Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years 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 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 ten times more loans and deposits. Today's episode is part of the by the book series where James Robert on locks 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 twenty seven episode of the banking on Digital Growth Podcast, where I James Robert Lay. Your digital anthropologists will help you cut through the clutter, the confusion and the chaos of digital so that you could identify the biggest digital marketing and sell strategies that will empower you and your financial brand to generate ten times more loans and deposits. Today's episode is part of the by the book series 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 thank Tarrell for his Amazon review where he shared quote. Banking on digital growth is exactly what this industry and all of its executives need and need to read. Too often the subject of digital marketing is cast aside. Is just something that maybe we'll do later or will try it for thirty days and if we don't see results, well, it didn't work. James Robert Educates and informs in a way that is easy to read, absorb and allows readers to begin to take action. Taril finishes up. He says the book won't disappoint and you'll be excited to get started once you've turned the last page. Thank you very much for the review on Amazon, Tarrell, and I appreciate the kind words to your point about getting excited. Well, we for sure are living in exciting times and there's a lot that we can learn about where we are today and maybe even predict about where we will go over the next five to ten years, simply by taking time to stop and pause, to break free from the doing so that we may create space and time to review and reflect on where we've been and, more importantly, what can we learn through 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 the quote doc from back to the future, where we're going. We don't need roads, all we have to do is just go back to episode number six for context, where we explored the four major industrial revolutions that have been folded over the last three hundred years or so. And, as I shared before, we are in the midst of the fourth industrial revolution, or what I'm calling the age of Ai and if you've haven't had a chance to catch up on episode number six, don't worry, I'm going to set some context here. When we look back at the other three major revolutions, what's remarkable is that the massive steps that we made during that time period, the leaps and technology, which used to come about every hundred years or so. But now, when we look at where we've been just over the last fifty what we've done in the ...

...last fifty really, maybe even in the last twenty five years, is what used to take a hundred years. Just think about it. It was a hundred years between the first industrial revolution, which brought about steam powered engines in the late seventeen hundreds to thee an industrial revolution, where we saw the rise of electricity around the s. Then another hundred years ago go by and we get into the third industrial revolution in the late s and the early S, which was built upon computing power. But in this period of time from then until now, this is where things have gotten really interesting. For example, in the early s we had a another huge leap. So that was only about a thirty year period, twenty year period, twenty five year period from the late S, early s to the early to the mid s where we had the internet come online. And now it's been another twenty five years or so since the mid s and the rise of the Internet to where we now have the cyber physical or the age of AI, in which we're in the early stage, is still but we were starting to see, for example, the Internet of things, artificial intelligence, machine learning, augmented reality, virtual reality and so much more, all of which are being designed to and this is really depended upon your point of view, either a take over the world or be, which is my hope, simplify, solve problems and automate the task that were once very complex for us to do. Because when this happens, when we simplify the complex with technology, this phreezes up to create an even bigger, better and brighter future for ourselves and those around us. And clearly the rate of innovation that we're seeing now is extraordinary, it's unprecedented, it can even be overwhelming, at a vast departure from what we've ever experienced in the past. But the other elements of these revolutions have stayed the same. For example, when we look back in time and explore at the macro level, each one of these industrial revolutions happened during a period of major societal unrest and societal conflict. With the steam revolution we had, for example, the will just call it the war for America's independence. Then, with the rise of electricity, we had in here in the United States and particularly we had the civil war. Then with the computer revolution, and that was set against the drop of the Vietnam War and all of the conflict that came out of the rise of the counterculture. But what about now? Well, covid from my view and my lands of the world, Covid is just a preview of what's to come. So buckle up, buttercup, and get ready for a wild ride once again. This is why I'm betting that a q and Eq, adaptability and emotional intelligence will far outweigh IQ in the coming years. Now is the time to begin to train ourselves, to train our minds to...

...become more adaptable, as I've provided insights on both in multiple podcast so far. You know, it doesn't matter what side of the political spectrum that you're on, and and right now you know here in the US two thousand and twenty, it's a big gear politically with the presidential race, but it doesn't matter what side you're on, and I think it's funny and just as an asside, talking about sides. This, this idea of division, something that I covered in episode number twenty five. Has Digital the invited us more just something to think about, and now 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 really the anxiety it's rooted in deeper concerns. You know, where is my place going to be in this age of AI? What? What's going to happen to my job? You know, will a robot take it? And if I don't have a job, how am I going to pay for my student loans? How am I going to support my family? The point I'm making here is that showing sensitivity to these concerns, to these really basic needs of people, is going to have to be essential in doing business in this post covid world. And I've said it before, empathy is going to be one of the biggest strategic competitive advantages in this digital world, in this age of Ai and really we could just call it the age of anxiety over money and more, empathy is going to be a powerful tool in your tool belt from a relationship standpoint, for both marketing and cells. But the good news is that empathy, as I shared an episod so number twenty five, empathy can be learned. So let's come back to looking at these industrial revolutions, because through this analysis, through the study, we can also map out, along the same chronology, a series of revolutions and transformations and marketing, for example, the late seventeen hundreds to moving into the eighteen hundreds, we go from from print to mass media. Mass media in the early nineteen hundreds we have newspaper. That evolves into radio, then to TV, broadcast, and then from mass and broadcasts we move into digital and social social media. Then now, in the fourth industrial revolution, in the age of AI, we're moving into the fourth marketing revolution or transformation, which involves a massive shift even further towards one to one messaging, automation, data, Ai all opportunities to empower bank and crediting in both marketing teams as well as sells teams, to be even smarter, to be even better with communication, because communication is at the heart of everything for both marketing and cells. But it's what we're looking at is is communication at scale, and really communication at scale from a one to one perspective, and the financial brands that can communicate at scale through a one to one perspective will... the ones that excel and those that do it with empathy will be the win winners over the next five to ten years. Technology has transformed our world and digital has changed the way consumer 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 growthcom 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 ten times more loans and deposits. Now back to the show. In this new age of marketing and cells, banks and credit unions, is so important for us to realize it doesn't matter if you're on the marketing team, the cells team, the leadership team, that we are no longer in control of the buying journey and the way that consumers receive our communication. Technology has given rise to both an educated and an empowered consumer. They control the communication they receive as well as the individualized buying journeys that they choose to take. They do what they want, when they want, how they want, not by what we want them to do. All we can do is guide them along those journeys, and this is forcing us, rightfully, to put people at the center of all of our thinking and doing. This is not about us. Marketing and cells are products. They are not about us. This is about what people need when they need it, not when we need it, and that's why the the old legacy models of running the quarterly marketing campaigns, we have to transition those into perpetual, Evergreen, always on campaign so that when people enter individual stages of the buying journey, we have the right content, with the right context to guide them through these different stages, beyond their questions and concerns and towards their hopes and dreams. Alex Sion, who's currently leading city ventures dtn x program and he was the president of Movin at one point he really shared some light on this when he said banking in the future will be less about product innovation and more about innovation on the client experience. It's one of those things. How much more can we innovate the actual financial product? At this point, Brett King, who was the founder of moving he's been very successful at doing that. That this idea of innovating on the experience, when he wrote banking is no longer somewhere you go, but something you do. I and now banking here's the opportunity. Banking becomes so much more...

...than just something you do, especially with through the lens of open banking and the opportunities that that presents, banking becomes something that we experience and experience in multiple areas and facts as of our life. When I'm looking at this, it's not just the money conversation, it's the financial wellbeing, which has a positive impact on the physical wellbeing, which has a positive impact on the mental wellbeing. Banking in the future will be more than just about dollars and sense. It's looking at the whole life of a person. So what I mean about experience as it relates to digital growth and experience is nothing more than a set of systems and processes that are centered around the digital consumer journey, and there's three things that happen when we think about a digital experience. Number One, they've been defined. Number two, they've been applied, and the secret with digital growth and digital experiences is that these experiences are optimized over a period of time, resulting in one of two things a positive or a negative emotion. So many times in the Financial Services Space Ace, through the coaching, the guiding, the advising I do, I see the hearts and minds are in the right place for marketing and sells teams, for leadership teams. We start these initiatives, we define what they are, we apply that thinking, but then we just keep moving on onto the next thing, on to the next project, onto the next checklist item, onto the next shiny object. We don't take the time to stop, pause, review, reflect on where we've been and how we can make whatever it is that we've done even that much better going forward. So we've moved from Brett's perspective. Banking is somewhere you go to something you do to what it must become something that you experience, and this is the opportunity for financial brand, marketing and cells team to transform legacy growth models. When we think about the old way of doing business as a financial brand, as a banker accrediting it, it's helpful to envision what I call the growth pyramid and three fists, at least three fives, of this pyramid was built around the legacy branch, cells and broadcast marketing model. Historically speaking, that is. And then when digital came on the scene, digital was bolted on ad hoc to the pyramid, retrofitted to the old structure. Are we looking to destroy the old model entirely and start from scratch? I think there's so much more growth opportunity when we talk about transformation instead of destruction or disruption, and that's why, instead of destroying the old model, my thinking is and my recommendation is to look at transforming the growth pyramid upside down. So we're now the entire growth model is three fists digital and two fifths physical at a very minimum, and as digital becomes the primary driver for growth, regardless of whether someone applies online, calls into a branch, comes in or has a conversation with someone face face, digital becomes the heart of the consumer buying journey because that's how people shop and by remember, we're...

...not in control of how someone shops and buys with the educated and an empowered consumer and with the new pyramid, the new growth model, will reflect that. In fact, maybe over the next five to ten years this growth pyramid, digital becomes four fifths of the model, or maybe even a hundred percent, depending upon where you are and how you're operating. I'm not as bullish as Brett when he wrote branch today, gone tomorrow, but 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, but personally I'm just not there yet. People still want to come into the branch, but Covi, it's changing all of that and as these consumer behaviors get reprogrammed, I think it's important to watch at the macro level what these behaviors will be and if people come into the branch, this is my my prediction. It's not going to be for the transaction. It's going to be for something more, whether that be coaching, guidance and vice, sitting down facetoface think of the branch and if we want to like hypothesize and what the branch of the future will look like, to me it'll be more like the doctor's office, to where you go and you meet with a doctor, physician and you're having some deep level conversation around whatever the problem is that you're trying to solve. Granted, that conversation could also be transacted digitally through a platform the like video, zoom, facetime, etc. But from my vantage point, I'm really trying to look at everything happening at the intersection of for key areas, from marketing, from cells, from technology, and really here's the wildcard variable. It's human behavior. And I do this so that I can better understand what the future of digital growth will be for financial brands. In the way that I see it, the future will be built, built around for key areas of focus. Number One, as I've shared in this podcast, communication. Communication is key and after spoke about on previous podcast. It's communicating courage, it's communicating confidence, it's communicating clarity. People are looking for help and hope. Hope has to come before for help more times than not. So communication will be through the Lens of digital and mobile technology platforms. Number two, financial brand marketing teams will become content and media machines, with content ecommunication being the fuel for digital growth. Number three, sells teams will transform themselves beyond order takers and product pushers to become proactive coaches, advisors and guides on consumers buying journeys. And then, finally, a number four, we're going 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 understanding and to someone's financial behavior, their financial mindset, through their buying and spending patterns, we can use that insight,...

...use that information that they might not even have awareness of to provide them with recommendations. Coming back to point number three, cells teams becoming proactive coaches, guides and advisors, and it's through that guidance, it's through that insight, it's through that knowledge that becomes the competitive advantage in this digital world, just like empathy, but empathy. We talked a lot about this externally from an account holder standpoint, but empathy is also important internally because when we think about transforming and flipping the growth model, the growth pyramid, upside down, from leading with the physical world to leading with the digital strategies, we have to be empathetic to all the people within the organization whose worlds you might be literally flipping and turning upside down, those that have been with the financial brand for ten, fifteen, twenty plus years. There's a lot of emotion tie to change and the past growth model. Yes, it was built upon the physical, tangible world. You could see it, you could touch it, you could walk into a branch, you could handle the direct mailt that you sent out. The tactile experience traditionally made us feel good. But, as we know, the future 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 a little bit scary, feel a little bit overwhelming, feel a little bit confusing, but that's the reality, not just of this industry, it's happening in all different verticals throughout our entire world. So, as we continue our journey together through these podcast through our research, through my writing, through my speaking, my coaching, my advising, I look forward to creating the future with you. I look forward to creating a future where we work together to guide people in the communities that you serve beyond their financial stress, that stress that take that's taking a toll on their health, their relationships, their overall sense of well being, as you commit to guide them beyond that that so that they can create an even bigger, better and brighter future. As always, in 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 Laigh. Like what you hear, tell a friend about the podcast and leave us a review on apple podcast, Google podcasts or spotify, and subscribe while you're there. To get even more practical, improven insights, visit www dotgital growthcom 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 twelve key areas of focus that empower you to confidently generate ten times more loans and deposits. Until next time, be well and do good.

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