Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years ago

50) #DigitalGrowthJourneys: People and Purpose w/ Jonathan Clay

ABOUT THIS EPISODE

On this episode of Banking on Digital Growth, we continue our Digital Growth Journey series, as we talk with Jonathan Clay, the Digital Marketing Associate at Louisiana Federal Credit Union. Jonathan and his team are relentlessly focused on two things: People and purpose.

In this episode, we talk all about:

  • Why every team member is required to have a “What’s my why?” story.
  • How a brand-new process allowed them to close 74 additional loans, and why that process nearly came to a halt.
  • How the “pre-app” process is allowing them to get to know their customers better than ever before.
  • Why perfection is often the enemy of progress, and what Jonathan and his team are doing to combat that mindset.

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

Hey, guys, it's James Robert, and I'm excited to share Jonathan Clay's digital Growth Journey story with you in a moment. Jonathan is a digital marketing associate at Louisiana FC you and he has such a great story to tell, because I've watched Jonathan elevate his digital marketing capabilities. He's elevated his knowledge year after year since he first attended one of our digital growth training programs in Houston, which was about five years ago. And since that time, I've been guiding Jonathan and his team along their digital growth journey. Watching them all make tremendous progress. All create tremendous value for their financial brand. Quarter after quarter, year after year, Jonathan is really a true testament. That transformation begins with training and education. Enjoy the show You're listening to Banking on Digital Growth with James Robert Ley Ah, 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 digital growth journeys. Siri's, where James Robert uncovers and explorers some of the industry's biggest digital marketing and sales stories of success. Let's get into the show Greetings and hello, I am James Robert Lay, your digital anthropologist, and I'd like to welcome you to the 50th episode of the Banking on Digital Growth Podcast. My, my, my, how time sure does fly because we have reached the halfway point to 100 episodes that share knowledge transfer insights provide you with inspiration as I commit to continue to guide you and your financial brand along your digital growth journey. And for that I'd like...

...to thank you, dear listener, for joining me on today's episode. Speaking of journeys, because it is part of the digital growth journey, Siri's and I'm excited to welcome Jonathan Clay from Louisiana FC you to the show. And as you are the digital marketing associate at Louisiana FC you What is one thing that you're working on right now, Jonathan, that has you most excited? Oh, um, I think the biggest project that we're working on, I say biggest meeting. My biggest excitement with the project is, um, we're working on a budgeting project. Currently, it's really real life practical application of budgeting that makes sense to the everyday person. Um, our CEO mia has a saying that a checking account side of sexy product and we're just to stop along the way. Um, Star Team is currently working on a budgeting landing page that partners with the savings challenge. And it just kind of encourages our members and our customers to take practical steps to say for those goals and just to practice good savings habits. And it's really fun, just kind of to give them a Y behind or what? That's a That's a guiding force of our institution is to understand why we do what we dio and help that help make that practical time members. So it's just really fun to work those projects. And because I've seen your personal growth over the year, along with your team's growth, your credit names, growth, I think you're in such a good place to build upon really a strong foundation and get some MAWR exponential capabilities within the next 12 to 18 months. Around this perspective, we're not gonna get into the details of that. Excuse me as they continue to unfold, but it's just gonna be interesting toe watch this next phase as you go down that path. Speaking of growth, I would say you've really transcended the idea of a digital market or quote unquote into something greater than I see, I I really believe more financial brand marketing teams need, and that is what...

I'm gonna call. I'm gonna call you a new title. I'm gonna give you the title of an empathetic experience, engineer because all of this, all of your doing is really focused around one thing on Do you alluded to it before? But that's people. So you talked about people and you talked about purpose provides some more perspective for the audience about how people and purpose drive the work that you're doing at the credit union. Well, I think that, um, one of of that title, but I think that that actually starts with something personal. Ah, personal life for myself is something I like to do. Is a person is signed ways to make the lives of others around me easier, Um, and understanding where people are because everyone has their own story. Everyone's on their own journey. And it was very important to me to do work that contribute to that. Because if I don't feel like I'm contributing for greater purpose or greater good, then I kind of feel like I'm just spinning our wheels, doing nothing and what I like to do that the cool thing about how our digital growth journey has kind of transpired is that I with that website, it's Ah, a website that sells. That's a fancy way of saying we could see user behavior and I can see well, people are clicking around on the website. What are their interests are and it allows me to dig deeper, asks the question. Why? Why are people looking at personal loans at this time of year? Why people looking at other loans and the driving force behind what I do? The purpose behind what I do is understand that this person may come to my website looking for alone, but that's not really what I'm selling to them. I'm selling them the idea of peace of mind. And hey, this is just a set like our tagline here in the organization. This is helping you get there. This is a step to help you get there so that you can focus on line first. That's I tried to keep that question at the back of my mind for everything that I'm doing, moved beyond just the marketing side of...

...it. And just into the empathetic, I guess. Psychological behavior, the person understanding where they are. Yeah. You know, you mentioned something that I think is really critical for others to pick up on. And that one of your key roles is to simplify the complexities of digital's to educate others as well. And you've mentioned this purpose a few times with this. Why I wasn't a year or two ago, you guys had a transformative purpose workshop or a why workshop that helped to educate others into the greater meanings of where you were going along this digital growth journey. How did that help tear down? What we would traditionally see is like internal silos. Um, OK, that's a wonderful question. So about two years ago, really? Briefly, our senior leadership got the stuff all together for training date. And we, uh we did a deep dive in studying on Simon Simon sending start with white. And basically the short of it is you have 15 seconds to tell the person what you do. How do you explain that in a way that's clear and concise us implementing the Y statement of our organization, which is to help people so that they can focus on life. First. Kind of unified our entire staff around this idea that you're not. You're not just to tell you none of them. I saw you're not a marketer, Granata, a director. You you are a person who is here to help people so that they could focus on life first, having that be a guiding force. And then I want to mention also, it's a guiding force. But a practice that we do internally is that every staff member is required to submit what we call why. Stories and these Y stories are basically just a moment to take a step away from the day to day duties of your job and talk about how you help someone, whether it's internal or external, by making that a mandate, which is actually kind of fun to do because you have to look for opportunities to help others. But making that a mandate we have now...

...created this this sense of unity internally that every staff meeting, I think we'll have one here tomorrow. Actually, we get together and get to hear all these different stories of how as simple as a teller or possibly is greater. The CEO not to say that those air levels here, but how they help some blood. And it just reminds us of why we come here every day. You're with your co workers. Yeah. No, you you talked about look for opportunities to help others. There's that empathetic perspective coming out with just the way that you're communicating. So having that not only be within the marketing department but expanded throughout top the bottom bottom to top is what I believe is one of the reasons that you guys have made so much progress over the past years. Speaking of progress, on the flip side, there are challenges and roadblocks that you've had to eliminate. I often liken this to legacy thinking, like if it isn't broke, don't fix it, or that's the way we've always done it. E can think of so many traditional brands that have been brought down because of that limited perspective Borders, blockbuster, Kodak and even more recently, one near and dear to my heart, Toys R Us. How have you been able to overcome this limited mindset? That is just I, I feel, has the potential to be the death knell or to be so deadly for others. Well, I'm fortunate enough to work for a new organization. That's very excellence driven. Um, and what that means is we tend to come up a lot of really cool ways to get the job done. But with that, you know, we have this thing, Um, where we just kind of trying to simplify processes. We went. Think about three years ago. Now we went on a, um, ID aid migration. Marie Tree leaned everything out. The problem with that Is there a sense a problem? But the...

...challenge with that is, is that once you leave something out, you kind of get used to it being status quo. And I think that the way we've overcome that is we realized that that's an ongoing journey. It's not a one and done. You don't leave something out one time and that's it. It's just a continual refocus internally say okay, great. That worked this this area in this area in this time period and the super successful being willing to take a step back and say How can we improve upon that just to make it easier both for the Internet, external customer like. So I guess the answer is, is simply realizing that it's an ongoing conversation and you don't stop with one time. You know you've You've got so much practical wisdom right there because I think a lot of financial brands I've talked so many times before. They get stuck in the doing of digital that they don't take time to stop, pause, learn about what they've been working on, how to apply those learnings through the thinking so that whenever whenever they do it again, they do it even that much better. But what you're talking about is a critical step of review and refinement. You actually have a practical example of that with a new internal process called pre APS that I feel like has been a transformative experience. What has that process look like for you at Louisiana? Well, initially, that that's actually the perfect example. Initially, about 2.5, maybe three years ago, we rolled out to create process, which is simply asking for high level regeneration information at the start of an application. What the purpose of making sure if a person starts an application, they finish it. I like it to the shopping cart mindset people. You put stuff in your shopping cart on Amazon, but you're not entirely ready to commit. Well, we piled it that program in 2017 or 18, I believe. And because of implementing that, we were able to capture 74 additional. Also, we normally would not have captured Well, fast forward. One little hiccup happens, which is the status quo with digital. As things grow and evolve, new ways of doing things come up and you gotta you gotta be a flexible adjustable. And it...

...created some internal fear, I would say, and we turned it off. And it was an argument that this is an extra step and and when we're slowing, remembers down. So it just took times, like I said, going back to the chopping block and say, Hey, listen, here's how this has benefited us. Here's how we can grow from it. This is the additional leads were able to catch operate. This is the importance behind it. So it took me and all the stakeholders getting in one room whiteboard hit out and showing them the process from start to finish and then the benefit of the process and now is he go to way of doing things when it comes to application processes? Because now I'm able to re target members who started application and don't finish it and just educate them and nurture them because not everybody is ready toe to click buy when they when they stick something in their carts. We gotta, you know, understand why members are the Met there. Yeah, the process you're talking about is probably one of the quickest winds of financial brand can experience to maximize their digital growth. Because we we see abandonment rates for online applications, whether it be for a loan product or deposit a new account, be between 85 90 92 sometimes upwards of 95% for one reason or another. Thes air traditionally things that are beyond the control of the financial brand. But by deploying this pre app and then optimizing it, you've really created exponential value every step of the way. But you had to not only be an empathetic experience engineer for the prospect, you also had to be a nem, pathetic experience educator for internal team members as well. Correct. So I think that's a really key lesson it's you're playing really two roles. You're developing systems and processes that are external facing, but you're also having to educate others into why coming back to your point with, like with Simon cynic, Why are we doing this first and foremost, and then you can...

...talk about the what and the how. Yeah, correct. Yeah, 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. You know, you've hearing you talk through this. You really have fought the good fight every step away along this journey because I often compared digital growth to, say, running a marathon or defeating the giant beast or monster, the monster typically being a well, I think like if you look at the story of of Pinocchio, right, the well and and even with narrative art type structures, the well was named Monstro the monster. So what have you done in your own journey to defeat the beast of digital overwhelming or digital distraction? Well, first of all, that that was a process within itself. I think that kind of in keeping with this mindset of the beast being a whale eating well, bite by bite. Melinda may, um and realistically, when we first...

...started this journey, it was a bit overwhelming. But what I've learned to do and what I found the most success in is actually it's a step I've taken from you. Good is the enemy of greatest enemy of good. You have to get something to place where it's excellent and and it's craftsmanship. But you're not trying to go for a home run on the first start because digital is a beast of a project. You can't just throw it all out there and expected to all work. So you get it to a state where it's it's serving its purpose, its alleviating pain points, both Internet sort of customers. And then you you go through a period of 30 to 90 days and then you reassess. Okay, how can we improve upon this process? So for me, it's launched the project, assess it, review it and then optimize it over time and you start to do that with each project and then you look back like, Wow, we pulled off some amazing stuff that when we saw it on the punch list, it seems impossible. But as of today, all those things are not complete it and one of the things that that you've talked about before, even with the pre op process and I've seen you do this multiple times piloting, piloting something before it becomes like the new the new status quo before that gets transformed and made even that much better going forward. How has piloting things been helpful for you? And really probably, I'd say, helpful for others because it's it's that incremental steps. It's that incremental grow growth moving in the right direction without we'll call it. We're gonna get something 80% there. And what Seth Godin talks about in some of his talks is we just got to ship it like Like just get it out, get 80% there. Keep that standard of excellence to use your words. But we still have to ship and not get bogged down in perfectionism. How do you communicate that to others who might be? Perfection is by default like I am. So that's an excellent question. Um, I would like to say that...

...the process is kind of in the framework. Why I see it as our biggest digital win. It's a framework for basically all of our piloting programs and how we continue to elevate and optimize those things. The way that the piloting part of that process has worked is that you kind of it's kind of a cheat code. If I can call it that, you pilot it with a smaller project or a smaller team, get them to see the benefit of it. And then you create them as your internal advocates for why something works. You roll it out and then and internally when it's just something marketing related. I'm not working with another team. Roll it out on one product line we start with. I think I started the process with new autos only we captured that went great and then we moved on to credit card. Well, at that point you're now create. Your work is creating your argument for you. So you go back to us perfection. Instead, I said, I work for excellence driven organization, so if they hear launched it 80% and we'll get to 20% later that initially to the ears and like, No, we can't do that. That's why we operate. But when you do that and that doesn't say, sacrifice the excellence and and the hard work, when you get it to a place that's workable and approved, then you can let your work create the case in the argument for them and say, Hey, look, this is how we rolled it up thus far. This is a success of it. Let's roll it out here and then we'll add it. Add things to this original first pilot program. That's kind of how it's worked out for me. I think that's a big big difference than how many financial brands traditionally have operated in. Something that you've brought to the table is being able to prove and quantify time and time and time and time again, the value that marketing is creating for the organization, because I hear it from financial marketers every single day. I'm a cost center. I'm I'm a glorified in house FedEx Kinko's. I'm I'm kids that play with...

...painting crayons, but quantifiable e you're proving value day in and day out. What has been some of those quantifiable winds beyond? Yeah, we're making progress. We're checking things off the list and we're optimizing them. But how are you proving the value of market? Because that's one thing. If financial markers can solve that problem, they can start writing their own checks. Well, I think, uh, some examples of quantifiable group um, last year we had a corporate goal Thio bring in deposits, and initially it was seen as this big lost the thing that honestly, just we have honest conversations with ourselves internally, like this is lost the gold guys. I don't know if we're gonna need it, So I kind of put a big ask out there is like, Hey, what if we from the procurement process and we tie that with digital leads on Facebook and, um, we tie these assets that we know that we're really good at doing and we just put it out there, Um, so I can say, over the course of the year 2019, I think we bought in between the three or four deposited campaigns about 16 million, and the goal is 20. So, in addition to the other campaigns and and things that were going on and, of course, the frontline staff and the call center bringing in money, we actually met the goal that we were expected not to meet because we trusted the process. We tested it, we proved it. We trusted it. And we were able to put data points behind that say, Hey, look, it's working. Let's keep doing it on. But just comes with establishing that trust with leadership. Just really. It's It's exciting to see those things come together We're like, You're like, OK, you've accepted in your heart. Hey, this may or may not work but I'm willing to try and willing to give it all I got And then when it actually pans out like this week, this is awesome. We actually did it. And I think another key lesson hearing you dialogue and talk through this is big lofty goals, but we start to break those down into smaller, bite sized...

...chunks. Melinda may eat the well bite by bite working through not a a yearly strategy because we have to be agile. We have to be nimble when market opportunities come up. But the perspective of, like 90 days, this is what we're gonna focus on over the next 90 days has helped Thio communicate internally like this is what we're gonna do now and then we'll worry about everything once we get to the next 90 day sprint. More or less. One of the other things that that I'm thinking about two hearing you talk. You've talked about lending. You've talked about senior leadership. Digital growth is not a journey that you travel alone. It's it's one that you travel with a team How have you been able to help guide others along? You talked about like white boarding and educating, but helping them see the bigger, better future that you're wanting to create. Because before this conversation, you mentioned something around ah, holiday loan campaign where marketing broke lending. That sounds like a pretty negative perspective. Yeah, So marketing broke landing? Yeah, we got some Not so great. There's no hallway. What happened was in the past, we had a holiday long campaign that we offer. It's a simple personal loan that we offer packages as a Christmas loan. In previous years, we've done it and it's got decent traction. But like I said, it was good enough. So why change it with the implementation of the creative process and making it honestly taking a probably six step process down here? One or two step process we went from, I think, ah, 100 applications in total in 28 17 2018, 990 cool applications. 2019, 1123 Now, the reason we started saying that we broke lending was because they were so busy and that was only off of two emails. It wasn't This wasn't like a over in the inundating. Our...

...membership. This was two emails that we sent out. But it was target in such a way that it hit our audience in the fields, if you will. And, um, we got a lot of traction on it. Well, myself, in another number of our markets, seeing Lindsay we went downstairs and talked to landing was like, What? Guys? We understand that this is a bit stressful. It's a lot more than we're used to. But you have to remember you're not here to process loans. You're not here. Um, getting paperwork done. You're putting Christmas morning Christmas cheer under People Street. So with that in mind, keep fighting to get these things done because you don't know how much this simple act of you doing one simple task is making someone else's A year, month, morning. And that was kind of the focus. We all made it. We pulled it off and it was really awesome. Yeah, you took a negative situation, transformed it into a positive one from a few different perspectives. And the quantifiable result was really 10 x growth, something that I'm a big proponent of, And the reason I think you're able to do that. Not once, but twice is you had a reusable marketing asset, Um, that you were ableto pull off the shelf and reapply, but reapply and make it even that much better talk to me about because that's been a big thing that you've been working on is trying to build reusable assets that can give you leverage that can give you three exponential factor. Because every marketer is limited with time. Why try to reinvent the wheel whenever you could build something that has some shelf life on it? You know, I think we have an excellent example of that, um, again 2017. It was a very transformative year for 2017 because this is That was the year that I mentioned before the process was kind of the foundation for all of our digital organizations. And I say that to say that in 2017 we rolled out a lot of assets for auto refi campaign. The pre process, different things like that that are now reusable in the sense that we look at these seeing processes again,...

...improve upon updated taken off the shelf, get it out there and run a good example of reusing an asset not relevant to the little is our quick savings quiz. We basically did a study. It's starting in the year 2017. We did a study on how much remember safe on our six key products, uh, products versus banking with the bank. We made this simple 10 question quiz, and it basically tells our members, Hey, if you move these six products over here, you can save X amount of dollars. Well, now that quiz has become unwritten other reusable asset that makes the hard conversation of why you should move your checking and your audit. Over here, something very, very simple ways just makes college and sense that you're not saving this much more year. And the idea is to continue to create assets like that so that when you come around to these bigger campaigns, you're actually eliminating a good 10 20% of the work. It's not mawr by reusing processes that have been trying to improve on and implementing them in such a way that it's specific to that campaign because it's not just throwing it out. The inside of the forget it, it's how is it going to work in this audience. What's weeks? So I need to make How can I continue to improve upon it? Yeah, it's really a perpetual and organic lead generating asset that creates value over an extended period of time. I know you're you're starting to do that with other product lines as well as you. Level up your capabilities. Mortgages. Very complicated buying journeys, uh, the business services side of things. So it's exciting to see you've got the foundation, and then you're leveling up these capabilities year over year, and the future is bright. You've got such amazing story. And I feel like we're just scratching the surface here with, you know, talking through some of the high level winds in progress that you've made. I wanna look ahead a little bit into the future, taking two years out. So two years down the road and let's look backwards. What is one thing for you...

...that has to happen between now and then for you to feel good about your continued progress along your digital growth journey? Oh, I think that's simply, uh as I gained new knowledge, I have to give it away and educate others. Um, and empower them to be able to do the same steps along alongside me, and I have to be willing to give something up to take on something. Do Digital is a process a a base of a project, that it is forever changing. And what worked in 2017 were working. 2019 may not work in 2020 and just realistically, we have this internal singing the department. Don't get married to your work and understanding that you have to be willing to get something out to take something else on. And just I think what would have toe happen is we're continually looking at our processes and understand. Okay, this is great. What's time to what? What? What can we sunset so we could take on something new and remember in all of that what we let go, what we take on How is it helping people at our core? Because you can take on a lot of things that might look beneficial in the onset, but it isn't going to contribute to the overarching theme of helping others, and reaching the goals at the same time is a goal so ago. But it's it's just remembering toe let go of what I can't do anymore. I need to let go of and take all that need to and give away that that now it's not to make room for new learning, practical practical insight and wisdom right there. What must I stopped doing so that I can take on something new? You know, I get asked all the time. What do I need to be doing next? Like, what Should we even start looking at doing? I'm like, Whoa, let's diagnose the situation so that we can figure out first and foremost what you should stop doing, so that you can create the space and time to start creating new behaviors. New, developing new capabilities. Because if you keep the old and try to add the new, you're adding additional levels of complexity, and that's where people get stuck in the overwhelming the circle thing. It's just not a really good place ending on practical insight. Practical...

...application, practical action for the financial brand marketing cells, leadership teams listening. Because you've had so much experience over the past four or five years, what is one recommendation? Practical recommendation, practical action that you could encourage them to take so that they can move forward along their own journey with confidence. I say if you don't know your why you can't do your what? Remember why you do what you dio. So that way you can continue to do what you do in excellence. That's that's the simplest way I can say. And that's kind of how I like to do it. If you don't know why can you say that one more time? I think that was key. If you don't. If you don't know why you do what you do, you can't get to do continue to do what you do in excellence, and you can't elevate from there. Wow, Thank you so much for that. And thank you for the conversation, Jonathan. If anyone is listening and they have follow up questions or they just want to connect with you what is the best way for them to, uh, to get in touch with you? You can find me on Facebook. Um, Instagram my email work email address. I'm I'm a millennial, so I'm pretty digitally accessible. If you could find me, I think you can also find your LinkedIn as well. If you can find me on a platform. I would love to chat and help. However I can. We thank you for that. We thank you for the wisdom you shared today, Jonathan. It's been great having you join me on another episode of banking on digital growth until next time. Be well and do good. 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. Mawr Practical and 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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