Banking on Digital Growth
Banking on Digital Growth

Episode · 11 months ago

62) #DigitalGrowthJourneys: Putting Love and Respect Back into Banking w/ Kerry-Ann Betton Stimpson

ABOUT THIS EPISODE

Does love have a place in the world of modern banking? While it might seem like the immediate answer is “no,” what if unconditional love and mutual respect were at the heart of every bank’s purpose?

In this episode of Banking on Digital Growth, I chat about this concept with Kerry-Ann Betton Simpson, the Chief Marketing Officer at the JMMB Group of Jamaica.

I talk about:

  • Why love and respect should be at the heart of everything that you do
  • Why the employee experience is just as important, if not more so, than the customer experience
  • Helping everybody both in your company and outside, realize the greatness that lies within them

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

...so they have certain things that wewill do and certain things we will not do on. We find the loyalties there. Theclient experience is strong on the clients love us because they really seethrough who we are on the fact that we do stand for them. You're listening to banking on DigitalGrowth with James Robert Ley Ah, podcast that empowers financial brandmarketing, sales and leadership teams to maximize their digital growthpotential by generating 10 times more loans and deposits. Today's episode ispart of the digital growth Journeys Siri's, where James Robert uncovers andExplorers some of the industry's biggest digital marketing and salesstories of success. Let's get into the show Greetings in Hello, I Am James,Robert Ley and Welcome to the 62nd episode of the Banking on DigitalGrowth podcast. Today's episode is part of the digital growth journey, Siri'sand I'm Excited to Welcome Kerry and Betton Stimpson to the show. Carrie Annis the CMO of the J M and B group in Jamaica. She's a public speaker andhost of the internal marketing podcast. Carrie Ann believes that marketingcannot be successful without first having a strong employee engagement andbrand advocacy perspective. Hello, Carrie Ann. And welcome to the show. Hi,James. Thank you so much for having me. It's my absolute honor to be here withyou today. It is good to be with you with you today as well. And, you know,I think back to the first time that you and I met it was 2014 at the financialbrand form in Las Vegas. Absolutely. So we were about 13 years old at the time.Way were 13. I like maybe 14, but no. Yeah, I like that. And And you hadattended. It was a content marketing workshop, and I remember recently hadshared on Linked in It was the It was the binder or the workbook that youtook home. My gosh, how time has flown by? Yeah, and I still have it in theage of digital. Still, I still have that binder. The hard copy is still inmy folder. Well, it's it's interesting that you say that because one of thethings that I found over the years is the mawr that we can make theintangible tangible, you know, and and and and even down to like taking notesand writing. There's something that is on and dare I say, magical. Thathappens when you put pen to paper, when an idea of thought goes from your brainthrough your arm to your hand and goes through the pen to paper. Somethingspecial does happen because you are bringing whatever that thought isliterally into reality. So I think there's something there toe to keepthat you know, when we look at what at everything that's going on right now, Ijust want to start the conversation with what you're excited about, whatyou're energized about, that you're...

...working on right now. Well, what I'mreally excited about. To be honest, James's what's taking place currentlyin our industry with the advent of Cove in 19. So we're just about a year intothe pandemic. Andi. As a marketer, I think what I'm most excited about,which was brought about by what lifestyle ships had to occur because ofthe pandemic, locked down quarantine. What have you is just re engagementabout just how important your brand is? Because marketers for many years,probably from the beginning of time, there was always this struggle aboutwhat's the value that marketing brings, and and and while we recognize andacknowledge as marketers, that contribution to the bottom line, tooprofit marketing, that's what we're all about. We're here to make the companymake money. What? That debate between what we call performance marketingversus brand marketing has become more hotly contested over the last few yearson to the detriment probably a brand marketing, because it was always kindof difficult, I guess toe always prove the value that brand marketing wouldhave brought to the table and how exactly contributed to the bottom line.But with the pandemic, what we've realizes that brand is what peopletended to turn to. So again, in the age of lock down and quarantine and all thefinancial challenges that everybody was facing, the word empathy has come up sooften on. And empathy was brought out in, Well, what are the brands that areare exhibiting that empathy? What are the brands that I can trust? What arethe brands that I could do business with and know that they're not going totake me far right? And so those who really weren't in the brand game feltit on. For those who could have taken advantage of the opportunity to reallydouble down on their brand is what I believe was a big win for thosecompanies were able to do that, and for me, that's exciting. And that's whatI'm looking forward. Toa building even more on throughout 2021. You brought upa key point, and I want to come back to it. You said Brand is what people turnto and really the antithesis of brand marketing to your point is performancemarketing. And when you think about the traditional financial brand executive,that's what their expectation is. I do X. I get why. But brand marketing, youdon't necessarily see a direct correlation between X and Y. It mightalso and be like I do X and then you know a B C. D has to happen before Isee a result at F. How can you have a conversation as a leader, as a marketerwith those who might have the expectation of performance marketing?But to your point, I do see the value of brand marketing because people turnto brands that they know they like they trust Yeah, Andre, the first thing Ilike to remind folks in our industry is,...

...why is it that people choose ourfinancial institution, a bank investment company, credit union, to dobusiness with on the main reason is because there has to be trust there. Imean, yeah, you can give a great interest rate on a loan on a deposit.What have you But if they don't trust that you're solid that you know whatyou're talking about it. They don't trust that when they give you theirhard earned money, they can go back tomorrow and see it. You're dead in thewater from the get go, and so trust is huge. And how do you engender trust isactually through the brand on. That's always my key point to all of ourbanking executives and financial executives. Listening is that if youdon't have a brand that folks can lean into an trust, you're gonna have aproblem. And so it's really brand that drives performance. Because if youdon't have that brand, people are not gonna choose you. They're not going torefer you to their loved ones because where the mouth is still huge, whetherwe like it or not. It's really about the brand. So have that as yourfoundation. And that's a great start to a winning formula to great performance.I like what you said. Yes, you can have a great interest rate. But if that isthe If Price, for example, is the sole decision maker of a consumer,unfortunately, that is going to be a transactional relationship, one thatthat will probably not last. Ah, lifetime on the other side, you know,we're looking for trust. Consumers are looking for trust, and that trust isdelivered through an empathetic, positive brand experience. And let'stalk about what you're doing right now at J. A. M M B. You know this idea ofof what I call banking on purpose. This has been a really big area of study.It's been a big area. Focus. I see This is a tremendous area of opportunity forfinancial brands to this point that we're talking about to rise above thecommoditized positioning, the commoditized promotion of Hey, we havethis, these great rates and we have some amazing service. But you're doingsomething deeper with this idea of banking on purpose. Can you can youdive into that for us. Oh, with pleasure. Well, just for folks whodon't know a, J, m and B were just under 30 years old, right? We'reheadquartered in Jamaica, in the Caribbean, and we have operationsacross the Caribbean, primarily Internet, Ad and Tobago and in theDominican Republic as well. On our vision as an organization was about howdo we empower they everyday individual thio achieve their financial goals. Sowe would have started at the time as a small boutique money market broker thatwas set up again toe give access to the everyday Jamaican at the time becausewe started in Jamaica to achieve their financial goals because at the time noteverybody could have had access to the money market. But since then, we'vegrown so much from that on the word love is at the core of who we are on.The reason why is that it's not a brand...

...that we have a sat down in a room, youknow, with pen and paper and post it notes and said, Okay, what's thepositioning on the purpose of what we do? Love is actually who we are thevery core because one of our co founders of Blessed Memory, Joan IsabelDuncan. Unfortunately, she is no longer with us. She passed many years ago, buther vision was not only to empower the the average in everyday person toachieve their goals, but she really believed in the equality of all humanbeings. Every human being is the same. That's how she believed it,irrespective of your race, ethnicity, background. What have you on? Shebelieved that every individual had greatness within them. And how do youunleash that? Greatness is through the power of love, showing love toindividuals in a way that allows them to realize the greatness and themselvesand to achieve that on. So that's our purpose. It is love. It's throughshowing love to our clients in terms of how we serve them, how we empower them,how we engage them, love to our team members in a way that allows them toerealize the greatness in themselves. And that's who we are on our tagline.Your best interest at heart sums it all out. Yeah, so I I love this idea ofbanking on purpose of really injecting love as a central theme or thesis of ofyour positioning of of your purpose that goes beyond the promotion of ratesand the transactional of dollars and cents. I'm looking here, even on yourwebsite. The J M M B team is clear that the organization is based onunconditional love and mutual respect. I mean, if we even go back to theancients and and and think of you know what is love? Love is mawr than a newemotion. Love is a choice. Love is toe will the good of another person. Andwhen you think about this idea, we have what I would call the traditionalbankers brain, which is a very smart brain. It's very logical. It's rational.It deals with numbers and sense. But on the other side we have the consumersbrain, which is Maura motive driven. I can see how this type of positioningthis type of purpose emotionally connects to build trust with people inyour communities. How do you reconcile that bankers brain versus the consumersbrain, the analytical versus the the emotional? Yeah, that that's a greatquestion. And first of all, I'd like to say that underscore your point aboutchoice and love being a choice for us to our purpose is a choice in the sensethat throughout the years we've always stuck with that purpose because werecognize, too, that it drives business decision making. But it can also impactor bottom line. You know, my CEO will...

...say all the time that because of ourpurpose, there's certain things as a bank, we won't do it. A financialinstitution. We won't dio. There's certain fees we won't charge, you know,So we don't and won't charge clients to come into the branch to do atransaction with a teller because they chose not to do it online because it'syour money and that's what we call a nuisance fee and we're not going to dothat. That's just not who we are, and we don't believe that that's having theclient's best interest at heart. But that being said, it means that we'regonna have to make decisions around well, we just or maybe your feet incomewill be as high as some other institutions, but at the end of the day,we still choose that because that is who we are, and what we realize Jamesis that having made that decision the clients see that they know that theyfeel that on when you do that, they will come. They will come. So there'scertain things that we will do and certain things we will not do on. Wefind the loyalties there. The client experience is strong on the clientslove us because they really see through who we are and the fact that we dostand for them. And it's been a wonderful experience for us so far. I'mglad you brought that point about, you know, this idea of purpose. It is aNorth Star. It provides us with direction. It provides us withaccountability of what will do and what we won't do. Because when we put peopleat the center of all of our thinking and all of our doing, that's atransformative exercise in and of itself because it is willing, the goodof another person. And when I think about this idea of living out thepurpose, there's been a lot of talk in this industry for the past. Really, Iwould say 3 to 4 years about C X about customer experience, but you're takinga different perspective. You're taking a different approach you're taking adifferent focus because you believe there's a need to invest in not justthe customer experience, but really the employee experience, you know, framedaround employee marketing. Employee advocacy. Because employees marketingemployee advocacy will be a key driver for future growth, even digital growth.Why Why is that? Why do you believe that? Well, at the core of it again,it's a service. Do you provide? It's a relationship. Essentially. So you talkabout yeah, what we provide in terms of accounts and and investments anddeposits and loans. They're pretty much intangible. So at the core of what wedo is a service. What it's about, a relationship on when you talk about abrand that centered on love on you. Talk about having that purpose, whichis really very people centric then. First of all, we can't win without ourpeople on. Our people need to be engaged and empowered in a way thatallows them to deliver on that vision of love, which is what you were readingfrom earlier the vision of love that we...

...say we have towards our clients andtowards the wider community. And so if we don't enroll them if we don't engagethem. If they're not feeling the law, first of all, internally, that's aproblem on then. Secondly, if they're not empowered to be able to deliverthat love and and and and that that experience to the customer, then that'sa problem. So for us employees, experience is huge. You know, we've wonawards and acknowledgement for being a great place toe work. Our employeebenefits as a company is one that makes us one of the choice places that folkswant to work with because we really do believe in the power off love beingextended. Tow our people internally as much as we do to our customers.Technology has transformed our world, and digital has changed the wayconsumers shop for and buy financial services forever. Now, consumers makepurchase decisions long before they walk into a branch if they walk into abranch at all. But your financial brand still wants to grow loans and deposits.We get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand marketing and sales leader, but it doesn't have thiobecause James Robert wrote the book that guides you every step of the wayalong your digital growth journey. Visit www dot digital growth dot com toget a preview of his best selling book, Banking on Digital Growth, or order acopy right now for you and your team from Amazon. Inside you'll find astrategic marketing manifesto that was written to transform financial brands,and it is packed full of practical and proven insights you can start usingtoday to confidently generate 10 times more loans and deposits. Now back tothe show A Z you mentioned before this idea of banking on purpose banking onlove is to help everyone experienced love and to realize the greatness inthemselves. So you're elevating your internal team members to grow from goodto great to reach their full potential. And I think of other organizations thathave made this investment in a digital world has become a key differentiatingfactor. The late Tony Shea, for example, with Zappos, you know everything thatwe've we've learned from from delivering happiness. How are youdelivering love to your employees? You gave a couple of examples, but let'slet's go a little bit deeper into some of those the practicality of of notjust saying. We believe in we're banking on love. But applying that tothe employee experience first because then they can deliver that to thecustomer. Eso I would put it, put that in probably two big silos. So the firstsilo, of course, is in the in the types of benefits that we offer to our teammembers. And when you talk about free childcare, you talk about health andWellness Center on on campus, where we...

...provide all the equipment and theclasses from yoga to kickboxing, which is all part of the package. You don'tpay for that. You're talking about a culture that's that's that's very opendoor policy. Ah, very flat structure, not a lot of layers. Just so manythings that go into How do you create a space that people feel valued and lovedis is one thing in terms of the benefits that we provide as anorganization. But I put a post up recently to let people know, and Ithink this is probably the best part you spoke about how passionate we areabout helping our team to realize their greatness. One of the things we do asan organization, especially that we recognize that. You know, even if yourdream is not to retire at Jim and Bea, that's okay. Suppose your dream is tostart your own business or to have a side hustle. We actually support thatin spirit. You know, just the other day we did a virtual online small businessexpo that was solely dedicated to some of our employees who have sidebusinesses and side hustles. And they came on and showed what they were doing.Some there in different things. Some of them are selling. Some of them areartists. Some of them are photographers sharing their services on. We put themon show and use the gym and bees platform for them to sell themselves,promote themselves. And people are like, Are you kidding? May. But again, thisis what it's all about. It's about how are we pouring into our people to helpthem realize their greatness? And it xjak just I mean, you don't get anybetter than that, in my view, as a as a company, absolutely not, because onceagain you're elevating them, and I think the world that we're living in itallows to have these side hustles because we're not defined by one typeof activity or one type of work. I think the mawr diversified that we arein our lives, the mawr rich. Those lives are and you're, you know, Thiohere what you're talking about about the for example, the free childcare.That's really big for the family perspective. You're talking about thehealth and wellness that's really big for fitness, and you're delivering onon what I know is the five efs of life, which our faith fitness, family,friends and then also finances. And so you're empowering and all of thesedifferent areas to elevate the team so that they can elevate the customers ofJ. M. M. Be thinking about this idea of employees marketing employee advocacy,which which I predict that over the next 2 to 3 years will be just as big,if not bigger. E X will be bigger than C X, particularly in a digital world.What is a common belief in the industry that you passionately disagree with?What do others think about employee advocacy that they might you mightdisagree with him on Well, you know, James, I personallydisagree. Well, let me tell you what it is, and I'll tell you why I disagree.So I find that a lot of companies in...

...our industry are reluctant to engageour employees in advocacy because they're concerned about dilution of thebrand or the employees, perhaps going rogue and saying things that areinconsistent with the official brand voice, you know, and and and that's avalid concern, And I'm not gonna I'm not gonna not validated. But the thepoint of the matter is, why I disagree with that is that at the end of the day,I always believe marketing is still human to human Onda. Statistically,it's factual. All of the messages that go out via your official brand channelsdo not reach as far or enjoy the same depth of engagement as those samemessages being shared by your employees by people. People trust people. Peopleprefer to engage with people. And so for me, I think that brands need toyell. We need to recognize that having employees as a central or certainlyvery important part of our brand message distribution strategy is very,very important and you're going to get that through advocacy on. There'sreally no need to be concerned because first of all, I think there's anopportunity to mitigate against some of those concerns with your typicalpolicies and procedures. What what it also does is it gives your employeesthe opportunity to be as often authentic as possible, which againdrives to the heart off what we want to show us. A brand that empathy, thatconcern that people connection. And so I That's why I would disagree with that.Yeah, People do trust people. People do do business with people. And it's freein this digital world, the more that we can. I even see the opportunity toempower, to coach our team members, to build up their own personal brands.That's a transformative experience, But but fear? Fear holds so many back frommaking those investments. And I want to come back to a story that that that Ithink you could touch on here. But how can you help those who might fearempowering employees to become digital brand advocates? Because I trulybelieve in this digital world, the individual brand has the potential tobe even more powerful than the corporate brand. Scary thought for some.How do you address that? fear. Well, for me, James, I I First of all, I am abit of a realist in certain respects, and I believe that ultimately peoplework for themselves. They don't work for your bank. They don't work for yourf I. They work for themselves to earn money, to feed themselves and theirfamilies on DSO to the extent that you can identify what's in it for me, forthem but for the employees is the first thing I think we need toe. Recognizethat our employees are people who are desires of looking for ways to growtheir income generating potential. And one of the best ways to do that isthrough building a personal brand. Onda...

Geun organizations need not be scaredof that, because not only is there a benefit to the employees and happyemployees stay with you, they understand they trust you as a company.They see you as a company who, as we say in gym and be there standing fortheir greatness, you're taking a stand for the greatness that is within them.But what it also does is there's a spinoff benefit to the brand as well.The company brand because if you're filled with a ton of happy employeeswere engaged in in part and, you know, talking about how great it is to workwith you. And then they're they're being your advocates externally, let metell you. I mean, it saves a ton of money on that marketing. It's wonderful.Like I really encourage organizations to do that. I think you're hitting on akey point. And now the dots are starting to connect for me of even thisidea of building a brand building a purpose, banking on love, if you will.It really is about willing the good of another person because, to your point,that other person, the team member of the employees, they're looking to tobuild a life for themselves, for their families, and you're empowering them. Ilove the example of of of the business Summit of helping to promote thebusinesses, the side hustles of your team members, and I'm gonna come backto this point about building a personal brand because you shared a very, uh,powerful post on linked in where you had shared. You see, I thought anexecutive like me didn't need a mentor, didn't need a coach. I was wrong. Afterall, it's the execs that do the mentoring right, and you said wrongagain. And then something happened two years ago when a mentor relationshipcrossed your path. Can you pick up that story for us? Sure, no problem. So,yeah, you're right here. I am the executive of the company. I'm the CMO,so I've been probably mentoring people all over the place. Andi, I had theopportunity to meet and engage with Paul Carrick Bronson, who is a linkingtop voice, especially in the area of entrepreneurship on. We had him as aguest at an event. He was a keynote speaker at an event that German he wasdoing. I had the opportunity to meet him, and while he's probably marketingmind that he's not in my industry, he's not in my functional area. But theexperience was powerful in terms of all of the nuggets and the wisdom that Iwas able to get from that interaction Onda, then being a part of a mastermindgroup that he formed a few months later, I was really struck by all of thethings that not only was I learning from him, but through the interactionand and I mentioned in the Post that one of the things great things that Imentor does is not only are they necessarily just imparting information,but they help you to see in yourself...

...what you need to see, not what you wantto see Onda for me, that was That was what he told me. And he sent me aWhat's that message? And I still keep a copy of that message where he expressedaffair that he had. He said, You know, Karen, Yeah, you're doing great withJim and be brand and you're the CMO. But what about your brand? And he said,specifically your largely undiscovered herbal on social media. I can't findyou unless it's Jim and be related. What are you doing to build your ownpersonal brand? Andi. I had imposter syndrome. I didn't think I was goodenough. This is crazy. And he said, You know, you have too many years ofexperience and value to bring to so many people. Why are you silent on?After about a year, I finally took up the call, you know and discovered, youknow, the area of internal marketing. So many people need to be talking aboutthat more. There's so many experiences in my life that I can share and pourinto others with, And I just took the leap on Dusted Off My Lincoln a CodeOnda. I'm set up a Twitter account. Andi, even I'm on instagram on a morepersonal block basis, and it's really just been a wonderful journey. And so Imean encouraging. People connect with someone who can see in you what youperhaps didn't see in yourself and who can tell you what you need to hear.Well, I think this idea of coaching it's, you know, it's something that Iwish personally I would have had for myself. I almost lost my family, mywife, and at the time we had two kids because I was, I couldn't see what Icouldn't see. I was stuck in the bottle, if you will, and I got my first advisorback in 2012, and since that time have made a commitment that I invest. Iinvest a lot of money back into coaching because to your point theyhelp you see what you can't see. They help you get unstuck and it's one ofthose. It's almost like this, this virtuous cycle of empowerment to wherewe we all rise. A rising tide raises all ships, and I think that's that's aninteresting point because when we think about the brand voice versus theemployee voice, it's a It requires a mindset of abundance that there'senough for every for to go around for everyone versus a mindset of scarcity.How can How can bankers overcome the limitations in their mind thelimitations of the past to deal with all of the changes that are just goingon around us right now? Wow, that's a great question. I I thinkit comes down to what it is that I know as an organization. What are you reallylooking to achieve and recognizing that you can't be looking at what others aredoing? You know, I had a great conversation the other day with LonnieHaywood, who was the former head of...

...marketing at Umpqua Bank, right Samefinancial brand forum, Right and um Qua Bank, which started off as a smallcommunity bank, have done very well for themselves and as a unique, awesomebrand story. It's still very successful and the thing is there clear, theyprobably will never be Bank of America. And then they'll probably tell you thatwe don't want to be Bank of America with due respect the Bank of America.That's just not their space. They've created and unique identity forthemselves that that has been hugely successful on again. Going back to yourpoint about the mindset of abundance is that you can still be hugely successfulbased on where you are. Same thing with J, M and B. Not every bank can beposition or financial institution can be positioned on love, and that's okay.Not everybody will. Every customer will do business with us because of love.Maybe their purpose doesn't align with ours. That's okay. We're stillsuccessful. We're still delivering. Awesome are oi and shareholders equity.It is what it is. And so that's my encouragement to executives based onyour purpose and that North star just lean into that own it. Don't be afraidof it on Align yourself with the right segments to be able to succeed in thatbecause there's more than enough opportunity for folks to succeed inwhatever space they're occupying. If I could just summarize that it all comesdown to one word. It's clarity, clarity of purpose, getting really clear of whywe're here both as an organization as a brand, but then also as an individual.Because clarity is the antithesis to confusion, which this world is ripewith confusion right now. And people are looking for, ah, light a path toguide them out of that darkness. And when we get really cleartransformations begin toe happen, carry. And what a wonderful conversation today.Thank you so much for joining me. If people want to continue thisconversation with you, which I highly recommend that they do you mentionedlinked in you mentioned your podcast as well. What is the best way for them toreach out? Connect with you? Say hello. Well, I'd say the best way is onLincoln. So I'm on Lincoln, Carrie, Anne Benton, Stimpson. And I'm also onTwitter saying name carry. We'll carry a stem cell. You know, Twitter kind ofkeeps it kind of tied with the tags. What? I'm on both platforms and I'm onthere every single day, multiple times a day, so feel free to reach out andagain, I just started my podcast, the internal marketing podcast. It's on allthe major podcasting platforms. I released an episode every couple ofweeks, and so I encourage folks to tune in, subscribe, share and comment andjoin the conversation. I'd be happy to link with anyone, thank you very much.Carryin I second that follow carryin...

...listen to carry an learn from CarrieAnn. Thank you so much for joining me on another episode of banking ondigital growth as always, and until next time be well, do good and washyour hands. Thank you for listening to another episode of Banking on DigitalGrowth with James Robert Ley. Like what you hear? Tell a friend about thepodcast and leave us a review on Apple podcasts, Google Podcast or Spotify andsubscribe while you're there to get even. Mawr Practical and proveninsights, visit www dot digital growth dot com to grab a preview of JamesRoberts bestselling book Banking on Digital Growth or order a copy rightnow for you and your team from Amazon. Inside, you'll find a strategicmarketing and sales blueprint framed around 12 key areas of focus thatempower you to confidently generate 10 times more loans and deposits untilnext time, be well and do good.

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