Driving Digital Adoption Through Gamified Learning
By John Findlay, Co-founder + CEO of LemonadeLXP
Thanks to LemonadeLXP for contributing to the ICBA ThinkTECH Accelerator’s Founder Feature series! LemonadeLXP is a digital adoption and learning experience platform that helps financial institutions and fintechs drive digital adoption, fluency and transformation. To meet LemonadeLXP and the other fintechs in the 2022 ICBA ThinkTECH Accelerator, powered by The Venture Center, click here. For questions, please email email@example.com.
The Venture Center: Where did the idea for LemonadeLXP originate?
John Findlay: LemonadeLXP is a spin-off of a company we founded in 1999 called Launchfire. Launchfire builds game-based digital promotions for big CPG (Consumer Packaged Goods) brands, large restaurant chains, and retailers. The promotions educate consumers. The educational piece of those promotions got us into the eLearning space.
Back in 2005, we built a game-based promotion to help Tylenol educate consumers about its new rapid-release pill. They wanted to expand it into an e-learning program, so we did. It turned out to be the top training program they had ever run. After that, we did everything we could to ignore the business but, despite utter neglect and worst marketing efforts, we kept getting a trickle of customers.
In 2016, the new head of digital at TD Bank asked us for help with his challenge: not enough of his customers were using TD’s online and mobile banking. We realized that a digital promotion didn’t make sense because it would reach a national audience, most of whom aren’t TD’s clients and therefore wouldn’t care about its technology.
We needed to focus on the folks for whom the technology could be relevant. They were coming into their branches and calling their contact centers. We suggested that TD get its frontline staff to promote the new technology to its customers. So we built a game-based training program to upscale TD’s frontline staff so they had the knowledge and confidence they needed to promote and support TD’s digital banking technology.
The program was a huge success, and TD wanted to roll it out more broadly. We hadn’t built a scalable solution, but by that time we knew every bank had this problem. So we asked TD to give us a bit of time so that we could build them a platform. That’s how the learning experience platform came to be.
What problem is LemonadeXLP solving?
The digital adoption platform helps banks promote and support their digital banking capabilities to both staff and customers.
The learning experience platform drives digital fluency among frontline staff so they become the key drivers of digital growth.
What has been the most difficult part of building this business?
Driving sales has been the biggest challenge. While our platform is amazing – it wins tons of awards! – being bootstrapped means our funding is limited. That makes building the pipeline a bit slow. But we’re over that initial hump now!
Was there ever a time when you wanted to give up? If so, how did you overcome that feeling?
Sure, there are many times in the journey of a new business where you want to give up. Fortunately, LemonadeLXP is my third start-up, so I knew that the first five years are always the toughest. But if you can get through those first five years, you can end up with a very rewarding business.
What is your philosophical approach to trying to find a work/life balance?
Mine is more of a practical approach. I reserve two hours every day for exercise, which is the closest thing we have to a fountain of youth. For me, exercise is like deep meditation. While I’m working out, my brain is processing all sorts of things. When I get back to the office I’m revitalized, and often I’ve solved some of the smaller problems I was facing.
The other thing about exercise is that it clears my head so I can be present with my family in the evenings and on weekends.
Tell us about a time you failed and what you learned from it?
Ha! I fail all the time. What’s important is that I think about my mistakes and let them guide me the next time I face a similar challenge.
What’s the best book you have ever read, and why?
Oh boy. Tough one. While I can’t really narrow it down to one, I’ll go with Guns, Germs and Steel by Jarod Diamond.
The book traces the history of humanity from its very beginnings until now. I enjoyed it because I’m a curious person and it taught me a lot about humans.
Who has been your most influential mentor?
When I was in high school and university, I was a roofer. The guy who taught me how to roof instilled a work ethic in me that has been my driving force.
Why did you apply for the ICBA ThinkTECH Accelerator, and what do you hope to gain from it?
Several reasons. We wanted to:
- Learn more about the community bank space so we can tailor our platform to its needs
- Raise awareness of LemonadeLXP among community banks
- Build a network of community bankers who can help us understand the industry
- I really believe our platform can help community banks with digital transformation
Is there anything else you would like to share about your solution, your journey as an entrepreneur, or as an expert in your field?
Empathy and compassion are central tenets of our business philosophy. We believe that if we strive to delight everyone in our business orbit (customers, employees, partners, our community, the planet, etc.), good things will follow.
Give us your favorite quote or mantra!
“Your best teacher is your last mistake.” Ralph Nader’s mom.
Thanks to LemonadeXLP for contributing to the ICBA ThinkTECH Accelerator’s Founder Feature series! To meet LemonadeXLP and the other fintechs in the 2022 ICBA ThinkTECH Accelerator, powered by The Venture Center, click here. For questions, please email firstname.lastname@example.org.