Banking on Digital Growth
Banking on Digital Growth

Episode · 3 months ago

217) #ExponentialInsights - Filling the Buckets of Change for Compliance


When you’re presented with B2C legal documents on your phone, how often do you find yourself hitting that “Accept” button without reading a word?

Customers are often bombarded by terms and conditions when opening new financial accounts. Yet, compliance documentation delivery through mobile apps can be incredibly clunky.

Jordan Ennest, Product Specialist and Counsel for Compliance Systems LLC, shared how her team is upgrading the user experience when dealing with fine print.

Join us as we discuss:

- Common friction points for compliance documentation delivery (3:04)

- Roadblocks preventing financial brands from addressing the customer experience (12:59)

- Managing exponential change in the digital user experience (17:48)

Check out these resources we mentioned during the podcast:

- Jordan Ennest

- Compliance Systems LLC

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

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.n Digital Growth Episode 217 - Jordan Ennest

If you haven't thought or implemented now what is going to be relevant in two years, three years, five years, you're already behind. 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 exponential insight series, where James Robert Lay interviews the industry's top marketing, sales and FINTECH leaders, sharing practical wisdom to exponentially elevate you and your team. Let's get into the show. Greetings in Hello, I am James Robert Lay, and welcome to episode to seventeen of the banking on digital growth podcast. Today's episode is part of the exponential insight series and I'm excited to welcome Jordan's Innes to the show. Jordan's is product specialists and counsel at compliance systems who has reimagined the way compliance documents are delivered to provide an even better closing experience by considering the needs of consumers and users. First. Welcome to the show, Jordan's. It is good to share time with you today. Hi, James Robert. Thank you so much for having me today. I'm excited to be here absolutely now, before we get into talking some of the good work that you're doing over at compliance systems, specifically around your recent launch of Simplicity Mobile, I want to start off on a positive note, as we always do here. What is good in your world right now, personally or professionally? It is your pick to get started. Personally, any of your viewers are from Michigan. We have a saying here that says we're headed up north. Spending some time at the lake with my family this weekend in Charlotte. Boy. Well, enjoy that. It's always good to connect with family, to connect with friends and sometimes even disconnect with technology, because at the end of the day we are human beings, but it's the technology that we can use to improve people's lives as well. On the other side, we can reduce friction. Uh, we can make connections, which is exactly what you're doing over at compliance systems, because you have reimagined the way that compliance documents are being delivered Um, which historically has been a friction point, but you're doing even better here. Closing the experience that has has created a lot of friction historically, and I know last year y'all launched simplicity mobile, which was the industry's first mobile enabled compliance solution for online deposit account opening. Before we get into the work that you're doing here on this front, why? Why take this time to build something out that is really a big problem? What is the problem? where? What were the problems that you were seeing prior to launching simplicity mobile? Yeah, I mean you hit the nail on the head with the Buzzword of friction. When creating simplicity mobile, that's where we started. We asked a lot of our financial institutions for feedback of why are these these high abandonment rates? Why? What is the reason for these customers having the friction with the online account opening process, and it really came down to that it's not a streamlined process, it is very cumbersome and it's not user friendly. We we really want to pertain to the customer itself and just the current or the previous digital online account opening solutions, and especially the documentation piece, which simplicity mobile solves for, just did not solve for those aspects of it. I want to dive deeper into that, because you you hit on something that we see here through the research that we do, through the coaching uh that we do in the banking on digital growth program abandonment rates Um you know, on the pository side it can be, you know, on average, between sixty five eight five scent of applications that are started end up being abandoned...

...and then sometimes on the on the loan side of things, it could be as high ascent. And what does that mean? You know, we're converting just five percent of people through the entire experience and we're losing and I think that's the best way to frame this, is we're losing millions and millions and millions of dollars in loans and deposits because of friction that either a we may or be we may not be aware of, but it's the feelings and the emotions of people applying for these accounts, applying for these loans. They're the ones who are feeling this because they're benchmarking them off of other experiences, digital experiences that they're having brands like apple and Amazon. What were some of the specific pain points that you were hearing through the research that you were doing, through the conversations that you were having with these financial brands. The feedback that we are hearing is it's not consistent with the way that we browse the web today. If you or your viewers or anyone like me, I do everything off of my phone, I do everything off of my tablet. A customer does not want to be forced to come into a bank. That was definitely proven, obviously, when everything was shut down with the pandemic. We're able to now open up a banking account online where it is user friendly. You don't need to, you know, pinch and zoom in and scroll anymore. It's UH simply see. Mobile really tailors to that and fits to the size of the screen of the mobile device and not necessarily the artificial page, so that it is not a cumbersome process when doing so, but is a user like experience that we're used to today. You're tapping into a very common pain point and I'd like to tell you frame this pinching and scrolling, zooming in, zooming out, scrolling up, scrolling down and after a little bit, and it's interesting that, you know, we can measure a lot of that frustrate sation. We can measure a lot of that friction with heat maps and scroll maps and and and digital behavior. I know simplicity mobile streams lines the account opening process by delivering compliance documentation. And I want to dive deeper into this point about compliance documentation that is configured, that is optimized around a mobile device. How, historically, and maybe even today, how are most financial brands delivering this compliance documentation through a digital, through a mobile like manner? What is causing all of the pinching and the scrolling and the zooming and all of the pain points and the friction of the frustration here? Well, just sometimes just comes down to that not all the devices will have PDF readers. So that is where the scrunch, scrunch and the zooming in comes into play, but also just the way that platforms are online. They can experiences are you have to go into different links or uh, you know, it's not all consolidated into a user friendly, easy readable format. And that's what really simplicity mobile is. Please require documentation the customer needs to have by law and just puts it all together in a nice readable format and also, uh, it is an acceptable button or, you know, I guess taking it back to something that we're familiar with when you buy an airline's ticket or you get an IOS update. You get those Nice formatted terms and conditions where it's everything is readable and then you usually just accept the button in order to proceed with the purchase or proceed with the update. Well, that is exactly the functionality format that simplicity mobile takes on. It's that easily readable, consolidated format and then you accept and then you can proceed with your application. So that's really the if we're going back to the friction point, it streamlines it because everything that you need is right there in front of you and then you accept. So it's the instant gratification where you used to I can think of, you...

...know, the thousands of digital secret shopping studies that we have run and conducted over the years. And when you get to compliance documentation, there's one particular instance that comes to mind and I remember watching the film. I remember watching the video um of these users that were literally opening up PDFs and a third in almost a third window and then having to close that and go back and one of the questions that we asked during the study was, if this were not um a study, would you have continued to move forward in this experience, and eighty five said absolutely not. And it was actually interesting because a vast majority of them, even in the study, got to the point where like, okay, I'm done, like I just I can't, I can't do this anymore. And I'm curious because y'all have seen really some rapid, exponential growth here since lodging. Simplicity, mobile literally growth would have been some of the early winds of financial brands who have adopted this type of of thinking and this this platform, integrating it into their mobile and digital experiences would have been some of the early wins because, and I want to touch on this because I know a lot of times when you are a quote unquote, first mover, Um, you've got to build the courage and confidence of others within the organization to to go down this path. What have been some of the winds that they've experienced here? Just going back to the streamline that it makes the digital account opening process just very fast and easy. Um, granted, it might be based on the platform, their digital platform that that they have for the application process. A lot of them, um, that we have seen, are done in real time, so that is always a factor in this, but it really streamlines the process and we actually had one client that did a live demo in front of us. Were done through the application process. Again, they had one of those digital platforms that did everything in real time, but just the the ability to consolidate the documents just have an accept button really streamlines the process. But also Um. A lot of the financial institutions that we received feedback there was an inconsistency or their online platform or online solution was not coherent with their their in branch traditional banking solution, and that's what we were also trying to solve, forth making it fit under a consistent banking umbrella, so it's not almost like it's two different solutions and you're not getting the same experience as a customer if you were to go in branch versus online. So we really were able to leverage the what customers or clients are using Um for their in branch for their online solution, and making it very highly configurable for them to do so. Digital growth is a journey from good to great, but sometimes this journey can feel confusing, frustrating and overwhelming. The good news is you don't have to take this journey alone, because now you can join a community of growth minded marketing and sales leaders from financial brands and fin techs who are all learning, collaborating and growing together. VISIT DIGITAL GROWTH DOT com slash insider to learn more about how you can join the digital growth insider community to maximize your future digital growth potential. Now back to the show. So it sounds like there's an opportunity here to create value across different areas of the organization. There's value from a marketing which I would look at as more of the experienced piece of this. There's value from the cells side where you're, you know, acquiring new accounts, deposits and loans, and then there's also value from the compliance piece of this because of course we have to ensure that we are in compliance with the regulatory docs, Uh and and the quote unquote legally e's side of things. What are some of the roadblocks...

...that you hear or have heard that prevents financial brands from moving forward to reduce friction? What keeps them stuck in the status quo or trapped in what I call the Cave of complacency? What prevents them from moving forward here? Yeah, sometimes it just is that financial institutions have a lot of initiatives that they want to undertake for, you know, their roadmap items. So we've seen that a lot, where they get started on something and then something else becomes a higher priority. complient systems has really been able to have a unique close relationships with our partners in this digital banking platform or even within their own banking industry. They might not always be aligned with their with the same objectives to bring their customers to the next level. So I would really say it's partnerships, but also, Um, just not not being aligned and communicate well with your partners. Let's let's talk about that, that idea of alignment. And I know there's the third party piece of this, with other platforms, other systems integrating within them, but I also want to come back internally, because it's almost like it's there's some ancient stoic wisdom that we can apply or we can only control what we can control, and that's primarily the internal piece of the puzzle, the internal conversations that we have, the prioritization. What would you recommend to help teams that might not be aligned get aligned, because this is a truly a million dollar problem that has, for lack of a better word of a very simple solution, uh, to solve that problem and literally create millions and millions and millions of dollars within the months and years to come. How can teams get aligned when they're not aligned? Yeah, you're right. I mean this is a simple solution that I think we make a little more complicated than it needs to be. But really just asking, asking the questions from your partners, asking the questions from the customers. The feedback that we've received from both customers and institutions that have made us the innovative company that we are has really been in our benefits. So asking those questions, uh, has really gone a long way. And again, just going back to the alignment to make sure you're all on the same page. I like that idea of asking questions, whether it be questions from internal team members, questions from third party solutions or, probably most importantly, questions from the marketplace, questions from account holders and and and maybe even more importantly than that, questions from prospective account holders that have the potential to open an account, apply for a loan, if you digitally mobilely because they have no brand affinity, and that's what we find when we conduct our secret shopping UH studies. They it's the it's those who are unaware of what a financial brand offers or even who a financial brand is, that tend to speak the truth the most. And, as I've shared many, many times before, all transformation begins by telling the truth where you've been, where you're at and where you could go next. But I think when you ask questions or when you ask a question, there's a great acronym that we can keep in the back of our minds here for the dear listener. There's nothing wrong with asking a question. It doesn't mean that you don't know something. When you ask a question, it means what it means. You're always seeking knowledge, and when we're always seeking knowledge, that's is what's going to continue to empower us to grow from good to great, to be even better. As you look ahead towards the future, Jordan's when it comes to optimizing impres proving enhancing mobile experiences, digital experiences,...

...what are you feeling most hopeful and excited about, based upon all the work that you are doing at compliance systems? I mean, we definitely live by the saying it compliance systems that if you haven't thought or implemented now what is going to be relevant in two years, three years, five years, you're you're already behind, you're already not ahead of the game. So we're really just going to capitalize on the innovations and ask, back to my own knowledge or my own statement of asking the questions and solutioning for things, that there are gaps in the industry. So we definitely have the initiatives and projects and the works that are going to close those gaps, for both technology wise but also compliance wise. It's a great point you make about you know, if if you're not number one thinking about it yet alone, applying against all of the exponential changes that have happened, are happening and will continue to happen at either greater at even greater speed, you're you're definitely lagging and falling behind, and that's not that's risk. And if you think about like financial brands being risk adverse, this lack of adoption and forward momentum, this lack of movement, is inherently risky behavior and financial brands, we wanna do everything to minimize risk. I'm curious for you, and this is more of just a personal perspective here, when it comes to just say dealing with all of the exponential changes that have happened, particularly over the past couple of years, are happening and will continue to happen. How are you managing all of that change in your mind? Because change can feel scary, can feel painful, it can feel confusing, but how are you managing all of the change in yourself, in your own mind? Yeah, that's a great question. So I am an attorney by trade, so we all we we think a little differently than maybe the normal person. So I guess just change. I'm able to think about it methodically and compartmentalize it, uh, and just, I call it, put it into different buckets. So you know, you you wear different hats, you wear different or you have different buckets and are able to categorize those things. You'll be able to keep everything in place but also really be able to expand upon those. Let me ask, because because you're bringing a very unique perspective, as as you know, from that Lens of of being an attorney, and you talk about compartmentalizing here, if there are you know I would call three buckets of change that we need to be aware of. Changes in technology that drive changes in consumer behavior, and I would say it's the changes in consumer behavior that are driving changes in and competitive threats technology, consumer behavior and competition. Which, out of those three buckets, technology, consumer behavior competition, would you say poses the greatest inherent risk for financial brands? When it comes to, quote unquote, digital experiences, I definitely think there's been a shift more towards asking what the consumer wants. So I guess that becomes the biggest pitfall sometimes that I've seen. Technology is in place, whether you want to seek it out or not, it's definitely there. You bring up competition, which is a great point, because that's really what we've seen as far as the regulators, uh, and just banking industry and itself. They want to promote that uh, that competition for the users, but really the consumer nous of this is where I would say that where we might be striving for a little bit more. You've you've mentioned this a couple of times in our conversation about asking questions, that I've always said one of the greatest competitive advantage for financial brands is to get really good at asking really good...

...questions. Um, if there's questions that financial brands need to be thinking about as they look ahead to maximize their own future digital growth potential, to maximize their their own digital and mobile experiences, to reduce friction. What might be one or two questions that they need to be thinking about? They need to consider asking of either a themselves or be just going out into the market and asking, you know, their account holders or even people in the communities that they're serving. What might be two questions, one or two questions that you could think of that would be really important to ask? That put people at the center of all of their thinking and all of their doing. Yeah, I think it's first and foremost kind of comes down to just what is your architecture internally first? Do you have these processes in place to really go from a traditional banking sense to a digital platform? Just ask internally first, is everything it up to really be able to exponentialize on this trend Um? And then you can, you know, receive that feedback loop that I'm very fond of. I like the idea of the way that you frame that. You know, do we have what we need today, presently, in the present moment, to exponentialize? It's a great word, to exponentialize our growth and uh, you know, Dr Benjamin Hardy Um who's an organizational psychologist. He's writing another book right now with Dan Sullivan, who's heads up strategic coach, and it's a it's an it's an entrepreneurial program but one of the perspectives that he's writing about in the book is why ten X is easier than going to x, because if we're going to ten x something, to exponentialize, to use your perspective here, it requires new ways of thinking, it requires new ways of doing and and to to to achieve new ways of thinking, to achieve new ways of doing, we have to roll that back. What do we need? We need to see the world differently than how we saw that before, and one of the best ways to see the world differently than how we saw it before is to come back to your recommendation of asking questions, because it's by asking questions that we can help you get outside of the bottle. That we can't see the label on the outside of the bottle, but the questions allow us in powers to get outside of the bottle, walk around the bottle, see the label on the bottle and just see things a little bit different than than how we saw them before, because when you see things differently than how you saw them before. That then helps to transform our thinking, which transforms our beliefs, our behaviors, our actions, our habits and our habits or what then lead to our predictable future. So I like I like the way that you've framed all of this up from an exponential perspective because, as Peter Amandus has written in his book, the future really is faster than you think. So let's slow things down, because the future really is, it can feel faster than a lot of us think. But I want to get real practical. Jordan. What is is one small next best step that you would recommend to the dear listener to continue to optimize their digital and mobile experiences? That would empower them to continue to maximize their future digital growth potential. What would that one small next best step be? Be Innovative. The landscape out there is you brought up the best point. Like it is a shift of your mindset about thinking in the digital aspect, and that compliance as as we've unfortunate enough to be innovative and solve for things that need to be solved for. I think that maybe it's actually my my concept here is do not solution for things that do not need to be solution for, but really make sure you're finding that niche, finding that gap and solving for it.

Be Innovative and, I think, practically applied innovation. Comes back to the theme of our conversation today. Get really good at asking really good questions, because when you ask a question, what are you doing? You're always seeking knowledge and when you put people at the center of your questions, their problems, their concerns, their hopes, their dreams, you're always seeking knowledge to improve their well being, which is the whole point of why, I think, why so many of us do what we do in this financial services space. This has been a great conversation. Jordan's. What is the best way for someone to reach out and say hello, to continue the conversation that we started here today? Yeah, definitely reach out to me on Linkedin. I'd love to hear from your viewers. Good stuff Jordan's. Connect with Jordan's, learn from Jordan's, grow with Jordan Jordan's. Until next time and, as always, be well, do good and make your bed. Thank you for listening to another episode of banking on Digital Growth with James Robert Lay to get even more practical and proven insights along with coaching and guidance. VISIT DIGITAL GROWTH DOT com slash insider to join a community of growth minded marketing and sales leaders from financial brands and fin techs. Until next time, be well and do good.

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