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by James Robert Lay on December 1, 2020
Brief Summary of Episode #48
With great disruption comes great innovation. Sounds like the wisdom of Yoda, but it's right on the money in modern banking.
For too long, we've told ourselves that our financial institution's products and services are commodities. We've believed the lie that we could differentiate ourselves on price alone.
You know the old schtick: Here's what we offer. Here's our price. Now, pick between us and the credit union down the street.
But today's customers ask, "Where can I do business that my values resonate with the values of the organization? Which company makes me feel like I'm valued and like I get value in return?"
That's not a matter of price but of experience.
We used to say, "All we need is good service and competitive prices."
That's not the key anymore. Experience is now the key.
Want proof? Just a few years ago, who would have guessed that a chain could sell coffee and a doughnut for six bucks a pop?
Now, Starbucks does it thousands of times a day. How? They created an experience, not just a product and a price point.
On this episode of Banking on Digital Growth, I talked with Mina Worthington, President/CEO at Solarity Credit Union, about building a bigger, better, and brighter future in banking.
Key Insights and Takeaways
- How vision sets the tone for any financial brand on a digital journey
- Mastering the lead conversion ecosystem
- The way to get results without spending a fortune on digital marketing strategies