People will talk…tweet, snap, and more

Welcome to part two of the Two Peoples series. Last time, we learned about the “great divide” between individuals who are deeply connected and those who prefer to go the analog route. Now, we’re looking at those “connected folks” and trying to understand how they approach the world differently, if at all. And, if so, does it matter?

I already hear your objection: There are plenty of members who will not do these “techie” things, and your in-person service will always be essential for them. I know…my own family is part of that group. You’re right. It is an important part of your operation.

But you’re missing a whole lot of people who are connected. At this point, I can go into the talk on embracing social media, empowering your staff, and championing your most loyal members. Yet I won’t. You know these things, and there are countless articles to guide you if you don’t.

What you need to understand is that the social side of the technical evolution is not a fad. It’s become more than just staying in touch with friends and family. It is now the ability to do anything by way of a technological device. Want food in front of you right now?  GrubHub or Seamless. Need to get out and exercise with a digital reward? Pokemon Go, Running With Zombies, Nike + Running Club. Show everyone how you look with a dog nose? Snapchat (really, I still don’t get the platform).  Learn about and buy whatever you want? You know the sites.

Yes, I hear you, again. “How does a running app or food delivery system help a financial institution?” It’s about the connections the technologies enable. Even though I don’t use the social aspects, I do understand the idea of being disconnected from some people by being connected. There’s even a name for it: Digital Footprint Score. Let’s explore.

Do you remember when the World Wide Web was in its infancy? If you were one of the early adopters, you knew how separated you had become with those who were still not connected. I was ordering pizza online in the mid-90s. The precursor to my own company had a dynamic website even earlier. We had taken such a leap beyond our previous life, that you couldn’t even explain it sufficiently to those who didn’t experience the daily “brrrzz, whoosh, ba dum, ba dum” of the 14.4kbps (or 28.8 if you were way cool) modem.

We are in that position yet again. I talk with my karate students often about the games they play, apps they use, and I’m amazed at the connections they are making within these environments. The newest trend is where that virtual community extends into the real world, a la Pokemon Go and similar “augmented reality” experiences.  Between gaming, interacting with friends, businesses, and associated services, their Digital Footprint Score is extremely high. It may not come as a surprise, but this score trends higher as you get younger (Why aren’t we calling it the Benjamin Button Score?  I crack myself up.). Your digital footprint will continue to increase, and we are still in the early days. I believe financial technologies (fintech) will enter this crossover realm in the coming years as well. The hyper-connected don’t carry money. They pass it around like you would an emoji. In fact, you can pay with emoji now, really (don’t get me started on them…it’s like we’ve come full circle from hieroglyphics). And peer-to-peer payments within your favorite messaging service is a reality.

However, we aren’t entering a post-bank world. We’re evolving into a new way of banking. One where you have a crucial role, if you take your virtual seat at the table. Looking back at these new concepts above, what do you recognize? Direct communication…you do that. Community-building…didn’t credit unions start this concept?  I get that you’re not going to build the next billion-dollar platform. But why not work with the company which does? It’s as if we’ve had this talk before…

The final part in this series will look ahead to what the future may hold. Hang tight, because we’re talking artificial intelligence! And it’s not even close to what you’re thinking. Sorry, HAL.