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by James Robert Lay on December 21, 2020
Brief Summary of Episode #53
Imagine you show up at the doctor's office for a checkup. You don't really want to be there. You've been putting this off. But you're sick. You're tired. And you want to get well.
The doctor draws blood, takes x-rays, and queries you about your symptoms. You see the doc's brow furrow. The news can't be good.
Sure enough. You discover that if you don't change your diet, cut back on alcohol, and shore up your exercise program, things could look bleak.
Just as you're feeling sorry for yourself, though, the doctor's face brightens. If you make those changes, you'll get healthier. Now, you leave the doctor feeling excited and energized.
COVID has provided the financial services industry with a trip to the doctor's office.
It's not a trip we wanted, but it's one we needed.
We discovered we were sick.
Legacy financial brands had dabbled in digital but sought refuge in brick-and-mortar fortresses. Then everything went digital overnight, and too many banks got caught with their pants down.
The good news is that we can change.
In this episode of Banking on Digital Growth, I answered a question that Brett King sent me on LinkedIn. He asked what COVID's biggest effects were on digital transformation.
Key Insights and Takeaways
- How COVID has exposed experience and communication capability gaps for incumbent financial brands
- Opportunities that COVID creates for FinTech collaboration
- The future COVID offers us all