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 stories Every 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 benefi...
Aug 24, 2024•15 min
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 experienc...
Aug 09, 2024•10 min
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 i...
Jul 26, 2024•7 min
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 b...
Mar 08, 2024•11 min
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 t...
Feb 09, 2024•11 min
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 neobanks without the need to create one, fostering a differentiated and valuab...
Jan 19, 2024•10 min
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 personal experiences and research findings, David highlights the “numbing eff...
Jan 05, 2024•11 min
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 banks a transformative path to compete effectively in today’s financial sp...
Dec 22, 2023•11 min
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 Meinhof phenomenon: bank marketers indicated they have access to a lot of da...
Dec 01, 2023•10 min
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 episode concludes by urging banks to focus on outcomes that drive business succe...
Nov 17, 2023•14 min
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 your organization. Notes: ⛹️♂️ Innovation occurs when failure is an option...
Oct 27, 2023•7 min
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 explains why Zell draws the attention of criminals looking to commit payment frau...
Oct 13, 2023•8 min
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 scrutiny as a physical branch. Show notes: ✅ 9 key points about virtual branc...
Sep 29, 2023•6 min
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 general ledger. The future of your business may depend on the quality of ...
Sep 15, 2023•16 min
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 interest at heart, find out how you can better serve them by utilizing data minin...
Jul 28, 2023•20 min
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. Take strategic control of your business, and focus on the "O!” Notes: 🟦 S...
Jul 14, 2023•13 min
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 need to know where we are if we're going to challenge ourselves to get ou...
Jun 30, 2023•13 min
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, unusual, and not limited or controlled by rules or tradition. 01:22 🧩 We assum...
Jun 16, 2023•12 min
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, overcome obstacles and boldly move forward with success! Show Notes: 💲 To u...
May 26, 2023•15 min
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 workplace and support innovative ideas with encouraging facilitation and incent...
May 12, 2023•20 min
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 created in FNBB. 02:16 ❗ Innovation occurs if failure is an option. 03:44 ❔ W...
Apr 28, 2023•7 min
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 impacting your business for years to come, so spend your money with specif...
Apr 14, 2023•17 min
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 target new customers with engaging story-based media and curated articles is ...
Mar 31, 2023•13 min
It’s time to change public opinion on the role of a banker. It’s no secret that the role of bankers is largely underappreciated and seen as an unexciting career. The truth is that bankers perform an essential service for people and their businesses. We can work to shift the paradigm by highlighting the importance of banking in our business language and shamelessly recognizing ourselves as facilitators of hopes and dreams. Emphasize your value and help change the narrative on banking! 🏦 The gene...
Mar 24, 2023•12 min
You must ensure that you are adequately protected from hackers and data breaches. In the digital age, your company must have the plan to deal with cyberattacks. Working with an insurance carrier that offers coverage that is right for you is vital, and be sure to follow their protection plans carefully. Getting your employees trained and ready to handle the preparation and aftermath of a potential attack is also crucial. Ensure your business is sufficiently protected for your business and your cl...
Mar 10, 2023•14 min
Resistance is a formidable opponent to your business, but you can fight back. Resistance is that barrier to all innovation and creativity within your business, it is strengthened by fear and it wants for us to stagnate and do nothing. The key to overcoming this aggressive force is professional-grade virtues like persistence, patience, and a strong dedication to doing the hard work. We can climb the mountain of resistance and make gains in innovation within our business by ensuring that progressi...
Feb 24, 2023•12 min
🥳 The Thinking Room is a place for brainstorming, interaction, and having fun: innovation is creativity expressed, manufactured, and consumed. 00:52 ✅ There is no innovation and creativity without failure. 05:14 💡 Innovation starts with creativity, and creativity requires lots and lots of ideas. 08:36 🧑💼 Suggestions for senior leaders on how to break barriers and encourage a free flow of ideas. 09:40 Links: 📮 Email David: david@davidpeterson.com 🎯 Connect with David: www.linkedin.com/in/d...
Feb 10, 2023•12 min
🧑🔬 A story about a classic failure. 00:59 💡 The weak glue had a commercial value - the birth of the post-it notes. 03:02 ✅ Success was born out of failure - the value was unrelated to the original purpose. 07:42 🎯 How willing are you to allow your staff to experience failure? 09:51 🤓 Are you encouraging employees to think of and articulate ideas, even crazy and failed ones? 11:11 🕰️ Your eureka moment might be years down the road. 12:45 History of 3M’s Post-it-Notes: www.post-it.com/3M/en...
Jan 27, 2023•15 min
❗ Innovation eludes organization when: we are too busy, thinking is not valued, there's resistance to change, and it requires effort. 00:52 ✅ We let artificial constructs about innovation limit our creativity: tackle bite-sized innovations and ideas: how employees can help. 02:45 ✌️ Two ways to deal with inquisition: encourage employees to be inquisitive. 07:19 ⏳ Save time by eliminating unneeded steps: how to take a fresh look at your processes and procedures. 11:37 💥 Encourage everyone to loo...
Jan 13, 2023•15 min
💡 Creativity sparks innovation & play promotes creativity. 01:10 👦 A good start is to remove barriers to fun: we learn when we have experiences that confound our expectations. 03:50 🎮 Some fun ideas: gamification of service, a big wheel for interest rates, play area for kids. 06:10 👌 Encourage strategic and innovative thinking, model the value of a cross-function team & do something fun: Quarto tournament is a great choice! 07:11 ❗ The results - we are in charge of how we conduct our...
Dec 30, 2022•14 min
