Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: connected

People Will Talk…Tweet, Snap, and More – Part 2

Originally published on CUInsight.com

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.

There Are Two Peoples – Part 1

Update: January 2, 2019

When I wrote this post in 2016, talk of integration between all these technologies was sparse. Now, it’s starting to emerge. ArsTechnica just shared a fantastic article (it’s about Hitchhiker’s Guide to the Galaxy and today’s world!!!) which made these connections. Take a look at their (entirely plausible) scenarios:

ArsTechnica Hitchhiker's Guide Article Clip - Alone Together

Sound familiar? Since I originally wrote this post, I’ve added a voice-responsive Sonos speaker network, an Apple Watch, an iPhone which also has an always-on microphone (Hey Siri!), and many more Echo units. Each have far more capabilities than in 2016. Some will gain more “personality”, others just add data to my “digital profile”, or what companies can analyze about me to provide assistance or marketing (the latter being the most common). Together, they bring us all closer to the future envisioned in this post and the ArsTechnica article.

So why care? Well, the longer you are divided (I’m not actually only talking about tech), the harder it is to relate to each other. And as tech gets smarter, and we use it more, the divide continues to expand.

Thankfully, my toaster remains emotionless and indifferent to my burnt toast.

Original Post

No, I’m not talking about the enormous political divide. Nor am I speaking on racial tensions. These are both important issues which we need to find common ground. For today, let’s look at something else separating this country (and elsewhere). And I’m betting you never considered it before.

Technology.

This isn’t a discussion on the “haves” and “have-nots”. That’s another topic altogether. When I say technology, I mean who uses what and how. Which of these are typical web-connected devices for you? Check off from the following:

  • Desktop
  • Laptop
  • Smartphone
  • Tablet
  • E-reader
  • Living room gaming system
  • Blu-ray player
  • Smart TV
  • Set-top box (Apple TV, Chromecast, Roku, etc.)
  • Sound bar
  • Virtual assistant (Amazon Echo – “Alexa”)
  • Portable gaming system
  • Home automation devices (Smart lighting, thermostat, garage door opener, home security, etc.)
  • Activity tracker
  • Car
  • Other

If you’re on one side of the technology divide, you might have related to 4, maybe 5 of the items (or even fewer!).

I engage with 12 of these items on a regular basis.

And there are people far more connected than myself (we’re not even talking services right now). We connect with the world in a different way than those operating on a more “computer or human first” focus.

Life Automation

To me, it’s about how I can get everything to communicate so I can easily access any information I could possibly want, anywhere, anytime. When I step into my house, I can turn on my living room sound bar, tune it to a streaming app on my phone, then decide I’d rather switch over to the TV’s apps, all without ever touching a coffee table remote. In fact, were I feeling industrious, I could configure everything to do that automatically when my phone detects I’ve entered my house. Or once my security system was disabled. Or when I switched on a particular light. Or any combination of the above.

But…Why?

As you can see, engaging in a connected world is far beyond checking e-mail on the go. A common response I get when explaining these linkages to “regular” people is, “yeah, but why?” That’s fair, so here’s a scenario: Your grandmother (who lives alone) has her smart watch, sound bar, and lighting paired together: Suppose her watch detected no movement or unusual heart rates for a certain period of time. Knowing this isn’t her normal rhythms, it could tell the sound bar to play an alert tone (and repeatedly “tap” her wrist), flash the lighting inside the house, and automatically send you a text. If there is no response and her medical stats do not improve, the system contacts paramedics and her doctor. To assist the medics, the outside lighting has engaged in a soft pulsing, the front door was unlocked by you (after looking at the camera to ensure it’s the paramedics knocking) remotely, and the lights illuminated brightly in the room she was in.

Necessary. Not Required…ish.

Is this functionality essential to anyone’s life? No, but wouldn’t it offer reassurance knowing you had it? Nothing beyond food, oxygen, and water are essential. And neither was the Internet in its early days. In fact, you can avoid it today if you try hard enough. Your respiratory and digestive systems won’t care one bit. But are you missing out on new ways of learning about and engaging the world around you? Definitely.

The Divide

And that’s the point. If you are not connected, you’re not going to care about being so. And if you are, then you’re not going to understand why someone wouldn’t want to be. It’s the ultimate Catch-22.

The Series Continues

I’m not expecting to change any minds or inspire you to finally connect that TV to your wireless network, just hoping to open some eyes to the developments you might have missed. This will be a three-part series focusing next on the social aspect, where your credit union can develop closer and deeper relationships with members (and new ones!), then concluding with a look to a future we can hardly imagine. And if you’re thinking, “psshhh, I use Facebook and have a Twitter account, what can he possibly show me?” Well, when was the last time you used Twitter to solve a member’s issue, sent a Snapchat of your branch team rendered into your local team’s mascot, or hosted a potential member meet up at a city park to catch rare Pokemon?

Until next time, see you on the interwebz!

Image credit: https://openclipart.org/image/2400px/svg_to_png/242221/remix-fossasia-2016-contest2.png

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