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by James Robert Lay on March 2, 2021
Brief Summary of Episode #71
When we learn to drive, why do we steer towards what we want to avoid?
It’s called target fixation — you need to look where you’re going to travel.
And the same applies to digital transformation.
That’s one of the insights Jeffery Kendall, Chairman & CEO at NYMBUS, learned in his ongoing mission to help financial brands and to delight members and customers with best-in-class digital banking solutions.
One of the potential obstacles on the road ahead for many financial institutions as they navigate their digital growth journey is something so many are careening into:
Poor market segmentation.
Customers are demanding products and services tailored to them.
Think about it: If you’re designing a car aimed at pleasing all 300+ million Americans, are you going to end up with a pretty lackluster car or a Ferrari?
Trying to please everyone seems such an obvious mistake.
But if that’s the case, why are so many financial brands doing exactly that?
We can’t be everything to everybody.
Navigating the potholes and pitfalls of the road ahead means specializing.
That way, your financial brand can be everything to somebody.
Key Insights and Takeaways
- Why the market rewards solutions to hard problems, not easy ones
- Target fixation and keeping your eye on the road ahead
- Market segmentation and why most financial institutions get it wrong