Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

55) #InsideDigitalGrowth: 12 Digital Marketing and Sales Trends for 2021


What are the top digital marketing and sales trends for banks and credit unions in 2021? 

That question came to me from Marilyn, a VP of Marketing for a financial brand on the east coast. 

I answered Marilyn's question and reflected on where we've been over the last 9-10 months on this episode of Banking on Digital Growth. 

Here's what I talked about: 

  • The top 12 digital marketing and sales trends for 2021
  • What I got right (and wrong) about my projections for 2020
  • And why the best is yet to come

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

Today's episode is part of the insidedigital growth Siri's and I'll be answering a question from Maryland whois a VP of marketing for a financial brand on the East Coast. As she asked,What are the top digital marketing and sales trends you see for banks andcredit ings in 2021? Well, Maryland, that is a tremendous question to startthe year off with, and I'm excited for all that. 2021 has to hold an offer foreach and every one of us. 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 inside digital growth Siri's, where James Robert shares answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community. Have a question you want to get answers to on a futureepisode? Visit www dot go ask jr dot com to submit your question today. Nowlet's go inside. Digital growth Greetings in Hello and Happy New Yearto you and yours thank you for tuning into the 55th episode of the Banking onDigital Growth podcast, where I, James Robert Lay your digital anthropologistguide and coach you along your digital growth journey to help you avoid thebiggest pitfalls and mistakes that will keep you from maximizing your futuredigital growth potential in this new year of 2021. Today's episode is partof the inside digital growth Siri's, and I'll be answering a question fromMaryland who is a VP of marketing for financial brand on the East Coast. Asshe asked, What are the top digital marketing and sales trends you see forbanks and credit things in 2021? Well, Marilyn, that is a tremendous questionto start the year off with, and I'm excited for all that 2021 has to holdan offer for each and every one of us. But before we look ahead, I'd like todo some business with the past first because if we don't reflect on wherewe've been, we won't understand where we are right now, and it will be reallyimpossible for us to know where we need to go next on our journeys of growth.So let's go back in time. One year. So when we started 2020 who would haveever thought that we would have lived through and experienced what we didover the last really 9, 10 months? Because in review what a century 2020was for us all? Every year I put a theme together to help frame mythinking around the financial brands that are in our digital growth program.And going into 2020 was a theme that I was calling level up 2020 and had afocus on leveling up three things people, processes and production. But2020 had other plans for us, and 2020 really became a year of what I've beenwriting about in review of what I believe was massive discovery that ledto massive and transformative growth. We learned so much about what ispossible when it comes to making massive transformations in both ourthinking as well as our actions Now.

With that said, maybe 2020 was, in fact,the year that we all leveled up in one way or another. At least that's my hopefor you, because what is leveling up all about to begin with in the firstplace. Leveling up is about transformation. Transformation is aboutgrowing from good to great. It's about being even better than what you werebefore. And it is my hope for you. That is. We start 2021 together. You feelyou're in an even better place than where you were a year ago. Whether thatbe personally on your team at your financial brand, and I want you tocontinue down that journey of growth. Take a minute to just think back on allthe progress that you've made both personally as well as professionallyover the last 12 months. Think about all the growth. Think about whereyou've come from. Shirt. This progress was definitely not without itschallenges, but you learned you adjusted. You adapted. I know that wasthe case for re personally having launched a book in a pandemic withouthaving a formal book tour. You know, I think back when I first started writingbanking on digital growth, it was May of 2019, and how excited I was to go ona book to her having the opportunity toe to really speak in front ofthousands of financial brand leaders around the world. The covert happened,travel shut down, Conference is shut down. And so we adjusted. We pivoted,We adapted, we transformed. And we launched this podcast as a way totransfer our research, our knowledge and our insights out into the world atscale. So instead of having an opportunity to educate, empower andelevate thousands of marketing and sells leaders like we would have beforeco vid thanks to the exponential growth of digital as well as with the book onthe podcast, our knowledge and insights are now helping tens of thousands ofmarketing cells and leadership teams at banks and credit unions around theworld. Just the other day, Charlotte from India, she reached out to me witha private direct message on LinkedIn, thanking me for the insights that thatshe had gained so far from the podcast. In fact, her favorite episode isEpisode number 51 about humanizing the digital experience with Jay Paultre. Iappreciated Charlotte's kind words and her feedback from so many other peoplelike her, because it's people like you, dear listener, that I continue to dowhat I do because I want to simplify digital marketing and self strategiesthat empower you to generate 10 times more loans and deposits for yourfinancial brand. But what if 2020 had been just like 2019? Wouldthere have been this podcast? What I have had the opportunity to helpCharlotte in India? These are things that I think aboutwhen looking backwards to measure progress. So what about you? What progress did you make in 2020?What growth did you experience in 2020 personally as well as professionally, You see, In addition to this podcastcove, it also forced me to rethink about our own business model and toreally optimize our digital growth program further around training andcoaching. That supported by bespoke...

...research and insights for financialbrands. The old model was good once again. What is growth? What is transformative growth? It'sabout growing from good two. Great. And that's exactly what I'd like to dowith you this year. Because working together we can fulfill our larger purpose thatwe call one bx BTR because together we can continue to transform banking forgood, and together we can make the world one billion times better byguiding one billion people beyond their financial stress towards a bigger,better and brighter future. So let's talk about the future. Let'stalk about the top trends, the top 12 opportunities that I see for you tomaximize your financial brands, digital growth potential in the future in 2021 really beyond that now you might be asking. But JamesRobert, why do you have 12 trends? Why do you see 12 opportunities? Why not 10?I'm glad you ask. The easy answer would be for me to say, Well, I'm acontrarian, and I'm just simply tired of Top 10 list. In fact, I believe top10 list belonged to David Letterman. The deeper answer, though, is that whenwe go back and study ancient writings, we find the number 12 plays a veryimportant and symbolic meaning in different cultures around the world.And while I don't wanna go too far off the beaten path for this podcast andand into a deep anthropological study, the number 12, for example, representsperfection completeness. It also represents fruitfulness and unevengrowth in some cultures and for other cultures that represents harmony andpeace. Even looking at the present moment and thinking about time. We have12 months of the year with each day being broken down into 2 12 hourperiods of time, AM and PM. Now let me be very clear before I get into the top12 trends, the top 12 opportunities that I see for your financial brand tocapture in 2021. I want to be very clear. You do not have to focus onevery single one of these. In fact, it would be an exercise in frustration ifyou even tried. And I'm willing to bet that some of these trends are going toextend out over the next 3 to 5 years and will become the new normal for bothmarketing and sell strategies in a post covert world. So as you think through these 12 trends,what I want you to do, it's a just pick and focus on three. Because if you can focus on three, what would they be? Because those three will empower you to continue to makeprogress along your own digital growth journey? So let's get started withtrade number one Trend number one will be an increased focus on the employeeexperience as E X is what I've identified as the Third Element andwhat I'm now calling the experience trifecta as e. X or employee experiencewill have a direct impact on humanizing your financial brands. Digitalexperience This has been one of the...

...biggest lessons that I've taken out of2020 into 2021 beyond. In fact, I want you to look for employeesexperience to be just as big, if not bigger than all of the talk and focusthat we've heard around C. X or customer experience over the past threeyears or so because your financial brands c x, your customer experience oryour or your MX Remember experience. If you're at a credit union that isdelivered through your DX or your digital experience, will be directlyinfluenced by your employee experience. In a future of really ever growingchanges, exponential changes that will bring on more confusion. MAWRCOMPLEXITY Thanks to the age of AI that we are in now, take care of your people so that they can take care of youraccount holders in this digital world. Let's move on to trend number two.Train number two is unlocking the digital growth potential for smallbusiness. A small businesses have really been hit the hardest by covert and small. Businesses are the backbonefor so many local economies. And these small business owners, they're lookingfor someone that they can trust to guide them for beyond this covertcrisis. It's not over yet. Yes, the the vaccines were rolling out, but I'm willing to predict that we'renot going thio Thio get all the way through this and I would I won't even say get backto normal because we won't get back to normal. We won't get back to thingslike they were before, but we won't really get through this for at least another 12 18 months. And that put thisinto 2020 to the middle of 2022. Now we're gonna see progress. But small business, particularly small businesses in thecommunity that you serve, be the light that shines a path forward,be the rock they can cling to. There is such a tremendous amount of opportunityfor financial brands to step up and not just toe offer alone, but to offer somuch mawr support guidance. And that brings me to trend number three whichis financial coaching, because I see financial coachingbecoming a key revenue driver. Four. Future digital growth. And thisincludes coaching for both small business owners as well as coaching.For consumers, both who feel stressed about money and that stress, it's taking a toll onpeople's health, their relationships with loved ones,their overall sense of well being. And people are looking for someone thatthey can trust to guide them beyond their financial stress towards a bigger,better, brighter future. People are looking for two things. They're lookingfor help. They're looking for hope. Hope has to come before they're readyto receive help. Hope that they can get out of the place that they're in today.People don't need a better checking account. People need coaching, theyneed guidance, They need accountability, they need support. I said it so many times I'll say itagain. People do not have a savings problem.

People have spending problems and thosespending problems are rooted in behaviors that go all the way back tochildhood that are shaped by their present reality by their environments.And I am predicting coaching will become one of the biggest non interestrevenue streams for financial brands over the next 5 to 10 years, especiallyif that coaching is further supported through data driven research andinsights. Technology has transformed our world, and digital has changed theway consumers shop for and buy financial services forever. Nowconsumers make purchase decisions long before they walk into a branch if theywalk into a branch at all. But your financial brand still wants to growloans and deposits. We get it. Digital growth can feel confusing, frustratingand overwhelming for any financial brand marketing and sales leader. Butit doesn't have thio because James Robert wrote the book that guides youevery step of the way along your digital growth journey. Visit www dotdigital growth dot com to get a preview of his best selling book, Banking onDigital 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 totransform financial brands, and it is packed full of practical and proveninsights you can start using today to confidently generate 10 times moreloans and deposits. Now back to the show. So thinking about data drivenresearch and insights. That brings me to Trend number four, which is findingfintech partnerships to bridge capability gaps that create value foraccount holders. This is the incumbents finding fintech partnerships to bridgecapability gaps that create value for account holders. No longer canincumbents being traditional banks and credit unions. Think of Fintech as theenemy, the competition, if you will. Instead, it's time to start thinkingabout Fintech as collaborators, and this is gonna require us to let go ofscarcity mindsets. And we'll come back to this idea of mindsets here in amoment. But we need to let go of scarcity mindset that limit our futuregrowth potential. And to do so we can embrace a mindset of abundance where welook out at the world and we Seymour than enough opportunity for us all tocreate and capture value together. And here's why. Fintech needs eyeballs andaudiences. While incumbent financial brands need best of breed digitalcapabilities. Both fintech and incumbents have what each other wantand what would otherwise require vast amounts of capital to build alone. Sothe opportunity here is collaboration, and a rising tide raises all ships tomove on The trend number five in which will see financial brand marketingteams finally become an operate like in house media production. Teams focus oncontent production as well as promotion, because content will be the fuel thatdrives future growth. Really future digital growth as marketing and sells,move beyond the traditional world of branches and broadcast. And when wethink about marketing teams operating Mawr like in House Media teams, they'renot gonna do it alone. They're going to need to closely align themselves withinternal sells teams with lending teams...

...with service teams because it's thelending teams and the service teams that will unlock the content, guidanceand direction framed around people's biggest questions and concerns. Andthis will be done by making a commitment to go all in toe, ask toelisten and to learn and with trend number five in mind, focus aroundcontent. We'll see trends Number six through 10 take shape, which include inthe specific order number six video driven communication will humanizedigital channels and experiences for both cells and marketing team. See,there's a trend again. Sales and marketing teams must work closertogether to become and really unify to become the growth team. And when we think about video drivencommunication, this will require for many an entirely new set of trainingand operations on both marketing and sells teams parts. And that brings meto Point number seven, which will be the rise of podcast that will allow youto literally get inside people's heads and to transfer knowledge and insightsat scale while creating even more value from your video content efforts. Yousee, when you think about video content as a way to humanize the digitalexperience, there's so many different ways you could take that path. But butvideo content can also be used to strip out the audio content of the video, andthat audio can then be used to produce podcast. What this all leads to is what I'mseeing as trend or Opportunity number eight, which is about systematize ingand operational izing content, production strategies and and forspecific reason, which is to maximize your organic s CEO efforts as contentfrom both videos and podcast can be stripped and transcribed to power arenewed focus around S CEO or searching and optimization, organic searching andoptimization, because the efficacy of digital ads will continue to declineover the next two 25 years, thanks to the rise and ad blockers in the riseand add fraud. And with the demise of third party cookies. Now we have trend number nine If we'rethinking about content content being videos podcast S E O optimize articles.Content will be the glue that builds digital communities and digital communities will complementreally any type of financial coaching program development because communitiesdigital communities provide another layer of accountability while bringinga group of people together of like minded people together, all movingforward on a journey to get beyond financial stress. And that brings me topoint number 10, coming back toe operationalize ing and systematize INGcontent. Not just production, but also content promotion as content will notonly be promoted through corporate brand channels, but we'll see the riseof personal brands promoting both corporate content as well as personalcontent. Because I see the personal brand has the potential to reallycreate former far more value in this post covert world. For one simplereason. People trust people, and it's...

...this idea of the personal brand becoming even mawr important than thecorporate brand. It makes people feel very uncomfortable, and I'm gonna behaving some guests on over the next few months. Toe guests that have builttheir personal brand while working at a financial brand to create value for thefinancial brand. Speaking about trusting people, let'smove on to trend number 11, which will be maximizing future growth throughdigital reputation management with a focus around three things. Ratings,reviews and referrals. In fact, through some recent studies and pilot programsthat we've run for financial brands in the digital growth program, we'refinding digital referrals to be one of the fastest growing and most effectiveacquisition channels in a post covert world. Questions Why Once again, peopletrust people. People will always trust a referral from their friend or familymember farm or than they will ever trust your financial brand, no matterhow good your marketing is. This is why you must go beyond measuring the vanitymetric of NPS or Net promoter score and start to bake digital referralsdirectly into your marketing cells and service Operational models finally trap things up with trend number 12,which is about minding your mindset because mindset will be the mostimportant strategic asset four financial brands to see through all ofthe confusion, all of the complexity that will come from the exponentialchanges. The age of a I covert has just been a preview, and I predict developing your ownpersonal as well as your teams and yourorganization ALS a que, along with their digital EQ it will be far greater will create fargreater value than I Q. Alone over the next 3 to 5 years, you see a cake oradaptability quotient plus e que emotional intelligence, when combined, provides an exponentialmultiplier through the power of AI and automation. Let the A I let theautomation take care of the wrote in the mundane, repeatable task. You know, we could take a lesson fromfour seasons where their founder and CEO once noted,The opportunity is toe automate the predictable so you can humanize theexceptional and both the idea of a que adaptabilityquotient and e que emotional intelligence. They're rooted in agrowth mindset that views the future as bigger, better and brighter thanever before because the best is yet to come. So there you have it. My top 12 trendsof the top 12 opportunities for your financial brand to focus on and capturein 2021 and beyond. What's gonna be your focus for yourself for your team?If you had to, just pick three and I...

...want to hear from you. Maybe you have aquestion like Maryland had today that you'd like for me to answer for youabout a future opportunity. Or maybe it's a roadblock that might be standingin your way If you dio. Now is the time to text me a question that you've beenthinking about and you'd like to get answers to on a future episode. Text meat 4155793004 That's four on 5579 threes. Years your fort. Text me yourquestion. And remember, the Onley bad question is the question that goesunasked until next time and is always 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.

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