I am passionate about financial services!

May 29, 2008

HugsCouple of real good blog posts have come across my feeds lately and felt like I wanted to comment on both but figured it made more sense to put them in one concise post here.
Both posts talk about examples of other companies being passionate about their products and how they look for employees that have that same passion and it feeds into the vibe of their brand and how the financial industry could use more of this passion for the services it brings.

My Take

I don’t know if it’s my mood or what but I wanted to take a different angle on this idea for discussion sake. People love REI partly because their employees have passion about outdoors. People love Summit Brewing partly because of their employees have passion about brewing or beer. Ok, I get that and love that. BUT.

How do you get people that are passionate about financial products and services? I can just imagine an interview with a potential hire saying, “I just love everything there is about adjustable rate mortgages! It just gets me so AMPED! Its all me and my girlfriends talk about.” What’s she smoking, right?

greedThis might sound a little hippy-ish but I think when you’re dealing with these companies they all tie back into a range of mindsets or emotions. So with REI, I associate things like freedom, relaxation, spirituality, and openness. But with finance (or more precisely, money) solutions it evokes thoughts of greed, power/control issues, guilt, FUD. Does that make sense?

Let me say this another way. If this were college and these companies were classes, companies like REI & Summit would be elective courses that you ‘get‘ to take and financial services would be a core class that everyone ‘has‘ to take. Make any more sense?

So the challenge. How do we make the core class more fun to the ’students’? Finding the right ‘teacher’ is definitely important but I think the subject matter could use some readjustment first. How about we don’t make it about money at all…maybe work to create a sense of security, fulfillment, or empowerment?

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  • The teacher is the most important - making dull "have tos" fun and interesting. (Now I have some prejustice here as an ex-teacher). But I think the empowerment and security ideas work for me and maybe make it a challege --personal or part of a group or community, and then there is the making it relevant and simple. I think we over complicate so many things in financial services. It shouldn't take a rocket scientist.....
  • Getting excited about FI products is just about impossible. They are dry and no fun. That's why FI's need to get excited about their mission and why they exist. Get excited about fire fighters, or CIA employees, or postal employees. Whoever your sponsor group is. Get excited about that mission, and providing FI products won't be too hard.
  • C'mon, let's use a little imagination here. When I go into REI -- my favorite store -- looking to buy replacement parts for my snow shoes, I don't expect the sales person to be excited (or "into") the replacement parts. They're "into" (ie, passionate) about outdoor sports, and perhaps, snow shoeing in particular.

    When I go into a bank or CU branch, I don't expect the person I talk to to be passionate about adjustable rate mortgages. But it's NOT too much to ask that the branch rep be "into" managing money, -- ie, knowledegable, experienced, etc.

    Don't interpret the "passionate" too narrowly.
  • Great comments guys and I agree with your points.

    @ Jodi - Making things simpler could go a long way. Well said.

    @ Robbie - Looking at the bigger picture definitely brings things into perspective. Though, I still wonder how you do it down the lowest levels BUT other companies like Starbucks can so why not a FI?

    @ Ron - Even if you took people that were more broadly passionate about "making money" I still think that type of passion is not a positive passion. People like that are more concerned with the cash and not the relationship of the FIs customer. Changing perception, however, by focusing on things like "getting out of debt" or "helping a person with a new business" are things that employees and people can feel good about and is where the focus needs to be placed.
  • Mick
    Does passion come before direction? REI and Summit have in common the pursuit of the possible. I think you have the right idea when you suggest financial services are the same way. Family, or freedom, or achievement, or philanthropy can inspire people. If you can reveal to them how financial services open the door to their future, you can ride the wave of the passion they have for their own goals.

    "Hope arouses, as nothing else can arouse, a passion for the possible" - William Sloan Coffin
  • @Mick - To me, passion evokes direction.

    Give people a purpose and it's amazing how easily they can attain a goals.
  • When I go into a bank or CU branch, I don’t expect the person I talk to to be passionate about adjustable rate mortgages. But it’s NOT too much to ask that the branch rep be “into”
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