Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year 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 we will do and certain things we will not do on. We find the loyalties there. The client experience is strong on the clients love us because they really see through who we are on the fact that we do stand for them. 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 in Hello, I Am James, Robert Ley and Welcome to the 62nd episode of the Banking on Digital Growth podcast. Today's episode is part of the digital growth journey, Siri's and I'm Excited to Welcome Kerry and Betton Stimpson to the show. Carrie Ann is the CMO of the J M and B group in Jamaica. She's a public speaker and host of the internal marketing podcast. Carrie Ann believes that marketing cannot be successful without first having a strong employee engagement and brand 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 with you 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 financial brand 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 had attended. It was a content marketing workshop, and I remember recently had shared on Linked in It was the It was the binder or the workbook that you took home. My gosh, how time has flown by? Yeah, and I still have it in the age of digital. Still, I still have that binder. The hard copy is still in my folder. Well, it's it's interesting that you say that because one of the things that I found over the years is the mawr that we can make the intangible tangible, you know, and and and and even down to like taking notes and writing. There's something that is on and dare I say, magical. That happens when you put pen to paper, when an idea of thought goes from your brain through your arm to your hand and goes through the pen to paper. Something special does happen because you are bringing whatever that thought is literally into reality. So I think there's something there toe to keep that you know, when we look at what at everything that's going on right now, I just want to start the conversation with what you're excited about, what you're energized about, that you're...

...working on right now. Well, what I'm really excited about. To be honest, James's what's taking place currently in our industry with the advent of Cove in 19. So we're just about a year into the 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 of the pandemic, locked down quarantine. What have you is just re engagement about just how important your brand is? Because marketers for many years, probably from the beginning of time, there was always this struggle about what's the value that marketing brings, and and and while we recognize and acknowledge as marketers, that contribution to the bottom line, too profit marketing, that's what we're all about. We're here to make the company make money. What? That debate between what we call performance marketing versus brand marketing has become more hotly contested over the last few years on to the detriment probably a brand marketing, because it was always kind of difficult, I guess toe always prove the value that brand marketing would have brought to the table and how exactly contributed to the bottom line. But with the pandemic, what we've realizes that brand is what people tended to turn to. So again, in the age of lock down and quarantine and all the financial challenges that everybody was facing, the word empathy has come up so often on. And empathy was brought out in, Well, what are the brands that are are exhibiting that empathy? What are the brands that I can trust? What are the brands that I could do business with and know that they're not going to take me far right? And so those who really weren't in the brand game felt it on. For those who could have taken advantage of the opportunity to really double down on their brand is what I believe was a big win for those companies were able to do that, and for me, that's exciting. And that's what I'm looking forward. Toa building even more on throughout 2021. You brought up a key point, and I want to come back to it. You said Brand is what people turn to and really the antithesis of brand marketing to your point is performance marketing. 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, you don't necessarily see a direct correlation between X and Y. It might also and be like I do X and then you know a B C. D has to happen before I see a result at F. How can you have a conversation as a leader, as a marketer with those who might have the expectation of performance marketing? But to your point, I do see the value of brand marketing because people turn to brands that they know they like they trust Yeah, Andre, the first thing I like to remind folks in our industry is,...

...why is it that people choose our financial institution, a bank investment company, credit union, to do business with on the main reason is because there has to be trust there. I mean, 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 what you're talking about it. They don't trust that when they give you their hard earned money, they can go back tomorrow and see it. You're dead in the water from the get go, and so trust is huge. And how do you engender trust is actually through the brand on. That's always my key point to all of our banking executives and financial executives. Listening is that if you don't have a brand that folks can lean into an trust, you're gonna have a problem. And so it's really brand that drives performance. Because if you don't have that brand, people are not gonna choose you. They're not going to refer you to their loved ones because where the mouth is still huge, whether we like it or not. It's really about the brand. So have that as your foundation. 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 is the If Price, for example, is the sole decision maker of a consumer, unfortunately, that is going to be a transactional relationship, one that that 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 is delivered through an empathetic, positive brand experience. And let's talk about what you're doing right now at J. A. M M B. You know this idea of of 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 for financial brands to this point that we're talking about to rise above the commoditized positioning, the commoditized promotion of Hey, we have this, these great rates and we have some amazing service. But you're doing something deeper with this idea of banking on purpose. Can you can you dive into that for us. Oh, with pleasure. Well, just for folks who don't know a, J, m and B were just under 30 years old, right? We're headquartered in Jamaica, in the Caribbean, and we have operations across the Caribbean, primarily Internet, Ad and Tobago and in the Dominican Republic as well. On our vision as an organization was about how do we empower they everyday individual thio achieve their financial goals. So we would have started at the time as a small boutique money market broker that was set up again toe give access to the everyday Jamaican at the time because we started in Jamaica to achieve their financial goals because at the time not everybody could have had access to the money market. But since then, we've grown 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, you know, with pen and paper and post it notes and said, Okay, what's the positioning on the purpose of what we do? Love is actually who we are the very core because one of our co founders of Blessed Memory, Joan Isabel Duncan. Unfortunately, she is no longer with us. She passed many years ago, but her vision was not only to empower the the average in everyday person to achieve their goals, but she really believed in the equality of all human beings. Every human being is the same. That's how she believed it, irrespective of your race, ethnicity, background. What have you on? She believed that every individual had greatness within them. And how do you unleash that? Greatness is through the power of love, showing love to individuals in a way that allows them to realize the greatness and themselves and to achieve that on. So that's our purpose. It is love. It's through showing 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 toe realize 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 of banking on purpose of really injecting love as a central theme or thesis of of your positioning of of your purpose that goes beyond the promotion of rates and the transactional of dollars and cents. I'm looking here, even on your website. The J M M B team is clear that the organization is based on unconditional love and mutual respect. I mean, if we even go back to the ancients and and and think of you know what is love? Love is mawr than a new emotion. Love is a choice. Love is toe will the good of another person. And when you think about this idea, we have what I would call the traditional bankers 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 consumers brain, which is Maura motive driven. I can see how this type of positioning this type of purpose emotionally connects to build trust with people in your communities. How do you reconcile that bankers brain versus the consumers brain, the analytical versus the the emotional? Yeah, that that's a great question. And first of all, I'd like to say that underscore your point about choice and love being a choice for us to our purpose is a choice in the sense that throughout the years we've always stuck with that purpose because we recognize, too, that it drives business decision making. But it can also impact or bottom line. You know, my CEO will...

...say all the time that because of our purpose, there's certain things as a bank, we won't do it. A financial institution. 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 a transaction with a teller because they chose not to do it online because it's your money and that's what we call a nuisance fee and we're not going to do that. That's just not who we are, and we don't believe that that's having the client's best interest at heart. But that being said, it means that we're gonna have to make decisions around well, we just or maybe your feet income will 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 James is that having made that decision the clients see that they know that they feel that on when you do that, they will come. They will come. So there's certain things that we will do and certain things we will not do on. We find the loyalties there. The client experience is strong on the clients love us because they really see through who we are and the fact that we do stand for them. And it's been a wonderful experience for us so far. I'm glad you brought that point about, you know, this idea of purpose. It is a North Star. It provides us with direction. It provides us with accountability of what will do and what we won't do. Because when we put people at the center of all of our thinking and all of our doing, that's a transformative exercise in and of itself because it is willing, the good of another person. And when I think about this idea of living out the purpose, there's been a lot of talk in this industry for the past. Really, I would say 3 to 4 years about C X about customer experience, but you're taking a different perspective. You're taking a different approach you're taking a different focus because you believe there's a need to invest in not just the customer experience, but really the employee experience, you know, framed around employee marketing. Employee advocacy. Because employees marketing employee 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 talk about yeah, what we provide in terms of accounts and and investments and deposits and loans. They're pretty much intangible. So at the core of what we do is a service. What it's about, a relationship on when you talk about a brand that centered on love on you. Talk about having that purpose, which is really very people centric then. First of all, we can't win without our people on. Our people need to be engaged and empowered in a way that allows them to deliver on that vision of love, which is what you were reading from earlier the vision of love that we...

...say we have towards our clients and towards the wider community. And so if we don't enroll them if we don't engage them. If they're not feeling the law, first of all, internally, that's a problem on then. Secondly, if they're not empowered to be able to deliver that love and and and and that that experience to the customer, then that's a problem. So for us employees, experience is huge. You know, we've won awards and acknowledgement for being a great place toe work. Our employee benefits as a company is one that makes us one of the choice places that folks want to work with because we really do believe in the power off love being extended. Tow our people internally as much as we do to our customers. 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 A Z you mentioned before this idea of banking on purpose banking on love is to help everyone experienced love and to realize the greatness in themselves. So you're elevating your internal team members to grow from good to great to reach their full potential. And I think of other organizations that have made this investment in a digital world has become a key differentiating factor. The late Tony Shea, for example, with Zappos, you know everything that we've we've learned from from delivering happiness. How are you delivering love to your employees? You gave a couple of examples, but let's let's go a little bit deeper into some of those the practicality of of not just saying. We believe in we're banking on love. But applying that to the employee experience first because then they can deliver that to the customer. Eso I would put it, put that in probably two big silos. So the first silo, of course, is in the in the types of benefits that we offer to our team members. And when you talk about free childcare, you talk about health and Wellness Center on on campus, where we...

...provide all the equipment and the classes from yoga to kickboxing, which is all part of the package. You don't pay for that. You're talking about a culture that's that's that's very open door policy. Ah, very flat structure, not a lot of layers. Just so many things that go into How do you create a space that people feel valued and loved is is one thing in terms of the benefits that we provide as an organization. But I put a post up recently to let people know, and I think this is probably the best part you spoke about how passionate we are about helping our team to realize their greatness. One of the things we do as an organization, especially that we recognize that. You know, even if your dream is not to retire at Jim and Bea, that's okay. Suppose your dream is to start your own business or to have a side hustle. We actually support that in spirit. You know, just the other day we did a virtual online small business expo that was solely dedicated to some of our employees who have side businesses 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 are artists. Some of them are photographers sharing their services on. We put them on 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, this is what it's all about. It's about how are we pouring into our people to help them realize their greatness? And it xjak just I mean, you don't get any better than that, in my view, as a as a company, absolutely not, because once again you're elevating them, and I think the world that we're living in it allows to have these side hustles because we're not defined by one type of activity or one type of work. I think the mawr diversified that we are in our lives, the mawr rich. Those lives are and you're, you know, Thio here what you're talking about about the for example, the free childcare. That's really big for the family perspective. You're talking about the health and wellness that's really big for fitness, and you're delivering on on 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 these different areas to elevate the team so that they can elevate the customers of J. 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 might disagree with him on Well, you know, James, I personally disagree. 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 engage our employees in advocacy because they're concerned about dilution of the brand or the employees, perhaps going rogue and saying things that are inconsistent with the official brand voice, you know, and and and that's a valid concern, And I'm not gonna I'm not gonna not validated. But the the point 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 channels do not reach as far or enjoy the same depth of engagement as those same messages being shared by your employees by people. People trust people. People prefer to engage with people. And so for me, I think that brands need to yell. We need to recognize that having employees as a central or certainly very important part of our brand message distribution strategy is very, very important and you're going to get that through advocacy on. There's really no need to be concerned because first of all, I think there's an opportunity to mitigate against some of those concerns with your typical policies and procedures. What what it also does is it gives your employees the opportunity to be as often authentic as possible, which again drives to the heart off what we want to show us. A brand that empathy, that concern 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 free in this digital world, the more that we can. I even see the opportunity to empower, 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 from making those investments. And I want to come back to a story that that that I think you could touch on here. But how can you help those who might fear empowering employees to become digital brand advocates? Because I truly believe in this digital world, the individual brand has the potential to be 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 a bit of a realist in certain respects, and I believe that ultimately people work for themselves. They don't work for your bank. They don't work for your f I. They work for themselves to earn money, to feed themselves and their families on DSO to the extent that you can identify what's in it for me, for them but for the employees is the first thing I think we need toe. Recognize that our employees are people who are desires of looking for ways to grow their income generating potential. And one of the best ways to do that is through building a personal brand. Onda...

Geun organizations need not be scared of that, because not only is there a benefit to the employees and happy employees 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 for their 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 employees were engaged in in part and, you know, talking about how great it is to work with you. And then they're they're being your advocates externally, let me tell 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 a key point. And now the dots are starting to connect for me of even this idea 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 to build a life for themselves, for their families, and you're empowering them. I love the example of of of the business Summit of helping to promote the businesses, the side hustles of your team members, and I'm gonna come back to 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 an executive like me didn't need a mentor, didn't need a coach. I was wrong. After all, it's the execs that do the mentoring right, and you said wrong again. And then something happened two years ago when a mentor relationship crossed 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 the opportunity to meet and engage with Paul Carrick Bronson, who is a linking top voice, especially in the area of entrepreneurship on. We had him as a guest at an event. He was a keynote speaker at an event that German he was doing. I had the opportunity to meet him, and while he's probably marketing mind that he's not in my industry, he's not in my functional area. But the experience was powerful in terms of all of the nuggets and the wisdom that I was able to get from that interaction Onda, then being a part of a mastermind group that he formed a few months later, I was really struck by all of the things that not only was I learning from him, but through the interaction and and I mentioned in the Post that one of the things great things that I mentor 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 want to see Onda for me, that was That was what he told me. And he sent me a What's that message? And I still keep a copy of that message where he expressed affair that he had. He said, You know, Karen, Yeah, you're doing great with Jim 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 find you unless it's Jim and be related. What are you doing to build your own personal brand? Andi. I had imposter syndrome. I didn't think I was good enough. This is crazy. And he said, You know, you have too many years of experience 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, you know, the area of internal marketing. So many people need to be talking about that more. There's so many experiences in my life that I can share and pour into others with, And I just took the leap on Dusted Off My Lincoln a Code Onda. I'm set up a Twitter account. Andi, even I'm on instagram on a more personal block basis, and it's really just been a wonderful journey. And so I mean encouraging. People connect with someone who can see in you what you perhaps 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 I wish personally I would have had for myself. I almost lost my family, my wife, and at the time we had two kids because I was, I couldn't see what I couldn't see. I was stuck in the bottle, if you will, and I got my first advisor back in 2012, and since that time have made a commitment that I invest. I invest a lot of money back into coaching because to your point they help you see what you can't see. They help you get unstuck and it's one of those. It's almost like this, this virtuous cycle of empowerment to where we we all rise. A rising tide raises all ships, and I think that's that's an interesting point because when we think about the brand voice versus the employee voice, it's a It requires a mindset of abundance that there's enough for every for to go around for everyone versus a mindset of scarcity. How can How can bankers overcome the limitations in their mind the limitations of the past to deal with all of the changes that are just going on around us right now? Wow, that's a great question. I I think it comes down to what it is that I know as an organization. What are you really looking to achieve and recognizing that you can't be looking at what others are doing? You know, I had a great conversation the other day with Lonnie Haywood, who was the former head of...

...marketing at Umpqua Bank, right Same financial brand forum, Right and um Qua Bank, which started off as a small community bank, have done very well for themselves and as a unique, awesome brand story. It's still very successful and the thing is there clear, they probably will never be Bank of America. And then they'll probably tell you that we 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 for themselves that that has been hugely successful on again. Going back to your point about the mindset of abundance is that you can still be hugely successful based on where you are. Same thing with J, M and B. Not every bank can be position 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 still successful. We're still delivering. Awesome are oi and shareholders equity. It is what it is. And so that's my encouragement to executives based on your purpose and that North star just lean into that own it. Don't be afraid of it on Align yourself with the right segments to be able to succeed in that because there's more than enough opportunity for folks to succeed in whatever space they're occupying. If I could just summarize that it all comes down to one word. It's clarity, clarity of purpose, getting really clear of why we'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 ripe with confusion right now. And people are looking for, ah, light a path to guide them out of that darkness. And when we get really clear transformations begin toe happen, carry. And what a wonderful conversation today. Thank you so much for joining me. If people want to continue this conversation with you, which I highly recommend that they do you mentioned linked in you mentioned your podcast as well. What is the best way for them to reach out? Connect with you? Say hello. Well, I'd say the best way is on Lincoln. So I'm on Lincoln, Carrie, Anne Benton, Stimpson. And I'm also on Twitter saying name carry. We'll carry a stem cell. You know, Twitter kind of keeps it kind of tied with the tags. What? I'm on both platforms and I'm on there every single day, multiple times a day, so feel free to reach out and again, I just started my podcast, the internal marketing podcast. It's on all the major podcasting platforms. I released an episode every couple of weeks, and so I encourage folks to tune in, subscribe, share and comment and join 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 Carrie Ann. Thank you so much for joining me on another episode of banking on digital growth as always, and until next time be well, do good and wash your hands. Thank you for listening to another episode of Banking on Digital Growth with James Robert Ley. Like what you hear? Tell a friend about the podcast and leave us a review on Apple podcasts, Google Podcast or Spotify and subscribe while you're there to get even. 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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