The Executive Innovation Show

In today's podcast, we're going to be talking about Orthopedic Care Direct to Patient Care, brought to you by One Touch Telehealth. Our guest today is Dr. Daniel Paull. 

Dr. Daniel Paull, orthopedic surgeon and founder of Easy Orthopedics, the first Orthopedic Care Direct to Patient practice in America. He does house calls and offers transparent cash pricing. Self-described as a rogue.

In our show today, we'll learn the ins and outs of direct orthopedic care. Many providers in primary care have moved to direct care, virtual care, and telehealth models but it's seen as rarer in specialty medicine.

To learn more about Easy Orthopedics or Dr. Paull.

To watch our on-demand webinar, “Best Practices in Telehealth Patient Handoff Workflows”. 

Alex Jimenez is the Chief Strategy Officer at Extractable, a digital strategy, design, and data analytics consultancy focused on the future of financial services. He formerly led technology strategic planning for Zions Bancorporation, served as Chair of the Consumer Bankers Association Digital Channel Committee, and has been published in many financial services magazines and influencer lists.

A lot has changed for financial institutions during and after the pandemic in regard to managing a customer experience transformation in banking. Customers expect more video and digital services as they’ve experienced across other industries and banks/credit unions now have to think about not only managing branch experiences but how to manage digital experiences. This is not only technology-related but isn’t successful without the culture top-down approach.

Digital Lending Growth: Is Simple Online User Experience the Key to Retaining and Acquiring Loans?

Today's show Digital Lending Growth is brought to you by One Touch Video Banking

Dan Daggett is a 30-year Credit Union Executive, and founder and President of Daggett Enterprises USA, a Financial Services Agency. Dan is a collaborative intrapreneur whose passion for innovation has resulted in new business lines, new revenue sources, and engaged teams for nearly three decades.

Foster Kelly is Direct of Business Development at Rate Reset. Before that, he was a top producer at Churchill Mortgage. His passion for digital lending has fueled part of the innovation with Rate Reset's most powerful solution. Rate Reset is a leader in digital lending with products that help credit unions and banks retain their loans with patented Reset technology.

Today we're going to be talking about a hot topic digital lending growth. It has been on the forefront of bank and credit union executives' minds, even before the pandemic. But now since the pandemic, it's top of mind and a top priority. With our guest today, we'll not only talk about how to acquire new customers but also how do you retain and increase wallet share with existing customers?

On today’s podcast show we’re going to be talking about Reinventing the Rural Hospitals Revenue Model during COVID and Telehealth in rural areas, brought to you by One Touch Telehealth. We have a great guest with us today.

Ashley Williams is the CEO of Innova Emergency Medical Associates and has over twenty years of healthcare experience.  She was recently named a Woman to Watch by ColoradoBiz magazine for her contributions to the Colorado economy.

Rural hospitals around the country have just been overwhelmed with trying to keep their employees safe during the pandemic while dealing with an increase in high acuity patients. Besides, they have seen a major reduction in people coming into the ER for low acuity needs and rural hospitals are still seeing a reduction in elective and outpatient surgeries.

• What can rural hospital executives do to combat this with operational efficiencies and new revenue opportunities to help them stay afloat during these tough times.
• What ways are the emergency departments getting creative during financial stress? 
•  How can rural hospitals utilize telehealth to increase efficiencies or new revenue opportunities to support their local community and fight closure? 
• How can the ED or rural hospitals partner with local senior communities? 
• What should be on the roadmap in 2021 for rural hospital administrators?

To learn more about One Touch Telehealth or Innova Emergency Medical Associates.w

On today’s show, we're going to be talking about digital marketing in banking industry and the shift from radius-based marketing to digital marketing brought to you by One Touch Video Banking. 

Today’s guest is Greg Pellitteri, a former banker, and is currently co-founder and CEO of Bundlefi, a financial technology, and marketing company that helps community banks and credit unions increase new customer acquisition at a low cost. Bundlefi also helps educate consumers about the value of banking with a local community financial institution and the importance of financial inclusion. 

First, there pre-pandemic there was a lot of innovative community banks and credit unions, that we're shifting their marketing focuses, not away from “draw a circle around the branch” radius-based marketing, but they were shifting focus to digital marketing to acquire customers. Then the pandemic hit, this increased the importance of digital marketing in banking to be front and center. With 59% of customers in 2020 opened an account online, digital marketing in banking industry, played a critical role in online account openings.

Carrie asks Greg, how has it been like for you guys in the shift of, digital transformation in banking, what have you seen in new account openings today vs. 12 months ago

Before the pandemic, most of these financial institutions were not doing any digital marketing in banking. Most of them didn't have online account opening capabilities. At the time, I don't think they saw it as a viable option for them because of the technology expense.  However, following the pandemic, we increased so quickly in both customer base and staff size just to keep up with digital marketing in banking industry demand from community banks and credit unions. They realized that they were kind of missing the mark with a lot of their marketing efforts at that time. I think they now realize that there is a much better and more efficient way of marketing to consumers who are actively looking for a new banking relationship.

When you go to radius-based marketing, you kind of just blanket the area and it works to some degree, however, what you want to get to is the people that are looking for a new financial institution. The financial institutions have realized that they were behind the eight ball in digital marketing in banking and needed to build their technology or find new technologies that fit into their business models.

Today’s Executive Innovation Show is brought to you by One Touch Video Banking.  We're going to be talking about brick and mortar branches in banking and digital banking trends in 2021. 

Our guest on the show today is Brit Boatright, CCIM is a Principal and Chief Strategy Officer of Structure First. where he guides financial institutions through the design and construction of new branches, HQs, and branch transformations.  He is a former community bank president with over 27 years' experience in the industry.

We are going to be talking about a hot topic that is on everybody's mind. The world of banking has just really changed dramatically since the pandemic and banks overnight have had to embrace digital bank transformation to keep their employees and customers safe, all while trying to run normal business of acquiring new customers and servicing their customers. 

Hello everybody, welcome to this week’s Knowledge Knugget of the Executive Innovation Show. We’re going to be talking about what is telemental health, use cases during COVID, and breaking down how to reduce no-show rates during COVID while keeping folks safe in isolation during this difficult time. 

What is Telemental Health? Mental Health During COVID.

So let’s break down what is telemental health and why it’s not video conferencing, first I want to talk about some statistics. As we look at no-show rates in mental health, it’s anywhere from 23 to 34%, some folks, especially in smaller practices in rural areas are seeing no show rates up to 50%. As we live in this virtual community with COVID being part of our everyday life, how do we effectively use video communications, and how does that extend post-COVID?

Find out by reading the full show notes here. 

Want more telemental solutions and best practices in workflows? Download our Telemental Health White Paper here. 

Listen to the healthcare podcast where we talk about all the use cases for telehealth. Subscribe to the podcast and rate us! Have a Knowledge Knugget idea?

Reach out and submit today.

Welcome to the Executive Innovation Show Podcast, brought to you by One Touch Video Banking. During this podcast hear host Carrie Chitsey, talk about digital banking trends in 2021. Listen to this episode of The Executive Innovation Show Podcast as we discuss what exactly digital banking is. Listen as we break down the difference between ITMs, VTMs, and Video Banking. 

Carrie Chitsey led the CRM Financial Services practice in Big 5 Consulting and then went on to own a financial services contact center. She has advised some of the largest banks in the US. Since founding one of the first mobile companies in the US in 2008, she is known in the industry as a leader in digital/mobile innovation. 

Named Top 50 Mobile Executives in the US, Top 100 Female Founders, and Top 40 Marketing Execs in the US. She hosts a podcast “The Executive Innovation Show" and is published in many magazines and online resources.

ITMs and VTMs 

First ITMs and VTMs are sometimes used interchangeably. Whether it's an interactive teller machine and that interactive teller machine is through video, then it's typically a video interactive teller machine. A lot of banks and credit unions have put a lot of strategy around having that face-to-face connection with their existing customers. 

ITMs vs Video Banking 

One of the top priorities for banks in 2020 and 2021 was implementing video banking. Banking executives that have seen true video banking solutions have completely changed their mind on their ITM and VTM strategies. Video banking significantly lowers costs and allows critical customers to stay home without driving to a location, convenience is key. This also allows you to broaden the footprint to open it up for acquisition. 

Acquisition and Servicing via Video Banking 

Video banking is for acquisition and servicing. From an acquisition standpoint, having video banking, right on your website, where you're spending your digital marketing dollars and driving your acquisition efforts - will help with your conversion rate and help build relationships. You now have a competitive advantage right out the gate. 

Increasing Conversion & Retention Rates with Video Banking 

Video banking helps with retention and your NPS and C-SAT scores. With video ITMs, you might move a slight needle on that. Not on retention, but on customer service, especially if it's after hours or the teller lines are close. But from a retention standpoint, building that relationship, having that relationship manager being proactive with that is going to move the needle. 

If you have any questions for this podcast if you want to ask our next guests that are coming up, feel free to submit questions, let us know what you want to hear on the Knowledge Knugget podcast in 2021. 

Download the playbook and stay tuned to our weekly episodes of the Knowledge Knugget to learn more best practices and tips on how to incorporate video banking and digital transformation into your bank or credit union.

Listen to the video banking podcast and subscribe to the podcast and rate us! Have a Knowledge Knugget idea? Reach out and submit today. 

Welcome to the Executive Innovation Show Podcast, brought to you by One Touch Video Banking. During this podcast hear host Carrie Chitsey, talk about digital banking trends in 2021. Listen to this episode of The Executive Innovation Show Podcast as we discuss how banking has changed significantly in the past 12 months and what’s on the horizon. 

Carrie Chitsey led the CRM Financial Services practice in Big 5 Consulting and then went on to own a financial services contact center. She has advised some of the largest banks in the US. Since founding one of the first mobile companies in the US in 2008, she is known in the industry as a leader in digital/mobile innovation. 

Named Top 50 Mobile Executives in the US, Top 100 Female Founders, and Top 40 Marketing Execs in the US. She hosts a podcast “The Executive Innovation Show" and is published in many magazines and online resources.

Learning Lessons From COVID 

• Digital is Key
• Updated Branch Design & Reduction
• Digital Acquisition is a Necessity for All - Community Banks and Credit Unions Included

Banking Trends in 2021

Virtual Workforce 

Your essential tellers and things like that will stay in physical locations, but as we look at relationship managers, business lending, loan officers, and more, we're going to see a shift to working in a hybrid model. 

Remote Advice 

In 2021, we’re going to see a lot of remote advice. As we look at those high margin products, servicing high net worth individuals, a lot of people have moved from their local demographic. Businesses are relocating entire headquarters from California to Texas. Customers and members might not be in a position where you're by your local bank. 

Video Banking 

Every industry has seen such a rise in video and video conferencing. From school to work meetings, most people are now comfortable being on video. Having those video interactions from a banking perspective can move the needle on the acquisition side, increasing conversion rates by 3X. Video banking can help you with your NPS and C-SAT scores while  increasing wallet share by up to 20%. 

Digital Footprint 

If we go back down to state closures, people are going to want to open accounts, do everything online and not have to come in physically to keep themselves safe and to keep you safe. During pre-COVID, it was a convenience factor, and today convenience is still king, as well as safety. 

The Time for Change is Now

For more tips on how to grow from a servicing perspective - increasing wallet share, retention, NPS, C-SAT, acquisition perspective, and to learn how to reach people better while developing higher conversion rates, subscribe to the podcast. Stay tuned for all the special guests we have coming in 2021. And we look forward to helping you make 2021 great and a heck of a lot greater than 2020. Stay tuned for the next episode. 

If you have any questions for this podcast if you want to ask our next guests that are coming up, feel free to submit questions, let us know what you want to hear for the banking podcast in 2021. 

Download the playbook and stay tuned to our weekly episodes of the Knowledge Knugget to learn more best practices and tips on how to incorporate video banking and digital transformation into your bank or credit union.

Listen to the video banking podcast and subscribe to the podcast and rate us! Have a Knowledge Knugget idea? Reach out and submit today. 

https://otvideochat.com/video-banking-covid-19 

During today's topic, Carrie Chitsey talks about why banks and credit unions are scrambling to video banking. 

As we are aware, with COVID and with shutdowns, a lot of branches have been either completely closed in certain states or have started to open back up but with limited hours or drive-thru only. This has shaken up the banking industry on how to do normal business, and how to have employees work virtually in a secure manner. Banks typically never had employees working from home. 

There have been a lot of challenges, both on the operational side, as well as the marketing side of how do you acquire customers in the middle of a pandemic. How do you get them to come into a branch to open up an account? We're going to walk through some of those things today and talk about how you solve them. 

“What's the future of the physical branch?”

Banks right now are scrambling on how to put that playbook in place of this new normal. The first thing to talk about is “What's the future of the physical branch?”. That's a big question that we get, and there's a lot of banks that have spent a significant amount of money on creating these open branch pods, taking down the glass, taking down the walls, really trying to have more intimate conversations with customers and make them feel more at home. 

As we look at this new world where banks have had to on a dime, adapt to this new world of how do we get computers in people's homes for our employees to work? How do we hire remotely? There are all these challenges going on, we have a virtual playbook on “Banking Beyond Four Walls” where we cover a lot of this. 

Hybrid Banking Model - Acquiring Customers

What does the new normal look like? It's a hybrid model. There's going to be people that come in. Most banks are holding off on branch expansion for physical locations and rethinking that. 

How do you acquire customers in a pandemic? You do digital marketing. As you look at acquiring customers, if you're doing digital marketing, the biggest issue has been the conversion rate. Getting people to look at an ad, go to your website, and then making them fill out a physical application in a location in a branch, or bringing you a physical driver's license. 

If you look at implementing a video banking solution, you're able to still service customers. You have your relationship managers, your business bankers, private clients, wealth management, those types of folks still having that face-to-face conversation through video with customers. This allows you to increase that wallet share with those customers because they're not just banking with you, they're banking with others. You must be proactively reaching out to your customer base and sending them to your website to have a conversation through a video banking platform. Or they could be increasing their business with somebody else or remembering who reached out during that pandemic. 

Through video banking, you can switch some of these levers and move that needle on the servicing and acquisition side. 

Download the playbook and stay tuned to our weekly episodes of the Knowledge Knugget to learn more best practices and tips on how to incorporate video banking and digital transformation into your bank or credit union.

Listen to the video banking podcast and subscribe to the podcast and rate us! Have a Knowledge Knugget idea? Reach out and submit today.