We often make decisions using our emotions, but financial decisions are more likely to be better and more useful if we make them by using our heads. Behavioral science and storytelling can help with crafting the right messages to customers that will regain their emotions and take good care of them in the financial world. How science can help in attracting and acquiring new customers?Notes:😍 Are emotions important when making a decision? 01:01🤓 How young people make decisions: emotions can be bad for banking decisions. 02:59🤯 Younger customers are using alternative payment services: emojis as reasons to choose bank service. 03:26🧠 Stories activate the brain: using storytelling to help your customers to make good financial decisions. 06:05🎯 Marketing crafted based on behavioral science: affirmation and support that will appeal to clients.  08:20Links:Article: https://thefinancialbrand.com/news/bank-marketing/how-behavioral-science-gives-bank-marketers-a-leg-up-acquiring-customers-153126/Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Why banks can’t get out of the habit of not using the out-of-branch tools available when they are doing business in the branch? Why is that so hard? Why banks don't value the virtual branch, like the physical branch, and do not enable younger generations to become users of the financial institutions the way they like the best - via digital? These are only some of the questions that financial institutions must work on to get more customers who hold phones in their hands from the age of 2. It is time to innovate! Notes:💸 Customer Journey is providing the best insight into your service from a client's point of view. 00:51📱 Opening account in 15 minutes instead of 25: how about 5 minutes?🤯 Employees in banks don't use the solutions and services that they make their customers use.03:45⚠️ Younger generations have expectations about what an online onboarding experience should be: abandonment rates are too high. 05:29⏸️ Pause in the process is the reason for abandonment: allow electronic transfer to fund accounts. 6:55⚡ Stop comparing your institution with others but compare yourself with Neobanks.08:12🤩 How to know if your online experience meets expectations. 08:51The article used: https://thefinancialbrand.com/news/bank-onboarding/why-banks-need-to-fix-poor-digital-onboarding-experience-147074/Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

In episode 55 we talked about the Neobank phenomenon. Are they taking away younger customers away from the traditional financial institutions? What if traditional financial institutions could tailor the services for small to medium businesses and startups and assist individuals in starting businesses, providing a checklist, classes, mentorship, events, and training. The key is to market your services as effectively as neobanks without the need to create one, fostering a differentiated and valuable proposition for potential business customers. ⚠️ Neobank creates a compelling argument to some targeted groups to move away from their traditional bank and to come "bank" with them. 00:52📈 Brex launched in 2017 with a specific purpose of focusing on serving startup companies, and in 2022 they were valued at $12.3 billion: now, they're less suited to meet the needs of smaller customers. 02:04💡 Target companies Brex left behind to open accounts at your institution and adjust your offer for startups to make them long-term clients. 04:47✅ Community banks should consider building services that assist an individual in starting a business: David shared several ideas on how to do that. 06:40❗ Your non-interest service revenue is heavily weighted toward business customers, so you have a vested interest in getting more business customers via calls and programs. 07:47📢 Potential clients should know that your institution provides a service targeted to their unique needs and mitigates any interest in them looking for shiny, bright online banking options. 08:36 👉 You should market your services as if you were a Neobank. 09:07 Links: Episode 53: Trouble Ahead for Neobanks? Article: Brex, which started out serving startups, now says it is‘less suited to meet the needs of smaller customers’ Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

We all love routine, but guess what? It’s a disaster for our brains!In this episode, David explores how excessive routine can stifle creativity and problem-solving skills, particularly in organizations such as financial institutions. He discusses how an over-reliance on strict procedures might hinder employees’ adaptability in unexpected situations and limit their ability to identify areas for innovation.Drawing from personal experiences and research findings, David highlights the “numbing effect” of routine on the brain’s executive functions, emphasizing its potential negative impact on employee creativity and crisis management. He suggests strategies like escape room exercises and continuous thought-provoking activities to counteract this effect and keep employees fit.Tune in for invaluable insights on navigating the fine line between routine and innovation while uncovering ways to maximize creative potential! Notes:📉 David coined 'the numbing effect of routine' term: financial services don’t fare well when knocked off that routine. 00:58🧠 Too much routine suffocates your brain: there’s evidence that the less you engage the executive functions, the weaker they become. 02:46👉 A 2017 study reveals a link between heightened anxiety and an inverse relationship with goal-oriented behavior. 03:56✅ The anomaly might be something that should be examined as the source of a creative idea that might streamline the process, potentially leading to innovation. 04:48❗ If and when a true crisis occurs, the most important element in successfully remediating the crisis is how immediately the employees take thoughtful action. 06:02⏹️ A process-oriented business inherently reduces the ability to recognize potential innovations or preparedness for addressing disasters. 07:04💡 Escape rooms are a great way for employees to work on problem-solving: consider hosting logic quizzes, innovation idea vetting programs or engaging innovation workshops. 07:33❓ How do you keep your people sharp and ready to go? 09:39 Links:📌 David's book GROUNDED: https://davidpeterson.com/bookstore 📧 Email David: david@davidpeterson.com  🌞 Connect with David: www.linkedin.com/in/dlpspeaks🤩 Learn more about David: www.davidpeterson.com👨🏻‍💼 Consult with David: www.i7strategies.com⛵ Sail with David: www.i7sailing.com Resources: How Too Much Routine Suffocates Your Brain: https://elemental.medium.com/how-too-much-routine-suffocates-your-brain-fcee3cd8444Escape Room: www.amazon.com/Escape-Room-Box-Werewolf-Experiment/dp/B0752PGG2K/ref=sr_1_5?

In the ever-evolving landscape of banking, a clash of titans is underway, pitting traditional community banks against the innovative disruptors known as Neobanks.Community banks must revamp digital experiences, embrace storytelling in marketing, and strategically connect with younger demographics.To ensure long-term success, strategic planning involving senior leadership and dedicated teams is paramount, providing these banks a transformative path to compete effectively in today’s financial sphere.Notes:🚫 Neobank is NOT A BANK. 00:57📱 Neobanks have excelled compared to the typical community bank: prioritizing user experience is what matters. 02:19📉 About 250 Neobanks are operating worldwide: the surrounding fervor, akin to buy now and pay later schemes, might lead to a spectacular crash. 03:55🎯 David thinks that Neobanks are created to gain online users and then convert that market share into a deal where they sell out to traditional banks: that way, banks get younger millennials and Gen Z clients. 05:54👉 In today’s digital banking landscape, it’s essential to offer features and experiences that resonate with younger customers, or risk falling behind. 07:17✅ Community banks are inherently bad storytellers: it’s a critical skill for gaining young customers. 07:57❓ Could upcoming strategic planning sessions be utilized to chart a new course, positioning your bank to dominate young millennials and Gen Z markets in 2024? 09:17Links:Which Neobanks Will Survive In the Future? https://thefinancialbrand.com/news/fintech-banking/which-neobanks-will-survive-in-the-future-150827 Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Marketing is an essential part of every organization. Statistics could be more positive when it comes to bank marketing. Bank marketers have a hard job and need accurate targeted data to create very specific campaigns and confidence in their reliability. It's an ongoing problem to resolve. Help focus marketing campaigns that will generate measurable results and outcomes without crossing the creepy line. ⭐ What is Baader Meinhof phenomenon: bank marketers indicated they have access to a lot of data useful for marketing. 01:39🔵 Profitability is important data, and it's not ranked high enough: if a nonprofitable customer leaves your bank for a competitor, your overall profit goes up. 02:50👉 Bank marketers are getting more comfortable using the data they have access to, but they are still not very confident about the quality or accuracy of the data they use to make marketing decisions. 03:57✉️ Get very granular about the specific subset of customers or prospects: snail mail marketing is incredibly effective if targeted to a particular subgroup to which its appeal is uniquely tailored. 04:53🔴 Give our marketers accurate, targeted data that will enable them to focus marketing campaigns that generate measurable results. 07:56 Links: Marketing’s role in data analytics: https://bankingjournal.aba.com/2022/08/marketings-role-in-data-analytics/?utm_source=eloqua&utm_medium=email&utm_campaign=newsbytes&utm_content=NEWSBYTES-20220824 Graphic 1: www.bankers-bank.com/wp-content/uploads/2022/10/Blog-Image-1.1.png Graphic 2: www.bankers-bank.com/wp-content/uploads/2022/10/Blog-Image-2.2.png Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Big data centers are getting more and more popular, and it's expected for institutions to use them. Are they necessary for banks? David shares his view on this actual topic. There is a need for a data acquisition tool that can connect to external systems without centralizing data. The speaker outlines three key outcomes for effective data management: dashboards, graphical reporting, and targeted marketing lists. The episode concludes by urging banks to focus on outcomes that drive business success and improve customer experience, rather than getting caught up in the pursuit of big data solutions.Banks should be good stewards of their data and not be embarrassed or afraid to use it. Notes:  🤔 Banks shouldn't be chasing a solution that fixes a nonexistent problem. 00:55🟫 Bankers have several types of data like financial, customer, and transaction data: there's an idea to create a new repository that extracts from all the existing data sources into some single composite database. 02:40😵‍💫 Even if you get all the data extracted and normalized but gets dated: daily update of all data from every source. 04:08✅ There are three categories of data management outcomes - creating dashboards, graphical reporting, and marketing lists: deliver value beyond the cost of acquisition of the chosen management tool. 05:21👉 The tools you're looking for should specifically address how you accessed third-party databases without pulling all of that into a consolidated new database. 08:16❗ Tools you choose should perform the outcomes that you want: smart bankers are the ones who force vendors to show specific outcomes. 09:31🤩 There are big payoffs for the banks that can get their arms around their data: improve the gross margin, internal efficiencies within their institutions, and customer satisfaction. 12:16 Links: Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Where failure is discouraged, much less rewarded, why would anyone stick their neck out on the line, bringing a creative idea? Innovation occurs when failure is an option.Challenging the status quo and allowing failure, will initially lead to disruption, however, ensuring failure leads to learning will allow for improvement in banking as a whole. There is much to be learned about the challenge of allowing failure within your organization.Notes:⛹️‍♂️ Innovation occurs when failure is an option: the players who lead baseball leagues and home runs almost certainly lead that league into strikeouts - apply that to your business. 01:20✅ Not only should bankers stop punishing failure, but encourage it using the fail-fast fail-often model. 03:00👉 Executives should encourage innovation and responsible risk-taking across the entire enterprise: ideas that don't go anywhere are not a strikeout - usually, it takes 30 ideas to get one right. 04:01⁉️ Innovation occurs when failure is an option: will you take up the challenge to encourage failure at your organization? 06:07Links:The Financial Brand Fear of Failure Hurts Innovation in Banking: https://thefinancialbrand.com/news/banking-innovation/fear-of-failure-innovation-in-banking-deming-management-transformation-151415/ Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

In the world of faster payments, fraud is a hot topic. But is it the technology's fault? Not really. Fraud can happen with any payment method. It's about individuals making mistakes.Learn more about App Fraud and its implications in the latest episode of our podcast. We dive into the industry's response and the possible changes ahead.Notes: 💸 The banking industry is going to overreact to address app fraud: David explains why Zell draws the attention of criminals looking to commit payment fraud. [00:36]❓ The systems that the customers are using operate exactly the way they were designed: is the financial institution responsible for the behavior of their customers? [03:07]👉 While the banking industry should undertake any reasonable efforts to protect customers, it cannot absolve the customer from the responsibility for their actions: clients are informed that payment to the recipient is final and irrevocable. [05:35]   Links: A resource from the Federal Reserve on how they will address fraud: https://explore.fednow.org/resources/fraud-at-a-glance.pdf Article on LinkedIn that has more on APP Fraud and Reg E: https://www.linkedin.com/pulse/does-reg-e-cover-scams-pj-rohall Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Having the right leadership in place for your digital channels is extremely important. If you want your branch to have long-lasting success, it's time to find leaders who will bring your virtual branch up to the same level as your physical branch. A successful future needs innovative and open-minded leadership that is ready to push the strategic vision for your virtual branch forward and treat it with the same level of scrutiny as a physical branch. Show notes:✅ 9 key points about virtual branches in banking that sum up Pinkston's article and the previous podcast episode. 01:14👉 Vendors should be held accountable for the systems they deploy: a virtual branch senior executives should regularly communicate with all relevant vendors to discuss product roadmaps, suggest enhancements, and actively participate in user groups. 02:25🔵 A senior executive of the virtual branch should have specific attributes and an open and innovative mind. 03:37🫵 Bankers, own it! 05:13 Links: Blog post: www.bankers-bank.com/who-owns-the-virtual-branch-part-2 The article by Jessica Pinkston: “Who Owns Digital? Ugh, That’s the Problem for Bankers”  Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Setting up proper accounting for your virtual branch is crucial for future success. The value of your online presence must be clear and concise in order to foster the support and funding it needs from the leadership in your company, so it's time to start strategizing how to measure this. The truth is that it's very likely that your virtual branch is much more profitable than you think, but is being underrepresented in your general ledger. The future of your business may depend on the quality of the digital solutions that you offer, so start investing in your online services today!Notes👉 The importance of setting the proper accounting in your General Ledger (GL). 00:52✅ Your virtual branch may include consumer online banking, online cash management/treasury services, mobile banking, executing payments, access to eCommerce and others can be part of the virtual branch. 02:08❗ You are probably not accurately representing the actual activity of customers on your GL: Peterson paints four scenarios to show you that. 04:23💲 GL accounting is important because it drives executive decision-making on where money is spent. 08:25‼️ The virtual branch must have its own management and budget: the support of the virtual branch by the C suite and board must be equal to or exceed the support given to physical branches. 10:45⭐ Your virtual branch is likely your largest and most profitable branch: this exercise will not only highlight the need for a permanent change to your GL, but also make it clear that the virtual branch needs to be upgraded. 13:06Links Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

You can elevate your level of service with the way you use data mining. Targeting customers with suggestions and recommendations based on mined data needs to be done paternalistically and carefully to avoid being seen as creepy. The goal is to offer a higher level of service that maximizes convenience and personalization, but these personalizations must be communicated appropriately. If you have the customer's best interest at heart, find out how you can better serve them by utilizing data mining.🧑‍🏫 David teaches a banking technology class at the Graduate Banking School at the University of Colorado: he helps them understand what kinds of decisions they'll make as senior executives in terms of evaluating and understanding technology. 00:584️⃣ Data mining can be used in many scenarios: David shares four examples. 02:54👉 The creepiness is not how we feel about doing something, but how the customer feels. 05:43🏦 Financial institutions can get very granular about how to use customers' data and behavior to provide a very high level of personal service: creepiness is in the eye of the beholder. 07:02🤝 What banks could do with the data is likely paternalistic: it's all about benefiting the customers. 10:59🗣️ How we communicate defines what's creepy. 12:36❓ A key question that we have to ask is, “What is the desired outcome for which this data mining is to occur?” 14:31✅ What most of us think is creepy is likely applied to older customers, particularly baby boomers or super seniors: younger generations expect you to use their data to provide highly personalized service. 15:31🙂 Don't show the same ads to everyone - personalize the customer experience. 16:53 Links: Blog post: www.bankers-bank.com/lessons-from-gsbc-whatever-we-do-we-cant-be-creepy Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

The SWOT analysis tool is an excellent way for your business to take advantage of opportunities. It's critical to regularly assess your business in order to be competitive in your market. By analyzing your strengths, weaknesses, opportunities and threats, you can develop crucial offensive and defensive strategies. When done right, you can minimize the damage from external sources and find great opportunities to invest in. Take strategic control of your business, and focus on the "O!”Notes:🟦 SWOT represents Strengths, Weaknesses, Opportunities, and Threats: the purpose of SWOT is to understand the interplay of the organization's internal capabilities with the external activities or entities that might interact with that organization. 01:00👍 The process should accurately represent the organization's strengths and weaknesses: we can assess strengths and weaknesses without being ugly to each other. 02:42📋 It's critical to carefully brainstorm the opportunities and threats to get a realistic list of what they are: there is absolutely no benefit of overstating or understating them. 03:55✅ When you combine each of the four quadrants, the organization can determine a series of offensive or defensive actions or strategies, make targets, and prioritize. 04:46🏦 From an innovation standpoint, any of those four SWOT alignments could be the target of a creative idea: some financial institutions are still making decisions about how overdrafts fit into their long-term future - that falls right into the SWOT analysis. 07:18😀 Focus on opportunities first: David shares examples from the Financial Services realm and several others. 09:51🔷 Securing against threats is important and should not be ignored: if you're not in the habit of getting innovative ideas out in the open across your enterprise, focus on The “O.” 11:15Links: Where will you get Innovative Ideas: www.bankers-bank.com/where-will-you-get-innovative-ideas Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

To think outside the box, you have to know what the box is. Change your perspective on what the main focus of your business is, and start to think outside the industry norms. When you shift the perspective of the services you provide, this changes the branding of your business, so you can deliver a more profound and appealing message to your customers. Get outside your comfort zone and change the dynamic of your box!🤔 We need to know where we are if we're going to challenge ourselves to get out of the box. 01:16🧑‍💼 Banking is a transaction-focused business, so banks have trained their people to execute transactions with an extremely high level of proficiency and professionalism. 03:16❓ How would our thinking change regarding services if we don't focus on transactions? 05:26🏦 A bank's primary focus could be targeting, identifying, and establishing customers' goals and dreams: ask each manager that reports to you to come up with an example of a goal or dream that a typical customer would have. 06:12❗ Start a conversation about the value of moving your business focus away from a transactional one: change focus and start the hard work of change of your institution's branding. 08:35📤 It feels comfortable to stay within our industry norms, but radical changes are coming: Are you ready, willing, and able to get out of your box? 10:57Links: Link to Previous Episode: ADD LINK Link to The Episode About Goals And Dreams: 37. What do you do? – And How Bankers Should Answer That Question Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Thinking outside the box is essential for cultivating innovation in the workplace, and sometimes the craziest ideas can lead to the best results. When we can escape the limitations that we often think with, it can lead to profoundly creative solutions. Exercise your ability to think outside the box and produce ideas in great volume to achieve success!📤 Thinking outside the box is to explore ideas that are creative, unusual, and not limited or controlled by rules or tradition. 01:22🧩 We assume the solution to the puzzle is contained inside the box: there is no box. 03:48🧠 The key to the puzzle is overriding our brains' tendency to be constrained to predetermined boundaries. 05:55🧒 Put yourself in a mode of out-of-the-box thinking by changing your thinking space, getting a different perspective, and talking to kids - the most creative people on the planet. 06:58📦 You can play thinking games and practice reverse brainstorming to step out of the thinking box. 08:10📣 Getting creative is a volume exercise. 09:52👍 If you have a question about creativity and innovation, reach out to David, and he will get back to you as soon as possible. 10:38Links: The Diagrams for Thinking Outside the Box: www.bankers-bank.com/think-outside-the-box 9-Dot Puzzle: Sam Loyd’s Cyclopedia of 5000 Puzzles, Tricks, and Conundrums with Answers Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Once your business is committed to innovation, the next step is focusing on the problems that require innovative solutions. This should involve picking a trending or pertinent problem in your industry and engaging your new innovation-driven workforce. Gather data, brainstorm and explore even the craziest of ideas before preparing the final strategic recommendations and putting them into action. Implement your new ideas, overcome obstacles and boldly move forward with success! Show Notes:💲 To understand the story, you need to know the OD background: how will your institution tackle this issue? 01:08📊 Data gathering -  assign somebody in your organization to be the repository of gathering all the information. 06:06☑️ Be sure to check out the competitive intelligence. 06:31💵 Brainstorm OD changes and revenue replacement. 07:20🤡 Explore truly crazy ideas: you must not only encourage these crazy ideas but ensure that they will not be ridiculed, even inadvertently. 10:22✍️ Prepare a strategic recommendation for senior leadership and the board. 11:24▶️ Whether you take on the overdraft issue or any other significant change in your service offerings, you can use the template provided above as a high-level methodology for the last step: action. 12:21  Links: The Death of Overdraft Fees: www.bankers-bank.com/the-death-of-overdraft-fees About OD: Overdraft and Offsetting the Gap Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Implementing an innovation mindset into your business is crucial for its future success. Building the foundation for this may be a harrowing task, but the steps in this quick start guide are a great place to begin. There must be a desire and commitment to building a culture of innovation from all levels of leadership that is backed by actionable processes. Integrate these values into regular communications within the workplace and support innovative ideas with encouraging facilitation and incentives. Make innovation a mission-critical value in your business and transform your workforce into inspired problem-solvers! Timestamps:👔 David summarizes the talk he held at the FNBB Summer Conference. 01:12👉 The precursors of the four steps to making innovation a reality. 02:16🩸 No#1 Desire: innovation must be significant enough for you to put blood and treasure on the line. 04:21💪 No#2 Action: focus on education and modelling behavior. 06:21🏅 No#3 Support: motivation and incentives are key. 09:15🛑 No#4 Remove barriers: stop limiting innovation and ideas. 10:29🏦 FNBB has made great strides in how they view innovation. 14:01📋 A quick start guide to start with innovation: figure out how to change your organization into one driven by innovation growth. 15:12  Links: Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Converting an unused space into a “Thinking Room” will add great value to your business. This is an inexpensive strategy for increasing innovation and creativity in your workplace. Create a functional safe space that promotes innovative thinking and get the ideas flowing!🥳 The Thinking Room is an unused space converted into a place where thinking and creativity can flourish. 01:06🤩 Check out the Thinking Room David created in FNBB. 02:16❗ Innovation occurs if failure is an option. 03:44❔ What's stopping you from creating a similar thinking room in your organization? 04:47🤗 People need to have a safe space to ideate. 05:35Links: The Thinking Room: www.bankers-bank.com/the-thinking-room-is-ready-for-ideas Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Investing in new technology is a complicated process that requires expert strategy. No matter what industry you are in, investing in new technological systems can be a time-consuming and overwhelming experience. With so many vendors competing for your business, it’s important to do a full review of their products to see exactly how they will work for your needs. Remember that strategy is key, and these investments will be impacting your business for years to come, so spend your money with specific growth and expectations in mind. Inertia is not a strategy, so review your business’s tech needs today!🏦 FNBB was in the final stages of deciding on its primary core accounting system: David shares the decision-making technologies they used. 00:56📋 Practical summarized steps for making the decision: months and months were needed to evaluate different core vendors. 02:08⚠️ The issues that FIs face when they make tech purchases. 04:34✅ Set realistic expectations, prioritize proven integrations and ease of configuration, beef up your internal IT capabilities & tie your FinTech spending to expected outcomes. 07:34📱 If you want more mobile users, invest in a better mobile platform. 10:41💸 Create a way to monitor the tech roadmap each quarter, don't just buy it and forget it. 11:43❗ Just because many of the newer technologies are not fully baked or standardized is not a reason to avoid them. 12:42🤝 David has a recommendation for bringing in additional resources that can help you sort everything out. 14:06 Links: It’s Dreadful Being a Buyer of Bank Technology: the Cornerstone article by Steve Williams Contact for Profit Resources, Inc: Dave Koto at dkoto@profitresources.com  Email David: david@davidpeterson.com   Connect with David: www.linkedin.com/in/dlpspeaks Learn more about David: www.davidpeterson.com Consult with David: www.i7strategies.com Sail with David: www.i7sailing.com

Employ modern digital marketing techniques to ensure your advertising budget reaches your target audience. Banking is a highly competitive industry, so banks must aggressively pursue new customers with great precision. It’s time to revisit your marketing budgets and allocate funds toward targeting the new generation of prospective customers in the digital world. Utilizing services and marketing strategies that find and target new customers with engaging story-based media and curated articles is the key to modern advertising.Spend your money wisely in the places your future customers are reading and listening!🏦 Today's financial institutions are in a very competitive environment, but is your marketing money being targeted adequately? 00:52📻 Many FI’s do advertising through “advocacy”: the typical nonadvocacy advertising activities are billboards, bus stops, benches, or other types of signage - newspaper, radio, television, direct mail, email, and social media. 02:30📱 Digital tools access data and target information to those most likely to seek it. 04:14🙂 Curated articles and storytelling evoke a strong response: Millennials and Gen Z are motivated by emotion. 06:15✅ You can hire professional writers that work across various areas of expertise: the response rate is significantly higher than traditional advertising. 09:01🎯 Spend advertising dollars on the specific areas where potential clients will be reading and listening. 11:11Links: Email David: david@davidpeterson.com    Connect with David: www.linkedin.com/in/dlpspeaks  Learn more about David: www.davidpeterson.com  Consult with David: www.i7strategies.com  Sail with David: www.i7sailing.com