The Financial Brand Insights - Fall 2022

Leaning into a growth-oriented digital strategy requires bold leadership and a commitment to the human element of our industry. I don’t mean just your clients—remember that innovation comes from people across an organization, not just technology or senior leadership teams. When you’re talking innovation, invite everyone to the table. There may be a wellspring of creativity and institutional knowledge in your customer- facing staff. Plus, when everyone participates in the growth-and-change conversation, you’re more likely to get their buy-in. Invite Everyone to the Table James Robert Lay Founder | Digital Growth Institute

shop in a downtown co-working space while the bank's offices are under construction to underscore this mission of personal, local access. As you work to build and refine your brand, remember that not everything in this area is quantifiable. Because we’re dealing with emotions, the data can sometimes be felt but not measured. But the emotion is critical — brands that make emotional connections with consumers have significantly higher lifetime value than those that simply satisfy bulk needs. As I said in my book, Think Like a Brand, Not a Bank, great brands get great returns every time.

Seizing Opportunity in Challenging Times

excellence. Create an emotional connection by making an authentic investment in what matters to your selected customers — and prepare to iterate innovation often. Evolving your business, brand and offerings isn’t easy, and it never ends. It’s a cycle of continuous research, empathy, creation, distribution, analysis, refinement and reiteration. You can do it. And you’re probably closer than you think to attaining your first niche market breakthrough. Seize the moment to niche down. Bring your team together around an exciting idea and get to work. To learn more from these experts about capturing new opportunities by realizing your potential, adopting a brand mindset, analyzing the data and building with empathy, download the full report, "Niching Down: How Banks Can Create New Opportunities By Launching a Financial Brand." ▪

Changing demographics, a shifting economy, exploding technology and increased competition from all sides makes this a challenging moment for banks and credit unions tempted by complacency. But for bold executives willing to embrace the opportunity presented by digital growth, it’s fantastically exciting. Niche banking opens up markets previously off limits to smaller financial institutions, and the time is right to find your niche. Instead of wasting money and talent by chasing every trend, dig deep into your organization’s analytics and initiate open dialogue. Identify target markets that already exist within your current client base and build a niche brand that meets and personally serves their needs. Cultivate partnerships to help implement

“The way we’ve always done it” can be a tempting comfort zone. Gathering the best innovative ideas requires creating a space where vulnerability is OK and where all questions are valid. Rethinking banking is a big project — the only bad question is the one that goes unasked. One way to build an organizational culture of innovation is to create what I call an “Innovation Jar.” Whether it’s an actual glass jar or a thread online, create a space where everyone in your organization can deposit their ideas. Every 90 days or so, review the ideas, prioritize them and pick a few to put in motion during the next 90 days. You’ll be amazed how this can get everyone thinking in the same direction—and it demonstrates your commitment to positive organizational change.

Sometimes it can seem like banking customers want it all. They want digital convenience and a personalized experience. They expect it to be easy to reach a human representative and they want a customized digital offering. How are banks supposed to satisfy these needs — and more — while growing revenues? If your institution is facing these challenges, it might be time to start thinking like a brand. Successful brands appeal to their customers’ motivations because they understand what their clients want to achieve. Branding is more than a marketing campaign or logo; it’s about how you make people feel. It’s where your mission, customer and employee satisfaction and community partnerships all converge. One great example of this is Locality Bank. Headquartered in Fort Lauderdale, Fla., this new digital-forward community bank has a defined brand that informs everything they do. Locality is all about local business. From their mission to their merchandise, they stay focused on their goal of growing the business community close to home. Locality has even set up Live Your Brand and Create an Emotional Connection Allison Netzer Chief Marketing and Strategy Officer | Nymbus

How Can Banks Create New Opportunities by Launching a Financial Brand? DOWNLOAD NOW Free Report:

Branding is more than a marketing campaign or logo; it’s about how you make people feel.





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