23rd July 2019

4 Lessons from World Cup 2019 for the Banking Industry

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Claiming their fourth Women’s World Cup this month, The United States women’s soccer team beat the Netherlands, 2-0, in Lyon, France once again reclaiming the title of world champions.


Establishing their legacy early, this team claimed their first World Cup in 1991 in China. They followed this up with a second victory in 1999 on their home soil and four years ago in Canada their third. For the last two decades, this team and its key players have been trailblazers in growing women’s soccer. Luckily, the winning culture of the USWNT is can be transferred from pitch to branch.


Here are four key strategies that’ll make your branch stand out:


Strengthen Your Team’s Peripheral Vision
Banks: Constantly scan the field to identify risks and opportunities


The greatest players, with their peripheral vision, watch the field in 360º, locate teammates and rivals, know what to do with the ball and where to direct it – all before receiving it. These kinds of players handle the ball without looking at their feet. This enables them to make better decisions and easily escape predictability in their opponent’s mindset.


By improving your team’s peripheral vision, you will be able to detect the movements that impact your plays the most and build a strategy that enhances the value of your branch network. But while you’re strengthening your vision as a team, it’s vital that you remove the obstacles on the pitch. As a bank, this would include implementing cash management technology to support your staff at the branch. By doing this, you’ll build a better chemistry amongst your players (enhanced productivity) and they will be able to keep your fans engaged in all your team’s upcoming games, every time they visit your branch.


During the match adapt, don’t react…
Banks: Flexibility to acclimatize and adjust


Although soccer may seem like a relatively simple sport, the simplicity ends when it comes to in-game adjustment, because each match brings setbacks, so your ability to adapt is imperative and can provide you a competitive advantage.


As a bank, in-game adjustment is critical, because you do not know who will walk into your branch each day. Once you have a customer come through the door, the choreography of your team must be perfect, and like in soccer, team training is a must to ensure that the established goals will be met during the match.


Regardless how many goals you scored last season or your final position in the league, every match is different, and in the financial industry it is the same. You can measure trends and averages, but you cannot predict individual customers’ lives, and you cannot predict the next moment in their life that leads to a branch visit. So transformation has to be a continuum within your financial institution to re-engineer processes, technology, and customer service in order to have your branch ready for every match.


Get personal with your fans
Banks: Emotionally connected customers


According to Forbes, soccer will soon be America's Third-Favorite Spectator Sport. While “football” continues to dominate as the most popular sport in the US, soccer has been fighting to bring new fans every year to match the interest American football.


To build up your team’s fans, you must make it a priority to make your fans feel unique and build an emotional connection with them.


Even though this is easier said than done, practicing this method will help you increase your fanbase’s enthusiasm. As a bank, this means focusing on solving the current Trust Gap in the industry. According to Celent research 86% of customers may say ‘I trust my bank’ but 44% say ‘my bank does not know me’. By solving this gap, you will be able to increase your fanbase and help your current fans develop an unwavering loyalty to your team. In turn, these loyal fans will become advocates, encouraging their friends and associates to support you also.


On the other hand, Motista research demonstrates the importance of relevant and personalized engagement. It shows that the value of an emotionally connected customer is six times that of one who may be ‘highly satisfied’ with the level of banking services received. That equates to a potential $50,000 revenue over the course of a lifetime.


Solving the Trust Gap will provide you with greater revenue from your existing customers and will contribute to improvement in your profitability metrics. Once you arrive at the Stadium with this mindset, your fans will feel more valued and respected and they’ll have their friends root for you too.


Great results start with a great leader
Banks: Start with a coach


Now, you have these three tips to bring home your next World Cup. The last thing you’re missing is a coach.

Noted as the best women’s soccer team in the world, USWNT was able to make ground breaking history with the leadership of Jill Ellis. While coaching the USWNT, she became the first women’s soccer coach to win two World Cup titles. This feat had only been previously achieved by Italy’s men’s coach, Vittorio Pozzo, in 1934 and 1938.

Great coaching or direction is the foundation of all great teams. A coach serves to help a team gain valuable insight on their opponent, their performance, and playing techniques.

So why not employ a notable technology leader team as a coach?

As a veteran and leader of the cash management league, Glory has more than 100 years of history with notable successes around the globe, we’ve been able to provide in-depth coaching and cash management solutions to a multitude of financial institutions in every continent. So, Glory can be your coach to enable you to confidently succeed in winning the next World Cup.