RTS Labs' newsletter for October 2018
OCTOBER 2018
RTS Tech Journal THE FIRST STEP IN PROBLEM-SOLVING Why CEOs Should Acknowledge Their Fears
Who would have thought seeing your company grow could be terrifying?
masks of fearlessness because they are under the impression that by admitting you are worried about the future — that you don’t have all the answers — then you give up your power as a leader. I believe that by acknowledging your fears, you give yourself the opportunity to address them head on. I am still worried about maintaining our company culture and taking care of my employees, but I’ve discovered that the best way to alleviate this fear is to be exceptional at what we do.
In the last few years, our team has almost doubled in size. This is great, because it means we are so excelling in the work we do that our client load keeps growing and we need more people to help deliver that same excellence to everyone. However, adding so many new folks had me worried. What if I brought in new people who didn’t fit with the team and RTS lost that awesome culture we’ve worked so hard to build?
clients hire us because they’re afraid of losing out to their competition. If they aren’t able to innovate and become more effective and grow, then they’re doomed. We have to be an innovation hub for our clients in order to take away their fears and really wow them. I’m not afraid to admit when I am worried or when something scares me. The only way to handle your fears is to acknowledge them first. This is something we do with our clients regularly. When a client comes to us with their fears, we look at their situation and tackle those fears head on, coming up with solutions that solve their problems. But we never reach that solution if our clients aren’t willing to acknowledge their fears. There is logic in admitting when you’re afraid, but only if you are willing to also tackle that fear head on. When you do, you open yourself up to innovative solutions that alleviate your fears. And without those fears that were holding you back, you’re able to grow and reach higher than before.
I believe that by acknowledging your fears, you give yourself the opportunity to address them head on.
Being a CEO means I have a million fears hanging over my head at all times. When I started RTS, one of my biggest fears was that I would fail the people I hired. I have a responsibility to help my employees maintain their livelihoods, support their families, and put food on the table. If I don’t succeed, what would happen to them? There are many people who never admit when they are afraid. Entrepreneurs and business owners especially will put on
We can’t just be the best — we need to be light-years better than our competition and make sure our clients win. By aiming to be exceptional, we don’t just eliminate
the fear of failing as a company, we also go far in alleviating the fears our clients have. Our
-Jyot Singh
Only one question remains: What are you afraid of?
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THE BEST OF BOTH WORLDS
Meet Patrick Warren, Director of Capital Markets
A Lesson in Brand Engagement
As director of capital markets, you could say Patrick Warren knows numbers. Since joining the RTS Labs team this past May, he’s immersed himself in development projects for businesses in the financial services sector, such as investment and private equity firms. Patrick joined the team with 15 years of middle-market investment banking experience. He’s worked with big players in banking, including BB&T and Fifth Third Bank. Why the shift from the financial world to the technology-driven RTS Labs? Over the past several years, Patrick watched as technology became more and more ingrained in the financial sector. All of this technology piqued his interest. He wanted to be a part of it — an active participant, rather than reactive one.
Since Marvel Studios began the Marvel Cinematic Universe (MCU) with “Iron Man” in 2008, the company has become an unprecedented box office force. Marvel can take credit for four of the top 10 highest-grossing movies of all time. While some of that success comes down to the value of the intellectual property, most of it is the result of Marvel Studios’ vision of continued brand engagement. “We try to keep audiences coming back in greater numbers by doing the unexpected and not simply following a pattern or a mold or a formula,” says studio president Kevin Feige. He and his team realized early on that making the movies part of a cohesive, continuing universe would encourage moviegoers to come back to the theater again and again. Odds are that if you’ve seen one Marvel movie, you’ve seen almost all of them. Instead of one megahit, Marvel tries to make dozens of them. It’s a model that other studios have tried to emulate, but nobody has managed to do it as well as Marvel. Part of their singular approach is making sure that the movies impress newcomers and veteran fans alike. “We always set out to just make a great movie,” Feige notes. To that end, a Marvel movie will almost certainly contain Easter eggs for fans who are paying close attention, but they still work as standalone experiences. Fans are so invested in the MCU that they even ignore the long-standing theater tradition of leaving during the credits. At a Marvel movie, more than half the crowd often remains in their seats to see the post-credit sequence that sets up the next movie. No matter what business you’re in, you can learn a valuable lesson from the world-conquering dominance of the MCU. If you can give your customers a reason to stay engaged with your brand for the long haul, you’ll earn a lot more loyalty and dollars. A one-off interaction that customers rave about may garner you referrals, but it doesn’t do much for the lifetime value of a customer. Can every business become Marvel Studios? Of course not. But you can think about ways to get customers excited enough to call you. Continuous engagement can turn regular customers into your most ardent fans. If you need proof, try getting a ticket for the next Marvel movie on opening night.
For instance, Patrick developed a strong interest in Google Analytics and data analytics in general. He calls it an incredibly powerful piece of technology. “Data analytics offer strategies for growing into the future — that is, if a company understands their importance. They can gain a competitive advantage.”
Before joining RTS, Patrick had looked into the company. “I saw how they approached complex problems faced by businesses. The way they looked for solutions, it was an exciting prospect.” It’s that search for solutions that drives Patrick. But more than that, he thrives in the fast-paced environment at RTS, which helps keep him on his toes. “There are so many interesting opportunities in many industries,” he says. “It’s remarkable to see the development and implementation of technologies from inside an advanced tech company. It gives you a fresh perspective.” This perspective, combined with Patrick’s background in the financial sector, gives RTS Labs’ financial clients that much more of a competitive edge. And because his background is rooted in the financial sector, his role at RTS allows him bridge the gap between disciplines. You could say Patrick is living the best of both worlds.
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HOW DATA ANALYTICS ARE TRANSFORMING BANKS AND THEIR CUSTOMERS
Data analytics are one of the most powerful tools in the business world today. Businesses of just about any size or in any industry can utilize analytics to upgrade their customer experience, boost revenue, and lower costs. Predictive analytics, for example, are making waves in the finance industry and banking in general. Financial institutions, big and small, sit on troves of consumer data, including spending habits, spending patterns, and personal preferences. More data is collected every day, and banks can use this data to predict their customers’ needs and potential decisions. With predictive analytics, banks are making strides in utilizing their customer data. They can develop better financial advice and improve customer service as a whole — a critical point in customer satisfaction and retention. The analytics can also be used for developing more personalized services, targeted advertising and promotions,
and improved banking apps and online interfaces.
found that a majority of businesses do rely on analytics as part of their advertising strategy. Upward of 66 percent of businesses surveyed indicated that they used analytics for their online marketing, while 46 percent used analytics in their traditional advertising. Nearly 82 percent of businesses then used analytics to measure the results of their marketing campaigns.
For many customers, how they interact with their bank is an important factor. More banks are relying on customer data to develop banking and financial apps. The bank can outline the features their customers need or may
use. Mobile apps often offer functionality that complements the lives of bank customers, whether it’s sending a notification after
Data is out there, but how you use it is what makes the difference. It’s information that may hold the key to the future of your business and may help you in ways you couldn’t have imagined even 10 years ago.
a customer has met a spending threshold or sending a warning if they are nearing overdraft.
In terms of advertising, a 2015 Forbes study
Sudoku
SPICED PUMPKIN SEED CRUNCH
• 1 large egg white • 1 teaspoon light agave syrup • 1/2 teaspoon garam masala or curry powder • 1/2 teaspoon kosher salt • 1/4 cup shelled pumpkin seeds • 1/4 cup shelled sunflower seeds
• 1/4 cup raw cashews,
coarsely chopped • 1/8 teaspoon cayenne pepper • Nonstick vegetable oil spray
1. Heat oven to 300 F. 2. Coat a baking sheet with cooking spray. 3. In a mixing bowl, whisk together egg white, agave, salt, and spices. Add nuts and seeds and toss until evenly coated. 4. Using a slotted spoon, strain spoonfuls of mixture over bowl and transfer to baking sheet. Discard excess egg white mixture. 5. Bake 20–25 minutes, tossing once. 6. Let cool and serve.
Inspired by Bon Appétit magazine
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INSIDE This Issue
What Are You Afraid Of?
Marvel Studios and the Power of Brand Engagement Meet Patrick Warren, Director of Capital Markets Transforming Business With Data Analytics Spiced Pumpkin Seed Crunch
3 of the Weirdest Cryptids in Pseudoscientific History
THE MONSTERS SOME BELIEVE ARE REAL
3 of the Weirdest Cryptids in Pseudoscientific History
There are people who would have you believe that monsters live among us all year long. These individuals, referred to as cryptozoologists (or just “wishful thinkers” by their skeptics), believe a hidden animal kingdom exists just beyond the edge of mainstream biological science. Here are three of the weirdest, almost-certainly imaginary “cryptids” to ever capture the human imagination. The Jersey Devil According to legend, the 1.1 million-acre Pine Barrens of southern New Jersey are home to more than just birds and deer. The story goes that when one Jane Leeds gave birth to her 13th child, she was dismayed to add yet another kid to her responsibilities. She cried out, “Oh, let this one be the devil!” Shortly after the child was born, the boy was transmogrified into a twisted creature with the malformed head of a goat, leathery wings, and a thrashing, forked tail.
After slicing the midwife with its ragged claws, the beast flew up the chimney and fled into the trees. Hundreds of years later, the beast is still said to creep the backwoods on its cloven hooves, glowering from the blackness with shining, red eyes. The Bunyip When European settlers began edging into
of the creature varied wildly. The monster was alternately described as an enormous starfish, an alligator-like creature with the head of an emu, or a massive bulldog- faced beast. But accounts held one thing in common: The monster claimed the lives of any who dared camp near its watery domain. The Loveland Frog One night, near Loveland,
the territory of Aboriginal Australians, they heard whispered,
Ohio, a man reportedly beheld a trio of bipedal frog-people slapping their webbed feet along the side of the road. If that wasn’t enough, one even had a magic wand, which shot sparks as the man ran off. Apparently, not all mythical beasts are bloodthirsty monsters; some are a little more Kermit than Cthulhu.
frightened tales of a man-eating “water spirit” that lived in the lakes and rivers
of the area. Descriptions
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