Innovation Driven Growth

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 ge...

In episode 55 we talked about the Neobank phenomenon. Are they taking away younger customers away from the traditional financial institutions? What if traditional financial institutions could tailor the services for small to medium businesses and startups and assist individuals in starting businesses, providing a checklist, classes, mentorship, events, and training. The key is to market your services as effectively as neob...

 We all love routine, but guess what? It’s a disaster for our brains!

In this episode, David explores how excessive routine can stifle creativity and problem-solving skills, particularly in organizations such as financial institutions. He discusses how an over-reliance on strict procedures might hinder employees’ adaptability in unexpected situations and limit their ability to identify areas for innovation.

Drawing from pers...

In the ever-evolving landscape of banking, a clash of titans is underway, pitting traditional community banks against the innovative disruptors known as Neobanks.

Community banks must revamp digital experiences, embrace storytelling in marketing, and strategically connect with younger demographics.

To ensure long-term success, strategic planning involving senior leadership and dedicated teams is paramount, providing these ba...

Marketing is an essential part of every organization. Statistics could be more positive when it comes to bank marketing. Bank marketers have a hard job and need accurate targeted data to create very specific campaigns and confidence in their reliability. It's an ongoing problem to resolve. Help focus marketing campaigns that will generate measurable results and outcomes without crossing the creepy line. 

⭐ What is Baader Me...

 Big data centers are getting more and more popular, and it's expected for institutions to use them. Are they necessary for banks? David shares his view on this actual topic. There is a need for a data acquisition tool that can connect to external systems without centralizing data. The speaker outlines three key outcomes for effective data management: dashboards, graphical reporting, and targeted marketing lists. The episo...

Where failure is discouraged, much less rewarded, why would anyone stick their neck out on the line, bringing a creative idea? Innovation occurs when failure is an option.

Challenging the status quo and allowing failure, will initially lead to disruption, however, ensuring failure leads to learning will allow for improvement in banking as a whole. There is much to be learned about the challenge of allowing failure within yo...

 In the world of faster payments, fraud is a hot topic. But is it the technology's fault? Not really. Fraud can happen with any payment method. It's about individuals making mistakes.

Learn more about App Fraud and its implications in the latest episode of our podcast. We dive into the industry's response and the possible changes ahead.

Notes:
💸 The banking industry is going to overreact to address app fraud: David ...

 Having the right leadership in place for your digital channels is extremely important. If you want your branch to have long-lasting success, it's time to find leaders who will bring your virtual branch up to the same level as your physical branch. A successful future needs innovative and open-minded leadership that is ready to push the strategic vision for your virtual branch forward and treat it with the same level of sc...

Setting up proper accounting for your virtual branch is crucial for future success. The value of your online presence must be clear and concise in order to foster the support and funding it needs from the leadership in your company, so it's time to start strategizing how to measure this. The truth is that it's very likely that your virtual branch is much more profitable than you think, but is being underrepresented in your...

You can elevate your level of service with the way you use data mining. Targeting customers with suggestions and recommendations based on mined data needs to be done paternalistically and carefully to avoid being seen as creepy. The goal is to offer a higher level of service that maximizes convenience and personalization, but these personalizations must be communicated appropriately. If you have the customer's best interes...

The SWOT analysis tool is an excellent way for your business to take advantage of opportunities. It's critical to regularly assess your business in order to be competitive in your market. By analyzing your strengths, weaknesses, opportunities and threats, you can develop crucial offensive and defensive strategies. When done right, you can minimize the damage from external sources and find great opportunities to invest in. ...

To think outside the box, you have to know what the box is. Change your perspective on what the main focus of your business is, and start to think outside the industry norms. When you shift the perspective of the services you provide, this changes the branding of your business, so you can deliver a more profound and appealing message to your customers. Get outside your comfort zone and change the dynamic of your box!

🤔 We ...

Thinking outside the box is essential for cultivating innovation in the workplace, and sometimes the craziest ideas can lead to the best results. When we can escape the limitations that we often think with, it can lead to profoundly creative solutions. Exercise your ability to think outside the box and produce ideas in great volume to achieve success!

📤 Thinking outside the box is to explore ideas that are creative, unusua...

 Once your business is committed to innovation, the next step is focusing on the problems that require innovative solutions. This should involve picking a trending or pertinent problem in your industry and engaging your new innovation-driven workforce. Gather data, brainstorm and explore even the craziest of ideas before preparing the final strategic recommendations and putting them into action. Implement your new ideas, o...

 Implementing an innovation mindset into your business is crucial for its future success. Building the foundation for this may be a harrowing task, but the steps in this quick start guide are a great place to begin. There must be a desire and commitment to building a culture of innovation from all levels of leadership that is backed by actionable processes. Integrate these values into regular communications within the work...

Converting an unused space into a “Thinking Room” will add great value to your business. This is an inexpensive strategy for increasing innovation and creativity in your workplace. Create a functional safe space that promotes innovative thinking and get the ideas flowing!

🥳 The Thinking Room is an unused space converted into a place where thinking and creativity can flourish. 01:06
🤩 Check out the Thinking Room David c...

Investing in new technology is a complicated process that requires expert strategy. No matter what industry you are in, investing in new technological systems can be a time-consuming and overwhelming experience. With so many vendors competing for your business, it’s important to do a full review of their products to see exactly how they will work for your needs. Remember that strategy is key, and these investments will be ...

Employ modern digital marketing techniques to ensure your advertising budget reaches your target audience. Banking is a highly competitive industry, so banks must aggressively pursue new customers with great precision. 

It’s time to revisit your marketing budgets and allocate funds toward targeting the new generation of prospective customers in the digital world. Utilizing services and marketing strategies that find and...