“I think retail banking will go off in 20 years,” said Baba Shiv during a Q&A break at CUES 2018 Symposium. “Branches will disappear. We see more and more the trend where millennials don’t want to travel go get their goods and services. Retail banking will have to exist in some form, but it will have to change.”
That may be an exciting proposition for innovation experts and enthusiasts, but not every board member or CU leader will embrace such a paradigm shift. Shiv, professor of marketing, co-director of the Strategic Marketing Management Executive Program and director of the Innovative Technology Leader Executive Program at Stanford Graduate School of Business, spoke about how to help them in this transition.
“What we often end up doing to persuade the individual is present rational arguments. But keep in mind … first and foremost, you’ve got to play into that person’s emotion,” said Shiv. Getting buy-in requires the right mindset to explore innovative change.
Shiv illustrated this and the opposing mindset during his session, “Designing Solutions Through Brain-Based Insights,” using the “X-framework”: The bottom points of the X are negative states, bored and stressed, and the top points are positive states, comforted and excited.
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