Banking on Digital Growth
Banking on Digital Growth

Episode · 8 months ago

135) #ExponentialInsights: Going All In on the Future: Financial Literacy for Kids

ABOUT THIS EPISODE

When it comes to financial literacy, most of us are failing our children. 

Schools won’t teach it, parents are scared to teach it, and banks don’t seem to care — but they should… 

Your financial brand’s future is being shaped by the education kids are getting (or not getting) right now. 

Today, I’m excited to welcome to the show Scott Donnell , Founder at GravyStack, where he is gamifying children’s financial education — equipping parents with the tools to teach finances and saving kids from dry, boring lectures they won’t remember anyway. 

In this episode, we discuss:

Why schools and parents struggle with teaching financial literacy (and what to do about it)

The value of gamification, goal-setting and getting hands on with finance

Why banks don’t care — even when their own futures depend on it 

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.

...you're trying to help families and kids don't ever say entrepreneurship business, don't say sales, don't say chores, don't say allowance, don't say work like kids need to have fun set goals and then reach those goals. Mhm mm 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 exponential insight series where James robert interviews the industry's top marketing sales and fintech leaders sharing practical wisdom to exponentially elevate you and your team. Let's get into the show greetings and hello, I am James robert ley and welcome to episode 1 35 of the banking on digital growth podcast. Today's episode is part of the exponential insight series and I'm excited to welcome scott Donald of the show scott is the founder of gravy stack a Fintech with the mission to make banking fun for your family and this is a focus that I'm just personally passionate about myself scott and I, we also have some very big goals. We have big visions, he wants to use his businesses to help a billion people reduce suffering and find healing. And then number two, he wants to give away a billion dollars to help reduce suffering and find healing as well. Now that sounds a lot like our one BX BTR purpose, which is to make the world a billion times better by guiding a billion people beyond financial stress towards a bigger, better, brighter future. So it's gonna be a fun conversation scott. Welcome to the show buddy, good to be here, man, like mine, you know, definitely. And when we first connected and you were just, you know, just downloading your brain, I was so excited about everything that's all up there just now and still, what is yet to come before we get into this whole idea around Fintech, which I think, you know, for the dear listener, they're going to get a lot from it because if you think about a bank, you think about a credit union, they're talking Fintech, they don't know how it all works, you know, do we collaborate with them? Do we build it ourselves? Do we, do we launch something? So to get behind the scenes with that. But before we get there, what are you excited about right now, personally, professionally, it's always your pick. What am I excited about? My five year old just learned how to tie shoes, shoelaces. My uh, my one year old just started walking and uh now he's climbing up on the couch and we're trying to keep him from dying every second, It's amazing, you know, I gotta tell you so, two things, number one, when your kid learns how to tie shoes, you're like, ah, that's one less thing that I have to do for them? They're becoming more independent. And then number two, when you get them out of diapers, you're like, okay, we've closed that chapter in our lives now, we're moving on and then I would say number three, very close to that is when you finally get them all potty trained, you're like done. We've, we've, we've really reached a whole new level of capability. I've got to share this with you so I don't want to jump right into gravy stack the banking app. But as we've been building this family fund, you know, banking app to teach kids financial capabilities, we have to gamify everything. And as we're going through this process, we've got all these financial planners and wealth managers helping us out. We've come up with a list of 150 life skills that schools aren't teaching our kids and with all of us brainstorm for like two weeks like, okay, wow. Yeah, they're not teaching delayed gratification. They're not teaching all the financial principles, you know, the budget saving, debt, loans, investing, they're not teaching how to tie a tie, change a car, tire negotiation, public speaking apprenticeships, you know, the best way to learn is to watch somebody do something that you might want to be someday, right? Like there's just this...

...list just goes on and on and on. So what my wife and I are doing is we're just, we're gonna map out for our kids, like, alright Reagan's five. Sawyer's three owns one, Starting one of the best books, I'm reading ages 6-12, you just have to look it up, it's called ages 6-12. I'll send you the notes on it. It's, it's like that's the time of life. Okay. Where your kid is like they're reaching for you all right. Like they're reaching their hand up for you and you have this beautiful window where they don't need you every second. You're not like wiping butts and feeding them and you know everything. They are getting to be more independent, but they still absolutely, you're their best friend. You're their superhero. That is a very special time of life and you need to take every second advantage of that, right? Like I just dropped four meetings yesterday so we could go to the aquarium. You know, like that's the kind of stuff like my son got his bible at school like two weeks ago and I had a huge meeting with like one of the main heads of marvel and other people for one of our other companies and I just dropped it. I'm like, I'm coming and I like drove straight there. My wife texted me like that we have a whole list of things we want our kids to do and we want to do with them from ages 6 to 12 because that's such formative years and that's going to set you up for the rest of your life to become, you know, incredible guides and coaches and SAGES for your kids later. You don't don't say friend because you want your kids friend. Yeah, you kind of do, but it's not like that. Like you're still the parents so you can be a coach and a guide. I like guide, you know, like it's, I want to be the obi wan Kenobi and that's a, that's a bit of a big conversation. I mean even even in uh last night's discussion this morning over in Dubai it, we talked about that. It's this idea and I had a conversation with the ceo of a $6 billion bank. You know, he's going through the training program and we were talking about this idea of guide ship and that's where I think these light bulbs start going off that it's not doing something for someone. You're showing the way you're paving the path, you're walking the journey along with them. But at the end of the day it's your, they're empowered to do whatever is that you are trying to help them do to see what they can't see just yet. So I like that idea of guide ages 6 to 12. I got to check that out. I've got ours are now 11, 97 and five. Beautiful and it really is, it is, it is probably the most fun. I think that we're having his parents the most fun that we're having as a family. Um and and I'm just excited because I'm seeing my kids, each one of them has a unique personality. They're they're, they're, they're beautifully unique, but still they need that, that guidance and I know that's been a big area that you've been involved in with with some of the other ventures that you've done in the past and, and, and, and how has that inspired you? You know, when, when you look at at what you're doing here with gravy stack, what inspired you to begin this journey of launching a Fintech focused on families, a Fintech focused on even families with kids. You don't have a formal background in banking and I appreciate that probably more than a lot of people know because you're seeing things from a different angle, you're not jaded by the traditional banking space. So what what was the inspiration here? I will say this though, my, my grandpa barney beaks, MMA up in Washington state. I live in phoenix now, but my grandpa is still alive. He's 88 he was Reagan's bank chair. Ronald Reagan back in the late 80s. He started in the West Bank, which was one of the top small business banks in America for decades, 88 branches. I think they sold up without the Wells Fargo in like 2000 and one. So I grew up shredding papers as a kid right? Like I was working my butt off and uh so I do have it in the blood, but I don't, I mean I was 15 when I was 16 when that happens. So, you know, I, I didn't get to see all of the leadership side or how the inner workings of the banking system. I just remembered a...

...giant building with 1000 people in blah blah blah. But it's in the blood, I got to say. But for me, um my wife's a teacher, she was a first grade teacher for five years before we had our first kiddo. Uh we just celebrated 10 years of marriage last month. So we're very thankful for that, thank you. Uh and she spent a bunch of money on her students and I was like, hey, that's a whole paycheck. You just blew on your first graders. And so I said, okay, we gotta fix this. So I started apex fund run and I'm sure many of your listeners have probably given to an apex fund one at their elementary middle school. It's like a leadership fitness program to, if you've ever given to a fun run it might be us. Um, and we just started teaching kids leadership, character fitness. We bring in athletes to teach this two week program for schools that ended up raising like $50,000 on average for schools we have now we have, we've sort of like five or 6000 schools across America. We have 120 franchises in 38 states. It's just grown magnificently over the last 10 years. But in doing so We saw a lot of the holes in the public education. We serve private charter in public schools. But we've seen a lot of the holes right? Like my three things and my mentor, Mark Tim, he's, he's on our board, he's also on my biotech board for happy. Um, he said there's three things every kid has to learn that 100% agree. It's other than like your core values as a family and faith, The three things is hard work, personal responsibility and the value of a dollar. And we just, I was laughing the other day, we've been, we've given 30 million live lessons to kids now live in person. We've watched how they learned, I know every little piece of how a kid has to learn something to make it stick, learn by doing challenge based, action based, you've got to make it fun. You can't, if you're listening and you're a bank right now, please don't ever give out another blog or a pdf print out or something stupid like that, like Game of five people like that's the future. Um, and so we're basically turning Fortnite into banking. Uh, it's the apprentice, It's almost the apprenticeship, it's like learning by doing, it's the experience that you gain through that process right there. That's right. That's right. And we have this uh, wake up moment last year I was, we just built a house, you know, been successful. Finally built our dream house next to my best friend mike next door, we share a yard, We got the pools and hot tubs and everything. We have landscapers and people help with groceries because I'm like totally strategic coach, delegate only focus on my genius, right? Absolutely. And we're sitting there having a dinner with my buddy Mark who was flying in, you know, he flew in on his playing with his, his wife and they got six kids that are kind of grown up now He lives on 132 acre farm right in the outside of Indianapolis and he basically said, man, I'm so proud of you, I hope those kids learn hard work and I, it struck me like a dagger and I was like, wow, he's exactly right. Next day we're all in the yard pulling weeds, like we're, you know, we're setting up all these boot camps for our kids to learn some hard, real stuff like these kids have to learn it right? Like I do come from four generations of mega successful people that don't pass it on, they give it away to charity and ministry and you kind of teach him to fish and I'm so thankful for that. Like I was hard work was, was how I got going and so that's really kind of the impetus of all of this. I got to find a way to get kids to understand from a financial perspective the value of a dollar work ethic and personal responsibility, you know, let's talk about that, the value of a dollar first and foremost and really I think work ethic, they go hand in hand together. If I think about This idea of there's a knowledge gap and maybe even a respect gap, a relational gap that people have with money and this comes back to things once again...

...that I didn't learn, like I was 18 years old, reading the millionaire next door and rich dad, poor dad, both books transformed my whole perspective about what the future could be, had some early success that got to my head, struggled with it, kind of lost it all and then had to redo it all again. Um but then you start reading like, you know, William waddles, You start reading uh Florence, Scovel, shinn you start reading um uh napoleon hill, this idea because of diamonds, baby. Yeah, this whole big Ziegler, that's right. So where's the gap here? And and and with what you're doing to bridge this gap through technology because it's not about the technology, technology is just a tool to be a guide of sorts. Where's the gap and what are you doing to bridge this gap around just money and mindset and knowledge the value of a dollar. Yeah, so one of the main principles that we hold dear at gravy stack is kids need to learn both how to make and manage money. A lot of people get it wrong, they start with spending, they start with debit cards, they start with here, here's a debit card kid um that to me is a weapon. Um, and why would you give someone a weapon without proper training. And so for us it's all about teaching kids like how to earn, right, learn through earn and making money and revenue streams and going through the different challenges and things that we have set up To take kids from 0 to 100 and understanding the value of a dollar, right? Like one of my partners Trav who you've talked to, his son has one of those debit card programs out there for kids that you pay a couple bucks a month. And he went to the arcade and blue 80 bucks and, and, and, and Travis had to cut him off and he came home, he's like, what's going on bear? Like and he's like dad, I had it. It was in there. I mean why not? You cover all my needs? They think about kids like they got all their needs covered, right? Like food. Most of them food shelter clothing is covered. They're not thinking about that stuff. They're thinking about when you give them a debit card. Um, that's fun money, right? And it's hard for them to learn the principles of saving and delayed gratification and you know, through the three jars model. Another thing that I have a real pet peeve is by the way is why do we have checking accounts if no, no kid that can't drink yet is ever going to write a check. Okay, They won't This world is changing so fast. And we actually interviewed hundreds of families. We have these core core group of hundreds of families that were always passing everything by like check this out. Check these figures screens out. What do you think about this? Would you do this? And we asked the kids before we talk to the parents by the way because the kids have to fall in love with it. We, we found out that the moment mom and dad took their piggy bank money and put it into a bank account that the kids never saw again or never logged into. Why would they? It's it's an accounting ledger. It's boring as heck. Okay. The kids thought that mom and dad stole it almost all of them. All right. Think about that. Physical, this is one of the biggest problems we have today is physical cash is disappearing, right? And we have to teach our kids, we can't just pull it and put into account say look now it's somewhere else. Like the kids go what? Like I have points in my video games. I have, I'm getting points for candy crush. I'm getting points. It's, I'm getting stickers at school. Like what's the difference? Like I don't understand like they just, it just disappears. And the kids mind the idea of currency from their perspective. That's I think because currency is points currency is stickers, currency isn't coin. Physical dollars. I got to tell you. So our oldest, you know, he wanted to donate some money to like an...

...animal fund or something like that. He's really big into the wild Kratz loves animals. Like he's saying already saying, Dad, I want to start a Youtube channel about animals because he's going to be able to mix his passion. I'm like, man, I love your thinking because he's already thinking monetization. Like he's thinking creator economy, right? And we're, and we're pretty like tech agnostic back home. Like we're like, we're before the pandemic. I mean my kids were playing like Nintendo eight bit. Um, and you know, for the reason being we want to just kind of protect that one got to the age of responsibility, then we can start introducing, so he wanted to make a donation. So he has the ipad, he's like, so what do I do? And he goes, do I pay with amazon? Do I? Is there like a slot to where you could put a dollar in? Like, and I have this thing film, It is so cute and just to see him working through this and then, and then my, my, my oldest daughter, you know this idea of how to make money, entrepreneurship, It's a big personal subject of his passion for me because you're right, I think financial education, financial literacy, it's like how to spend, how to manage, what does that even matter if you don't even have it to spend and manage to begin with in the first place. So the two of the oldest ones they got together, they pulled their money and they bought a snow cone machine, uh, this past summer and, and I'm like, that's your capital, that's your investment. How many snow cones did they make 0? Why? Because dad's not gonna push them to go out. Like you've got that first step, but you need to get that next level up to get the drive. Now I'll go sit out in the driveway with you, you know, but it's that it's that idea of, you know, trying to help them but still not do it for them. So I've got a million things to say on this. By the way, we started doing business affairs 10 years ago. Children's business fairs dot org, Children's business fair to order if you guys want to launch a business fair in your local neighborhood or it's an unbelievable community builder. If you're a bank, like if anyone listening this is, there's like 800 of them going on around the world now for free. You set up some tents and some tables and you invite the local kids or your customers, families, they come and they set up a booth and then guess what? They bring all the audience because you just have them email 10 to 20 of their family and friends or post on social, hey come out saturday from 10 to 1. We got a business fair going on, I'll be at this booth and then kids sell whatever they make, you could be brownies or cartoons or we had kids paper airplanes for a dollar. We had a girl sitting on a girl sitting on a stool giving advice for $3. She was eight years old, right? The cutest thing ever. So we've been doing this for 10 years just for fun. I'm the M. C. Kids learn about profit. They learned about how to make a pitch, they learn about their costs, they learned about how to sell to, you know, safely to a stranger. So it's just an unbelievable model, like it's called Children's business fares. And then we launched, by the way, my five year old Reagan gets to do her first business fair this year, she's selling flowers in november, it's here in Arcadia in phoenix. But when kids learn this stuff there like I can't tell you we've known for 10 years, I get dozens of emails and texts every year, Kids going into college and their parents go, Yeah, that was, that was free. My kid made $300 in three hours on average. That's what they make and they didn't learn anything better from 0 to 18. That was like the best thing they learned and I kept hearing this year after year after year. And so we launched last year we launched my first sale dot com basically helping kids digitized that. So let's take you through our course, 200 bucks and then you can launch your own page on our site, Like and like basically an Etsy page and sell to all your family and friends and people can rank you with like thumbs up, they can give you know, tips, they can buy your product and kids basically sell out there, making thousands in the first couple weeks and then they're done well, that is an unbelievable learning model for kids. And so we were sitting around in january and one of our, one of our...

...mentors was like, man, that's an awesome model, but you can't scale it very fast because a lot of parents are scared, right? This is the biggest thing I found out his parents have zero around 20 plan to teach their kids financial literacy and financial capabilities and when it comes to selling or business or entrepreneurship, those are like turn off words because mom and dad go, oh man, I'm too scared to launch my own business much less for my kid or help my kid do it. And so it's a huge turn off. In fact, don't ever use these words, if you're trying to help families and kids don't ever say entrepreneurship business, don't say sales. Don't say chores, don't say allowance, don't say work like kids need to have fun, set goals and then reach those goals. In fact, back to your snow cone deal. Well you should, one of my best things is forget the money. You just say all right, what do you want? You want an airport, you want airpods, you want a video game, you want to bike. Let's set a goal. And then all we're gonna do is we're gonna do the math and figure out snow cones to goal. We did that, we did, we back it out to break even and then profitability so that they could go and achieve that. Now this is where delayed gratification came into play because my oldest son, he wanted, I don't even remember what it's like. It's like he wants something every Something new every week, every other week. But I have a deal with him. I'm like give it 10 days. You think about it, you come back and visit me in 10 days and if the feeling is still 100% Dude, you're, you're golden. Go ahead. But if it's 90% or if it's 80%, if you're not 100% sure, give it another 10 days, 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 to 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. Mhm And I've seen him talk himself out of things so frequently now because it's like, it's not 100% like you need, it's like, it's like the ancient wisdom, like let your yes, mean yes and your no mean no, you need to be 100% about it and you're right, it's the idea of goal setting because now we can really go down a rabbit hole with that. That's another area of opportunity, is how, how to number one, how to set goals, number two, how to track in progress measurement against that. I mean, you know dan's coming on the podcast again, we're gonna be talking the gap to gain principle and and so it's this idea of uh progress is greater than perfection when it comes to measuring goals because that's where I think so many get overwhelmed and to your point, don't talk entrepreneurship, don't talk sells because because if I'm a parent and I haven't had that skill set, you're already putting me adam at what I would feel or perceive as a disadvantage, but I like the idea of goals and helping to set those goals and then measure against that. Can you go deeper there? Yeah, so this is one of our number one thing's for for families in our banking app that we're basically, we're launching at christmas, we we realize that there's long term goals, their short term goals, kids have to have ownership of those goals...

...and so, and you can't just have it be like something that they necessarily right out or it's ethereal out there, you have to make it concrete. And so we have progress bars in our app like kids are setting, save goals, spend goals and share goals, right? Save goals like these are long term savings goals were showing them like, you know, diversified portfolio everything, but also, you know, rainy day funds, car funds, college funds for teenagers. Um and then you're seeing progress towards those goals spend goals are for us spend goals are less than 500 bucks on average. They're like, you know, 50 to $150 things that they want to get parents listening to this, stop buying your kids stuff like show them how to earn and reach those and they will be set for life, you know, like you, we wonder why we're raising a bunch of kids who vote certain ways and don't do the work, we want them to and they're like lazy or they're just they don't have this responsibility. Stop giving them stuff. I know it's easier to pay for, but the harder thing is to figure out, Ok, how can I keep, how can I make my kid independent? How can I make them a self starter? How can I make them teach them grit? It's stopped giving them stuff like maybe for a birthday and christmas, but you've really got to help them learn to earn. And so for us, we we we not only have spent goals, we also have shared goals. Like one of the pieces of our app is We have, we're plugging into charity navigator which has like seven million nonprofits, any 5163 across North America, they can plug it in and they reach, you know, a percentage of everything they make you watch the flow of money in our app and you see it go to where it needs to go and they're getting closer and closer on their progress bar to reach that give goal and when they give it, there's confetti and their script points and there's all these things that they're earning by doing it, not just funds and that's what helps kids want to reach those goals at the end of the day, so you want to create self starters, you gotta, you got to get kids out and going, that's a great point about like even gifting my wife and I are whole gifting strategy has transformed over the years to wear for birthdays? That's pretty much like maybe one gift um for christmas, it's typically I think three or four and they're not, sometimes it's just close, right? Like just like that, what what do you need versus what do you want? Because there's a difference, there's a major difference there and I think if what you want is what you want, that's ok, you go and figure that out and we're going to help support you in that setting that goal, working towards it. But ultimately it's got to be your drive your motivation and I think it's it's helping to, I think you said encourage the motivation or help to build that self starter. It's to help that self starting capability kick in versus just being so passive and uh waiting for someone to do it for them when you think about this whole journey that you've taken. Uh and and like I said, I'm so excited to see this come to reality is what have been the biggest lessons that you've learned of just, you know, starting a Fintech because I'm a bank, I'm a credit and I'm listening to this. Like I want to do something similar, but what do I need to be aware of? What are the roadblocks? What are the challenges? What are the struggles that you've, you've kind of had to work through just yourself here? Yeah. So first of all, anything in thin tech, double the money and triple the time is like baseline for anybody marching through tech, it's not easy. It's always evolving. Um, one of the biggest things I've realized, like I said before is that families do not have a plan. Um, and there's a lot of reasons for that, right? Like in school we like schools are failing our kids, blah blah blah. Well think about it from a teacher's perspective, man, like a teacher is doing everything that he or she can to help the kids with the...

...resources at their disposal. Okay. We don't blame teachers for anything. Teachers are like heroes in my book. Like they should, we should double their pay somehow and stop having all the bureaucracy and hierarchy. Like my, my wife had a first grader with some, some extra needs and there were seven people from the district in one of the meetings and it's like, what the heck? Just give my wife an extra 500 bucks to help that kid and it'll get solved in an hour, right? Like it's ridiculous. The, but you think about teachers, right? Like they're never going to touch this money idea because it's almost like telling the kids what to eat. Like there's rules against what teachers can tell kids on what to eat because of nutrition and diet. And you know, they just can't do that with money. They don't even want to because they don't even personally know all the rules themselves and how are they gonna tell a kid what to do in their family with money. Parents feel the same way because they don't want their kids, A lot of parents make the mistake. I think of not telling their kids anything because they don't want their kids to know how much money they've stocked away. You know, maybe they don't have much say it. But if they, even if they do, they don't want their kids thinking it's all theirs, they want their kid not even knowing about it until it comes college time and look, I just have, I got thousands and thousands of dollars for you to drop on college. Well the problem there is parents don't have a map. What it does is it leaves the kids like drowning in ignorance. And so what we're trying to do with this is give a Eagle Scout model where the kids, the parents are bringing the kids along right with some of the challenges. We're setting up, like they're actually going to be like buying a fake house on Zillow and going through that process. They're going to learn everything about car loans and like what you can buy a car on craigslist, but there's downsides. You can get auto loans where you can pay it in cash and save up, but you got to, You know, down payments and like we're really teaching. Like, Hey, there's like 40 types of taxes in your state. You don't even know about, let's do a challenge where we learn all the taxes. Like mom and dad's have very are very uncomfortable telling their kids. And when I say kids, I mean teenagers like 8-20, it's like kind of our market here. Um, they don't tell them what their net worth. They don't tell them what their house is worth. They don't tell them what they make And you know, you don't have to tell your kids your network, but you know what you can do is tell them how you make money, why you need to make money, what it covers for the family. Why don't you pull up a statement in your bank and just go over with your kids. Hey guys this month I made, we made $9,000 and we spent seven. Okay, here's how it all worked. You need to know this because as you're growing up, it's gonna start with making a couple $1000 and you're going to spend it in a certain way. Like this is how we budget as a family. Like have these conversations with your kids. And if you think that that's a conversation to have when they're older, I want you to subtract five years from every age. You think you need to have these conversations at because they're smart enough to get it. Okay. One of my mentors, his name is tom Barnett, He owns 100 Burger Kings in town. He and he and he's awesome. He's like one of the coolest parents I've ever met. Like he had five rules for his kids. That was it. Everything else is like, It doesn't matter like five rules and uh, don't lie, cheat, steal, disrespect or disobey right? It's five. Everything else that's like a puppy in a store. Like if they break a window, they break a window. Like, so just, he's an amazing, amazing parent. But one of the things he said to me, um was always treat your kids several years older than they are because they are smart enough to get it right. You have no idea what your kids are watching. You do. Like your eight year old, your 10 year old like they're watching and they're learning everyday, way ahead of what you think they are doing, right? Like my, my three year old and my two year old when he last year, he was two years old. He was like, you ever tried to like read books to your kids before bed and you're exhausted and you're like, you're gonna skip some sentences. Yes. He has a two year old, he's barely talking and he's, he knows this 25 page book by heart all of a sudden reading...

...at one time and he's like dad, you missed this sentence and he quotes the sentence, okay. These kids are way smarter than we give them credit for. So have these conversations with the kids and what our goal is with gravy stack is to really gamify this banking experience and getting kids to really take ownership and giving parents almost like a A map right here. All the things you can do to get your kids ready for the real world. And if they finish the 100 challenges by age 12, great, okay. Yeah. That's our thoughts. I like the Eagle Scout because it is something that they're collaborating on. And and it's that collaboration. I think that's where the real secret is because, you know, sometimes you're the teacher, sometimes you're the student. But through either experience there's always a lesson to be learned. And then the other thing too, as you're talking through this, I'm a bank, I'm a credit union. You know, I've I've been around for, you know, 50 100 150 years from your perspective, what could I be doing even better to truly transform the lives of people, kids in the communities that were serving, where might I be getting it wrong right now. Um A lot of banks and this is not a I don't want to slap any bank because they have their models and their business models, but a lot of banks don't even care about that next generation because there's a percentage of families who literally just set up an account for their kids and it's all about deposits. And those deposits are how we make our money. Kids don't make money and so they don't they're just by a by product there. An afterthought what I want to proposes this idea that that's kind of how we got into this this mess a little is because kids really are the future, right? Like you should be watching how kids interact with money all the time, you should be having conversations with your clients about how they're raising financially smart kids, do a business fair in your local community, you want to grow, like, have 1000 people come out to a fair that you run okay, And then offer opportunities for these kids to learn more. Okay, like that's a very easy way for a local bank to be like in the community, Diehard, amazing. Like ask these families, Okay, what are you doing with your kids? How are your kids learning money? Give them 10 simple steps by age, age specific, come up with what you think could be a couple dozen things they can do with their kids. And can you give an incentive program for it, Can you give $100 Can you give a $550? I don't care. Figure out an incentive program. Maybe there's a, you know, you get to come in and be the ceo for the day of the bank, right? We have kids running our business. I don't even think I told you this, we have kids under 18 as our ceo like a month at a time because we want this thing run and thought out by kids, they're giving us ideas all the time. Like let me tell you this story, steve jobs who I don't want to become steve jobs. I've had a lot of people tell me, I'm like Elon musk and steve jobs. I'm like, okay, well those guys are crazy and they really have changed the world in incredible ways and I've got five businesses and millions and millions of people were impacting. But I also want to be like a, I want to help my kids, I want to be a good family man, a good husband. Like I got priorities here. But what I really admire about steve jobs, for instance, Back in the early 90s, we all growing up had macintosh computers in elementary school. Why? Because they gave them at cost to districts all across north America. What they were doing is they were watching first graders use a computer. They were watching a they were watching five year olds and seven year olds, touch the screen in the nineties. Okay, that now we have an iphone. Okay, that's what led,...

...that's how you evolve. You have to watch the next generation bank and interact with money so that they can be able to grow with you and you can build in systems, it's different for everybody, right? Like if you're a small credit union or you're a huge large branch or you're more tech related, you have to watch your customer, you have to listen to your customer, you have to see how they interact with stuff and then build products and build systems that serve them. That's how banks are going to make it that right there. I think that's like the big takeaway from all of this conversation and if you stuck around to the end, you've got it because it comes down to this, you have to go all in on the future. And what I mean by that is you have to ask first and foremost like like what's going on? What are people's questions? What are people's concerns? What are their hopes, their dreams Number two, you then have to listen to what those answers are and then you have to learn. And what I mean by learn is that comes through the observation, back to your point of the macintosh and observing these kids because when you ask and you listen sometimes you might not get the full truth, but when you learn through observation, that's where the real the real magic happens. And I can think back to the conversation at the conference, I was speaking out this morning in Dubai um the banks historically have launched products without any type of market research. They think that we need this. So we need this therefore the market. But we bridge that gap. It's really like human center growth by putting people at the center of all of your thinking, All of your doing scott? This has been such a great conversation. If someone wants to continue the conversation with you, what's the best way for them to reach out? Say hello, learn a little bit more about what what you're doing with with, with with gravy stack, what's the best way for them to do that? Yeah, gravy stack dot com. You can head there, join our wait list. Um we're getting a bunch of people on board to launch our first product by christmas. Um that's the best way you can interact with us. We're also on social media gravy stack. Um we we use the gravy stack is the name because we don't want to sound like we want to sound fun right? It has to sound like a video game for these teens like gravy gravy train and stacks of money. So we just put it together. Gravy stack, you will not forget it, I will say that. But yeah, go to gravy stack dot com and I want to end with this real quick that the best advice I can give to banks and anybody who's in this space, what I've, what I've learned in the last few years, like my my network, my network, my vision is all dependent on your vision and I think that you know, our biggest problem in our society as leaders without vision and without vision, people perish. And so how can you as a bank and how can you as a local community support is what you really are. How can you have a vision that extends past the next 10 years, the next five? What is your vision for the next generation? What is your vision for these families? Like people are attracted to vision? I cannot tell you how many world class people have hired, who only joined us and you know, we just hired a guy who just gave up a million dollars in stock and Paypal. Okay to join us, it's because of the vision that we set and your vision has to always be growing and always be getting clear for the future and the more that you let that out to your network, the more people are caught up in it. That's what you can do as a great leader of the local bank or a local community organizations that right there and I wrote about this in banking on digital growth, even use that old, that old ancient wisdom where there's no vision, the people perish because it's this idea of when you, when you think about leadership, leadership is about casting that vision, crafting it around a purpose that's greater than even the mission. It's about empowering and elevating other people. That's what it is attractive. That's what is going to really propel you forward because leaders lead into...

...the future. Manager's managed in the present moment. But we need both sides of the equation to continue to make progress on this journey scott. This has been so much fun man, thank you so much for joining me on another episode of digital growth. All the best as you continue forward on your own journey here. Thanks man, I had a lot of fun as always and until next time be well do good and make your bed. 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 podcasts or Spotify and subscribe while you're there to get even more practical improvement insights, visit www dot digital growth dot com To grab a preview of James Roberts, 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 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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