Banking on Digital Growth
Banking on Digital Growth

Episode · 9 months ago

184) #InsideDigitalGrowth - Opening Up the Digital Mailbox: Catching Up With Our Listeners


You’ve got questions - we’ve got answers.

In this episode, James Robert digs into the Digital Growth mailbag for questions that will help us all guide more people out of financial stress and into a bright future.

We are all on the journey of digital growth together, because digital growth is ultimately about people.

Join us as we discuss:

-The importance of people-centered transformation

-Building a strong foundation for your company’s digital growth

- How financial coaching may be the future of digital banking

Check out these resources we mentioned during the podcast:

-Text questions for James Robert to 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.

Get ready to go inside digital growth today, because I'll be going into the digital meltbox to answer questions that have come in from listeners around the world over the past few weeks, and these are really good questions that I know will guide you forward on your own digital growth journey. Let's go. You're listening to banking on digital growth with James Robert Laigh, 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 inside digital growth series, where James Robert shares answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode? visit www dot go ask jrcom to submit your question today. Now let's go inside digital growth. Greetings and Hello, I am James Robert Laigh and welcome to another episode of banking on digital growth, where I will lead you. I will guide you along your own digital growth journey so that you can guide others on their financial journey, to lead them beyond financial stress towards a bigger, better and brighter future. Today's episode is part of the inside digital growth series and I'll be answering questions from three listeners that have come in, and we're going to start here with Sherry. Sherry rites, you talk a lot about financial stress and I know why people feel the way they do about money, but what can my bank do to help these people? First off, share that's a great question and thanks to the production team for leading off with this one, because it's always good when we can think about people, when we can put people at the center of our thinking and doing. This is where the real transformation happens,...

...the transformation that so many financial brands are looking for, and it's important to note that digital transformation, Sherry it it's not about technology, and I think that's why so many struggle with digital transformation, because we get lost in the technology. Digital transformation is about people. It's about putting people at the center of your thinking, as about putting people at the center of you're doing, and in banking and financial services we do know that money is stressful and the number of people that feel stressed about money continues to grow year after year after year. This is the silent epidemic that I write and speak about, the silent epidemic that is taking a toll on people's health, their relationships, their overall sense of wellbeing. And we know, we know that money can feel stressful, it can feel confusing, it can feel frustrating and overwhelming, and we also know that money is a very taboo subject. No one wants to talk about it publicly. It's easier, you know, for us to have conversations about sex than it is about dollars. And since to me, this is one of the biggest opportunities for financial brands, for banks, for creditingness, for fintext to think about in and really solve a problem here that that can transform people's lives, it can transform people's families, it can transform their businesses, the communities that they're serving as financial brands, and then they can do this by reducing and eliminating this epidemic of financial stress. Yes,... know, when we think about digital transformation, the technology, the AI, the automation, all of that is extremely important, but those are nothing more than tools that we can use to solve this great problem, one that impacts almost three out of four people that we know and and it would be people inside our own financial brands that are struggling with financial stress, and if we can address those people first, we could build stronger culture, we can build stronger organizations and ultimately build stronger communities. So it is time. It is time for financial brands, for banks, credit UNs fintext to commit to put the transformation of people over the commoditized transactions of dollars and since and all of that must begin internally. If we can take care of our people first internally, to make sure that they feel good, they feel confident about their situation, then that will just naturally transcend externally so that our team can take care of others. Are Account Holders, are prospective account holders, and so I'm excited. I'm excited for what the future holds when it comes to this type of thinking, and what I want to do now is I want to I want to come to Jack's question here because I think it really is a nice dovetell into your question, Sherry. Jack writes we've been dabbling in digital for a while and my CEO is ready to get serious. WHERE SHOULD WE START? What should we focus on? Well, Jack, like like I've...

...just mentioned two Sherry's question it comes by building a strong foundation. I see when financial brands enter in to the banking on digital growth program so many just want to jump to the fun stuff, the technology, the AI, the automation, the content. But none of this matters Jack If, if you don't have a strong foundation for digital growth. And after conducting hundreds of diagnostic studies, what we uncover is now, at this point, it's not not a lot of new insights, it's more of the same repeated patterns. It's that financial brands, for the most part, they lack a strong foundation. On the flip side, we are finding fintex entering the scene with a much stronger foundation that they can build on, but it doesn't mean that all hope is lost for incumbent banks, incumbent credit unions. The difference here because if you think Fintech, Fintech has the advantage because of technology, that's not the case. The difference is not rooted in technology but more deeply in the way that financial brands infintech think about their purpose. That's why purpose is at the center of the banking on digital growth blueprint. It's at the heart everything orbits around the purpose of an organization. Once we have a strong purpose, a purpose that goes beyond the traditional mission or vision of a financial brand. It's a purpose that, once again back to the point of Sherry that I was...

...speaking to her about. Purpose puts people at the center of our thinking and doing. Purpose can in fact help inform who the ideal consumer persona is. That will ultimately connect with the purpose of the organization. Purpose can help inform, alongside with personas, now, product development product positioning. Purpose can also help, in conjunction with product positioning product development, the pathways that we guide people along to move beyond their questions and concerns towards their hopes and dreams, a bigger, better, brighter future, if you will. All of these are elements purpose, personas, product positioning, pathways, all of these are elements of a strong foundation that you can build upon going forward. And if that strong foundation is lacking, the best technology in the world will not help. The best technology in the world will not create value. So it all comes back to a strong foundation rooted and built around purpose. 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 Finn Tex who are all learning, collaborating and growing together. Visit 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. Let's move over here to Alison's question. Alison rights,...

...there are many different sides to digital there's digital solutions for the customer and there are digital solutions for attracting new accounts. Let's start here with digital banking in general. Where we headed, where we going next. So I think, Alison, your question is around digital banking, which is I would actually kind of Tuck that up underneath the solutions or the services side. And when we think about this there are three core activities. There is marketing, there is cells and there is service, and all three of those elements compliment one another for ultimately achieving future growth. And so I want to come back to the digital banking here. Digital banking is the activity of banking and the activity of banking is on the transactional side of the house. Historically it's the online banking it's the mobile banking, it's the loan and the deposit applications and it's this transactional side of the house, this transactional side of the banking that is most easily commoditized when it comes to technology and tools. I don't feel all hope is lost here because of the opportunity to use these tools. I want to connect this back to the point I was mentioning with Jack. We need to have a strong foundation first, but the opportunity comes from the data that we can glean from these tools, the insights that we can glean from these tools, to make an even deeper human connection in a digital world, and that human connection connecting this all the way back to the point that I was mentioning...

...with Sherry. That connection comes from when we put people at the center of our thinking and at the center of our doing, and what I'm viewing as the ultimate human connection play is, through financial coaching, to use the data, the analytics, the insights to establish and ultimately maximize financial coaching as a core offering within an organization. This is not about financial education, this is not about financial literacy, as something I know the industry has been focused on now for a very long time. Financial coaching is the next level up and back to the points that I was making with Sherry financial stress. We know that money is stressful and and all of this bulls down to people's habits when it comes to how they think and how they act financially, and a lot of those habits are rooted in their belief systems and structures that go back to their family of origin, their early childhood days, their environment and even now. How they think and feel about money impacts the future opportunities that they have and utilizing technology, utilizing data, we probably know more about a person's financial habits than they know about themselves in many cases. And if we do believe as an organized station, if we operating from a lens of purpose to guide people, we know that we can help them identify growth opportunities. And this is where coaching, this is where accountability comes into play, because I predict coaching, financial coaching, has the potential to be a future revenue stream that financial brands can add to their overall product portfolio to generate noninterest income as part...

...of the subscription economy, because if people are wanting to move from a present state to a future state, it is often very hard for them to do it alone because those habits, those behaviors are so ingrained into their daily belief systems, into their daily actions, even deeper into the subconscious mind. And so through financial coaching we can help to create some awareness there, but we can also help to provide some accountability, and I'll probably do some more thinking about this on a future podcast episode, but this is what I'm looking at when it comes to digital banking and online making, mobile banking, etc. Is Building Financial Coaching into that experience. Yes, it can be done through an APP and we can provide some nudges, we can provide notifications, but I truly do believe it is the Human Element of financial coaching where the real transformation will happen, because from a human behavior perspective, people are more likely to be held accountable by another human being than they are to be held accountable by a piece of technology. So these are really great questions here and as we wrap up another episode of banking on Digital Growth, I want to thank Sherry, to think Jack and Alison for your questions, but I also want to hear from you that you're listener, because you might have a question that you'd like for me to answer and if you do, now is the time to text me the question that you've been thinking about that you'd like to get answers to on a future podcast episode. So text your question. Two four hundred and five, five seven nine three zero zero four. That's four one hundred and five, five seven nine three zero zero four. And always remember, always remember, there are no bad questions, except for one, which is the question that goes unasked. Until next time and, as always,... 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 Finn Text. Until next time, be well and do good.

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