Streamline Your Banking Sales Process with Sales Automation for Banking

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please welcome to the financial brand Forum co-publisher of the financial brand and publisher of the digital banking report Mr Jim marus [Music] hello again I feel like I spent half the day over three quarters a day talking between we've been recording some podcasts we've had a couple we had a panel discussion earlier and it's great to see so many people still engaged and still involved at three o'clock on the first day I've had the last event on a last stage event on the on a podcast on a on an event like this and Wednesday is not a good day so this is going to be on Monday um for those of you who kept track of what this session was unfortunately Don McDonald from MX wasn't able to make it today so I just decided I'd help fill in and talk about a subject that's near and dear to my heart and I'm sure it's near to most of your hearts from the standpoint of really understanding more about what's expected when we're talking about personalization you know it's can be very easily said that right now change is happening faster than ever before and that will never happen this slowly again so if you're waiting for the train to stop at the station you're going to be waiting a long time and you're going to fall further and further behind you know it can go without saying that covet changed everything as it relates to the consumer and it relates to banking more than ever the consumer had a a priority of save me time save me money and make my day easier just think about what your own advisor like think of how many things you changed because it was so important to be able to engage to be able to order groceries to be able to buy the the essentials without going to the store and even for the Simplicity of going to a restaurant and paying with a mobile app as opposed to having to remember to bring cash or a card covet change the consumer and it changed banking more than ever we have to find ways to engage with a consumer on a personal level quickly and easily we think about technology and we think about personalization but really technology while being the key agent of disruption is not the only part of disruption you know it's hard to believe that if a person is 25 years or younger today they have known nothing but digital as they grow up they knew nothing but what they could do on their phone banking has changed but it's not just for the younger consumer we have to put out of our minds the assumptions we have about different market segments as we're trying to personalize we have to get rid of the biases such as younger people all use digital not always true or that's the senior group will not Embrace digital I can test the fact that some of the most digital people in the country are seniors especially since covid many people use zoom and FaceTime more than ever if never before they learned how to use deposits doing your mobile app we have to remember that the segmentation now is not about the age or the income is how they prefer to bank segmentation should be around the way the consumer wants to engage again look at the simplicity you know when we talk about banking now we have to transform Legacy thinking and processes we have to build from the back office forward if you're simply trying to change the mobile app so it looks pretty or so that you can do an easy transaction that's not enough more than ever we have to say how can we do the back office to make life easier to make banking easier but most importantly today to make banking better now what's the difference between easier and better you heard from Jay Baer earlier today it's not just about speed and simplicity it's empathy are you going to help me be a better Steward of my money are you going to be giving me the tools to be a better Financial steward they expect that of us why because if everything in their lives has changed so what are the essentials the digital banking transformation first and foremost we have to remember that if you aren't working on digital banking transformation you will be left behind covet made it so that everything we had to do in banking changed we have seven major components to digital banking transformation every one of them are important from the consumer perspective and from our bank's perspective first and foremost data and analytics it's the foundation of everything you don't have to be perfect with data and Analytics but Deb and analyst is going to drive the engine that's going to make our digital banking experience just better number two you have to simplify all engagements we have to make it so that it being able to talk with you to be able to talk to you is really going to revolve around how easy to make it you have to Foster an innovation mindset an innovation mindset that's incremental Innovations not just automatic and big Innovations and they've got to be done quickly we also have to realize that when we're looking at digital banking transformation we're looking at investing in new technologies but technology is again it's not the only requirement it is important that we think about Technologies as it relates to the human interaction we have to create new back office experiences what that means is if your back office is still analog and you're trying to deliver digital it's not going to work you'll be faking digital six we have to reskill our our Workforce we have to bring people on board that can help us in the digital transformation Journey oh and by the way we have a lot of those people in the offices today we have to engage them to make sure they know they're part of the process and finally but most importantly we have to provide digital leadership at every level of the organization as I'm doing podcasts as I'm doing articles I'm realizing the biggest difference between the winners and the losers the winners have leadership that Embrace change are willing to take risks and willing to disrupt themselves and their organizations as I mentioned experiences have changed more than ever before in every way we're taking a lot of them for granted the way we check into the airport the way we use clear the way we use technology against other Technologies the non-checkout process at Amazon stores Whole Food stores I should say the ability to buy things as soon as you know you need them from your phone and have recommendations coming to you about what to buy next we have to realize that also we're having new tools for digital transformation new ways of engaging new ways of personalizing experiences how many of you are wearing a watch today just so you know if I ask that question seven years ago there'd be three old men in the audience that would raise their hands why do we do that because we want access to data we want access to technology we want access to experiences that make our lives easier it's going to keep on changing as we're looking at the metaverse we're gonna have new ways engaging so not only do you have to look at how do I personalize experiences but how do I deliver them on the channel they want most Maybe it's how can we take Health Data and combine it with banking data to make it even a heightened personalized experience I want to get rewarded for what I do athletically my bank wants to find different ways of engaging me there will be an integration of those two we also have to realize more than ever consumers are willing to transfer their information if they get something in return Salesforce found that 67 percent of consumers are willing to give up personal information if they can get a better experience this is why Amazon has done so well the consumer trusts them with their data and what did they do with it they make the engagement more powerful they learn from everything I'm doing or you're doing from the data they collect consumers only have problems with personalization when we don't use it you know about 12 years ago Disney introduced the the Bands I used to track where you went in the park they used that to get a better idea of how each family interacted around the area but also because you gave the name and they put the names on the Bands and they got information about the people the characters the ones that could talk well come up to your child and go hey Susie are you liking the park today that made the child's day and probably scared the parent to death but think of how interactions have changed you know we talk about it often but any of you have children or make even more specific any one of you that have teenage daughters or daughters in their late 20s who would have thought five years ago that you'd say I'm going to feel the best if you get in a car from a complete stranger having drank too much that night to bring you home well let's take that step further I want to stay in a house that somebody else lived in a week ago and five other people lived in a week before that I'd rather rent that as opposed to a hotel room these are personalized experiences but also during all these experiences data is being collected along the way so that the next time they can do better and if you have if you used Airbnb experiences okay so when I when you travel internationally which hasn't happened for a while I would sign into Airbnb experiences and more and more they got to know what I like to do in the cities I visited they knew I'd like to go to people's houses to have meals that were really really authentic to the area I was in they knew I liked scooters to travel around the city they knew I liked Urban artwork and to be able to see graffiti from different parts of the world they would take this data and that would help sell what Airbnb location or resonance I'd be running if you're collecting data you have to use that data you have to take the data you've collected and apply it now it doesn't have to be with AI that may not be the best experience it may not be the best starting point I suggest that if you had to prioritize how to personalize an experience the first thing you have to do is go for the low hanging fruit can you take data and make it so the opening of an account is easier can how many of you have an apple card okay so those who raise your hand was that not the most frightening experience in the world on how fast it was for those who have not gotten an apple card the first screen says tell me if the data we have on you is correct it completely filled in every personal part of information simply from what's on the Apple phone which we can have access to through different sources to say is this all right confirm or reject second screen the last four just your Social Security number so basically the first step of know your customer the third step what is your annual income now that was not even needed by Apple but they want to make sure again from a new a know your customer perspective if the amount was close to what the credit bureau said it was they knew it was you they also were attracting at the time where are you where are you doing this in this input what location and is this a normal location for this phone and this person and finally they showed the trend of the um the rules and ranks which basically we all know how we go through those we just do this and push and then immediately they go you received an apple card with x amount of available credit oh and by the way it's already in your Apple wallet now we may just see that as Simplicity but the reality is what they have done there is they've used data and analytics to build an exceptional experience and just take that one step further they then said do you want a metal card do you think to yourself I didn't want the credit I got now but I'll take the metal card it comes in two days with a brown paper wrapper that you simply tap your phone against to authorize the card as opposed to 16 Taps on a phone to put in your account number so in other words in a most in most credit card experiences today you have to authorize the card with 16 touches I did not touch the phone 16 times to get the Apple card that is what the consumer's expectation is they want you to know them to the degree that can give them a better experience as Jay said speed Simplicity and empathy is a new definition of convenience a customer cares less about you closing a branch than you not being available when they need help empathy is a very important word and everybody defines it somewhat differently but at the end of the day are you on my side are you simply trying to cut costs the consumer can make a decision immediately on whether or not they want to do business with you they will make that decision without you knowing it I said earlier in a session today that you know what's really frightening is most of you at your financial institutions are going to find that your attrition rate maybe about one to three percent and you're saying yeah I'm doing good the problem is I'm going to ask it of the group and for those of you who are part of my last group and answer the same question I apologize how many of you have closed a major Financial relationship in the last five years closed one we got about a handful a little more than I thought people are getting a little bit more antsy how many of you have opened a new Financial relationship from any vendor over the last two years everybody for almost everybody what that means is why you think there's no attrition the reality is the relationships can Unwound we all know what the definition of open banking is what it should feel like we're building our own open banking experiences within ourselves I have a primary bank that's a major Bank from the West Coast from my personal account I have a bank in Ohio that has my business account but if you ask me where my real transactions where my real engagement is it's with acorns on the personal side because they help me with my savings and PayPal on my business side why PayPal well when I make a disbursement to one of my contractors it's always on PayPal when I get receipts it's on PayPal PayPal knows more about me than my my primary Small Business Bank so what happens is Paypal regularly offers me Bridge lines of credit because they know my transactions they know my business my current bank if I want my current bank and tried to open a new loan it would take probably about 45 minutes to do the application in the branch it would take about four days to get an approval it'd take another five days to get disbursement in that amount of time I could have got my PayPal loan the same day and paid it off before they even did it and you know what I'm willing to pay a little bit more for that speed and simplicity again what I'm giving these examples for is because this is what we're fighting against we're fighting against players that are building better personalized experiences around data collected at every touch point obviously the most successful recommendation engine is done by Amazon they've been doing a sincere existence we take it for granted we take Google for granted but Amazon especially if I order something from Amazon before they offer it to me they're knowing right away don't offer Jim green pink Orange or a bright blue they know pretty much that they offer me something in red or black they got a buyer they also know I like name brands I'm willing to pay a little bit more for quality and I want it tomorrow I'm going to be here through Friday in Las Vegas but my wife knows if I was to buy something today I'd ask for it to be delivered tomorrow if not the same day why just the way I roll everybody rolls in different ways but Amazon understands all that you know when you're looking for something to shop at Amazon it's not very often you have to go like this they usually get it within the first three or four hits that not only simplifies the process but then they come back and go by the way if you want next day delivery for free if you can buy 10 more dollars worth of product that'll be coming your way in fact we'll even get there tonight speed Simplicity empathy what's really special about Amazon is they not only collect data but they use it in a responsible way that none of us hardly anovis reject it's like to see a show of hands how many of you have Amazon Prime everybody how many of you when you really think about you go you know I got it because of free shipping but they get free shipping to everybody but you don't cancel it they're just now raised the prices again and none of us want to consider it canceling it because we think you know what it's making my day easier not that would be any worse if I didn't have Prime and then we'll make up excuses well I like the prime movies I like Thursday Night Football or I like some of these other additives but the reality is we do it because they treat us with respect they use our data with respect in almost every case what's also interesting about Amazon when you talk about empathy and if you tried to make a return of a Christmas gift last year and found out they didn't want your return back but they were going to give you what you wanted now what kind of impression that that leave you oh and by the way how does that relate to banking how many banks will say you know what I know you had an overdraft we're just going to let it go without some kind of rule or some kind of stipulation the reality is Amazon's done the return on investment on you and said it doesn't pay for us to return things I realize that now it's nine years ago with my Amazon Alexa video device it I think it was like 250 back then my first one didn't work they said tell you what it doesn't work return it we'll send you out a new one now in Amazon style the next one came the next day and my older one's still sitting on my floor not yet returned and I said what should I do with they said just keep it we're not gonna it's gonna cost too much to return it it's going to cost too much to repair it that's probably not the best way to go but boy that story has made it to every show I've done since then because it showed how they figured out the customer relationship was more important you know it's also interesting Hulu and Netflix how cool is it compared to what we used to do to use some of the streaming services that will continually work and say what do you want to watch next we have a house in Cleveland where I live most of time and we have DirecTV and four we have a small little place but it's got Netflix and I when I get down there I realize oh my gosh I don't have to I don't have to push record I don't have to go through all the things I recorded I can find them anytime I want now that works really well until you get into a little cycle of watching one specific thing and you realize you're going to feed you everything I got in a cycle watching how pools are built in a little I think it's called lagoons and something it's on I think Disney and now I'm being said all these pool buildings I'm not building a pool it's just it's needs stuff but what's interesting is it makes it so my wife can watch what she wants I watch what I want it prompts me on news every night because you know that's what I do on DirecTV I got to remember Chief do we have enough different TVs in the house that I can push it and get recorded and what things my wife wants to watch versus what I want to watch hope they're not at a different time but again what we're doing in personalization and what we're doing with AI and what we're doing with just basic customer care and personalization is these are the companies right here who are defining the future they're determining and they're showing us what can be done with data the consumers expectations raise exponentially you know as you look at different players the major players in the marketplace today these are the people that are setting the tone for everything else Discover Card story my son wanted his first credit card and he said we were at a football a baseball game seventh inning beginning seventh inning remember vividually it's like four years ago I remember it was like yesterday he goes Dad I've I've done some research I think I wanted to Discover Cards my first credit card I've got to establish some credit no problem he starts the process he goes Dad they want to know my annual or my monthly income in the summertime so I said put down your monthly income but they'll multiply by 12 which will give you nine months of of credit that you're not really doing because this is an internship he filled it out we're in the seventh inning structure it's between the Innings so we found one inning half an inning he goes dad I got it Simplicity is a form of personalization so as we try to build those good personalized experiences think speed think empathy we also realize that when you look at I mentioned PayPal we all know about how once you train it it does really well on your behalf I've I've talked about or acorns you know all these companies build experiences on the data transaction data you know data analytics has the power it Powers Innovation optimization and decision making how many of you know your your shops really in order when it comes to data that's the least number of hands I've seen all day nobody's is the good news is we have solution providers in the show this week that can help you no matter what your data looks like when we're looking at personalizing experiences please leverage the companies that are here today because every one of them why you think your situation is unique every one of the solution providers have worked with companies like you and have worked on workarounds around data that's an old excuse a legacy excuse we have to avoid I know a lot of you in the audience are the providers I'm speaking of but that's the last thing you want to hear is oh we're going to wait until our data store guys it's never going to be in order leverage the companies that can do that in addition use the data and analytics to fix your back office this may sound like a digital transformation speech but really it's getting down to personalization and experiences and engagement you know purchase data provides the most powerful ability to personalize experience you know I look back over the years and say it's too bad we gave up those those machines at the retailer that we didn't want any part of because it was just a messy thing for banks to get into but now our financial institutions only knowing somebody buys from Amazon that shows Amazon Amazon they don't know what we bought so it gets harder to personalize experiences I had an interview and uh podcast interview today with uh the CMO of Ally Bank and it was really interesting because she said we had the same challenge checking accounts are not that big an ally with overall customer base we have a lot of different relations but we build a savings product where somebody can put money into a savings account and allocate it to different I'm gonna call them envelopes for different goals she goes those goals tell us what the customer wants what we want to move towards is not better experiences but greater engagement we want engagement that makes us so a consumer wants to use our platform more often because they want to be there or because we're going to offer them Solutions based on the time and place of where they are so at Ally bank's situation if somebody says we're planning for a summer vacation they go out of their way to communicate with the consumer along the way saying you know you're a little bit behind your what your pace you set and that gives them a chance to talk to the consumer when they get really close I thought Simone she says what we do is we actually give them the last few dollars and say we have to hit your goal not a relationship did that make what kind of partnership did that make all on a personalized basis but in a different way than we normally see it it's almost a if then then this we also have to look at is overall just being digital is not enough we're finding out more and more I we just did a a panel with dom Ventura from U.S Bank he talked about now that we've moved Beyond normal digital and simplicity and making things easier our next stage is how do we make it more human how do we make the digital assistant something the consumer relies on to make banking better these Services by the way you know I dialed there's many financial institutions here in the top five in the in the country or in the world this is where your partners come in handy also building these digital engagement platforms that can make it so the consumer you're actually going to the consumer before they know they have a need and do it in a humanized way has had an amazing success with Erica U.S Bank is starting to get some really good success rates with their digital assistant we need that because we need to be able to work with consumers and say we want this assistant to help you do banking better you know we also part of the personalization process is innovation how do we move forward the engagement with the consumer two things I can tell you all number one we need to innovated speed in an incremental way what I mean by that is instead of waiting for that next big thing that you'll say we have this on our goal to get done in 2023. what we have to do is move toward an environment where we say this is what we're going to do by March we have to do it faster than ever before we don't have to have the next big thing because as was mentioned in our Innovation panel is that as soon as you make that next big thing somebody can copy it it's better to make a lot of incremental changes that the consumer can feel oh and by the way we did discuss this before but just because you build it doesn't mean they'll come you need to reach out to the consumer and say by the way you now can do this we need to realize that at the foundational level I love AI I love the concept most of us are not there yet we need to do the basics better the consumer has no tolerance for a non-personalized 15-minute account opening or loan application process five minutes or less and then five minutes or less has to be implemented in a way that you're collecting data that can be used in the future when I'm talking about incremental improvements I was in Shenzhen China in 2020 beginning of 2020 before Kobe shut everything down and we bank which the biggest digital Bank in the world I was in their their uh Innovation platform or their data platform where you can sit in the control panel and see all these transactions happen he goes we have now gotten it down to where our people can come up with an idea and we'll be implementing it within 10 to 14 days max our average is 12 days now now what does that say that says we're always iterating we're not trying to make that next big thing I get frustrated when I hear a bank and it's a very major Bank about nine months ago 10 months ago now say we've been working on a new digital mobile app for our consumers can be implemented at the end of 2022 we've been working on for eight months guys number one I don't know why you announced something before it's out there and number two I get worried about the first 10 months of that Innovation process if it's already outdated we need to move faster and we need to make it so that every consumer believes that that app was made for them we need to build experiences where we can recommend services to the consumer but not by selling content is King if you can get the consumer to continually go to your app because they want to you've built a precise experience and you're collecting information if you have content that talks about how to how to pay off a student loan or what to do when you're buying a house and they get into that platform and they get into that content and they know it's there that's your data platform that's what's replacing transaction data when you can't have transaction data you know at the end of the day he gets on the culture and Leadership if your leaders do not believe that they need to change nothing will happen unfortunately if you're in a mid-sized financial institution I'm gonna get in a lot of trouble for this one but if you're in a mid-sized financial institution you're probably led by a group of white men that play golf together 20 30 years ago they have a couple people that came into the group before after that but the problem is they've never seen anything but success therefore they have no pain how many of you been to the doctor and the doctor says you have to do this this and you go okay and you do whatever they say for about a month and then you say I'm done then you go the next year same thing said but the third year they go by the way if you see something on your X-ray and it's not good it's amazing how you can make change happen when there's pain as organizations we have to make change to make the customers experience better with personalization without waiting for the pain because it's happening people are trading invisibly a trading we also have to realize as I mentioned that the biggest and smallest banks in our research for the digital Bank report we find that the biggest and smallest banks are doing the best smallest banks have leaders that are willing to change things up the big Banks have money it's the middle it's all the rest of us they have to move forward so the future of personalization AI marketing Automation and data number one Simplicity before personalization you need to get Simplicity right before your personalized experiences to get the best experience you need to fix the back office first you can't have an analog back office that has a lot of Legacy thinking where people say oh we need we've always done it this way because you'll never get a front of the screen top of the screen experience that's strong find Specialists for collaboration don't go It Alone there are a lot of solution providers out there in the marketplace that are here this week that can help you get to the point you want to get faster than you could ever get there before yourselves in addition they will avoid the pitfalls that most organizations see next focus on speed and scalability you need to process things fast than we ever have no longer annual plans quarterly plans or monthly plans we have to move from experiences to engagement what I mean by that is experiences like satisfaction is somewhat nebulous engagement means how often does a consumer use your app for things other than checking balances or or making a payment how can we get them more ingrained in using their platform to be financially educated to do other things than just payments or transfers we have to build loyalty with content that's what I was talking about that the content you can provide the consumer around how they can manage their money better is a way to build the engagement that makes it so they don't look elsewhere and finally eliminate Legacy excuses we continue to hear people say yeah compliance yeah illegal yeah budget we don't have the people we don't have the money let's call BS when it needs to be called and find a workaround this is the key to the success as I've referenced at the end of the day it's how quickly you make the success happen you know Financial Services as I mentioned has never changes fast it will never change just slowly again the consumer wants you to know them understand them and reward them for their banking services with you this will require a seamless integration of data technology analytics in a way that's seamless to the consumer where they don't feel it's happening more importantly you need to provide leadership thinking and a change in Legacy cultures to make banking better than it's ever been before at the end of the day the question is are you ready to embrace change are you ready to take risks and are you ready to disrupt yourselves and your company to make a better future at the end of the day we have such potential in the industry the consumer expects us to do banking better and to transform the experience thank you [Applause]