Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

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


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 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 unlocks and shares the secrets of digital marketing and sales strategies for financial brands from his upcoming book banking on Digital Growth, a strategic marketing manifesto to say financial brands. Let's get into the show. Greetings in Hello, I am James Robert Lay and welcome to the ninth episode of the banking on digital growth podcast. Today's episode is part of the by the book series where I share insights from my book banking on Digital Growth, the strategic marketing manifesto to transform financial brands. So in episode number six, we explored the financial stress that so many people are feeling as we enter into the fourth industrial revolution, or what is also known as the age of Ai, and this stress has only been further amplified because of the COVID nineteen crisis. Today Ian to unlock one of the biggest secrets I share in the book. The fair warning, the secret might offend some of you, because I know for a fact that it has offended other financial brand marketing cells and leadership teams over the years. There are two primary themes, are concepts that I share continuously throughout the book, which is digital empathy and the digital consumer journey. Every single one of us is on a journey, and I talked about one of these journeys that you can guide people along in episode number seven.

Speaking of journeys, narrative, story is central to the human existence and in this post covid nineteen world, I know there are a lot of financial brand marketing cells and leadership teams that are doing a lot of good and they think that they are the heroes for their account holders, the people, the businesses in the communities that they serve. Their hearts and minds are in the right place. There's a problem. They are wrong with this type of thinking. Financial brands are not the hero, you are not the hero, and consumers that are stressed, they're frustrated, they're overwhelmed about their financial situation, they are not looking for a hero. Here's why. Consumers, and this is the secret. Consumers are the hero and what consumers are really looking for is a helpful guide they can trust, a helpful guide they can trust to help them break free from the circle of chaos that I discussed an episode number seven, a helpful guide they can trust that can lead them beyond the financial stress that's taking a massive toll on their health, their relationships and their overall sense of well being that I discussed an episode six. They want to move beyond that. They want to guide to lead them towards a bigger, better, brighter future. I want you to go back once again to your ninth grade literature class. My teacher was Miss Bungo, and then I we also study this in ten grade with Miss Bradley. I never thought that what I learned then would have such a profound impact on my life and my thinking, as...

I hope it will for you as well. Think back to narrative, to story. There can only be two types of heroes. There are only two types of heroes in a story, in a narrative. First we have the primary hero, the protagonist, but on the opposite end of the spectrum we have the Antihero, the antagonist. And when we as financial brands, through our marketing and sells, communication, try to position ourselves as the heroes and the stories that we tell, we are causing massive amounts of damage in the minds of consumers. Causing massive amounts of damage in the minds of consumers because they view themselves as the hero in their own story. You See, when you put the consumer and their hero journey at the heart of all of your thinking, at the heart of all of your doing, when you take an empathetic approach to marketing and cells, it is truly transformative, not only just for your financial brand, it is also transformative for the people, the businesses, the account holders that you're guiding along their own journeys. And in today's digital world, it is these soft skills of empathy and emotional intelligent that constitute a real competitive advantage for financial brands, and you need that advantage now more than ever. Has More and more financial brands, more fintext enter the market place, whose business models have been built specifically around a digital and mobile first growth strategy. It is these neo banks, these digital enders, that are...

...transforming the entire industry. Here's the thing. It'll be interesting to see how many of these fintech players make it over the next eighteen to twenty four months because of capital, there's I a predict they'll probably be a lot of mergers and maybe even some acquisitions by traditional financial brands. The thing is is, before covid nineteen, these fin texts were starting to chip away at the market share, take market share from traditional banks and credit unions. It's almost like death by a thousand cuts, which will talk about in future of podcast episodes. But on the flip side of the equation, how many legacy financial brands will be with us over the next five to ten years as they continue to struggle to transform the business model beyond the physical world, beyond branches, beyond broadcast? I wrote banking on digital growth because you are part of a financial brand, marketing cells or leadership team that wants to be one of the winners in this new digital economy, in this fourth industrial revolution, in the age of a I I want to see you and your financial brand continued to grow loans, continue to grow deposits and continue to help people and businesses within the communities that you serve. And although you've most likely have already made efforts to move forward and make progress along your own digital growth journey, perhaps you haven't seen the results you've hoped for just yet. The question is is, why not? Technology has transformed our world and digital has changed the way consumers 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 wwwgital growthcom to get a preview of banking on digital growth. It is a strategic marketing manifesto that was written to say financial brands, and it is packed full of practical, improven insights you can use to confidently generate ten times more loans and deposits. Now back to the show once again. I'm willing to predict, and this just comes from our continuous studies and Diagnostics that we conduct for financial brands. I'm willing to predict that up to this point you've most likely have only dabbled in digital. You've done everything that you know how to do. You built the ATA mobile responsive website, but it is still just a glorified online brochure. Yes, you've sent out email marketing campaigns, but they're not as targeted are as personalized as you know they could be. You've run digital ads, but you question the effectiveness of them because you're having a hard time quantifying conversions. And then you've most likely have posted and more recently have posted a lot of content on social media, but your questioning is it really earth the time, you feel stuck and you don't know why. You want to find a better path forward. You see the writing on the wall. You're smart. You see the changes in technology, the changes in consumer behavior, the new consumers behaviors that are being shaped and formed now because of...

Covid, and you see the competition and how they're continuously evolving at a much faster pace and taking market share. And all of this, all of this change, has been just further amplified because of the COVID nineteen crisis. There's something preventing your marketing cells and leadership teams from realizing your digital growth potential, from maximizing it. Most likely there are a legacy systems, legacy thinking that was already put in place long before you got to where you are today, and it is these exact legacy systems, these mental models, that threatened to hold you back. There are also some some hidden forces as well that are working against you. Having now worked with over five hundred twenty different financial brands and their marketing teams, I've seen how they can get trapped in what I call the circle of chaos as they try to navigate their way through the intricate environmental changes happening around technology and the three seas of now really the consumer, the competition and Covid it's easy to feel confused, frustrated and overwhelmed as digital continues to transform the world at an exponential pace and working to maximize your financial brands digital growth can sometimes feel like an impossible feat. But when you examine the circle of chaos just a little bit more closely, you see the condition of the overwhelm, of the confusion, of the frustration, of the chaos, of the conflict, is really being 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 from fully committing to their digital growth journey. Now, these fears are sometimes spoken openly, and that's in a very positive environment, that's in a very positive culture, but more often than not they have been whispered to me and confidence, and they are this. Number one the fear of the unknown, which is manifested as quote. I know digital is important for us, but what should we do next? I'm confused with everything that's going on. It's happening way too fast and quote. I get it, I get the exponential factor of digital. But that brings us to point number two. It's the fear of change or quote. Why do we need to change now? We have been successful up to this point. Change is scary, change is hard. I get it. We we as human beings, strive to seek solace in the known, in the comfort, but comfortability, if we're not careful, leads to complacency, which can be deadly. Point number three the fear of failure, which in reality is quote. What happens if we try this and fail? What will they think of me? I'm already at the end of my career. I don't want to mess things up. or We've already tried this, but we have failed and we just don't have the courage to do it again. I'm very pathetic to the fear of failure and, truth be told, personally speaking, it's something that I...

...have to be very aware of myself. And then, finally, point number four, the fear of success, which is very real, as some have shared with me, wondering aloud what happens if this actually works? Can we even support this new type of growth which this fear of success is almost directly tied into the fear of failure, because success, in someone's mind, could inevitably bring change or bring failure. So, as we wrap up this episode of the by the book series, I want you to ask yourself three key questions. Number One, do you feel like you might be stuck in a circle of chaos, feeling a little confused, frustrated and overwhelmed about digital growth? And look, maybe it's not you, maybe it's someone else on your team, appear a colleague, of an executive team leader, a board of Director. Number two, how might the four fears change? Failure, the unknown success, might be holding you back from maximizing your financial brand's future growth potential? And then question number three, what's your plan? What is your plan to move forward with courage and confidence to generate ten times more loans and deposits? There's that phrase again, ten times, ten times more loans, ten times more deposits. But why ten times? I'm going to answer that question and more on the next episode of the buy the Book Series on the banking on Digital Groth podcast. 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 Itunes, stitcher or spotify, and subscribe while you're there to get even more practical, improven insights that can... you in your financial brand along your digital growth journey. Visit www dot digital growthcom to get a preview of James Roberts upcoming book, banking on Digital Growth, a strategic marketing manifesto to save financial brands. Inside you'll find a strategic 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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