Banking on Digital Growth
Banking on Digital Growth

Episode · 8 months ago

195) #ClarityCalls - Chasing the Ultimate Customer Experience


Great institutions are constantly chasing the ultimate customer service experience.

Once they’ve reached a threshold of excellence, how do they retain it?

That’s one of the great questions that Todd Treadway, Digital Channels Director and Senior Vice President at Provident Bank, had for me in this episode.

Todd and I had a wonderful conversation when we met at the Total Expert event Accelerate in Arizona last fall.

We took this opportunity to continue the dialogue and catch up on his experience with his firm’s digital growth journey.

Join us as we also discuss:

  • The evolution of personalization in customer service [8:00]
  • Defining the customer service experience [11:15]
  • The importance of building trust in approaching referrals [19:30]  

Check out these resources we mentioned during the podcast:

  • Email Todd at
  • Todd Treadway
  • Text questions to James Robert Lay at 415-579-3004  

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.

People going to refer with they're satisfied with. So I think it starts with doing the right thing and making sure that experiences is honed in as possible. 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 clarity call series, where James Robert sits down for a conversation with someone in the digital growth community to provide clarity into the biggest digital marketing, sales and leadership questions others have. If you'd like to join James Robert for a future conversation, text your question right now to eight thirty two, five hundred forty nine five, seven nine two, and remember the only bad question is the question that goes unasked. Let's get into today's clarity calls conversation. Greetings in Hello, I am James Robert Lagh and welcome to the one hundred and ninety five episode of the banking on digital growth podcast, and today's episode is part of the clarity call series and I'm excited to welcome todd treadway to the show. Todd is the SVP and digital channels director at provided bank and I'm looking forward to talk you through some big questions that he has framed around how they can maximize their future digital growth potential at provident bank, while also, at the same time, educating and empowering you to continue to move forward with courage and confidence on your own digital growth of journey, it's your financial brand or Fintech. Welcome to the show, Todd. It is so good to share some time you through today. Buddy. Thanks, James Robert. Happy to be here today. You know, before we dive into some questions, that you have questions that I'm looking forward to giving you and the dear listener some some clarity around to guide you forward on your own digital growth journey. First off, to start off on a positive note. What is going well for you right now? Personally? Professionally, it is always your pick to get started here. Wow. So, personally, I'll take that road of this one really happy. Number One, spring is here, but also that means graduation season this here, and I just happy that I am the father of an upcoming graduate from Indiana. Universities, law school and mckinney law school and really looking forward to next month being able to celebrate with our friends and family my my oldest son's graduation. Well, congratulations to you, congratulations to your son. It is a momentous moment to definitely take some time to pause and celebrate the progress that that he is made and then also, you know, you as a father helping him get to this point, as well as a father of four kids. Now miner at a different stage in life. My oldest is twelve and I have a ten and eight and almost six year or a...

...six year old. Everyone's about to age up. So we we got a little bit of time before we get to that stage, but are definitely enjoying the moments as they come right now now. You and I met back in Septimber at at a total expert event accelerate out in Arizona, and we had a great conversation following my session and and I'm glad that you came back on to continue this discussion and I want to get into some of the questions that you would like to gain some clarity around and and for some context with the dear listener. I always like this. It's I've not seen these questions. This is not stage, this is not rehearsed, this is nothing more than a conversation that we can all learn and grow from together, which is why I enjoy the clarity calls series so much, because I too am learning through this experience. So thank you for that and and as I as I mentioned before with you before we hit record, the only bad question is the question that goes unasked. So let's get into this. What's a question that might be on your mind right now when it comes to the work that you're doing at Provident Bank? A question that you might have around maximizing your future digital growth potential? What's on your mind? Sure, so you know, we've did a journey and we've recently converted, in the last eighteen months, the our digital banking platform. So one of the questions I guess come my mind is real proud of that conversion, in the success story we had of turning around our mobile APP in particular and having an APP store writing go from one point eight two round for seven or four a wow. The question is, now we've got the APP store writing. How do we keep what right be focused on? Is a company to make sure we don't rest on our laurels and are able to take up for a even higher yeah, that's it. I like the thinking. It's like you're measuring the progress on your journey. We went from a one something to a six, four seven. Now you're wanting to do even better going forward. And the question is, it's like, what do we do to not just, you know, acquire these accounts, get them at to adopt mobile banking, but then further the penetration, grow the share of wallet, retain them over the life of an extended period of time? My initial thought when it comes to mobile banking, a great opportunity is the targeting capabilities around ads, but not as just for product, because that is typically the default. We think add we think promotion, we think direct marketing, but there are now opportunities to utilize data from other sources, for example marketing automation that tracks the behavior of an individual on your public...

...facing website, and so we're capturing that via an email address cookie. And this is where first party data, I feel, has the potential to create even more value going forward in a and a third party cookie list world. And so now we can take okay, well, let's say that they were on your public facing website. There are current account holder and they were looking for a mortgage, and we know that because that information is getting stored in the cookie associated with an email id or a mobile ID. Now we can field that data into our mobile banking platform and that serve up an ad apply for the mortgage. Because we don't know where they're at. They could be early stage awareness, and so we can think through an ad strategy that is a little bit more help first, sell second, and so maybe the first ad that we show them is click here to download the the home buying guide, the guide to buy the home you love, and that then takes them to where they can get this really meaty piece of material and content, and then we know that they've clicked on that. So the next time that they come in, maybe it's calculate your mortgage payment, and then the next time that they come in, maybe it's speak with a mortgage professional, and so we're transforming the communication based upon their own unique buying journey and that that says, you know what, they're not just about pushing or promoting a product. To me, they're really here to help educate and form and increase my level of courage and, more importantly, confidence to get me to the future that I want to create. I think we're thinking along the same, same lines there and I would say, I guess I would ask not say personalization can be key with that right of driving the level of that engagement. The more personal it is to that individual's needs, what they're looking at, I'm guessing, the more effective that that engagement will be. Well, absolutely, because you know, we're moving and we have moved from a world of mass, one to many messaging to now it is a world and the ultimate goal is really one to one communication that as unique to an individual. Now the challenges that this creates is scalability, right, and so the way that I try to like like bring this back in so it doesn't feel so overwhelming is, let's say we have maybe three product lines that we're looking to personalize communication around, because that's what this is. This is about communication. It's about placing...

...deposits into an account holder's mind to Increse and at this stage, because they're already an account holder, these are deposits that increase their level of commitment, will call it, their level of love even, and I'm going to come back to another opportunity here as well, from an acquisition or and really a future growth standpoint. But the more that we can provide messaging and communication that's unique to them, the higher propensity for engagement, number one, number two, the higher propensity for conversion and, number three, the higher propensity for retention. And so instead of thinking like Oh, that's a you know, an exponential number of communication pieces, adds, content, landing pages, etc. Well, what if we started with one product and we piloted this and we only want to focus on really building capability around a journey for just one product line, and we do this for ninety days MVP minimum biable product and we test this experience and out of that we can then come back and say, well, what did we learn? How can we apply this, these learnings into a second product? And if we do this over the course of a year through a ninety day growth method, then at the end of the year, guess what? We now have four digital journeys that are unique to the mobile banking it experience, that are tied back to an individual's personal journey based upon the behavior that they're taking on the public facing website. So it's not so overwhelming. We're now breaking this down bit by bit, bite by Bite, not trying to bowl the ocean all at one time. What's your take on that? What's what do you feel? You know, hearing me download some of the thinking to you? Like you said, you're on that path already. Yeah, where might you see some opportunities, lowhanging fruit to either create or capture, or maybe even a roadblock that could stand in your way? I think for us, whenever we look at it, I see different needs for different personas or demographics. Right, great point. Yes, and I think for each of those, while they can be unique, I think they share one characteristic of any time we approach. I think it's just kind of the basic business function. If you're going to do something, let's do it well. But in the digital space I like to operate under the umbrella of the persistent pursuit of the ultimate customer experience. Yes, we you're never going to get there, but you've got to have this dogged determination and the fire in your belly, so to speak, that you attack that ultimate customer experience day in and day out. And what maybe a very smooth journey for a persona this year, this quarter, if you're not currently engaging that in looking at that effective, it could kind of get away from you.

So I think it is starting in with with some lowhanging fruit. Maybe it's as simple as the clients that are attracting to you and potential customers of a checking account or simul savings account. Maybe it's a persona that's coming to an area looking for some literacy. That's yes, it isn't specifically financial. Maybe it maybe it's a senior base persona that are needing help because they are just getting fished or getting text messages about Zel or Venmo and they don't even use the service and they're confused. But I need to create that journey on a digital process that, number one, makes them comfortable number two, answers their questions that we can to in order to get them comfortable in a channel that they traditionally may not be comfortable interacting. 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 tax who are all learning, collaborating and growing together. This a digital growthcom 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. I love where you're thinking is on two fronts. Number one, the persistent pursuit for continuously optimizing an experience. David Brier had just joined me for another conversation on the podcast and one of the things that they talked about over elevenfs is they believe that financial services is only one percent finished, meaning that they're still the ninety nine percent to continuously create, to make even better than it was before. And it's this idea of continuously optimizing and experience, and I think we'd step back. Number One, what is it experience? The way that we define experiences are well defined systems and processes that have a been strategically thought out, be the applied and implemented executed against but that the secret is the sea which is continuously optimized over time, resulting in either a positive or a negative emotion. And this is one of the reasons that we do so much digital secret shopping and and a lot of times on the same exact product year over year, because you're finding these little, little, small things that have huge impacts to that, you know, on the bottom line. The second piece that I like you're thinking around is the idea of advocacy or education, tying it back to personas their particular pain points, their questions,...

...their concerns, what's keeping them up at night, and I think are really practical exercise that you and the dear listener might be able to take is something that I called drop and give me twenty, and no, it's not push ups, it's drop and give me twenty. What are the twenty most common questions that you get around a particular product line? And once again, this is an exponential exercise. So maybe you take five product lines, twenty questions. That's a hundred right there. Now you have guidance and this is a collaborative opportunity within other business lines within the organization, because a lot of times I'm like, well, people ask me I'm not digital facing, how do I play into this whole digital narrative? And I'm like, you have knowledge, right, you have expertise, right, we can transfer that knowledge and expertise through the medium of digital to answer questions and concerns to provide guidance, and so this is where the drop and give me twenty exercise comes into play and we can work collaboratively to produce that content and then use digital as the tool to distribute that content. Love it. The the other thing too, and I'm want to come back to your point on the progress that you've made around mobile banking and the APP and and quantifying that through ratings in the APP store. My mind is going into the banker's strategy circle that I wrote about in banking on digital growth, where banker is an acronym be build an audience, a attract leads with personalized offers, and we kind of just talked about that. In nurture those leads with automation and content, see convert them into loans in deposits, E. expand their relationship by delighting accounts of the onboarding process. But it's the are right here that I want to dive a little bit deeper into, because you've already touched on the ratings and the reviews. The third are. It's not reading, writing and rithmetic. The third are ratings, reviews, referrals. I see referrals as a tremendous growth opportunity for financial brands to tap into, particularly through the mobile APP experience. Now, coming back to the the digital secret shopping that we've done, we have actually seen this a lot in the fintech space. They ask for digital referrals as part of the mobile banking experience, typically as part of the primary navigation in the mobile banking experience. One of the very first, early examples that we saw goes back almost ten years now to when we started benchmarking these studies. Two Thousand and twelve. It was simple, now defunct acquired by BBVA, spun them off and it was kind of like man, they were like they're... the original one. But I think what BBVA did is they took that methodology and then they just rolled it up into their other business and product lines. So it's not that it's the brand and no longer exist. The thinking is still very, very much alive. But what simple did and really led to the acquisition of over a hundredzero accounts in a relatively short period of time without a lot of traditional media or marketing, even traditional from the sense of digital. It was all referral driven and it makes a ton of sense. People Trust people and if we can ask people to rate us, to review us. We can also ask them to refer us to their friends and family, because they'll trust that referral. Now that's a whole strategic conversation in and of itself from a from an execution standpoint, but practically speaking, it's low hanging fruit that I often see not being taken advantage of in the space outside of typically Fintech, but also to if we think about you know, we talked a lot about retel banking. Well, this is digital retail banking, because if you think from a retail standpoint, digital retail that is, we're always being asked to refer for some type of a discount or a cupid and I know my wife, for example, she takes advantage of that all the time with our four kids. She has no problem referring someone to a brand to get it, you know, twenty five dollars off, you know, buying, buying kids clothes. I think the same can be true when it comes to what we're doing here in financial services, more specifically through the mobile apple. What's your take on that? Now, I love it. So once we build that trust right, as you said, the trust and relationship, people are going to refer what they're satisfied with. So I think it starts with doing the right thing and making sure that experiences is honed in as possible, but but not being afraid to ask. I think, is a first thing. And then secondly, in scenting that referral or making it worth the referral on both sides of the fence, right. You see that in other mobile platforms or yeah, gaming is it is it's taken off, but both the person that's given the referral and and the person coming in making sure that the offer is beneficial on both sides. But number two, I think creating that mechanism so that it multiplies down the line in a pay it forward type of absolutely right, because when you're satisfied, you want others to be satisfied. Yes, and especially as something is near and gears as your bank or your personal finances right, it's it's hard, there's bank on every corner. When you find one that does it right, let's not be afraid to shout that out and be loud and proud with it, and I think we'll see the tangible growth down the line in the digital space. As you mentioned. Some of that, James, Robert Lay is exactly was taken in the...

...traditional consumer retail brand space for years now. It's just putting the digital spin on that and some of our fintech partners have came up with some creative ways that we can do that and we can probably learn a thing or two from them. Absolutely, and and and. Once again, if you think about this idea of trust, you know it's reaching a level of trust. Coming back to the banker strategy circle, expanding their relationship by the lighting accounts to the onboarding period. Now we can ask for the rating, now, we can ask for the review, now, we can ask for the referral. But what we're doing is we're bypassing the bee of building an audience. Were bypassing the A of attracting accounts with personalized offers. Were now moving people directly into the nurture, you know, part of this this methodology nurturing them with automation, nurturing them with content, and that is for the few financial brands that we do see who are implementing some type of a digital referral system within our own secret shopping studies, it's typically a one and done outreach to the person being referred. This is where, like any relationship, you know, it's going to take time. We need to place those the pods. It's a NOWLEDG's bring this full circle back to the original point around content. That's where we can probably repurpose some of the content that we're you know, we're collecting from the drop and give me twenty exercises as part of nurture work flows for those that have been referred to make those deposit. It's to build that trust and ultimately to convert them to a loan or to a to a deposit. Todd, this has been a fun conversation, really practical. It's been good to collaborate together with you man. Yeah, great conversation. Thank you for having me on and, you know, for for anybody out there, I would take advantage of the opportunity to text those questions in because you're going to get in the answer to him and it's going to be a good answer. So thanks, James Robert Lake, for having us on and let us spread the word about provident bank. Absolutely. Let me ask what's the best way for someone to continue the conversation that we started here today? How can they reach out, say hello, connect with you, todd? Yeah, the easiest way to reach out to me is probably through a email. Todd, Dot Tread Way, tread way at provident, dot bank. We are in dot bank domain. So, todd, dot treadway at provident, but dot bank. But also welcome them to come at me and Linkedin loved engage with them there and continue the conversation. Connect with todd, learn from todd, grow with Todd. Todd, this has been a great conversation. If you're listening and I have a question, like todd, back to your point that you'd like to get some questions, I'll do text me four hundred and five, five hundred, seventy nine, three, zero, zero or four, as todd men should. I do read every single question that I get personally and will follow up with you, either with a resource, a podcast the conversation that I've already had to help answer that question or, like the conversation today, will dive deep. Did you to the question to provide you...

...with some clarity as well. So, todd, thanks for joining me for another episode of banking on digital growth. This is been a lot of fun. Buddy, 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 Leigh. To get even more practical and proven insights, along with coaching and guidance, visit digital growthcom slash insider to join a community of growth minded marketing and sales leaders from financial brands and fintext until next time, be well and do good.

In-Stream Audio Search


Search across all episodes within this podcast

Episodes (258)