the future of digital interactions & banking engagement
TRANSCRIPT
2021 PCBS MasterClass
Eric Cook, MBA 1
November 18, 2021
© 2021 WSI. All rights reserved.
Pacific Coast Banking School2021 MasterClass SeriesNovember 18th | Eric Cook, MBA
The Future of Digital Interactions & Banking Engagement
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• “Recovering Banker” of 15 years• Faculty for numerous banking schools around the
nation – including PCBS!• Frequent conference speaker and online educator• Digital Strategist/agency owner since 2007, part of
the global digital agency network, WSI Digital• Focused on the banking industry and digital strategy• Three-time contributing book author – Digital Minds• Founder & Chief Mentor at TheLinkedBanker.com
@EricCook
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1). Consumer Trends
2). The Importance of Culture
3). The Neobank Influence
4). Strategic Recommendations
Agenda
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2021 PCBS MasterClass
Eric Cook, MBA 2
November 18, 2021
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TRENDS4
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On average, it takes ~2 months before a new behavior becomes automatic — 66 days to be exact.And how long it takes a new habit to form can vary widely depending on the behavior, the person, and the circumstances. In Lally's study, it took anywhere from 18 days to 254 days for people to form a new habit.
How Long does it take to change a habit?
Phillippa Lally – How are habits formed: Modeling habit formation in the real worldEuropean Journal of Social Psychology
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Behaviors Changed in a Variety of industries• Retailers closed their doors, driving
consumers to purchase online• Grocery/restaurants
delivery/pickup became more prominent
• 38% will continue post-pandemic (FIS)
• Zoom meetings for remote connectivity became the norm
• #WFH (or #WFA) became the norm (childcare, commercial property, new management skills)
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2021 PCBS MasterClass
Eric Cook, MBA 3
November 18, 2021
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• Personalization• Automation• Real-Time Payments
Digital Banking in 2021
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BAAS / BIAB Example - CorePro
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• Simplified banking access– AI, speech, biometric
• Paperlessdocumentation– Reaction to PPP
Additional Trends to Watch• Rise of AI & ML–Marketing, service, and
back office• Data-driven– Similar to GA4
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2021 PCBS MasterClass
Eric Cook, MBA 4
November 18, 2021
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The Meta(verse)
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Will THIS Be the Next Branch Office?
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KB Financial Town by Kookmin Bank
Image Source: donga.com
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2021 PCBS MasterClass
Eric Cook, MBA 5
November 18, 2021
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CULTURE
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Rarely is technology the issue that’s holding you back.
“If it wasn’t for [insert core provider name here] we’d be be so much more innovative.”
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Resistanceto Change
Tolerancefor Risk
The Box isComfortable
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2021 PCBS MasterClass
Eric Cook, MBA 6
November 18, 2021
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If this really is the case, why are so many of them absent from the digital conversation?
Banker > Bank
“Our employees are our greatest asset.”
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Visit LinkedIn.com/sales/ssi to get your score
Social Selling Index:Your Own Personal Baseline
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• Configuration of your accounts
• Commenting to add value
• Content that is focused on serving your audience
• Conversations build trust over time
4Cs of Building a Personal Brand
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2021 PCBS MasterClass
Eric Cook, MBA 7
November 18, 2021
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NEOBANKS19
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No Shortage of Players
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An Upward Trend in #s and % of Population
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2021 PCBS MasterClass
Eric Cook, MBA 8
November 18, 2021
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• Mobile-only, app focus• No brick & mortar• Easy account opening• Early wage access• P2P payments
What Makes them Different (Better?)• Micro-loans & advances• Low/no NSF/OD fees• UX/UI-first approach• Online chat/bot• Comfort with tech/data
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23YOUR MOVE
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Competing for Attention
Source: SensorTower
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2021 PCBS MasterClass
Eric Cook, MBA 9
November 18, 2021
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Personal Video Engagement
Source: EdScoop.com via James Robert Lay on LinkedIn
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• Easy to create• Easy to share• Trackable• Downloadable (some)• Cross platform
– LinkedIn example >>>>>
Personal Video Engagement
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2021 PCBS MasterClass
Eric Cook, MBA 10
November 18, 2021
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The addition of new social sites and social trends
Social Tech Shifting the Landscape
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The “Snapchat Effect”
RIP8/3/21
RIP9/30/21
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TikTok for First-Time Homeowners
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2021 PCBS MasterClass
Eric Cook, MBA 11
November 18, 2021
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• Launched in April 2020• 10 million WAUs
– Up from 600k in 12/2020
• $4 billion valuation– Up from $100 m illion 5/2020
• Top-40 ranked in App Store for Social Networking category
The Rise of Clubhouse
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Drop-In, Audio Only Platform
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While the Clubhouse App is Slowing Down…
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2021 PCBS MasterClass
Eric Cook, MBA 12
November 18, 2021
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Clubhouse-Like Features On the Way…Audio Rooms Spaces
Spotify, Mark Cuban, Slack, and others…
TBD
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#PCBSHashtagBattle
https://bit.ly/pcbsdigitalbankers
https://bit.ly/pcbssocialbankers
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2021 PCBS MasterClass
Eric Cook, MBA 13
November 18, 2021
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Consider Building a Facebook Community?
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1). Question the Status Quo
2). Try Something New
3). Conduct a Personal Social Audit
4). It’s About Progress… Not Perfection
Your To Do List…
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Available on Amazon and other online book retailers. Search “WSI Digital Minds” or visit: https://bit.ly/wsibook-3
Or get all chapters for FREE and visit: BankMarketingResources.com and enterthe code PCBSMC2021 for a link to getALL 12 chapters as individual PDFs!
Your Digital Marketing Guidebook…
AddedBonus!
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2021 PCBS MasterClass
Eric Cook, MBA 14
November 18, 2021
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Let’s Stay Connected!https://linkedin.com/in/EricCookMBAhttps://facebook.com/ECookhttps://instagram.com/EricCookhttps://twitter.com/EricCook
Email: [email protected]: (269) 274-4276Digital Agency: https://www.PoweredByWSI.comBanker Community: https://www.TheLinkedBanker.com
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