Banking on Digital Growth
Banking on Digital Growth

Episode · 11 months ago

69) #ExponentialInsights: Why Exponential Technologies Demand Exponential Teamwork feat. Dan Sullivan

ABOUT THIS EPISODE

These days, technology advances exponentially.

If we only grow linearly, we’ll never harness its true power.

Transformation isn’t about technology; it’s about people.

And one way to transform your people is through exponential teamwork.

It’s a concept Dan Sullivan, Founder and President at Strategic Coach and author of over 30 books, including Who Not How, discovered early on in his career — and it has fueled his success ever since.

In this episode, we discuss:

- The wisdom in procrastination

- Exponential teamwork

- Finding who to be a hero to

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

What's always lagged is the humanteamwork around exponential technology. And I said, You know what I'd like todo? I'd like to create a exponential teamwork concept you're listening to. Banking on DigitalGrowth with James Robert Lay, a podcast that empowers financial brand marketing,sales and leadership teams to maximize their digital growth potential bygenerating 10 times more loans and deposits. Today's episode is part ofthe exponential insight Siri's, where James Robert interviews the industry'stop marketing sales, and Fintech leaders sharing practical wisdom toeexponentially elevate you and your team. Let's get into the show Greetings andHello, I am James Robert Ley and welcome to the 69th episode of theBanking on Digital Growth podcast. Today's episode is part of theexponential insight, Siri's and I'm Excited to welcome Dan Sullivan to theshow. Dan Sullivan is the co founder and president of Strategic Coach. He isa visionary innovator and gifted conceptual thinker with over 40 yearsexperience as a highly regarded speaker, consultant, strategic planner and coachto entrepreneurial individuals and groups, then is the author of over 30publications and books, including his most recent one, who know how, whichI'm just excited to discuss with Dan today. Welcome to the show, Dan James.First of all, it's a real treat to be with you, and I appreciate youintroducing me to your audience. Well, I'm excited because I've learned atremendous amount from you over the past four years, being in strategiccoach and really excited to transfer some of the knowledge and thinking, Ithink probably one of most helpful concepts that you've recently writtenin this book who know how. But before we get there, I just want to hear fromyou as we look ahead to the future. What are you most energized and excitedabout right now? Whether that be personally professionally, Well, Ithink what got me into coaching in 1974 waas. My growing awareness that themicrochip was, uh, you know, equal to the printing press as a historicalshift. And, you know, I do read a lot of articles that said, You know, ifyou're really smart entrepreneur, the capabilities that you're going to gettechnologically are going to be really they're going to be really exponentialfor you. And I've always been a good coach, James. I mean, when I look atdifferent things I did in my life that they tended, regardless of what theactivity waas that I would become a good guide to other people. And I havea tremendous passion for kind of finding out what someone's unique atand then kind of getting them to simplify their life. So they just focuson one where they're really great and secondly, where the greatest enjoymentcomes from. So that's my background, and I've been at it that's going on 50years and, you know, in a in a few years I'll be 50 years into it. But oneof the things I noticed a lot on the line. I got very interested intechnology I've allowed to clients who are involved in, you know, advancedtechnology in different sectors and your sector of the banking industry. Imean, fintech is just amazing. Some of the, you know, the cross border, youknow, around the world type capabilities there being developed.What's always lagged is the human teamwork around exponential technology.And I said, you know, you know what I'd like to do? I'd like to create aexponential teamwork concept, okay? And,...

...you know, and This was just somethingthat played in the back of my mind, you know, for a couple of decades. And then,um, it was actually Dean Jackson, who's a wonderful marvelous is Internetmarketing guru, you know, and we have a podcast together, and I had introducedto him a notion that procrastination, which is seen as a very bad thing. It's,ah, source of guilt for a lot of people. It's a shameful secret, uh,procrastinate. I'd come to and understanding and myself that it wasactually wisdom on my part. That makes me procrastinate. And that is I'm a biggoal center. You know, I see things in the future, and I set goals. But Inoticed that when I set the goal when it came to time to take action, Iwouldn't take the action. And a lot of people consider this a failing of fault,something to be guilty with. And I said, What if it's wisdom? What if theprocrastination is telling me that it's a great goal, but I'm not the one to doit? And that instead of asking myself, how am I going to get there? I shouldask who's going to help me get there or who's actually going to achieve it forme. And it was like, You know, it was like a lightning strike and all of asudden, first of all, all the work I've done in Strategic Coach going back tothe 19 seventies. All of a sudden it just slipped it into place. Everythingyou're doing is to get entrepreneurs to be the visionary, too, you know, layout the future for other people and then put together teams of people whoare whose, and they have much better skills than the entrepreneur to achieveit. And Peter Diamandis, who has a advanced scout in almost every area oftechnology on the planet. We have a podcast series called ExponentialWisdom, and I just dropped this idea on in the next podcast we said, and hesaid, Oh my God, He said that Oh, no, not how that's That's amazing. Well,there, Dean there, Dean Jackson's words and I said, Dean, as just which of uscan get to the intellectual property lawyer first here, well and and AndDean was great with it. I mean, that wasn't something that he was going todo anything with and he said, Well, run with it, you know? And so you know,immediately went into the Strategic Coach program. I immediately created asmall book just for Coach clients. And then I met Ben Hardy and Tucker Max,and I said, I I think this is a major market book But I'm not a person whocould write and package and market a major market book. And Ben and Tuckersaid, Well, we'll do that for you And they found Hay House, the publisher,and negotiated the contracts. And, uh, because of our fast start with this one,we now have a 10 year, 10 book contract, and I'm not going to do any of thewriting. Ben Ben's going to do it all. And so something you know I dreamedabout, you know, I'd have major market books, but I was just, you know, I mean,James, you know, there's things you can dream all you want, but you're nevergoing to be the person that does it. When I hear you unpack all of that,that wisdom and insight you mentioned Fintech, and when I think about thebanking space historically up to this point, it's been built around thephysical world of brick and mortar cells, and then also from a marketingfrom traditional broadcast marketing and cove. It has been a forcingfunction to move us into this digital space in financial services, but ah,lot of financial brand leaders, Whether it's so the leadership team, the marketteam, the sales team, they're asking the question. How are we going to dothis? And when you think about like...

...asking how, why is that a limitingquestion that could lead to some very dangerous places? Well, I think it'sbasically the because you're thinking doesn't go any further than yourprevious experience. James, you know you've done this, you've done this. Butthe reason why you're stopped from achieving the higher goal is thatyou've created a hair need for capability. Then your experience hasyou don't have them around you. They're not your experiences. And a lot ofpeople give up on goals simply because they get that procrastination feeling.And I said, Pay attention to your procrastination Is your wisdom sayingit's a great goal, but now start spreading out and creating networks ofwho's so the way that I see this moving forward as a vision of the future isthat you have this chicken and egg kind of relationship between exponentialtechnology. I mean zooms a really good ah, full dose over the last 10 monthsof what exponential technology can do. But then you have to have exponentialteamwork, and you you can't have people doing the house they're no good at. Ifyou're interacting with exponential technology, every person has to be intheir unique ability. That's one of, ah, fundamental concept in strategic Coach.I just want a network where everybody's just doing the thing that they're greatat their confident at and their unique ability interacts with other people. Soyou have networks of people who basically take advantage of what'sessentially network technology. It's interesting you mentioned this idea ofunique ability and focusing on the few things that you're the best at, becausewhen I think about what banks are doing with digital, they're adding mawrthings to the pot. Mawr checklist more to do items, but that's adding mawrcomplexity. So can you unpack this idea of unique ability and unique ability,teamwork because I think what it boils down to is getting really clear about afew things, right? Yeah. And it's a historical, you know, The problem thatwe're experiencing today is something that was historically very valuable. SoI was born in 1944 so two weeks before the Normandy invasion and everybody wastrained to be a great how in those days, you know, the economy was a factoryeconomy. It was either blue collar factory or was white collar, uh, youknow, head offices that were very, very large. And, you know, all theinstitutions of society tended to be paramedical. And I remember I grew upin northern Ohio, which is, uh, you know, it was big auto country. It wasthe big three. And then you had the big steel factories, you know, it wasreally you know, it was really very, very industrialized. And I rememberonce just reading that the from the CEO level of General Motors to the factoryfloor was 18 management levels. Okay, you know, and little later, when Ibecame a coach, I said, You know, these big pyramids, the's big corporatebureaucratic pyramids. They're just really crummy microchips, right? Thereis a really bad microchips because the CEO tries to send a message down, andit's the messages. They're always going down and they get distorted througheach level of management. So usually by the time they get down 10 levels, theymean just the opposite of what was intended. I said The reason why wecreated microchips is to get rid of these really crappy paramedical. Butyou know that that was personified in...

...the movie. Ford versus Fraud. Yeah,remember, See, it was sitting in the office and it took five people todeliver the letter to pass it around. Yeah, and and and Carroll Shelbysitting there and he's watching. He's like, I've seen this letter Touch fivehands. Let's talk about all of the inefficiencies there. So when we thinkabout this idea of inefficiency, you mentioned Fintech before andtraditionally speaking in the banking space, particularly from the lens ofincumbents, those that have built their world in the physical. I think we'velooked at fintech incorrectly as a competitors, and when you think aboutthe concept of who know how, you can't look at things from a competitor, youhave to start looking at things from a collaborative lens. Can you expand onthat thought. Yeah, well, I'll give you an example. So one of the chapters inWho, not how is on a 20 year coach client named Paul Heiss and Paul is amanufacturer out of Milwaukee who about 15 years ago started up factories inShanghai, near Shanghai, and he had three factories and what he does, hedoes component parts for really, really big product manufacturers likeCaterpillar, Peterbilt, you know, global manufacturers and things weregoing along. He did really well, he said. Actually, if you're an Americanand in China, the Chinese trust you more than they do other Chinese. So hehe did a great deal of business and, you know, he had good labor force. Andbut then the the Terror Four started about two years ago, and I took all hisprofits away, you know, I mean, you know, 25% tariff and your your profitshave gone. So he said, I I really have to shift quickly. And he said, You know,I gotta get to India because they have a lower. They have a lower cost laborforce and, you know, and it's an English speaking business culture. Andso a little bit, you know? Hey, couldn't be choosy, but that was oneand he said, but I don't know how to do it. And so we have, as you know, one ofthe go to thinking tools in strategic coaches. The impact filter on That'show the layout of projects so that the person that you're telling just totallygets why you want it, why it's so important, the fact that you're totallysold on it, and it gives you the measurements that this is what theproject looks like when it's finished. And he sent one to the hike tradecommissioner from India and Shanghai, and he said, I want to build a factoryin China and he sent it. He didn't even talk to him in person. He just send itto him by fax and our fax or, you know, send it as a PdF and the highcommissioner says, I know exactly who you need to talk. Thio put through aphone call to that person, and that first interchange between Paul Heissand the trade commissioner was duplicated six times in about a twoweek period, and three months later he had his factory and in the first sixmonths he was profitable with a brand new factory. And, you know, he's 60years old, is in the area of about 60 years old, and he said, I just mademyself 20 again, he said. For the rest of my life, he said, For the rest of mylife, I never do another. How technology has transformed our worldand digital has changed the way consumers shop for and buy 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 Thio...

...because James Robert wrote the bookthat guides you every step of the way along your digital growth journey.Visit www dot digital growth dot com to get a preview of his best selling book,Banking on Digital Growth, or order a copy right now for you and your teamfrom Amazon. Inside, you'll find a strategic marketing manifesto that waswritten to transform financial brands and it is packed full of practical andproven insights You can start using today to confidently generate 10 timesmore loans and deposits. Now, back to the show. Yeah, I want to come back tothat point because because because you you mentioned you were born in 1944.But then you also mentioned something here that I thought was fascinating.You talked about the tool, the impact filter. And really, when we think aboutwho and how in collaboration, right, for example, it might be with acompetitors because we actually put this in the book. People can actuallysee the impact builder and what it looks like in the book, becausecollaboration really yields to a world of abundance. And there's enough to goaround for everyone. But it comes down to this idea of the impact filtergetting real clear, gaining clarity, but then also communicating claritythat requires us to do something that requires us to stop, to pause, to thinkand escape the doing that so many of us are addicted to. Because I I look atthe world I call these afford digital growth operating environments. Youcould be learning. You could be thinking you could be doing or you canbe reviewing. But you can on Lee be in one place at one time. How can weescape? How can we create that space and time to stop doing and to reallyuse your words to create space and time to think about your thinking? Yeah,well, I think the first of all, I have a very narrow focus. And that is thatthe only people who are in strategic coach in the program are successful,talented, ambitious entrepreneurs. And, you know, we have very, very highincome requirements, personal income requirements before someone can come in.And so I'm just dealing with one kind of human being, and that's been truefor well, the program's been 31 years, and before that I did, you know, 15years of one on one coaching, but all the time I'm just looking at this onetype of human being, and I think there is a lesson in that, and that is don'ttry to be everything to everybody. Just pick your type of person that you'regoing to be a hero to, So my goal, you know, for the entrepreneurs that Icoach personally. And then we have 16 other coaches. I said, we're we wannabe heroes to these people. We wanna you know, we want them thio as a result ofcoach. We want them to bring in their complex the days and leave withsimplicity. Okay, we way we want them. Thio be proud of what they accomplishedduring the last 90 days so that their confidence from the last 90 days givesthem a greater sense of commitment and courage for the next 90 days and justrepeat that. So, James, during 2021 I have 32 entrepreneurs were back fortheir 30th year. I've seen them. I've seen them every quarter for 120quarters, and every quarter they take a job. It's like going through the locksof a canal. You know, every quarter the water raises up and they go into thenext lock. And you know that I would say with the vast majority of theseindividuals, if they hadn't been in coach, they'd be retired. I'm glad youbrought that up because this was the point that I had wanted to come back toyou mentioned being born in 1944. And if there's one thing that I've learnedfrom you, it's always make your future bigger than your past. And when I thinkabout the leadership in the banking...

...world right now, they're lettingopportunity pass them by because they look at Oh, I only have three moreyears or oh, I only have five more years but that's that's deadly. How canyou apply that thinking to make your future always bigger than than yourpast? Well, it's easier if you're in entrepreneur, because you're the personwho does the hiring and firing. So just don't fire yourself and, you know, andpeople, you know, it's really weird. Entrepreneurs separate themselves fromthe normal way of making a living early in their career. But when it gets closeto what they think should be the end of their career, they started joining golfclubs with people who worked in corporations all their life. You knowthat I happen to feel that retirement is a deadly thought that the moment youstart thinking about retire, your body takes notice and it starts sending theparts back to the factory. You know, e mean people. Anyone has ever been myworkshop. You bring up the R word and I'm gonna It will be a lot. You'll beso embarrassed in the next five minutes. You'll never mention that again. Death,death, death is the exit. Then we keep your giving death assistance. Don'tDon't give death assistance, you know on uh but I think I think you're ontosomething with this particularly is we're moving into a whole new world ofopportunity. We're gonna be living longer. We're gonna be working longer.And that creates opportunities in the banking space to because, you know,people are gonna be banking longer, and we're gonna transform the way we thinkabout money. So I know you mentioned Peter Diamandis earlier in great greatbook out by him, the future is faster than you think. What are some of thosethings that we should just be thinking about that are gonna be changing at themacro level that as as leaders we just need to be aware of? Well,interestingly, now I'm a political junkie. So my mom got me hooked onpolitics in 1952 for Eisenhower. Eisenhower was first president, and Ifollowed every election in the States and I'm American. I live in Canada, butI'm red, white and blue. You know, I'm you know, I'm an American and eso a bigera of history. The second half of the 20th century began with the end of theSecond World War, and it really, really ended with the collapse of the SovietUnion and the US was kind of the guarantee guarantee here of a lot ofthings in military security. But the biggest thing waas they kept open allthe trade routes with the U. S. U S Navy is the greatest military force inthe history of the world. Still, I mean still is. I mean, it's one carriergroup that the Americans have. Ah, you know, a super carrier with maybe 10other boats is equal to most people's military. But the only reason why theUS was, you know, financing the rest of the world. The only reason why theywere protecting the rest of the world was because the Soviets were, you know,promoting a different system and eso what the US did is they created awealth curtain around the Soviet Union, so it's created an iron Curtain. Butthe us created a wealth curtain. And then, in 91 the Soviet Union, withoutanybody's permission, quit, you know, and but everybody else who had beenreceiving the benefit of American support assistance and they were kindof like the adult supervisor for the world. They said, Don't tell theAmericans that it's over, you know? So here we are, you know, 1991 were 19,You know, we're 19 years down the road...

...and, you know, and it's not just onepresident, but I think starting with Clinton and then going to Bush and thenObama and Trump. And now they they can't pay the cost for this anymore.Americans won't put up and we've neglected. We've neglected Ah, lot ofyou know, the infrastructure of America. And I think what's gonna happen isthere's a huge pull back, and America is gonna be a place where everybodywants their money, you know? And this is what I'm seeing. Talented people inthe world want their Children to grow up in America. I think every year theydo a worldwide poll and they say if you could live someplace else, where wouldit be? And they survey about 203 100 million people and 200 million of them.If they had a chance, they've moved to the US with all the negativity. That'sin mainstream main of nothing like a green card. I'll tell you nothing likeAmerican Green Card and then so on the one hand borders air going up. Okay, sothe cove, it's a good example. I'm an American citizen. I live in Toronto. IfI go across the border into the United States and I come back, I individuallyquarantine for 14 days. That's a border that's a border, and you're gonna seeborder. You know, all the European Union countries. There's gonna beborders, eso, physical borders, air going back up. But fintech jumps overthe borders. So what you have is a bordering of the entire physical world.But in the digital world, you can cross over those barriers. The only questionis, do you have the mindset? Do you have the goals? Do you have the vision?Do you have the willingness to be great at teamwork with other people who maylive a time time zones away and you're communicating them every day? The waythat James the way the two of us, our community. So that's the That's what Isee. It's this, you know, the whole notion of, you know, globalization. Itwill only happen in the digital world that will not happen in the physicalworld. And that right there I see in the banking space is really the mosttransformative in the biggest opportunity to stop looking at Fintechas the competition. Because Fintech has its own challenges in regards togaining eyeballs, they need eyeballs. Traditional incumbent banks have theeyeballs, but they lack the capability, so that's a capability upgrade in andof itself. Thio work with the fintech and everyone wins. But it all comesdown to really getting real clear of what value are looking to create forwho to use your words. Who do we want to be a hero to besides getting thebook? And this has been such a great conversation today, getting a book onAmazon. What is one recommendation that you could could recommend to bankersgoing forward to apply the thinking of who not how? Yeah, I mean, there's avery simple exercise, and James, we do. We just You have a sheet of paper. Ithas a little circle in the middle of a now outer circle. Okay. And in thelittle circle, take a metric. That's really important to you, you know,revenues. Uh, you know, even whatever your metric as and put it in the centerand put your present highest, highest score for that. You know, historicallyyour at the score, and then the outer circle represents 10 times that. Okay?And if you're a banker, say, okay, we're gonna go 10 times and thenbetween the two circles or five boxes and say But you can't do the house. Youhave to You have to get five. Who's who help you go 10 times. Okay. So ifyou're a mainland banker and you know your bricks and mortar banker, eventhough you're doing a lot of digital work, you're still, you know,geographically located probably two or...

...three of those whose air gonna beFintech collaborators. That's exactly right, Dan. This has been such anamazing conversation. If anyone wants toe follow up just to say hello,connect with you. What's the best way for them to do that in this borderlessdigital world that we're all living in Yeah, well, strategic coach dot com,you know, And, uh, you know, we're just passionate about that part of theglobal future. To which entrepreneurs they're going to be the creators andthe collaborators. And, you know, I've been at it for 47 years, and I just puttogether my game plan for 2044 when I'm 100 years old. And, uh, our network ofcollaborating entrepreneurs and strategic coach are impact that you'reour our economic impact. That year is gonna be $15 trillion. It's amazing.Amazing. Absolutely. Bottom are gonna be fintech entrepreneurs. You know, alot of them are a lot of my entrepreneurs. They're gonna be fintechentrepreneurs. Definitely, definitely. Dan, thanks so much for joining me onanother episode of banking on digital growth. This has been wonderful. Yeah,this is This is a real gap. Thank you, James. As always. It until next time beWell, do good and wash your hands. Thank you for listening to anotherepisode of banking on digital Growth with James Robert Ley. Like what youhear. Tell a friend about the podcast and leave us a review on apple podcasts,Google Podcast or Spotify. and subscribe while you're there. To geteven more practical in proven insights, visit www dot digital growth dot com tograb a preview of James Roberts bestselling book Banking on DigitalGrowth or order a copy right now for you and your team from Amazon. Inside,you'll find a strategic marketing and sales blueprint framed around 12 keyareas of focus that empower you to confidently generate 10 times moreloans and deposits until next time, be well and do good.

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