358) Empathy and Innovation: Transforming Culture in Financial Services

We're seeing a clear split between those who've grown up with the internet at their fingertips and those for whom digital tech is a learned skill. This divide is particularly noticeable in areas like social media and finance, where traditional approaches clash with digital expectations, leading to a disconnect in communication and service usage.

To bridge this gap, it's essential to explore the roots of these differences. Understanding the evolution of technology and its impact on various generations can guide us in developing strategies that resonate across age groups.

Join us as we discuss:

-Digital banking for Gen Z and millennials (6:38)

-Financial brand leadership and digital natives (13:09)

-Financial brands' social media presence and marketing strategies (19:48)

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

Financial brands face a critical issue with account holder retention, struggling to maintain the accounts they work hard to acquire, if they are even aware they have a problem. Banks and credit unions invest heavily in acquisition efforts, only to see their gains erode due to poor retention practices.

Kelly Chambers, content strategist and writer, believes that by prioritizing personalized, relevant content and services, financial brands can transform into trusted experts, fostering a sense of loyalty and satisfaction among their customers. This shift towards valuing retention as much as acquisition, coupled with a continuous adaptation to customer feedback, is crucial for cultivating long-term relationships and achieving sustainable growth.

Join us as we discuss:

-Financial brand expectations and retention strategies (4:55)

-Financial brand gaps in digital consumer journeys (19:06)

-Optimizing account holder retention strategies through data-driven insights (31:14)

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

When you think of the term "discipline," what comes to mind? Is it a constraint or a catalyst for growth? Particularly in challenging times, discipline might be the key for financial brand leaders to elevate themselves, their teams, and their organizations.

In this episode of the #BehindTheCover series, we Audrey Cannata and I explore "Discipline is Destiny: The Power of Self-Control" by Ryan Holiday, a recommended read for leaders aiming to unlock growth and freedom, not only for themselves but also for those they serve in their financial journeys. Join us as we uncover the pivotal role of discipline in navigating both personal and professional spheres.

Join us as we discuss:

-Self-control and fulfillment in a distracted world (2:12)

-Discipline, attention, and financial freedom (16:43)

-Community, accountability, and personal growth (40:29)

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

Storytelling goes beyond just entertainment; it can truly change people. This power isn't just for leadership and personal growth but also helps motivate teams and bring about change in organizations.

Joe Byerly, an active-duty Army lieutenant colonel and the mind behind "From the Green Notebook," discusses how understanding and leveraging the art of storytelling can lead to exponential personal and organizational growth.

This episode is a treasure trove for anyone looking to enhance their storytelling skills, understand their personal narrative better, and use it to lead with authenticity and impact. Whether you're leading a team, building your career, or just love a good story, there's something in this episode for you.

Join us as we discuss:

-Leadership, self-development, and the power of storytelling (7:15)

-Bridging logic and emotion in institutional change (17:24)

-Prioritizing learning and growth for leaders (42:59)

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

Facing the challenge of a race, whether in athletics or in the competitive financial industry, requires more than just showing up. Without a solid strategy, you're merely running without direction, risking not achieving your full potential in both physical races and financial growth.

Just as athletes wouldn't dream of tackling a marathon without comprehensive training, financial institutions that leap into market battles without a strategic plan are setting themselves up for failure.

Bryn Conway, principal at BC Consulting joins the show to help guide you through developing a winning strategy to elevate your financial brand. We'll delve into the importance of aligning your actions with a thoughtful plan, examining the latest growth opportunities, and how to adapt in a transforming market. Join us to discover how to not just run, but to race ahead effectively and efficiently in the financial industry.

Join us as we discuss:

-Bridging the logical and emotional sides of marketing (10:28)

-Empowering women through financial coaching and education (17:19)

-Creating a safe space for employees to share their experiences (22:15)

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

Financial well-being is often compromised due to a lack of personalized guidance and accountability, leaving many feeling overwhelmed and underserved by traditional banking models. The gap between financial institutions and the personal financial health of individuals widens as services remain transactional rather than transformational, ignoring the emotional and practical needs of consumers.

This episode with Shannon McLay, founder and CEO of The Financial Gym addresses these challenges, showcasing how integrating financial coaching into banking can bridge this gap. Shannon's journey from traditional finance to founding The Financial Gym highlights the power of empathetic, tailored financial advice in transforming lives, offering a blueprint for banks, credit unions, and FinTechs to follow.

Join us as we discuss:

-Financial coaching in banking and FinTech (2:43)

-Financial coaching vs. financial advisor roles (17:13)

-Financial wellness, employee confidence, and coaching (21:16)

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

In this episode of the Practical Perspectives series, we uncover the challenges faced by a credit union during its online account opening process, where major friction points led to a staggering 60% of users abandoning their applications. The complexity and frustration of the process were pinpointed as the primary issues. We explore the effectiveness of website secret shopping studies and benchmarking against competitors in identifying gaps in the consumer journey, pinpointing where friction occurs, and optimizing the process. These strategies are crucial for preventing the loss of millions in loans and deposits by making the application process more user-friendly and efficient.

Join us as we discuss:

-Improving online banking application experience (7:19)

-The onboarding process and its impact on revenue (14:48)

-Optimizing financial services through communication and technology (30:16)

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

Marketing often finds itself in a tight spot—seen as the event organizers and handling creative materials, but not always recognized for the strategic thinkers they are. This underestimation shadows the true potential of marketing to drive substantial growth and innovation.

Martha Bartlett Piland, founder and president at Banktastic and a visionary in bank marketing, joins the show to dive into this pressing issue. Martha shares invaluable insights on transcending traditional roles and proactively bridging the knowledge gap within organizations. The solution? Embrace leadership, regardless of your title. Engage in cross-departmental collaborations, initiate value-creating conversations, and steer these interactions towards measurable objectives aligned with the company’s strategic goals.

This proactive approach doesn't just elevate the perception of marketing internally; it redefines it as an essential strategic partner capable of driving significant ROI and fostering a culture of innovation and collaboration.

Join us as we discuss:

-Marketing's internal challenges and communication with peers (4:39)

-Marketing value and collaboration with C-suite (7:36)

-Bridging marketing knowledge gap and increasing value (11:51)

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

How would you define your relationship with money as a financial brand leader? What about the relationships that your account holders have with their money? And how might financial coaching help every single one of us reframe the relationships that we have with money so that we can all continue to level up our financial confidence?

Expanding on episode 369's insights, Audrey Cannata, Operations Lead at the Digital Growth Institute, shares her transformative financial coaching journey, highlighting the critical role of personalized strategies and actionable steps as well as the emotional and psychological aspects of financial decision-making. Audrey's journey reveals the importance of finding what truly motivates us, leading to sustainable financial habits and a brighter, more confident future.

Join us as we discuss:

-Emotional spending and financial coaching. (13:04)

-Money mindset, accountability, and psychology. (24:04)

-Financial transformation and the importance of self-awareness. (30:42)

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

Financial brands struggle to differentiate in a saturated market. Despite having diverse offerings, many institutions fail to create unique, engaging experiences for specific customer groups.

Austin Wentzlaff, co-founder and CEO of Nook, introduces their innovative approach, focusing on niche markets through a combination of lifestyle and financial content. This strategy allows credit unions and banks to create deeper connections and trust with their members, leading to increased engagement and loyalty.

Tune in to discover how you can leverage this approach to transform your financial brand's strategy and create a more impactful, customer-centric experience.

Join us as we discuss:

-Building a niche experience while still leveraging the legacy (6:00)

-Targeting niche demographics in digital marketing (24:53)

-Consistency and focus when creating content for a specific demographic segment (29:17)

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