Innovation Driven Growth

We, humans, are inherently drawn to stories as a medium for learning and accessing information. But many bankers erroneously think that they don't have any good stories to tell, therefore they don't even try to tell storiesEvery small business needs a relationship with its community banks to help them prosper, and sharing examples of your work through storytelling will create a connection that benefits both parties.Efforts to make storytelling a strategic initiative will yield long-term benefits, so think about examples and themes you can leverage.  Show notes:💯 All businesses need to tell good stories: what makes a good story? 00:553️⃣ The three core reasons we are so drawn to stories. 02:42⚠️ It is time to take action: brainstorm good story subjects. 03:17🌞 Do you help businesses with PPP loans: how many examples of helping small businesses you have?  04:43📈 The power of social media presence and reviewing your offers to small businesses. 11:36Links:Harnessing the Power of Stories: https://www.youtube.com/watch?v=9X0weDMh9C4Jonathan Gottschall, The Storytelling Animal: How Stories Make Us HumanPPP frauds report: click here  Email David: [email protected]   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com 

Having diverse experiences can often lead to better problem-solving and innovation compared to hyper-specialization. In the book Range, there is a cognitive psychological problem that shows how analogies from different fields can help solve complex issues. Applying this to financial services, David suggests that organizations should leverage the diverse backgrounds of their employees to enhance creativity and problem-solving. Businesses should conduct skills assessments to identify all experiences within their teams and form cross-functional groups to tackle challenges, help customers, and ignite innovation.Notes:🤓 Why people with a wide range of experience can outperform those on specialization. 01:02🤔 Problem by Carl Drucker: cancer patient issue. 01:45😇 Bankers are coming from different fields: gather the database of all experiences within your institution. 05:15🌟 Skills assessment is very useful for creating cross-functional problem-solving teams. 08:02Links:Book Range: https://www.amazon.com/0735214484 Email David: [email protected]   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Your business’ virtual and physical services must be aligned. The frustration caused by the mismatch in data synchronization between these two is huge and should not happen in this day and time. Businesses must ensure their virtual and physical operations are aligned to provide reliable and accurate information to customers. This can be fixed by having an automated routine that regularly checks, multiple access points that you're offering to your customers and validates that the information is in sync.Notes:✈️ David’s experience at the airport: how often does a service-oriented business have a sync mismatch between its virtual and physical operation? 00:58🤯 When the mobile app and online dashboard show different banking balances. 03:15⚠️ Checking if your data are in sync. 05:35Links:Email David: [email protected]   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

We often make decisions using our emotions, but financial decisions are more likely to be better and more useful if we make them by using our heads. Behavioral science and storytelling can help with crafting the right messages to customers that will regain their emotions and take good care of them in the financial world. How science can help in attracting and acquiring new customers?Notes:😍 Are emotions important when making a decision? 01:01🤓 How young people make decisions: emotions can be bad for banking decisions. 02:59🤯 Younger customers are using alternative payment services: emojis as reasons to choose bank service. 03:26🧠 Stories activate the brain: using storytelling to help your customers to make good financial decisions. 06:05🎯 Marketing crafted based on behavioral science: affirmation and support that will appeal to clients.  08:20Links:Article: https://thefinancialbrand.com/news/bank-marketing/how-behavioral-science-gives-bank-marketers-a-leg-up-acquiring-customers-153126/Email David: [email protected]   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Why banks can’t get out of the habit of not using the out-of-branch tools available when they are doing business in the branch? Why is that so hard? Why banks don't value the virtual branch, like the physical branch, and do not enable younger generations to become users of the financial institutions the way they like the best - via digital? These are only some of the questions that financial institutions must work on to get more customers who hold phones in their hands from the age of 2. It is time to innovate! Notes:💸 Customer Journey is providing the best insight into your service from a client's point of view. 00:51📱 Opening account in 15 minutes instead of 25: how about 5 minutes?🤯 Employees in banks don't use the solutions and services that they make their customers use.03:45⚠️ Younger generations have expectations about what an online onboarding experience should be: abandonment rates are too high. 05:29⏸️ Pause in the process is the reason for abandonment: allow electronic transfer to fund accounts. 6:55⚡ Stop comparing your institution with others but compare yourself with Neobanks.08:12🤩 How to know if your online experience meets expectations. 08:51The article used: https://thefinancialbrand.com/news/bank-onboarding/why-banks-need-to-fix-poor-digital-onboarding-experience-147074/Email David: [email protected]   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com