Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

6) #ByTheBook: Financial Stress in the Fourth Industrial Revolution


87% of Americans reported experiencing "high" or "moderate" levels of anxiety in connection to money in a survey conducted by Northwestern Mutual.

And that was before COVID19.

Consumers have had to adapt to a new existence, where they conduct all of their day-to-day activities from home. 

The pandemic has accelerated the need for people to adopt a completely digital-based lifestyle at breakneck speed. 

People are sheltered. People are scared. And people are still stressed about their finances. Now perhaps more than ever. 

Are traditional banks and credit unions seeing an opportunity to fill a new and emerging consumer need? 

Sadly, from what I am observing, the answer is mainly no.

Developing modern marketing & sales strategies to reflect the pain of financial stress post-pandemic is going to be a must for financial brands. 

Some of the things I unpack in this episode:

-How consumers feel about money directly influences more than you may think

-Branch centric banking is dead

-Financial brands have an opportunity to rocket forward right now

-“Dabbling in digital” isn’t going to cut it.

-How you can be the guide in the financial stories of others

This episode is hosted by James Robert Lay  Founder and CEO at Digital Growth Institute

You can listen to this episode on Apple Podcasts, on Spotify, or here.

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