Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

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


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 human teamwork around exponential technology. And I said, You know what I'd like to do? I'd like to create a exponential teamwork concept 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 10 times more loans and deposits. Today's episode is part of the exponential insight Siri's, where James Robert interviews the industry's top marketing sales, and Fintech leaders sharing practical wisdom toe exponentially elevate you and your team. Let's get into the show Greetings and Hello, I am James Robert Ley and welcome to the 69th episode of the Banking on Digital Growth podcast. Today's episode is part of the exponential insight, Siri's and I'm Excited to welcome Dan Sullivan to the show. Dan Sullivan is the co founder and president of Strategic Coach. He is a visionary innovator and gifted conceptual thinker with over 40 years experience as a highly regarded speaker, consultant, strategic planner and coach to entrepreneurial individuals and groups, then is the author of over 30 publications and books, including his most recent one, who know how, which I'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 you introducing me to your audience. Well, I'm excited because I've learned a tremendous amount from you over the past four years, being in strategic coach and really excited to transfer some of the knowledge and thinking, I think probably one of most helpful concepts that you've recently written in this book who know how. But before we get there, I just want to hear from you as we look ahead to the future. What are you most energized and excited about right now? Whether that be personally professionally, Well, I think what got me into coaching in 1974 waas. My growing awareness that the microchip was, uh, you know, equal to the printing press as a historical shift. And, you know, I do read a lot of articles that said, You know, if you're really smart entrepreneur, the capabilities that you're going to get technologically are going to be really they're going to be really exponential for you. And I've always been a good coach, James. I mean, when I look at different things I did in my life that they tended, regardless of what the activity waas that I would become a good guide to other people. And I have a tremendous passion for kind of finding out what someone's unique at and then kind of getting them to simplify their life. So they just focus on one where they're really great and secondly, where the greatest enjoyment comes from. So that's my background, and I've been at it that's going on 50 years and, you know, in a in a few years I'll be 50 years into it. But one of the things I noticed a lot on the line. I got very interested in technology I've allowed to clients who are involved in, you know, advanced technology in different sectors and your sector of the banking industry. I mean, fintech is just amazing. Some of the, you know, the cross border, you know, 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 a exponential teamwork concept, okay? And,... know, and This was just something that 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 Internet marketing guru, you know, and we have a podcast together, and I had introduced to 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 was actually wisdom on my part. That makes me procrastinate. And that is I'm a big goal center. You know, I see things in the future, and I set goals. But I noticed that when I set the goal when it came to time to take action, I wouldn'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 the procrastination is telling me that it's a great goal, but I'm not the one to do it? And that instead of asking myself, how am I going to get there? I should ask who's going to help me get there or who's actually going to achieve it for me. And it was like, You know, it was like a lightning strike and all of a sudden, first of all, all the work I've done in Strategic Coach going back to the 19 seventies. All of a sudden it just slipped it into place. Everything you're doing is to get entrepreneurs to be the visionary, too, you know, lay out the future for other people and then put together teams of people who are whose, and they have much better skills than the entrepreneur to achieve it. And Peter Diamandis, who has a advanced scout in almost every area of technology on the planet. We have a podcast series called Exponential Wisdom, and I just dropped this idea on in the next podcast we said, and he said, 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 us can get to the intellectual property lawyer first here, well and and And Dean was great with it. I mean, that wasn't something that he was going to do 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 a small 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 who could write and package and market a major market book. And Ben and Tucker said, 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 the writing. Ben Ben's going to do it all. And so something you know I dreamed about, 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 never going 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 the banking space historically up to this point, it's been built around the physical world of brick and mortar cells, and then also from a marketing from traditional broadcast marketing and cove. It has been a forcing function 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 market team, the sales team, they're asking the question. How are we going to do this? And when you think about like...

...asking how, why is that a limiting question that could lead to some very dangerous places? Well, I think it's basically the because you're thinking doesn't go any further than your previous experience. James, you know you've done this, you've done this. But the reason why you're stopped from achieving the higher goal is that you've created a hair need for capability. Then your experience has you don't have them around you. They're not your experiences. And a lot of people give up on goals simply because they get that procrastination feeling. And I said, Pay attention to your procrastination Is your wisdom saying it's a great goal, but now start spreading out and creating networks of who's so the way that I see this moving forward as a vision of the future is that you have this chicken and egg kind of relationship between exponential technology. I mean zooms a really good ah, full dose over the last 10 months of what exponential technology can do. But then you have to have exponential teamwork, and you you can't have people doing the house they're no good at. If you're interacting with exponential technology, every person has to be in their 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 great at their confident at and their unique ability interacts with other people. So you have networks of people who basically take advantage of what's essentially network technology. It's interesting you mentioned this idea of unique ability and focusing on the few things that you're the best at, because when I think about what banks are doing with digital, they're adding mawr things to the pot. Mawr checklist more to do items, but that's adding mawr complexity. 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 a few things, right? Yeah. And it's a historical, you know, The problem that we're experiencing today is something that was historically very valuable. So I was born in 1944 so two weeks before the Normandy invasion and everybody was trained to be a great how in those days, you know, the economy was a factory economy. It was either blue collar factory or was white collar, uh, you know, head offices that were very, very large. And, you know, all the institutions of society tended to be paramedical. And I remember I grew up in northern Ohio, which is, uh, you know, it was big auto country. It was the big three. And then you had the big steel factories, you know, it was really you know, it was really very, very industrialized. And I remember once just reading that the from the CEO level of General Motors to the factory floor was 18 management levels. Okay, you know, and little later, when I became a coach, I said, You know, these big pyramids, the's big corporate bureaucratic pyramids. They're just really crummy microchips, right? There is a really bad microchips because the CEO tries to send a message down, and it's the messages. They're always going down and they get distorted through each level of management. So usually by the time they get down 10 levels, they mean just the opposite of what was intended. I said The reason why we created microchips is to get rid of these really crappy paramedical. But you 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 to deliver the letter to pass it around. Yeah, and and and Carroll Shelby sitting there and he's watching. He's like, I've seen this letter Touch five hands. Let's talk about all of the inefficiencies there. So when we think about this idea of inefficiency, you mentioned Fintech before and traditionally speaking in the banking space, particularly from the lens of incumbents, those that have built their world in the physical. I think we've looked at fintech incorrectly as a competitors, and when you think about the concept of who know how, you can't look at things from a competitor, you have to start looking at things from a collaborative lens. Can you expand on that thought. Yeah, well, I'll give you an example. So one of the chapters in Who, not how is on a 20 year coach client named Paul Heiss and Paul is a manufacturer out of Milwaukee who about 15 years ago started up factories in Shanghai, near Shanghai, and he had three factories and what he does, he does component parts for really, really big product manufacturers like Caterpillar, Peterbilt, you know, global manufacturers and things were going along. He did really well, he said. Actually, if you're an American and in China, the Chinese trust you more than they do other Chinese. So he he did a great deal of business and, you know, he had good labor force. And but then the the Terror Four started about two years ago, and I took all his profits away, you know, I mean, you know, 25% tariff and your your profits have 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 labor force and, you know, and it's an English speaking business culture. And so a little bit, you know? Hey, couldn't be choosy, but that was one and he said, but I don't know how to do it. And so we have, as you know, one of the go to thinking tools in strategic coaches. The impact filter on That's how the layout of projects so that the person that you're telling just totally gets why you want it, why it's so important, the fact that you're totally sold on it, and it gives you the measurements that this is what the project looks like when it's finished. And he sent one to the hike trade commissioner from India and Shanghai, and he said, I want to build a factory in China and he sent it. He didn't even talk to him in person. He just send it to him by fax and our fax or, you know, send it as a PdF and the high commissioner says, I know exactly who you need to talk. Thio put through a phone call to that person, and that first interchange between Paul Heiss and the trade commissioner was duplicated six times in about a two week period, and three months later he had his factory and in the first six months he was profitable with a brand new factory. And, you know, he's 60 years old, is in the area of about 60 years old, and he said, I just made myself 20 again, he said. For the rest of my life, he said, For the rest of my life, I never do another. How 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 Thio...

...because James Robert wrote the book that 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 team from Amazon. Inside, you'll find a strategic marketing manifesto that was written to transform financial brands and it is packed full of practical and proven insights You can start using today to confidently generate 10 times more loans and deposits. Now, back to the show. Yeah, I want to come back to that 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 about who and how in collaboration, right, for example, it might be with a competitors because we actually put this in the book. People can actually see the impact builder and what it looks like in the book, because collaboration really yields to a world of abundance. And there's enough to go around for everyone. But it comes down to this idea of the impact filter getting real clear, gaining clarity, but then also communicating clarity that requires us to do something that requires us to stop, to pause, to think and escape the doing that so many of us are addicted to. Because I I look at the world I call these afford digital growth operating environments. You could be learning. You could be thinking you could be doing or you can be reviewing. But you can on Lee be in one place at one time. How can we escape? How can we create that space and time to stop doing and to really use 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 that the only people who are in strategic coach in the program are successful, talented, ambitious entrepreneurs. And, you know, we have very, very high income 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 true for well, the program's been 31 years, and before that I did, you know, 15 years of one on one coaching, but all the time I'm just looking at this one type of human being, and I think there is a lesson in that, and that is don't try to be everything to everybody. Just pick your type of person that you're going to be a hero to, So my goal, you know, for the entrepreneurs that I coach personally. And then we have 16 other coaches. I said, we're we wanna be heroes to these people. We wanna you know, we want them thio as a result of coach. We want them to bring in their complex the days and leave with simplicity. Okay, we way we want them. Thio be proud of what they accomplished during the last 90 days so that their confidence from the last 90 days gives them a greater sense of commitment and courage for the next 90 days and just repeat that. So, James, during 2021 I have 32 entrepreneurs were back for their 30th year. I've seen them. I've seen them every quarter for 120 quarters, and every quarter they take a job. It's like going through the locks of a canal. You know, every quarter the water raises up and they go into the next lock. And you know that I would say with the vast majority of these individuals, if they hadn't been in coach, they'd be retired. I'm glad you brought that up because this was the point that I had wanted to come back to you mentioned being born in 1944. And if there's one thing that I've learned from you, it's always make your future bigger than your past. And when I think about the leadership in the banking... right now, they're letting opportunity pass them by because they look at Oh, I only have three more years or oh, I only have five more years but that's that's deadly. How can you apply that thinking to make your future always bigger than than your past? Well, it's easier if you're in entrepreneur, because you're the person who does the hiring and firing. So just don't fire yourself and, you know, and people, you know, it's really weird. Entrepreneurs separate themselves from the normal way of making a living early in their career. But when it gets close to what they think should be the end of their career, they started joining golf clubs with people who worked in corporations all their life. You know that I happen to feel that retirement is a deadly thought that the moment you start thinking about retire, your body takes notice and it starts sending the parts back to the factory. You know, e mean people. Anyone has ever been my workshop. You bring up the R word and I'm gonna It will be a lot. You'll be so 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't Don't give death assistance, you know on uh but I think I think you're onto something with this particularly is we're moving into a whole new world of opportunity. 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 think about money. So I know you mentioned Peter Diamandis earlier in great great book out by him, the future is faster than you think. What are some of those things that we should just be thinking about that are gonna be changing at the macro 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 on politics in 1952 for Eisenhower. Eisenhower was first president, and I followed every election in the States and I'm American. I live in Canada, but I'm red, white and blue. You know, I'm you know, I'm an American and eso a big era of history. The second half of the 20th century began with the end of the Second World War, and it really, really ended with the collapse of the Soviet Union and the US was kind of the guarantee guarantee here of a lot of things in military security. But the biggest thing waas they kept open all the trade routes with the U. S. U S Navy is the greatest military force in the history of the world. Still, I mean still is. I mean, it's one carrier group that the Americans have. Ah, you know, a super carrier with maybe 10 other boats is equal to most people's military. But the only reason why the US was, you know, financing the rest of the world. The only reason why they were 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 a wealth curtain around the Soviet Union, so it's created an iron Curtain. But the us created a wealth curtain. And then, in 91 the Soviet Union, without anybody's permission, quit, you know, and but everybody else who had been receiving the benefit of American support assistance and they were kind of like the adult supervisor for the world. They said, Don't tell the Americans 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 one president, but I think starting with Clinton and then going to Bush and then Obama 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 of you know, the infrastructure of America. And I think what's gonna happen is there's a huge pull back, and America is gonna be a place where everybody wants their money, you know? And this is what I'm seeing. Talented people in the world want their Children to grow up in America. I think every year they do a worldwide poll and they say if you could live someplace else, where would it 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's in mainstream main of nothing like a green card. I'll tell you nothing like American Green Card and then so on the one hand borders air going up. Okay, so the cove, it's a good example. I'm an American citizen. I live in Toronto. If I go across the border into the United States and I come back, I individually quarantine for 14 days. That's a border that's a border, and you're gonna see border. You know, all the European Union countries. There's gonna be borders, eso, physical borders, air going back up. But fintech jumps over the 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 question is, 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 may live a time time zones away and you're communicating them every day? The way that James the way the two of us, our community. So that's the That's what I see. It's this, you know, the whole notion of, you know, globalization. It will only happen in the digital world that will not happen in the physical world. And that right there I see in the banking space is really the most transformative in the biggest opportunity to stop looking at Fintech as the competition. Because Fintech has its own challenges in regards to gaining eyeballs, they need eyeballs. Traditional incumbent banks have the eyeballs, but they lack the capability, so that's a capability upgrade in and of itself. Thio work with the fintech and everyone wins. But it all comes down to really getting real clear of what value are looking to create for who to use your words. Who do we want to be a hero to besides getting the book? And this has been such a great conversation today, getting a book on Amazon. What is one recommendation that you could could recommend to bankers going forward to apply the thinking of who not how? Yeah, I mean, there's a very simple exercise, and James, we do. We just You have a sheet of paper. It has a little circle in the middle of a now outer circle. Okay. And in the little 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 center and put your present highest, highest score for that. You know, historically your 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 then between the two circles or five boxes and say But you can't do the house. You have to You have to get five. Who's who help you go 10 times. Okay. So if you're a mainland banker and you know your bricks and mortar banker, even though you're doing a lot of digital work, you're still, you know, geographically located probably two or...

...three of those whose air gonna be Fintech collaborators. That's exactly right, Dan. This has been such an amazing 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 borderless digital 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 the global future. To which entrepreneurs they're going to be the creators and the collaborators. And, you know, I've been at it for 47 years, and I just put together my game plan for 2044 when I'm 100 years old. And, uh, our network of collaborating entrepreneurs and strategic coach are impact that you're our our economic impact. That year is gonna be $15 trillion. It's amazing. Amazing. Absolutely. Bottom are gonna be fintech entrepreneurs. You know, a lot of them are a lot of my entrepreneurs. They're gonna be fintech entrepreneurs. Definitely, definitely. Dan, thanks so much for joining me on another 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 be Well, do good and wash your hands. Thank you for listening to another episode of banking on digital Growth with James Robert Ley. Like what you hear. 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 get even more practical in proven insights, visit www dot digital growth dot com to grab a preview of James Roberts bestselling book Banking on Digital Growth 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 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good.

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