Banking on Digital Growth

In this podcast episode, James Robert Lay discusses the importance of storytelling in marketing and sales strategies for banks and credit unions. Brands often neglect to effectively utilize narrative in their communication, instead focusing on rates, service, and features.  James Robert introduces the concept of the "Narcissistic Marketing Model," where brands position themselves as the hero of their own story, ignoring the consumer's point of view. He argues that financial brands should instead position themselves as the empathetic guide, connecting and empowering people towards a better future.  Join us as we discuss: -How Duracell transformed their ad strategy (04:01) -The Narcissistic Marketing Model (13:57)  -The power of visual storytelling for emotional connection (24:44) You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode, James Robert Lay speaks with Shep Hyken about the importance of creating a positive customer experience in today's digital world, specifically for banks, credit unions, and fintech companies. They discuss how the concept of customer experience has evolved over the years and the impact of AI and digitalization on customer interactions. They also explore the balance between technology and human interaction in building customer relationships.  Join us as we discuss: -Generating increased digital leads through customer conversations (12:58) -Shep's 6-step process for successful customer business relationships (19:36) -The importance of employee experience in driving customer experience (21:39)  You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode of the Banking on Digital Growth podcast, James Robert Lay and Marcus Collins  discuss the impact of culture on consumer behavior and how financial brands can leverage this knowledge to drive growth. They emphasize the importance of understanding cultural nuances and beliefs to effectively engage with different consumer segments. The conversation also touches on the role of empathy and intimacy in serving diverse communities. Overall, the episode highlights the power of culture in shaping people's actions and the need for businesses to adapt and connect with consumers in culturally relevant ways. Join us as we discuss: -The power of facilitating, not building, community (19:02) -Influencing behavior through culture (23:14) -Understanding relationships and trust building in a digital world (30:34) You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here. Hosted by Ausha. See ausha.co/privacy-policy for more information.

In today's episode of the Banking on Digital Growth Podcast, James Robert Lay takes you through Lisa's journey—a financial brand CMO under the pressure of overhauling her company's website. Like many in her position, she's plagued by internal voices, outdated budgets, and the weight of her existing responsibilities. Drawing on real-world experiences and industry data, James Robert offers insights into the pitfalls financial brands often face and the transformative power of external perspective. Dive in to learn why digital secret shopping could be your brand's saving grace and how to gain invaluable insights to better serve your customers. Join us as we discuss: -The Challenges of Building a Website for Your Financial Brand: Lisa's Tale (2:05) -Building a New Website: The Role of Key Internal Stakeholders and their Perspectives (11:48) -The Cost of Ignoring Human Behavior in Building Websites for Financial Institutions (20:47) You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode of the 'Banking on Digital Growth Podcast', host James Robert Lay talks with JB Orecchia, the CEO of Savvy Money. They discuss the importance of enabling clarity for customers and building financial confidence through innovation and partnerships. They emphasize the role of understanding credit scores and providing individuals with an action plan to improve them.  JB shares his 35-year journey in financial services and how Savvy Money aims to empower you to take control of your financial future with easy to understand actionable advice about your credit. They also discuss the progress of JB's company and the challenges and solutions in keeping pace with technological change.  Join us as we discuss: -Financial stress: A silent epidemic (3:11) -Achieving financial wellness with small, measurable goals (10:04) -Solving people's financial problems through technology collaboration and innovation (23:30) You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here. Hosted by Ausha. See ausha.co/privacy-policy for more information.

In the latest episode of the Banking on Digital Growth Podcast, discover why many Gen Z individuals feel more comfortable discussing politics than their finances and how just 8% of them fully trust financial institutions. Katrin Kaurov , CEO and founder of Frich , the first financial platform for Gen Z, shines a light on the fact that while many Gen Z students are unaware of their credit scores, they are enthusiastic about financial literacy and empowerment. On the other hand, Elizabeth McCluskey, Director of Discovery at True Stage, emphasi zes the pressing need for guidance, as this generation juggles student loans, investments, and personal spending. Surprising findings? A mere 15% of Gen Z trusts local financial brands, with a significant communication gap between them and the banking sector. Platforms like Frich are bridging this gap, providing peer reviews and a space for genuine financial discussions. If banks and credit unions wish to truly connect with Gen Z, a blend of digital strategy, authentic engagement, and human connection is essential. Join us as we discuss: -The lack of trust in financial services from a Gen Z perspectiv. (5:06) -Why making money social matters (17:36) -The connection between health and fitness and finances. (23:55) You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode of the Banking on Digital Growth Podcast, James Robert dives deep into how the rise of automation, data, and AI is changing the landscape of the banking industry. Drawing parallels to the internet's reception in the 1990s, James Robert emphasizes the importance of learning from past technological transitions. Historical business failures, such as Tower Records and Kodak, underscore the dangers of resisting change and not recognizing technological trends. Join us to understand how to adapt to this dynamic environment and why it's crucial for financial leaders to be proactive in this digital era. Join us as we discuss: -Similarities between the rise of the internet in 1994 and AI today (7:07) -Why education is so important for financial leaders (9:56) -Lessons from the downfall of Tower Records (14:45) Hosted by Ausha. See ausha.co/privacy-policy for more information.

On November 30, 2022, the launch of Chat GPT marked a momentous step towards mainstream AI awareness, amassing over 100 million users within two months. This introduction spurred a rapid expansion of applications, tools, and integrations with the AI technology.  Connor Heaton, VP of Intelligent Automation and AI at Strategic Resource Management, Inc. joined the Banking on Digital Growth Podcast to emphasize the vast potential of AI tools, especially Large Language Models (LLMs), in the financial realm.  Their potential to transform customer service, risk assessment, fraud detection, and financial forecasting is remarkable. However, there are challenges, such as inherent biases in the AI models, the 'black box' problem which alludes to the lack of transparency in AI decisions, and the risk of over-relying on AI without human oversight. Understanding and leveraging AI is paramount in today's dynamic technological environment, and humans must learn to collaborate with AI to drive innovation, growth, and value creation.Hosted by Ausha. See ausha.co/privacy-policy for more information.

Digital empathy, fostered through well-developed consumer personas, can play a crucial role in creating emotional connections with customers in the digital world.  Financial institutions have traditionally relied on demographic data to define their audiences, but a shift towards viewing them as unique communities can provide deeper insights. However, about 70% of financial brands do not use consumer personas, hindering their ability to empathize with their customers.  On this episode of the Banking on Digital Growth Podcast, James Robert Lay guides you through the most common pitfalls to avoid when creating consumer personas. Developing personas and recognizing their potential can transform your bank, credit union, or fintech focus from transactions to people, fostering a greater sense of empathy and connection.Hosted by Ausha. See ausha.co/privacy-policy for more information.

Using data can enrich your digital real estate to ultimately amplify loans and deposits. The balance between owning and renting digital real estate and data is key, along with keeping customers' needs at the forefront. We examined the nuances of Big Data vs. Thick Data. It's the stories these data tell—he DNA behind zeros and ones—that give us valuable insights into consumer behavior. We also highlighted a simple 5-step process to leverage big and thick data to revolutionize your brand's digital real estate: Step 1: Integrate a marketing automation platform. Step 2: Segment data into groups based on user behavior and interests. Step 3: Conduct interviews to gather thick data and understand motivations. Step 4: Formulate a series of targeted ads tailored to the consumer buying journey stages. Step 5: Optimize your digital real estate with personalized user experiences. As we venture deeper into this data-driven era, remember that each data point represents a real person with real concerns and aspirations. Let's make our data strategies always human-centered and aimed at helping our customers realize their dreams. Hosted by Ausha. See ausha.co/privacy-policy for more information.