, so that when people enter individual stages ofthe buying journey, we have the right content with the right contexts toguide them through these different stages, beyond their questions andconcerns and towards their hopes and dreams. Alexyon whose currently leading cityventures detanx program- and he was the president of moving at one point. Hereally shared some light on this en when he said banking in the future willbe less about product indovation and more about innovation. On the clientexperience, it's one of those things: How much morecan we ennovate the actual financial product? At this point, Bret King, whowas the Fouder of moving he's, been very successful at doing that that thisidea of innovating on the experience when he wrote banking is no longer somewhere, you go but something you do, and now, banking,here's the opportunity baking becomes... much more than just something you do, especially w h through the lins of openbanking and the opportunities that that presents banking become something thatwe experience an experience in multiple areas and fases of our life. When I'mlooking at this, it's not just the money conversation. It's the financialwellbeing, which has a positive impact on the physical well being, which has apositive impact on the mental well being banking in the future, will be morethan just about dollars and cents. It's looking at the whole life of aperson. So what I mean about experience as it relates the digital growth. Anexperience is nothing more than a sed of systems and processes that arecentered around the digital consumer journey and there's three things thathappen when we think about a digital experience, number one they've beendefined, number two they've been applied and e secret with digitalgrowth and digital experiences is that these experiences are optimized over aperiod of time, resulting in one of two things: a positive or a negativeemotion. So many times in the Financial Servicosspace through the coaching, the guiding theadvising I do. I I see the hearts and mines are in the rightplace for marketing in sells teams for leadership teams. We start theseinitiatives, we define what they are. We apply that thinking, but then wejust keep moving on on to the next thing. On to the next project. On tothe next checkless item on to the next shiny object, we don't take the time tostop pause, review, reflect on where we've been and how we can make whateverit is that we've done even that much better going Ford, so we've moved from Brett's perspective banking as somewhere. You go tosomething you do to what it must becom, something that you experience, and this is the opportunity forfinancial brand marketing and sells team to transform legacy growth modelswhen we think about the old way of doing business as a financial brand. Asa banker accrediting- and it's helpful to envision what I calld- a growthpyramid and three fifths. At least three fifths of this pyramid was built around the legacy branchcells and broadcast marketing model. Historically speaking, that is, andthen, when digital came on the scene, digital was bolted on at Hawk to thePyramid Retho fitted to the old structure. Are we looking to destroy the old modelentirely and start from scratch? I think there's so much more growthopportunity when we talk about transformation instead of destruction or disruption, and that'swhy, instead of destroying the old model, my thinking is- and my recommendationis to look at- transforming the growthpyramid upside down, so where now, the entire growth modelis three fifth digital and two fifths, physical at a very minimum and asdigital becomes the primary driver for growth. Regardless of whether someoneapplies online. Calls into a branch comes in or has a conversation withsomeone face to face: digital becomes the heart of the consumer buyingjourney because that's how people shop...

...and by remember we're not in control ofhow someone shops and Byes, with the educated and empowered consumer andwith the new pyramid, the new growth model will reflect that in fact, maybeover the next five to ten years. This growth pyramid, digital becomes fourfifth of the model, or maybe even a hundred percent, depending upon whereyou are and how you're operating I'm not as bullish as bret when hewrote Branchday Gone Tomarbut he he was spot on that books almost ten years old.Now when he was looking at in predicting that the branch is dead. Now,maybe we'll get to that point when indeed the branch is dead, butpersonally, I'm just not there. Yet people still want to come into thebranch, but COIT's changing all of that and as these consumer behaviors getreprogrammed, I think it's important to watch at the macol level what thesebehaviors will be, and if people come into the branch. This ismy my prediction. It's not going to be forthe transaction, it's going to be for something more,whether that be coaching guidance, an vice sitting down face to face think ofthe branch and if we want to like hypothesize what the branch of thefuture will look like to me, it'll be more like the doctor's office to whereyou go and you meet with t e doctor a physician and you're having some deeplevel conversation around whatever the problem is that you're trying to solvegranted that conversation could also be transacted digitally through a platformlike video, zoom facetime et CEEA. But from my vantage point, I I'm reallytrying to look at everything happening at the intersection of four key areasfrom marketing from cells from technology and really here's the wildcar variable. It's human behavior- and I do this so that I can betterunderstand what the future of digital growth willbe. Four financial brands and the way that I see it, the future will be builtbuilt around four key areas of focus. Number one is I've shared in thispotgas communication communication is key, as I spoke about on previous pot.GASIT's communicating courage, it's communicating confidence, it'scommunicating! clearity people are looking for help and hope hope hast tocome before for help more times than not so, communication will be throughthe Lens of digital and mobile technology platforms. Number twofinancial brand marketing teams will become content in media machines with content. I communication being thefuel for digital growth. Number three sells: teams will transform themselvesbeyond order takers and product pushers to become proactive, coaches advisorsand guides on consumers, buying journeys and then finally number four we'regoing to use digital channels to become even more empathetic and more human,which is a bit of a paradox, but if we can gain a better understandingand to someone's financial behavior, their financial mindset through theirbuying and spending patterns, Wheh can...

...use that inset use that informationthat they might not even have awareness of to provide them with recommendations.Coming back to point number three sells teams becoming proactive coaches guidesand advisors, and it's through that guidance throughthat insight. It's through that knowledge that becomes the competitive advantagein this digital world. Just like empathy but epathy. We talk a lot about thisexternally from an accountholder standpoint, but empathy is alsoimportant internally, because when we think about transforming and flippingthe growth model, the growth pyramid upside down from leading with thephysical world to leading with the digital strategies, we have to beimpathetic to all the people within the organization whose worlds you might beliterally flipping and turning upside down, those that have been with thefinancial brand for ten fifteen twenty plus years. There's a lot of emotion,tied to change and the past growth model. Yes, it was built upon thephysical, tangible world. You could see it, you could touch it. You could walkinto a branch you could handle the direct mell that you sent out thetactale experience traditionally made us feel good, but, as we know, thefuture is digital and that's an intangible world of servers of code.You can't see it. You can't touch it in. This understandably makes it feel alittle bit scary feel a little bit overwhelming feel a little bitconfusing, but that's the reality not just of this industry. It's happeningin all different verticales throughout our entire world, so as we continue our journey togetherthrough these podcast through our research. Through mywriting. Through my speaking my coaching, my advising I look forward to creating the futurewith you, I look forward to creating a future where we work together to guidepeople in the communities that you serve beyond their financial stressthat stress that t that's taking a toll on their health, their relationships,they're overall sense of vaulbeing, as you commit to guide them beyond thatthat so that they can create an even bigger, better and brighter future, as always n until next time be well, dogood and wash your hands. Thank you for listening to anotherepisode of banking on digital growth with James Robert Lay like what youhear tell a friend about the podcast and leave us an review on apple podcast,Google, podcast or spotify, and subscribe, while you're there to geteven more practical, improvent insights, vis. It www don digital growth, dcom tograb a preview of James Robert's, best selling book banking on digital growth,or order a copy right now for you, and your team from Amazon inside you'llfind a strategic marketing and sales blueprint framed around twelve keyareas of focus that empower you to confidently generate ten times moreloans and deposits. Until next time be well and do good.

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