Alex Sion, President and Managing Director of MovenBank, talks about the future of financial services. MovenBank is seeking to provide customers with an entirely digital banking experience. MovenBank is currently in Beta. Sion says that the future of “banking is going to become less about product innovation and more about innovation for the client experience.”
Click image above to watch the short 4 minute video.
I had the privilege of listening to Brett King, MovenBank’s CEO and founder, talk at the ABA Marketing Conference this last September. While I didn’t agree with everything he said, Brett provided a much needed wakeup call to banks that are behind the times. King seemed to understand that banks are slow to change and that time was NOT on their side. King went on to say that in 1995 the average customer visited the bank 2-3 times per month. In 2011 it was 2-3 times per YEAR! Going to the bank is no longer defined by walking into a branch, bu rather using the bank’s services including the ATM.
Brett King speaking at the 2012 ABA Marketing Conference
In a prior post I quoted Rob Poyhard (professor of business administration at the University of South Carolina’s Darla Moore School of Business) saying that “In today’s world, we are all interconnected. Companies that are thinking about this proactively are the ones that are probably going to have an advantage in leveraging this technology. I’d be surprised if the first few companies that get in there don’t have a lasting competitive advantage.”
So if you are one of the banks that are “behind the times,” don’t panic yet. You still have time to get in the new marketing game. I recommend a sound written strategy of what, how and when. What is your strategy? How are you going to implement it and when is this going to be put into action? You don’t need to take a giant leap into this lifeline of social media, just try baby steps like Bill Murray tries to do in the movie, What about Bob? While a giant leap could just make you frustrated and cause interuption to an otherwise calming experience.
Social has taken away numerous connection barriers within the workplace, giving companies more direct access to not just push information out to their employees, but to actively engage in ongoing conversation with them and allow them to do the same. All the talk I see is about consumer engagement reaching out and creating conversation with customers and potential customers, but how about with those even more important… your employees, co-workers, and yes, even the dreaded C-Suite.
“Fear has to be left at the door, and social platforms where your employees already live can be leveraged in this respect.”
Companies often forget about their employees and do not realize that not only are they their most valuable asset from a production, sales, operational standpoint, but that they are and should be their most valuable advocates. Empower those who work for you to create conversation and represent your brand—especially those who have a customer service or customer-facing role.
If they build it, service it or sell it, they’re in a perfect position to communicate with your audience in a way that humanizes your brand, but only if you let them. And the best way to begin this process is to not only allow, but empower communication within the organization. Fear has to be left at the door, and social platforms where your employees already live can be leveraged in this respect. Companies that censor employees on social media are only hurting themselves. Use these platforms to build a culture that encourages teamwork, friendship, loyalty and fun… yes, FUN!
“All the talk I see is about consumer engagement reaching out and creating conversation with customers and potential customers, but how about with those even more important… your employees, co-workers, and yes, even the dreaded C-Suite.”
Many companies that are fearful of social media put muzzles on their employees in an effort to control the social conversation. However this conversation is what can add value, create a strong bond with the company and foster relationships that will be the glue that binds, motivates, and drives everyone to succeed.
“Companies that censor employees on social media are only hurting themselves. Use these platforms to build a culture that encourages teamwork, friendship, loyalty and fun… yes, FUN!”
Companies we need to seize the moment and learn to look forward to the things sitting right under all our noses. It can be the simple things that connect employee to employee and leadership to everyone. That type of thinking will tap into our heart’s posture… unite us, make us look out for one another, and build a loyalty that allows a company to thrive for the long-term. It’s way too easy to miss out on how this can build a powerful workforce there for each other everyday.
Here are 18 ways to empower, encourage, and build a team that thinks of itself as a family…
1. Let them try.
2. Let them make mistakes.
3. Set goals with them.
4. Hold them accountable.
5. Tell them you are proud of them.
6. Fight for them.
7. Let them learn to fight for themselves.
8. Do not let fear dictate.
9. Look them in the eye when they talk.
10. Let them dream.
11. Let them see you dream.
12. Let them create.
13. Let them imagine.
14. Listen, listen, listen to them.
15. Give them grace.
16. Take breaks.
17. Learn to adapt.
18. Embrace who they are.
“Tell a child, a husband or an employee that he is stupid or dumb at a certain thing, that he has no gift for it, and that he is doing it all wrong and you have destroyed almost every incentive to try to improve. But use the opposite technique, be liberal with encouragement; make the thing seem easy to do, let the other person know that you have faith in his ability to do it, that he has an undeveloped flair for it — and he will practice until the dawn comes in at the window in order to excel.” ~Dale Carnegie
The way that I see it, all businesses with a Web presence are participating in a behavior-change lifecycle. Whether they know it or not.
Just like teaching someone to quit smoking involves awareness of the benefits to a healthier lifestyle, so does your business require raising awareness among the market for its benefits and market value-proposition.
Creating Awareness Touchstones
Marketing is traditionally seen as the process of building a base and creating touchstones for contact. Through social media engagement, you can create awareness of your brand through consistency. Whether your platform-of-choice is Facebook, Twitter, Pinterest, Google Plus, or some other flavor, they each offer the ability to connect with the untapped market.
By being consistent with your social media engagement, your audience can rely upon you. And, if your message is a value-proposition that resonates with your audience, customers will become more aware through consistency.
Your Trust Gauge
Your audience will reach a point where they will be ready to explore your product or service. At this time, you will have built trust through consistency with engagement in your social media platform. They will have increased confidence that you are able to deliver upon your value-proposition, because you’ve been reliable and consistent.
Through responding with your platform to current customers, you show care in the success of delivery of your product or service. If customers voice dissatisfaction, you want to let them know:
You hear them.
You care that there was a failure.
And, you will do whatever you can to help that customer achieve their needs and remedy the situation.
On the positive side, when customers voice satisfaction or gratification to you through your social media platform, encourage evangelism. Through Yelp, Google Local, or Yahoo reviews, Facebook Likes, or Twitter Recommendations. They can recommend or endorse you on LinkedIn, or provide a testimonial for your website.
Recognize and celebrate your happy customers. Make them feel good for having gone with your brand. Again, like helping someone quit smoking, you want to have them feel part of a successful community. Recommendations to friends and testimonials are not only beneficial to you, but also beneficial for your customers in fostering a growing successful community.
Inevitable Goal Tending
The resounding note that you want to leave with your social media platform is that you care about helping people achieve their goals, and not just in making a single-sale. You are encouraging behavior-change and fostering of a successful and happy community of customers.
By building your trust gauge through consistency and engagement with social media, you’re successfully nurturing a healthy marketing and customer lifecycle.