Banking on Digital Growth
Banking on Digital Growth

Episode · 6 months ago

150b) #insideDigitalGrowth: A Deep Dive w/Authors Into Best Practices - Part 2

ABOUT THIS EPISODE

Continuing our Celebration of 150 episodes with part 2 of our Author’s best practices join us for outstanding insight from the following guests:

The panel:

Marcus Sheridan - Keynote Speaker - Marcus Sheridan International, Inc.

Ben Hardy - Organizational Psychologist, Hay House

Ron Shevlin - Director of Research at Cornerstone Advisors

Anne Legg - Faculty Member - Southwest CUNA Management School

Brett King - Founder, Executive Chairman - Moven

Melina Palmer - Founder and CEO - The Brainy Business

Mark Schaefer - Executive Director -Schaefer Marketing Solutions LLC

Mohammad Anwar - President and CEO of Softway

Justin Breen - Founder/CEO - BrEpic Communications LLC

We cover:

- How it’s not about we, us, and I

- Creating your future self

- Progress being greater than perfection

- Technology is a tool, nothing more, nothing less

- Removing Friction from your financial Institution

- The impact our conscious and subconscious mind on our decision making process

- Promoting Narcissistic marketing is old hat

- Transforming internally comes before transforming externally

- Heart centered thinking and human centered growth

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.

As we continue to celebrate reaching R 150th episode Today with Part two, I want to thank you the dear listener for joining me and all of the amazing guests to help make the banking on digital growth podcasts One of the top 10% of all podcasts in the entire world. Mm 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 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 jr dot com to submit your question today. Now let's go Inside digital growth greetings and hello I am James robert, ley and welcome to Part two of the 150th episode of the Banking on digital Growth podcast. This episode is part of the Inside Digital growth series and once again it is no ordinary episode because this episode, like Part One is dedicated to all of the authors that have shared their knowledge, their expertise with both me as well as with you the dear listener over the 1st 150 episodes that we've shared so if you've not listened to part one of episode number 1 50 just yet, I recommend you do so to gain some of the greatest insights from the first nine authors which we will continue to build on for you today with the next nine authors in the author insights that will be sharing here plus you can use both Part one and part two to compile a reading list of books for you and your team, so...

...please do share this conversation with others, you know, who might find it a value as they continue to move forward and make progress along their own digital growth journey. Once again, as we celebrate our 150th episode on our journey to 200, I do want to thank you the dear listener for joining me and all of the amazing guest to help make the banking on digital growth podcast, one of the top 10% of all podcast in the entire world. This is an amazing accomplishment that we have achieved together because this podcast is not about me, it's not about any of us here at the Digital Growth Institute, this podcast is about you, it is here to educate you, to empower you, to elevate you as you continue to move forward and make progress along your own digital growth journey because I truly do believe that by working together with you by collaborating with you through education through conversation, through coaching, no matter where you are Bank Credit Union Fintech consultancy agency, we can work together, we can collaborate, We can guide one billion people beyond financial stress that is taking a toll on their health, their relationships and their overall sense of well being. We can guide one billion people towards a bigger, better, brighter future. Just think about it for a moment. If the insight shared on this podcast alone reach just one million people around the world, working in marketing cells or leadership at a bank credit union or Fintech. And then those insights are then shared to educate others to elevate others from those one million people. To guide just 1000 other people on a financial journey who are have an...

...account at their bank, at their credit at their fintech. That then gives us the ability to impact positively one billion lives. Is this a big purpose to fulfill? Absolutely, but one of the greatest lessons I learned from coach Carlisle, who was my high school basketball coach and had such a tremendous impact on my life, on my thinking? One of the greatest lessons he taught me was four simple words, Really five, count them out, go big or go home. So what about you, What are you doing? What are you doing when you get up in the morning? Why do you get up in the morning? What is your financial brand? Do what it does, what does your bank, what is your credit and what is your Fintech exist? I've got a question for you As we celebrate sharing 150 episodes together, will you join with me, will you join with others to fulfill This one BX btr purpose To work together to connect to collaborate, to guide one billion people beyond financial stress towards a bigger, better, brighter future because at the end of the day, it's not about you, it's not about me, it's not about us. And that's exactly what my friend Marcus Sheridan, author of they ask you answer and I discussed when he joined me for a conversation, an episode # 83. So I had this bank approached me like literally a week ago and she said,...

Marcus, I'm thinking about redoing my website. I said okay, so let's look at it together real quick. And she was thinking design and I said, ha sign is not your problem. We put all this stock and design because we get bored with what we're seeing, The problem is this And let me just give you an idea of what your problem is. I want you to count, this is what I said to the uh to the lady who was one of the VPs there, I said, I want you to count the number of times, just on the homepage that you say we us or I and then I want you to count the number of times you say you or your And of course by the end of that, I think there was just in terms of those pronouns, there was something like I don't know, like 30, 40 we us. And there was like five, you your and so hopefully if you're listening to this, you're picking up what I'm putting down this company, loved to talk about themselves and what they didn't really talk about nor therefore understand was those fundamental questions, worries, concerns, issues, fears of their customers because of that, they weren't connecting because that they were blaming the design of their website. And it's the problem to have obviously is a philosophy of the way they go about communicating, which, you know, James robert wright, but they clearly clearly didn't know think about your financial brand, think about your Fintech for a moment, think about your website, what are you saying without saying it? What are you communicating into the subconscious mind of others? And be honest with yourself, does your website help first and sell second, does it address and lean into the biggest questions the biggest concerns people have about money while they're offering solutions and pass forward to guide them beyond those stresses...

...towards a bigger, better, brighter future. And if it doesn't right now, if that's not the case for you, it's okay because creating a future self, for yourself, for your financial brand, for your Fintech, for others. Creating a future self is exactly what dr Benjamin hardy, author of willpower doesn't work. And I chatted about an episode number 26. The idea of creating a future self and upgrading your life is about doing things that aren't in your busy schedule, they're about creating space so that you can do 123 things that are clearly moving your life in the right direction, whether it's developing a skill, pitching yourself to a new audience or just whatever it is. Like it could even be going to the gym. Like you get to decide what those 123 things are, but I think, I think three is just a good number. I mean it's just not too big. I think the idea is like what are just a few things that if you accomplish, you consider the day of success and he's one of the three things should clearly reflect where you're going, not what you're already too busy doing the list should be short. Yeah. And that helps to create some momentum for the next day, which continues to fuel future progress. And as dan Sullivan says progress, not perfection because I think, you know, especially this is coming from a type a personality, I have to be very you know what, it's okay like and give yourself that grace, you know what tomorrow is a new today, I can try again and it's not failure, but it's progress right? Yeah. And simplicity is what creates motivation. So like if you've got 50 things on your to do list, that creates what we call decision fatigue, you'll start to be stressed out by the list and then you'll have to and so like 123 things, you know, I mean, honestly one may be better if you could prioritize what's the one thing that absolutely must happen? I would rather you get one thing done than have three things on your list and have zero of them get done, you know, so like this is about prioritizing important over urgent, what is the most important single step...

I can take today to move this thing forward, What's the most courageous thing I could do? I think that these 123 things they need to involve some form of courage or they need to clearly be moving yourself in the right direction that you that your future self reflects. And I think that the shorter the list, the more simple and more simple to hire the motivation and the higher the likelihood that you'll do it. Yeah, so think about the future you'd like to create for a moment for yourself, for your financial brand, for your Fintech, for others, What are 123 things, simple things you can commit to move forward to take action on as you continue to move along your journey of growth with courage and confidence start small and remember that progress will always be greater than perfection. And when you think about the future, when you think about future growth, about digital growth, one of the big things that comes up frequently is the role of the branch, which is what author of smarter bank Ron Shevlin and I discussed an episode number 57 it's careful, we're gonna pick the right words for this because in any discussion around digital digital growth mindset, it's easy to throw the word branch into the discussion at some point. But I think what I've been arguing for years is that it's not about the branch as a channel, it is about how to best enable interaction between the prospect, the customer or the member and the institution, Whether it's in a sales or service type of setting or interaction or transaction, Give me a good example of this sort of shift and and the importance of this. Back in the early 2000s, American Banker had an interview with the Ceo of commerce Bank. I'm blanking on his name,...

...but he was real famous guy who started the commerce bank in the seventies in New Jersey and in pennsylvania Claggett would remember his name right off the bat. It's just you know, I'm getting to that point where I can't remember anybody's name or anything like that. But they had an interview and Commerce Bank wasn't making big investments in the online channel back in the early 2000 and american banker asked him why and he said and I remember this quote at least he said nobody wants a relationship with a computer. And okay, he had a point there, but I wish I could have, you know countered that because my responses, nobody wants a relationship with a brick, it's not about the brick and mortar and it's not about the computer, it is about access to people and We're going into 2021. Look at, look at how we are interacting today, we didn't pick up the phone to do this. We're you know, your your audience isn't looking at us but we're looking at each other. No one wants a relationship with a brick. I agree with Ron here and the conversations we should be having about future growth cannot just simply be around bricks or clicks, but instead about how we can help how we can teach how we can guide coach, empower people on their own financial journeys. And that's because technology is nothing more than a tool, a tool that it can be used to connect people together for good to create value, to offer guidance to provide help, To provide hope in an leg author of big data big climb builds on this idea of offering help and hope. During a conversation we had an episode # 23. So at the end of the day, at the end of day the human comes to a credit union to get four. Very simple problem solved those problems are I have a shelter...

...problem right? I either need to buy home or kingdom have a transportation problem. I need a vehicle to get around and do things. I have a travel and play problem right? Because those are things I want to do. I also have a rainy day and retirement problem. So that is why I'm going to my credit union because I want them to solve that. So the credit needs to remember that those are the four areas that the members coming in. So how are they solving those? How are they delivering on those? Is there can identify friction in that delivery method and then more importantly how are they providing those solutions with the member centered? Absolutely in the middle and I think like one of the elements that puts the member puts the account holder puts the consumer at the center of all that thinking is the modern day or the digital first consumer journey because it's not, I have a problem. I you know I'm going to click the apply button, there's a lot of emotion, there's a lot of reasoning and maybe even more less logic because that logic really comes after the emotion. What can financial brands do to be more a motive with their strategic planning and less logical because if you think about a financial brand and their leadership team, they're very smart people, they're very logical. Their left brain driven. That's great because we're dealing with people's money but on the consumer side it's very emotive money, stressful, 100% money is exceptionally relationship driven, right? It's exceptionally relationship, everybody got an emotional relationship to their funds. I think the big thing to be thinking about is looking I think at a simple, very simple level is thinking about what is that journey experience and let's just say in those four areas, what is the journey, how our members getting into that, What are you looking at specifically? If you can look at what is the friction that's in that journey right now and then figure out how the heck are you going to remove or lesson that friction? I think that is...

...the very first step, I mean human centered design is substantial and let's also go back to sometimes what you know in the work that I do, we do a lot of um member centric data strategy. So we're looking at what are those, what is that friction point? How can you use data to leverage that and make the member's life better and how do we, we, we like to define it is how do you build revolutionary data, you know, excuse me, revolutionary member relationships. Digital growth is a journey from good to great but sometimes this journey can feel confusing, frustrating and overwhelming. The good news is you don't have to take this journey alone because now you can join a community of growth minded marketing and sales leaders from financial brands and fin techs who are all learning, collaborating and growing together, visit digital growth dot com slash insider to learn more about how you can join the digital growth Insider community to maximize your future Digital growth potential. Now back to the show, I really appreciate and simplifying these Big Four problems that people have and the emotional relationship people have with money because the opportunity I see going forward here into the future is to remove friction through what I call heart centered thinking, which is a key element of the human centered growth method that we teach here to financial brands and fin techs. And this idea of removing friction is something Brett king. Author of Bank four point oh and I discussed an episode number five, including why people go into a branch to begin with in the first place along with why the growth model for financial brands must be transformed beyond the physical branch location. The big issue though is around distribution and friction as the technology becomes better, it's clear that it becomes easier to do the sort...

...of banking stuff that you would have done in the bank branch before. And one of the only reasons we used to go into the branches because it was so complex and difficult to do these things in the past. There were compliance rules and processes and policies we had to adhere to. The technology is enabling us to remove that friction out of the system and as a result, you now have these challenger banks and these unicorns and others, the tech giants who are doing this much more economically effective than traditional banks. So, so if you play that out, it's fairly obvious that at some point the same market that has delivered us these conditions is going to say, branches are inefficient branches are too costly to deliver basic banking services. And if you have too many branches and you don't have enough of your business on digital, we're going to punish your share price. And so you're going to see businesses making that choice economically. Now, in the midst of the coronavirus, of course, we've had no choice. And you have, you see with the S. B. A. The cares act, this dispersement for small businesses and so forth. You see banks utterly unprepared to handle this via digital. And so they're going to have to fix that they're going to fix that very quickly. And as a result, this is going to, I think permanently change the way people think about access to banking. There are people that would have never used a banking at prior to coronavirus, that you have to ask the question, will they really want to go back to going down the branch when they can just punch it into their phone and do that. So, I suspect that these behavioral shifts will be permanent and that many of the branch closes closures we've seen during coronavirus, which have been temporary, will also become permanent. As a result. That doesn't mean we're going to have no branches. We will have branches. But as a, as a branch banker, you're going to have to fight for a business case to keep your branches open in the future instead of the other way around where we used to...

...have to fight for digital budget because it was seen as competing with the existing branch network. That's the big change that's going to come out of this. Yes, indeed. Covid has taught us so many great lessons in human behavior. One of the four key areas of study for us here at the digital Growth Institute where we look at the relationship between marketing, sells technology and human behavior through the lens of a person's MX or what we call money experience and human behavior has been on the mind of Molina palmer as well, author of what your customer wants and can't tell you When we had a conversation in episode # 87 about the impact our conscious and subconscious mind has on the decisions that we make. Mhm. Essentially we know we have a conscious brain, we know we have a subconscious brain, we would like to think that the conscious brain is doing most of everything that we're doing. Unfortunately, that's just really not the case. And so the highest study I've seen puts this at 99.999% of what's happening in our brains being done by that subconscious piece, which is not great ratio wise and you know, the lowest studies put it at 95%. So it's still the vast, vast majority of stuff. And so to think about this, it's not like, you know, sometimes subconscious is on sometime conscious is on, it's really more like gatekeeper or like I say the receptionist, if you're trying to get a meeting with Oprah, like you have to get through the subconscious to be important enough to make it into that conscious brain because it has very limited capacity. It uses a lot more energy to do things in that conscious space and its capacity just is smaller. So that subconscious is constantly scanning the world around...

...you to say like that's normal, I know how to do that, that's normal, normal, normal, normal. And then kind of like oh this is weird, you know, conscious europe and you can go do something. So in this case your conscious brain is Oprah that's the like the meeting that you're able to get there. Yeah, the mind is an area of great interest for me, an area of great study for me personally as I see a tremendous amount of opportunity for financial brands to transform the minds of people when it comes to the relationship that people have with money and that's because the relationship, the feelings, the emotions people have around money are rooted deeply in their family of origin, their upbringing, their childhood environment. And if if we can keep this in mind the emotional, the mental and even the physical toll that money has that financial stress takes on people, we can and we must transform our marketing cells and growth strategies to truly place the transformation of people over the commoditized transaction of dollars and cents. This is how we guide people towards a bigger, better brighter future because the days of promoting great rates and amazing service commoditized list of look alike product features the days of Narcissistic marketing have come to an end which is what Mark Shaffer, author of marketing rebellion and I discussed an episode number 98 1st. I do want to build on one of the key ideas that you had there and I think this is something that is creating a lot of the angst and marketing today is this idea of helping instead of selling especially if you're a public company got this pressure to increase profits quarter by quarter by quarter. And we're in a society today people don't want to be sold to their...

...sick of it, they run away from it, they block it, they avoid it. And if they get a whiff that you're selling something they're not gonna walk away, they're going to run away. But if you do concentrate on coming alongside people at their point of need which is a big thing for banking and help them understand, look there's hope as you said for a better life, a happier life, a healthier life, a wealthier life and let us really show you that's a great way to differentiate yourself now in terms of how to begin. You know, again this is quite ironic because I don't want to be sales e but the book that I wrote called, known, it does work, It really does. And as I look back at my career, if I had to point to one thing that's my greatest contribution to the business world is probably that book I get notes from people every week saying this changed my life, this changed my business so it works and it's been very, very rewarded. Now is the time to commit to help. First to sell. Second now is the time to offer help and hope to people. In fact, hope from our experience from our study, hope must often come long before someone is even ready to receive, ready to accept help. But for this transformation to take place for this transformation of people to put the transformation of people over the commoditized transaction of dollars and cents, we must transform internally before we can transform externally. Which is what Mohammad Anwar author of Love as a Business Strategy and I discussed an episode number 74 Can Love Can Love really be part of a business growth strategy at...

...your financial brand. Ultimately, you know, because Love has different connotations to it and in terms of the business, we wanted to define exactly what does it mean love in the workplace? And the best way we describe it is it's about the humans that are at the workplace, there at the center of your business and making sure that all of your business strategy and everything you do, you take that into consideration from a people first approach and that's like the simplest way to defining love as a business strategy. It's about how do you make sure you care for the people, you have empathy for the people that work in your organization and you prioritize them over maybe profits for shareholders. And ultimately by doing that, it's not that you're giving up on your profitability or your shareholders priorities. But in fact that by prioritizing your people, you're able to still achieve your business outcomes and that's kind of the whole emphasis of her book. Yeah. When you prioritize people both internally with team members and externally with prospects with leads with account holders. When you prioritize people beyond just promoting a commoditized product growth will be the result. And one of the best ways to communicate a purpose that transcends product is through heart centered thinking it is through human centered growth and the way that we can do this. The way that we can communicate this is by telling stories and I do believe I know stories, the art of story will be any even more...

...important strategic capability for financial brands for fin techs in an ever growing digital world, which is what Justin Breen, author of epic business and I discussed an episode 1 10 when we think about this this transformation of media, you mentioned podcast here, what is the role of story in and of it all because I think, you know, no matter what the medium is, story kind of connects and binds people together throughout the age. Can you, can you back that here? Right? Happy to do that because you know, if you ask me to like build something with my hands or things that a monkey can do, I have a hard time doing because I'm not good at that, but at this highest level, Just highest level. And then again, 100% of my days staying in this unique ability. Okay, so 100%. So again, I'm a simple fire. So as technology gets faster and microchip gets smaller and smaller, that's great. That's great. There are two constants that will never change. They will never change. Okay. One is the power of an actual real relationship. Okay, that's 12 is the power of storytelling. Why? Because from smoke signals, hierarchical. If IX cave paintings, the bible, whatever that is, we're a world of storytellers because nobody cares about what you do, They care about who you are and if they care about who you are, they will care about what you do. Wise words from Justin tough words from Justin. So think about yourself for a moment, think about your financial brand, your bank, your credit union, your Fintech. What story are you telling? Because remember, no one cares about what you do. I I'd even take that a step further. What people care about most is why you do what you do and in the world of banking, in the world of financial services. All of us, no matter if you're at a bank credit and a fintech,...

...maybe you're at an agency or consultancy or perhaps you're in Martek or sells tech working with financial brands, all of us have an opportunity an obligation to help people feel better about finances to help people feel better about money, to guide them beyond the financial stress. That's taking a toll on their health, taking a toll on their relationship, taking a toll on their well being to guide them towards a bigger, better, brighter future. This is the noble calling of banking. The noble calling of banking that Brandon Dewitt, co founder and CTO of MX who recently passed away following a five year battle with cancer. This is the noble calling of banking that Brandon do. It was so passionate about and while we only met once or twice in passing Brandon's passion through his thinking through his writing inspired me as I know it inspired so many people throughout the industry, including a good number of guests who have joined me for conversations on this podcast. So as you continue to move forward along your own digital growth journey, remember the noble calling of banking to empower others, to guide others, to offer help and hope to people who need it most May Brandon's wisdom and thinking he shared in an american banker article titled What Stage four Cancer made me realize about banking, inspire and guide you ford onward and upward. As Brandon wrote this, we must provide the guidance products and tools to the right user. At the...

...right time. It comes down to a philosophy re treading of why we chose this profession and what makes it noble. Each consumer interaction gives us the choice to defend that nobility or a quest to the default mode of apathy, the foundations of ethical living, demand that we act in ways that alleviate pain and embrace the nobility of our profession. To do anything less than that is to cheat life of its beauty.

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