Some of our DBXperts recently sat down with Michael Lawson for a series of rapid-fire interviews about all things digital banking, and every single one of them brought a different perspective to the table.
When he sat down with Digital Client Executive Shelba Murphy, the conversation was all about digital strategy and brand.
Michael: All right. Let's talk about this really cool topic here: how digital strategy affects your brand. Okay, so how does it affect your brand?
Shelba: You know, it's interesting, because if you look at some of the things that we're comparing banking to, in terms of branding and experience, and being able to really have something that drives value, the Internet is everything today. So even if you're going out to a restaurant with your wife or with your family, the first thing you're going to do is get online and find a restaurant to go visit. And can you imagine the amount of time that you spend in any given week, looking for the next place to go eat?
And that's just for a minor investment, so if you can really think about what you're doing when you're looking for a financial institution, it's incredibly important to make sure that your ratings and your reviews and your brand are strong. It doesn't do you any good to have something that's not going to be able to resonate with the general public. And if you're looking at a brand that maybe only has one review, the likelihood that you're gonna take and accept that brand is not very ... You're not gonna adopt that as your financial institution of choice.
Shelba: And what we're seeing is banks really are finding now that they have to take that seriously. They really haven't before. And I know that whenever I have the opportunity to go out and talk to people on the street, or whenever I'm engaged with an opportunity, I point that out, because the smaller institutions, they really have been focused on making sure that they have less customer attrition, because their digital banking solutions aren't maybe as technology-savvy as some of the major institutions. They just don't have the money to invest, which is where Kony comes into play. We can help level the playing field. But it's really important that they can see what the lack of a brand does to hurt them. And I think that's where we can come in, and Kony comes in as a partner, and we're able to show them and help them get to that next stage of the game and really be competitive.
Michael: Yeah, because I know when my credit union is on it with technology and they're adopting the latest and greatest stuff, not just because it's the latest and greatest stuff, but there's a reason behind it. But it increases the trust I have in them and the loyalty and the value that I have in them. And I think this is kind of what you're getting at, right?
Shelba: It is what I'm getting at, and on top of that, your brand needs to be seamless across all channels. And so, if you have a very disjointed approach to the way that you're delivering a solution and an end-to-end product, it creates a very disruptive message to the market. At the end of the day, you want to have a value proposition that is more of an omni solution and not just a one-off for every time you have an interaction with your client. It needs to be 100% seamless. It needs to be the same experience every time they engage, and from whatever point they're engaging.
"At the end of the day, you want to have a value proposition that is more of an omni solution and not just a one-off for every time you have an interaction with your client. It needs to be 100% seamless."
Michael: Right, because banks and credit unions, or financial institutions in general, are competing with the retail environment.
Shelba: They are.
Michael: Who, especially, we keep saying Amazon, Apple, Uber. All this stuff, but it's true. Consumers out there are savvier than ever, more spoiled than ever with this type of stuff, and so financial institutions have to kind of raise the bar to that level as well.
Shelba: They do, and you know, when you're looking at a Venmo or you're looking at a PayPal or you're looking at some of the other disruptors in the financial industry, it's really critical that a bank or a credit union, any FI, have something that competes with that and something that's as viable as that. And it's very user-friendly, at the end of the day, and has the same customer experience. I don't want to go in and have to set up five different widgets or five different buttons to be able to do something. I want to have one click and it's done and I'm paying somebody. And I want to be able to select from my Facebook contact list or my LinkedIn contact list to be able to make a payment to somebody. Or vice versa, for them to be able to have that same experience sending money to me. And oh, by the way, I don't want it to be a debacle when I'm trying to get that money moved out of one of the accounts into my bank account, you know?
"I don't want to go in and have to set up five different widgets or five different buttons to be able to do something."
Michael: You’ve got that right. Especially digitally. It's like, "Oh, where did that go? Where did it go?"
Shelba: Especially digitally. Which, think of the amount of wallet share they're losing as a result, because they're not capitalizing on that market and those opportunities. They're losing a massive amount of revenue annually. And they're seeing attrition because of that too. And they have to be cognizant of the fact that the younger consumers could really care less if they have a primary financial institution, for the most part. And they really want something that's simplistic or somebody who's going to bring value and be active in the community space that they're in. And so that's again, where brand becomes very important. You need a brand that resonates with your community and what's going on in that space.
"younger consumers could really care less if they have a primary financial institution"
Michael: Speaking intangible stuff, isn't there a cool factor involved, as well? When your digital solutions are working on all cylinders, across all channels, there's a cool factor there that's like no other, and word of mouth just spreads.
"You need a brand that resonates with your community and what's going on in that space."
Shelba: Word of mouth does spread, and as we see the younger generation becoming more involved in businesses and being able to drive a lot of the dollars that are being spent annually, on a global basis, it's really important that they have that cool factor, because they do tell other people. Heck, I tell other people and I'm not classified in that same category of individuals, but I do expect that my bank and my credit union have a good brand and a good experience, at the end of the day. Kony is here to help bring that to the market and make sure that we're able to deliver something that's of value, from an intangible standpoint, and from a very tangible standpoint too.
The Kony DBXpert Profile Series introduces you to our team and provides insight into how we think and work. See Shelba Murphy’s complete work history on LinkedIn by clicking here.
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