Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

9) #ByTheBook: Ask 3 Questions, Generate 10x Digital Growth

ABOUT THIS EPISODE

What if you could generate 10x more loans and deposits by asking 3 questions? (Caveat: They’re hard questions about fear and uncertainty.) You’d still give it a try, right?

Especially in the post-COVID-19 world, insights from Banking on Digital Growth have the power to supercharge your growth potential.

I’m James Robert Lay, CEO of Digital Growth Institute and author of Banking on Digital Growth, excited to share with you 3 questions that will supercharge your digital growth strategy.

What I talk about:

-If you’re the hero of your narrative, you’re doing it wrong

-Why the soft skills of empathy and EQ matter more in digital now than ever

-Up until now, if you’ve only dabbled in digital it’s probably because you’re afraid

-3 hard questions about your digital growth plan

 

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

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

You're listening to banking, on digitalgrowth, with James Robert Lay a podcast that empowers financial brand marketingsales and leadership teams to maximize their digital growth potential bygenerating ten times more loans and deposits. Today's episode is part ofthe by the book series where James Robert anlocks and shares the secretsof Digital Marketing and sale strategies for financial brands fromhis upcoming book banking, on Digital Growth, a strategic marketing manifestoto save financial brands. Let's get into the show, greetings in Hello, I amJames Robert Lay, and welcome to the ninth episode of the banking on digitgrowth podcast. Today's episode is part of the by the book series, where Ishare insights from my book: Banking on Digital Growth, the stratetic marketingmanifesto to transform financial brands. So an episode number six. We exploredthe financial stress that so many people are feeling as we enter into thefourth industrial revolution or what I was also known as the age of Ai, andthis stress has only been further amplified because of the Cova nineteencrisis. Today, I want to unlock one of thebiggest secrets I share in the book e Fair Warning. This secret mightoffend some of you, because I know for a fact that it has offended otherfinancial brand marketing cells and leadership teams over the years. Thereare two primary themes or concepts that I share continuously throughout thebook, which is digital empathy and the digital consumer journey. Every singleone of us is on a journey, and I talked about one of these journeys that youcan guide people along an e episode...

...number seven speaking of journeys. Narrative storyis central to the human existence and in this postcovet nineteen world. Iknow there are a lot of financial brand marketing cells and leadership teamsthat are doing a lot of good and they think that they are the heroes fortheir accountholders. The people, the businesses in the communities that theyserve their hearts and minds, are in the right place, there's a problem. They are wrong with this type of thinking. Financialbrands are not the hero. You are not the hero and consumers that arestressed. They're frustrated they're overwhelmedabout their financial situation. They are not looking for a hero. Here's why consumers- and this is thesecret. Consumers- are the hero and what consumers are really lookingfor is a helpful guide. They can trust a helpful guide. They can trust to helpthem break free from the circle of chaos that I discussed an episodenumber seven, a helpful guide. They can trust that can lead them beyond thefinancial stress. That's taking a massive toll on their health, theirrelationships and they're overall sense of well being that I discussed anepisode six. They want to move beyond that. They want to guide to lead themtowards a bigger better brighter future. I want you to go back once again toyour ninth grade literature class. My teacher was MSS Bungo and then we alsostudy this in tenth grade with Miss Bradley. I never thought that what Ilearned then, would have such a...

...profound impact on my life and mythinking as I hope it will for you as well think back to narrative to story. There can only be two types of heros.There are only two types of heroes in a story in a narrative. First, wehave the primary hero, the protagonist, but, on the opposite, end tof, thespectrum we have the anti hero the antagonist and whenwe has financial brands through our marketing and Salles communication, tryto position ourselves as the heroes and the stories that we tell weare, causing massive amounts of damage in the mindsof consumers, causing massive amounts of damage inthe minds of consumers, because they view themselves as the hero in theirown story. You see when you put the consumer and there hero journey at theheart of all of your thinking, at the heart of all of your doing. When youtake an empathetic approach to marketing and cells, it is trulytransformative, not only just for your financial brand. It is alsotransformative for the people, the businesses, the accountholders, thatyou're guiding along their own journeys and in today's digital world it isthese soft skills of impathy and emotional intelligenc that constitute areal competitive advantage for financial brands, and you need thatadvantage. Now more than ever has more and more financial brands. More fintecsenter the marketplace whose business models have been built specificallyaround a digital and mobile first growth strategy. It is these neobanks,these digital lenders that are...

...transformingin the entire industry.Here's the thing it'll be interesting to see how many ofthese fintech players make it over the next eighteen to twenty four monthsbecause of capital there. I I predict there'll, probably be a lot of mergersand maybe even some acquisitions by traditional financial brands. The thingis is before tove nineteen, these phintex were starting to chipaway at the market, share, take marketshare from traditional banks andcredit unions. It's almost like death by a thousand cuts which will talkabout in future of podcast episodes, but on the flipside of the equation,how many legacy financial brands will be with us over the next five to tenyears, as they continued to struggle to transform the business model beyond ephysical world beyond branches beyond broadcast? I wrote banking on digital growthbecause you are part of a financial brand marketing cells or leadershipteam. That wants to be one of the winners in this new digital economy. Inthis Fourth Industrial Revolution in the age of Ai, I want to see you andyour financial brand continue to grow. Loans continue to grow deposits andcontinue to help people in businesses within the communities that you serve and although you've most likely havealready made efforts to move forward and make progress along your owndigital growth journey. Perhaps you haven't seen the results you have hopedfor just yet. The question is is why not technology has transformed our world,and digital has changed the way consumers shot for and by financialservices forever. Now consumers make...

...purchase decisions long before theywalk into a branch if they walk into a branch at all, but your financial brandstill wants to grow loans and deposits. We get it. Digital growth can feelconfusing, frustrating and overwhelming for any financial brand marketing andsales leader, but it doesn't have to because James Robert wrote the bookthat guides you every step of the way along your digital growth journey visit,www d, digital growth, docom to get a preview of banking on digital growth.It is a strategic marketing manifesto that was written to save financialbrands and it is packed full of practical improvent insights. You canuse to confidently generate ten times more loans and deposits. Now back tothe show, once again, I'm willing to predict- andthis just comes from our continuous studies and Diagnostics- that we conduct four financial brands- I'mwilling to predict that up to this point, you've most likely have onlydabbled in digital you've done everything that you know how to do. Youbuilt the A DA mobile responsive website, but it is still just aglorified old nine Broshire. Yes, you've sent out email marketingcampaigns, but they're not as targeted or as personalized as you know, theycould be you've run digital ads, but you question the effectiveness of thembecause you're having a hard time, quantifying conversions and then youd most likely have postedand more recently have posted a lot of content on social media, but yourquestioning. Is it really worth the time you feel stuck? And you don't knowwhy you want to find a better path? Ford, you see the riding on the wall.YOU'RE SMART! You see the changes in technology, the changees in consumerbehavior, the new consumers be...

...behaviors that are being shaped andformed now because of coved, and you see the competition and how they'recontinuously evolving out a much faster pace and taking market share, and allof this all of this change has been just further amplified because of thecoven nineteen crisis. There's something preventing your marketingcells and leadership teams from realizing your digital growth potentialfrom maximizing it most likely. There are a legacy systems like as hethinking that was already put in place long before you got to where you aretoday, and it is these exact legacy systems, these mental models thatthreaten to hold you back. There are also some some hidden forces as wellthat are working against you. Having now worked with over fivehundred and twenty different financial brands and their marketing teams, I'veseen how they can get trapped in what I call the circle of chaos as they try tonavigate their way through the intricate environmental changeshappening around technology and the three seas of f of now, really theconsumer, the competition and coveet. It's easy to feel confused frustratedand overwhelmed as digital continues to transform the world at an exponentialpace and working to maximize your financial brands. Digital growth cansometimes feel like an impossible feat, but when you examine the circle ofchaos, just a little bit more closely, you see the condition of the overwhelmof the confusion of the frustration of the chaos of the conflict is reallybeing solidified. Progress is being prevented by what I call the wall of fear.Financial brands are held back by four...

...distinct fears that keep them fromfully committing to their digital growth journey. These fears aresometimes spoken openly and that's in very positive environment. That's in avery positive culture, but more often than tot they have been whispered to mein confidence and theyare. This number one, the fear of the unknown, which ismanifested as quote I know digital is importantfor us. But what should we do? Next? I'm confused with everything. That's going on it's happening way toofast, endquote, I get it. I get the exponential factor of digital, but that brings us to pointnumber two. It's the fear of change or quote: Why do we need to change now we havebeen successful up to this point, change is scary. Change is hard. I get it. We, we is.Human beings strive to seek solace in the known in the comfort butcomfortability. If we're not careful leads to complasency, which can bedeadly point number three, the fear of failure, which, in reality is quotewhat happens if we try this and fail? What will they think of me, I'm alreadyat the end of my career, I don't want to mess things up or we've alreadytried this, but we have felled and we just don't, have the courage to do it again. 'm very empathetic tothe fear of failure and truth be told,...

...personally speaking, it's somethingthat I have to be very aware of myself and then finally point number four: Thefear of success, which is very real, as some have shared with me wonderingaloud what happens if this actually works? Can we even support this newtype of growth, which this fear of success is almost directly tied into the fearof failure, because success in someone's mind could inevitably bring change or bringfailure? So, as we wrap up this episode of the by the book series, I want youto ask yourself three key questions. Number One. Do you feel like you mightbe stuck in a circle of chaos, feeling a little confused frustrated andoverwhelmed about digital growth and and look maybe it's not you. Maybe it'ssomeone else on your team Apper, a colleague a an executive team leader aboard ofDirector Number two: How might the four fears change failure? The unknownsuccess might be holding you back from maximizing your financial brands,future growth potential, an in question number three: what's your plan? What isyour plan to move forward with courage and confidence to generate ten timesmore loans and deposits? There's that phrase again ten times ten times moreloans, ten times n more deposits, but Whye ten times. I'm going to answerthat question and more on the next episode of the buy. The book series onthe banking on digital woath podcast until next time be well, do good andwash 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 a review on Itunes,stitcher or spotify, and subscribe, while you're there to get even morepractical, andprovent insights that can...

...guide you and your financial brandalong your digital growth journey visit. WWW. Do Digital Growth F, dotcom to geta preview of James Robert's upcoming book banking on Digital Growth, astrategic marketing manifesto to save financial brands inside you'll find astrategic blueprint framed her on twelve key areas of thocus that empoweryou to confidently generate ten times more in loans and deposits until nexttime be well and do good.

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