The lead faculty of the 2019 CUES School of Strategic Marketing joined the CUES Podcast recently to discuss marketing through the lens of their specialties. In this episode, Amy Herbig, Anthony Burnett and James Robert Lay talk about everything from paper brochures to physical branches to digital delivery. They respond to host James Lenz’s “outrageous” statements; offer up best practices grounded in many years of experience; and give a preview of what they’ll cover during the school, slated for July 15-18 in Cleveland. Herbig is CEO of The BA Group; Burnett is customer experience director with Level5; and James Robert Lay is founder/CEO of the Digital Growth Institute.
To pique your interest for listening to the full show, here is an excerpt of the discussion surrounding the first exaggerated statement: “Transformation at credit unions is only possible through technology delivery.” Listen to episode 69 to hear the rest.
Herbig says that for a CU to successfully transform, it must have technology delivery capabilities. In working with credit unions of all sizes, she has found many that are struggling to get a handle on their technology.
“Credit unions have to always remember their members have the option to bank not just elsewhere, but pretty much anywhere they want these days,” she says. “If we cannot leverage the loyalty in those relationships from a data standpoint, … we will be even more significantly behind other financial institutions who are stealing our members away.”
Burnett responds next. “Right up there at the top is that convenience of a digital channels,” he notes. “You just can’t put branches … in every location. There’s a scalability in digital that you just can’t get with the branch … . There’s also a big business case around mobile transaction cost,” 10 cents per digital transaction versus $4 every time a member comes to the branch.
Lay says technology is only a part of the entire digital transformation equation when used correctly and in proper context within the consumer buying journey.
“I believe technology should be one of the last things we talk about when discussing digital transformation because it’s so easy to get lost and overwhelmed and lose sight of where we’re going with all of this technology talk. … what good is the latest tech when we lack the most important element of digital transformation—and that is a digital growth mindset?”
And that’s just the first bit of this awesome show. Tune in to hear more, including: