Deluxe Exchange 2017: Insights From Many Great Industry Minds

Trevor Rasmussen February 15th, 2017

Another Deluxe Exchange is in the books and the buzz in the halls confirmed that this was the best one to date. What makes the event so unique, in my opinion, is the quality of speakers and the opportunities to connect with them throughout the event. Now that the event is over, I wanted to share some of the key highlights from the event.

Role of banks must shift to influence society

Richard Davis and John Filby, SVP of Financial Services at Deluxe Exchange 2017

Richard Davis and John Filby, SVP of Financial Services

Richard Davis, CEO of U.S. Bank, opened the Deluxe Exchange 2017 with a rousing keynote. Fresh off the Super Bowl LI handoff (from Houston to Minnesota) he offered attendees cautious optimism regarding the new president and urged his peers to play the game more like hockey or basketball players. With wages rising, unemployment low, and a strong US dollar the game is changing and we can’t continue with business as usual.

It’s time for bankers to begin to “skate to where the puck is going” rather than wait for it to come to us. No matter the size of your financial institution, you should be looking at partners like Deluxe to see what they can bring to help you get ahead.

He closed with probably his most rousing point as he discussed the need for banks to become more influential in our society. You need to jump in and be a part of the change, not just sit back and let it happen. In fact, “you can’t be a fast follower anymore, you have to be on the lead lap,” he urged in an impassioned plea to his fellow bankers. “We’re in the business that helps people further their lives. While people refuse to believe the future is going to be better, we can actually help them get there!” Banking is at a crossroads and those that can do this successfully will be the ones that survive and thrive in the future.

Even the best intentions can lead to failure without communication

Sam Stein from The Huffington Post speaking at DX17

Sam Stein from The Huffington Post speaking at DX17

One of the bright minds behind The Huffington Post and Forbes, Sam Stein, initiated the final day of content at Deluxe Exchange 2017 with some interesting comparisons between former President Obama and President Trump. The most impressive comment that seemed to resonate in the halls of Biltmore in Phoenix, AZ was about President Trump’s ability to communicate his success, even if it’s not a complete success.

He shared two stories, side-by-side to compare where President Obama failed in his communication with the ACA and where President Trump succeeded in promoting his involvement in keeping the Carrier plant in Indiana (even though a bunch of jobs still left the country). His point was that “even if you have the best policies and intentions if you can’t communicate it to people, its a failure.”

Certainly a great lesson for any leader!

Don’t start too deep when diving into data/analytics

Deluxe Exchange 2017 Data-Driven Marketing Panel

DX17 Data-Driven Marketing Panel

Shortly after Sam Stein finished his keynote, we invited a panel of data-driven marketing experts onto the stage to discuss the future of data and analytics. The panel consisted of Robert Tetenbaum from First Manhattan Consulting Group, Dawn Morris from Webster Bank, Dr. Charles Stryker from Venture Development Center, Mike Lamberth from KPMG, and Kesna Lawrence from Deluxe Marketing Solutions.

The panel discussed strategies to ensure banks and credit unions are using data correctly (fair lending, reputation risks, etc.), including attribution of leads/sales, getting access to the right data, and making the data actionable. One of the key learnings shared on stage was that a lot of companies start too big and too broadly which often leads to failure. According to Charlie Stryker, “marketers should pick one important use case (as a starting point) and then work your way up (to more advanced use cases).”

Dawn Morris talked about how they are taking what they’ve done offline and applying it online as well which was impossible to do in the past. She’s fascinated with targeting people online and actively working to do it the same way online as they do offline. She even mentioned a huge, multi-year project they are going through to help Webster Bank get to that point. The biggest challenge and concern is that they want to make sure they are investing in the right systems that won’t be antiquated too fast. When it’s done they will pull in first party data and match it with third party data to build a stronger story about what their customers want so they can have intelligent one-on-one conversations.

Powerful economies are becoming de-globalized

Fareed Zakaria from CNN stopped by to share about de-globalization

Fareed Zakaria from CNN stopped by to share about de-globalization

The main stage at Deluxe Exchange 2017 closed up on Wednesday, February 8 with Fareed Zakaria from CNN. He led a discussion around the changes taking place in the United States in recent years with an emphasis on what is happening 2017. Most notably, he shared the shared de-globalization that is taking place among the two largest economies in the world, the U.S. and China. Both of these powerful countries are becoming more isolationist on matters like trade and immigration due to the complications that have arisen with attempts to be open, globalized economies. China is content with building its own powerful ecosystem that includes very few “western brands” including powerhouse brands like Google and GE. The benefit they are seeking is that it gives them more bargaining power and leverage.

Fareed’s biggest concern for the United States is the drifting apart of the two political sides. He said that our society must find commonalities that can bond people away or we could be in for more challenging times ahead. Certainly not a new thought, but an important warning for all of us!

Engaging breakouts gave attendees great banking insights

Alyson Clarke from Forrester spoke on leading a branch revival

Off the main stage, Deluxe Exchange 2017 had 56 well-attended breakout sessions which covered a wide array of topics for retail bankers, commercial bankers, as well as our corporate clients. Some of the key areas of focus on the retail side included marketing ROI and measurement, the alternative lending industry, customer experience, the dark web and trends in fraud, and growing deposits and loans from small businesses.

Conversely, the commercial sessions covered topics that included business mobile deposit, digital onboarding, creating a mobile-first approach in banking, and customer experience. The sessions were delivered by some of the best and brightest minds in banking from firms such as Celent, Forrester, Capital Performance Group, Treasury Strategies, First Manhatten Consulting Group, Aite Group, CEB Tower Group, Phoenix Synergistics, and The Federal Reserve.

To see some of the pictures and other insights from people that were at Deluxe Exchange 2017, check out the posts about #DX17 on Twitter, LinkedIn, and Facebook. We hope to see you all there in 2018 in Boca Raton, FL. Subscribe to the blog to be notified when registration is open for Deluxe Exchange 2018.