Banking on Innovation

The second episode of our leadership podcast series, Banking on Innovation, features Liz Wolverton, Head of Consumer Banking and Brand Experience at Synovus, a 134-year-old regional bank with around $55 billion in assets, serving clients in the southeastern US.

Liz, who has been with Synovus since 2003, has been named one of American Banker’s 25 Women to Watch every year since 2015. She also has an unusually wide-ranging remit, extending from oversight of her organization’s marketing, digital, analytics and customer experience functions to responsibility for the branch network, consumer banking products and services, and mass affluent strategy and execution.

This translated into a provocative discussion around how regional banks can not only personalize customers’ experiences online, but also do more to bring digital insights to customers when they interact with their bankers in physical branches.

“One of the questions that I’ve been asked is how do you really motivate branch teams to be digital champions, because in a sense it takes away from what they do. And I just think that’s a crazy statement. We position team members within our physical locations to be advisors and to serve our customers... [The insights derived from digital and data] just mean that they can do something different within the four walls of the branch than work on a deposit. What if they had a conversation about that customer’s transactional insights? That’s a much better way for that customer to walk away with value.”

Ultimately, she would like to see all interactions become omnichannel, with digital and assisted (banker) channels blending completely.

“So I can start an application online and finish it in the branch - that’s sort of today’s expectation. But [in future], when I get an insight online, I’m going to expect that when I go into that branch, I don’t have to show that to you so you know [about it]. High-tech and high-touch is so blended that my relationship feels wholesome.”[DB1] 

At Personetics, we call this truly seamless experience “connected channels,” and it’s part of our vision too.

“I see it as a dance, a beautiful dance of that choreography between the digital and the human coming together. Right now, I think most banks - and we’re one of them - are in the elementary class of that. But I see the future where that comes together really beautifully.”

Plus you’ll learn:

>> What Liz has found engaging about banking over a 20-year career - a personal perspective from an industry leader

>>  Why Synovus’ business model has been so enduring - the bank was founded in 1888

>> How customer expectations from their banks have evolved recently - setting a “new bar”

>> The “obvious” change regional banks need to make in order to compete - but many aren’t

>> Where mid-market banks need to invest in order to exceed customer expectations - 3 areas

>> What the Apple watch can teach banks about personalized customer experiences - Liz frequently shares this analogy with her team

>> How the role of the banker is evolving in a data-rich environment - and why it’s empowering them

>> The next step in customer personalization that the industry will take - because omnichannel transactions are not enough

>> How the Metaverse will change customer expectations - amongst other ways customer expectations will evolve in the near future

...and more.

Beyond the episode:

Find out more about Personetics’ personalized, customer-engagement platform for financial services: https://personetics.com/

Connect with Jody Bhagat on LinkedIn: https://www.linkedin.com/in/digitalbusinessgrower [DB1]Take this out if you need to cut

In our inaugural podcast episode, host Jody Bhagat talks to Dennis Devine, President, and CEO of Alliant Credit Union, about its member-first strategy.

Having previously held senior leadership roles at KeyBank, Citizens Financial Group and PNC Bank, Dennis reveals some of the ways in which his personal approach to customer-driven innovation has changed over the years, and how these past experiences have prepared him to head a credit union with $16 billion in assets, one of the 10 largest credit unions in the US.

In 2014, Alliant Credit Union, realized that 96% of the transactions occurring in its branches could be done digitally, sparking a decision to move towards a digital-first model. So how does a digital-first credit union with no physical branches creates an outstanding customer experience?

 “The benefit [of being digital-first] is the best cost structure in the industry, without the cost of a far-reaching and often underutilized branch network. We’re able to take those cost savings and give them back to our customers.”

 Dennis also discusses some of the key challenges that the industry will need to address in order to deliver more personalized member experiences in the future. For example, consumers typically have relationships with several financial institutions, leaving banks and credit unions with a fragmented picture of their true financial situation.

Plus you’ll learn:

>> Two ways banks and credit unions can help customers in times of economic uncertainty

>> The silver lining to rising interest rates, for banks and customers

>> One easy way Alliant keeps member experience at the heart of organizational culture

>> The driving force behind Alliant’s decision to eliminate overdraft fees

>> The biggest challenge in delivering a personalized customer experience - and how Alliant overcomes it

>> How to make the most of your partnerships in order to improve your overall value proposition

>> Alliant’s “superpower” which allows it to grow in an increasingly competitive environment

...and more.

Listen to the trailer of the Banking on Innovation podcast, coming out soon