Prioritizing the Digital Mindset (With Ron Shevlin)

Brief Summary of Episode #58

People are logging onto mobile banking because of the pandemic. Financial institutions are scrambling to serve them, but they're still missing the mark.

They whip out a digital growth checklist:

✔️  Online banking

✔️  Mobile banking 

✔️  Technology tools 

And check everything off, but nothing seems to happen.

What's missing?

I sat down with Ron Shevlin, Director of Research at Cornerstone Advisors and senior contributor at Forbes, to talk about this question.

Ron says we're missing a digital mindset.

“You're not digitally transformed until your core is digitally transformed," he said.

That's why banks and financial institutions can do all the right things:

• Incorporate AI
• Build out their data infrastructure to include more third-party inputs
• Build out the data ecosystem
• Move fully to the cloud

And still feel like they're not digitally transformed.

It's not all about cultural and mindset change. It's about strategic clarity and alignment.

Key Insights and Takeaways

• Why financial brands fall behind even when they have top technology
• How traditional incumbent financial brands can capture the digital market
• Ron's views on financial health scores
• The one thing we should focus on in 2021

How to Connect With Ron Shevlin

 LinkedIn | X.com