FT. LAUDERDALE, Fla.—It’s those businesses acting like the Flintstones in the Jetsons age that will be most successful, insists one author who emphasizes the importance of face-to-face relationships in the digital era.
He also believes credit unions are in a great position as the financial services industry races toward joining George Jetson and family.
“Technology will never replace the impact of face to face,” said Erik Qualman, an author recognized by Forbes and Fortune as a Top 100 Digital Influencer. “These new digital tools are not designed to replace face to face, they are time-savers. So, it’s about using these new tools to help you with relationship building, but they will never replace having a coffee with a member, lunches and interactions in the branches.”
Qualman told attendees at the Trellance Immersion 19 meeting credit unions are fortunate to have the close relationships with their members, as well as other assets.
“We don’t care about Big Data; what we care about is a lot of small, actionable data. You take the Big Data and make it small,” he said. “You are in a great space as credit unions. Look at the tech giants like Amazon; they are trying to go from clicks to bricks. They are understanding the value of face to face. You have been there, you are in great situation with Gen Z and Gen Y. It’s a great space you are living in today.”
The Other F Word
Like others who have presented to credit union audiences, Qualman touched on the threat from fintechs.
“People are not going to trust their bank and they are not going to trust Amazon more than their credit union,” he said. “You are producing a smile one member at a time every day, and collectively that is powerful.”
He further emphasized the strong reputation credit unions have established as institutions that care about their members, but also warned that reputation can be swayed much more heavily and quickly today due to the speed of social media.
“It’s ‘socialnomics,’ the world is now on digital steroids,” Qualman said.
The Digital Shadow
Qualman noted how a business’ reputation can be influenced quickly by their “digital shadow.”
“What you are doing in the online world, your digital footprint, impacts your reputation, but now you have to be concerned as much with your digital shadow—what other people are saying about you. That is more important,” Qualman noted. “Your members have become your best marketers, if you are doing things well.”
Qualman shared several points on what make a true digital leader, such as not being afraid to act, to move forward with a new opportunity even if it results in cannibalization of existing business, not having a fear of failing, and keeping this simple.
Simplicity, said Qualman, can be powerful. Qualman discussed how to-do lists can be energy drivers as items get checked off. But he also warned against making long lists that add stress.
A ‘Not-to-Do’ List
“What about creating a no-to-do list,” he suggested to the meeting, asking attendees to raise their hands if they practiced the habit. After no show of hands, Qualman said, “It’s important to not add too much to our plates.”
He added that those who believe they are being highly productive by multi-tasking, may actually be slowing themselves down.
“Don’t try to multitask, it kills efficiency and it can negatively affect your health,” he said. “Productivity can drop by 40%, studies show, when you multitask. Focus and do one thing at a time.”
Qualman said most people work best in 20-minute segments.
“It’s not about sitting down and rocking through work hours on end,” he said. “It’s about taking strategic breaks every 20 mins. Maybe set your phone to alert you to stand up, move, look off in the distance. You want to avoid eye strain, too, it causes your entire body to be tired.”