Ideas in the Wild: Allison Netzer and Elizabeth High are Helping Banks Connect Emotionally With Customers by Teaching Them to Build Brand Value

Harnessing brand power within financial services demands a new way of thinking. It’s not quick. It’s not easy. But it’s a shift that any financial institution can adopt — and if they want to succeed in today’s highly competitive financial services landscape, it’s a shift they must adopt.

To be relevant today and ensure growth tomorrow, financial institutions should take a cue from consumer brands. It’s time to connect with customers and create meaningful experiences.

In Think Like a Brand, Not a Bank, Allison Netzer and Liz High of Nymbus show banks and credit unions how to embrace their brand and reap the benefits. With data-rich insight and real-life examples, Think Like a Brand, Not a Bank is a compelling look at how financial institutions can build value now and create a roadmap for the future. I recently caught up with Allison and Elizabeth to learn more about why they wrote the book and the ideas they share with readers.

Why did you write this book?

We have spent years showing banks, credit unions, and fintechs how to leverage the power of a brand mindset to drive growth. And we’ve done this mostly through one-to-one conversations. We’ve helped a lot of folks, but at this rate, we’ll be 150 years old by the time we’ve reached each banker individually.

So, it is time to scale out our message to reach more people. We’d also like to start a wider conversation — perhaps even a healthy debate — in the financial sector about how to best meet the challenges of our changing industry.

In the book, we teach you how to think like a brand (and reap the benefits that come with it). To do that, we discuss why mindset matters and how to shift the mindset of your institution; five research-backed principles that can transform your bank or credit union; real-life examples of successful, excuse-proof applications of each principle; and how to introduce and implement change to better meet future needs.

Our principles will take you from viewing people as bank customers with financial needs, to viewing (and treating) them as customers with multiple affinities and motivations. This, in turn, will lead to innovation and growth.

What’s an idea you share that really excites you?

As you evaluate how your organization can adapt to a changing world, it’s difficult to know how to use (or not use) your bank’s celebrated history. Most banks and credit unions don’t know what to do with the traditional elements that have been handed down for generations. Is there still a place for these things as we look to the future?

The intuitive solution for most organizations has been to either stick with bank traditions and resist modernization (if we’re making profits, why change?) or…ditch the past and move forward (we can’t be weighed down by traditions).

But there’s another solution. And it’s counterintuitive. In order to innovate, you can look to the past.

Rilla Delorier (former Chief Strategy Officer at Umpqua Bank) reminds us that “the fruits are in the roots.” In other words, you shouldn’t just look back, but all the way back — to the founding of the organization. If you’re not sure how to move forward, you can look at why the bank was originally founded. And when you go back to the beginning, you’ll be reminded of the role the institution played in society. You can rediscover your purpose.

Most banks were founded to solve a problem, or fill an unmet need. The way they met that problem was often unique. And, if they landed on a solution that was useful to consumers, they grew. But, that first solution to that first problem often gets lost over the decades (or centuries), so it’s essential that your organization gets back in touch with its original Why in order to refresh what it stands for.

Once you get in touch with those origins, you can use that history — that purpose — to guide the new experiences you offer to customers who are underserved or have unmet needs. There are always market opportunities that connect with your organization’s original purpose.

How will following your advice improve your readers’ lives?

We believe the financial industry can shift its mindset, build trust, innovate, and grow by following the principles we laid out in this book. In fact, by looking at the market from a new perspective and putting in the work, banks and credit unions can build the loyalty and affinity evoked by the world’s favorite brands.

Once your organization starts to get the hang of the brand-first mindset, and begins to brainstorm ways to change, there will be tension. In fact, outright contradictions will emerge. Embrace that tension. Lean into the fear of change, and tackle those contradictions with confidence. You may discover epic breakthroughs on the other side.

When an organization has a brand mindset, leans into contradictions, and seeks shared outcomes with their customers, the fun really begins. A brand composes exciting new experiences and services for customers based on shared values. When you create outcomes that align with the values of the customer and the brand, you can coach your team to make the idea a reality, then coach the customer to adopt the new experience.

When you obsess about your customer and find a shared mission with your customers, they will start to obsess over you. Ultimately, when you embrace a mission-based, outcome-focused approach that sparks an emotional connection with customers — which is exactly what the book prepares you to do — your customers will become more than customers. They will evangelize on your behalf.