Banking Transformed with Jim Marous
346 episodes - English - Latest episode: 13 days ago - ★★★★★ - 75 ratingsAre you prepared to embrace change, take risks and disrupt yourself in response to the digital disruption in banking? If not, this podcast is for you. Hosted by top 5 banking and fintech influencer, Jim Marous, Banking Transformed highlights the leadership and cultural challenges facing the banking industry. Featuring interviews with some of the top minds in business, this podcast explores how financial institutions can prepare for the future of banking.
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Episodes
The Power of Omnichannel Communication in Banking
March 01, 2023 10:00 - 33 minutesCustomers are more likely to engage with their bank or credit union if contacted in a timely manner on their preferred communications platform. More than ever, these channels are highly personalized digital options. Be it text, video, audio, secure chat, or social messaging, consumers want their financial institution to stay connected with them at every point of their financial journey. The challenge for financial institutions is how to implement a digital communication strategy that is secur...
Banks Must Become Resilient to Continuous Disruption
February 28, 2023 10:00 - 49 minutesBanking will never return to the way things were done in the past. Continuous disruption is the new norm. The mission is to become more resilient and to benefit from the change that surrounds us. How can banks and credit unions navigate the intentional evolution of financial services while continuing the existing execution of engagement with customers? In other words, creating new business models from within what already exists. I am excited to have Brant Cooper, author of the book, ‘Disrupti...
Unlocking the Potential of Digital Banking Transformation
February 23, 2023 10:00 - 36 minutesTo thrive in the new digital banking environment, financial institutions need to rearticulate their value proposition, simultaneously simplifying and upgrading back-office processes and the customer experience while creating value through data and analytics. To deliver a market-leading value proposition, banks will need to work like a tech company, with leadership embracing change and acting promptly to take advantage of market opportunities that provide differentiation. We are very fortunate...
Bankers Like Us Must Make Change Happen
February 21, 2023 10:00 - 48 minutesThe banking industry, while steeped in tradition, is far from predictable. More than ever, marketplace changes are impacting what financial institutions deliver and how solutions are delivered. Unfortunately, not all legacy bankers have kept pace with the changes in the marketplace … either by choice or because their organization has failed to keep up. Without a challenger mindset and a willingness to accept change, take risks and disrupt status quo, bankers like us will be left behind. I am ...
The Future of Credit Card Marketing
February 16, 2023 10:00 - 43 minutesCredit cards are one of the primary foundations for credit relationships at many financial institutions, accounting for 37% of consumer purchases by dollar value in 2021. But the marketplace is changing, as usage patterns evolve due to economic conditions and new credit alternatives. To continue to grow credit card relationships, banks and credit unions must reimagine their products to meet consumer needs, using deeper data insights to to reach specific segments, drive engagement, and rethink...
What is the Potential of ChatGPT in Banking
February 14, 2023 10:00 - 28 minutesChatGPT has taken over the news cycle since launching at the end of November of 2022. Its AI version of human conversation has created optimism and debate around the opportunities and risks associated with this technology. The question is, how can conversational AI impact banking as we know it, from an operational and customer experience perspective? What is the scope of this change and what are the challenges? I am excited to have Charles Morris, Chief Data Scientist for Financial Services a...
Building Banking Loyalty During Volatile Times
February 09, 2023 10:00 - 49 minutesConsumer behavior is changing faster than ever. The impact of the pandemic, technological advancements, a greater awareness of environmental, social and governance (ESG) issues and an uncertain economy are influencing financial wellness and buying decisions. More than ever, banks and credit unions are wondering how they can better shape consumer demand and drive engagement and loyalty as consumers are increasingly diversifying their financial relationships. We are very fortunate to have PwC P...
Banking in the Age of Digital Disruption
February 07, 2023 10:00 - 49 minutesAn uncertain economy, combined with technological advances, increased customer expectations, and new competition will force banks to reimagine business models and rethink how financial services are delivered. More than ever, banks and credit unions must find ways to meet customer’s individual needs at speed and scale. Continuous digital transformation is required across entire organizations. I am excited to have my friend, Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Senior...
Using Data and Digital Technology to Drive Next Generation Customer Experiences
February 02, 2023 10:00 - 52 minutesDigital banking transformation involves integrating digital technology with data and analytics to enhance customer experiences, drive growth and make an organization more future-ready. Building improved customer experiences and greater engagement involves more than just the customer service area and IT. It must involve the entire organization including the back-end of the business process. The entire company must provide seamless digital customer experiences. We are very fortunate to have Ste...
Many Banks Misunderstand Innovation
January 31, 2023 05:00 - 56 minutesAccording to MIT, the biggest challenges to the innovation process include a lack of an innovation culture, fear of change, lack of ownership and vision, inadequate benchmarking and even impatience. Unfortunately, there is no magic bullet or secret formula that can guarantee innovation success. But there are ways to make the odds of success greater. And it is not just new technology or a higher level of investment. I am excited to have Steve Monaghan on the Banking Transformed podcast. Steve'...
Banking is at the Beginning of the Interface Revolution
January 26, 2023 05:00 - 50 minutesOver three-quarters of consumers said that receiving personalized communications was a key factor in prompting their consideration of a brand, and 78 percent said such content made them more likely to repurchase. But simply putting a name on an email or targeting a sales message based on recent purchases is no longer enough. Financial institutions, and customers, want to engage in a way that exhibits empathy, is timely and contextual, and most of all, creates a value exchange. We are very for...
Global Trends That Will Disrupt Finance in 2023
January 24, 2023 05:00 - 55 minutesThe increased digitalization of finance has resulted in massive transformations and disruptions across the industry. Opportunities have emerged from these trends like the use of AI to drive personalization, decentralized finance, embedded banking, and increased collaborations between fintech firms and legacy banks. Driven by the increase of consumers with access to more technology, the pace of change is increasing, with innovation at the forefront and existing business models being challenged...
Banking Must Partner for Digital Transformation Success
January 19, 2023 10:00 - 52 minutesImproving the customer experience (CX) is at the foundation of the majority of digital banking transformation efforts. Financial institutions need to deliver a fast, safe, and consistent banking experience in both physical and digital engagements. Delivering a future-ready digital banking experience requires data, analytics, modern technology, and a leadership and cultural paradigm shift that enables the reimagining of legacy business models. We are very fortunate to have Courtney Rowan, VP o...
The Future of Open Banking in 2023
January 17, 2023 10:00 - 40 minutesOpen banking has become a major driver of digital transformation across the financial sector, revolutionizing payments, lending, investments, and transactional ecosystems almost overnight. But the full potential of APIs and open banking have yet to be realized. Will 2023 be the watershed year for open finance in the U.S. and globally, or will regulation slow the innovation process? We have Ritesh Jain, Fintech founder and advisor and previous CTO of HSBC on the Banking Transformed podcast. Ri...
A How to Guide for Digital Transformation at a $25B Bank
January 10, 2023 10:00 - 53 minutesFinancial institutions of all sizes must stay focused on providing and improving digital services or they risk getting left behind. The good news is that smaller banks are already experts at relationships and can leverage this expertise and the trust they have earned in a digital world. The questions become where should investments be made and how can a mid-sized bank ‘punch above their weight’ competing with larger banks, fintech firms and big tech competition? We have Laura Merling, Chief T...
Most Important Workplace Technologies for Banking in 2023
January 03, 2023 10:00 - 34 minutesModern workplace technologies are a primary driver of digital transformation in the banking industry, creating immense opportunities for improved experiences for employees and the customer. With increased competition from fintech and big tech firms, what are the most important workplace technologies that will transform banking services and making banks and credit unions more future-ready? I am excited to have Leo Brito, EVP Workforce Experience and Productivity Solutions at Wells Fargo on the...
Connecting the Dots Between Data, Analytics, and Customer Engagement
December 27, 2022 10:00 - 37 minutesMany banks focus on the technology needed to digitally transform their organization. But technology is only part of the equation. To be successful, leadership must manage internal and external expectations to improve both employee and customer expectations. Being named one of the most powerful women in banking several times, Amy Brady, the CIO of KeyBank, has leveraged her extensive career to build innovative solutions and end-to-end digital experiences at a time of massive change, increasing...
Digital Banking Trends and Priorities for 2023
December 20, 2022 10:00 - 27 minutesWhile many digital banking initiatives revolve around making banking easier, that only scratches the surface on how to make digital banking better. Consumers want more than simple transactions … they want personalized solutions. Combining market leading innovation with digital banking transformation, U.S. Bank is working hard to build solutions that can quickly adjust to consumer’s evolving needs in real time. But building a digital banking platform that combines speed and scale is not easy. ...
Data Drives the Future of Branch + Digital Distribution in Banking
December 13, 2022 10:00 - 45 minutesMore than ever, branch networks must be rightsized and optimized. With data and analytics, banks and credit unions can determine the right mix of flagships, self-service locations, and everything in between. The objective is to enhance the organization's brand, creating better banking experiences that strengthen people and communities. My guest on the Banking Transformed podcast is Gina Bleedorn, Chief Experience Officer at Adrenaline. Gina shares the keys to future-ready branch distribution ...
Digital Banking Growth Strategies for 2023
December 06, 2022 10:00 - 43 minutesThe banking industry is facing an onslaught of competitive pressures — from revenues and profit margins to market share and adoption rates. Banking executives have been forced to reevaluate long held assumptions as they completely rethink their acquisition and growth strategies. What is needed to attract, engage, and expand relationships? How can banks and credit unions rethink their current operating model from the inside-out to become future-ready? My guest on the Banking Transformed podcas...
The Global Potential for Banking and Fintech Collaboration
November 29, 2022 10:00 - 52 minutesFintech has transformed the financial sector landscape rapidly and has blured the boundaries of both financial firms and the financial sector. This has created opportunities to build more inclusive and efficient financial services and promote economic development worldwide. Countries must embrace the opportunities that fintech firms provide and the potential for collaboration between fintechs and traditional banks. That said, there is still a need for new policies that encourage safe financia...
Ally Bank: Breaking Through the Noise with Innovation and Relevance
November 22, 2022 13:00 - 32 minutesAs one of the early digital banking leaders, Ally has leveraged product innovation and highly relevant marketing campaigns to drive awareness and growth. Focusing on being an ally to consumers in their financial journey, Ally has tried to differentiate itself from traditional banks and credit unions. Consistency of message and a commitment to incremental product improvements have proven to be a formula for success. My guest on the Banking Transformed podcast is Andrea Brimmer, Chief Marketing...
Fighting Fraud has Become a CX Differentiator
November 15, 2022 10:00 - 48 minutesMarketers and product teams spend heavily on acquiring a customer, only to churn them with a bad first experience. Fraud is becoming an increasing problem with customer experiences, with research finding that payment fraud increased by as much as 70% in 2021. More than ever, we need a new way of looking at fraud prevention, one which deeply inspects user behavior before, during, and after the time of purchase, helping move money fast and without risk, improving the overall customer experience...
An Innovation Mindset is Needed in Payments
November 10, 2022 10:00 - 36 minutesWe continue to see the rise of digital commerce based on customer adoption of innovations like digital wallets, buy now pay later (BNPL), instant payments, and cryptocurrency. It is expected that the payments industry is primed for even more innovation over the next 5 years. The bottom line is investment in payments technology is needed more than ever to enable players to be more agile and future-ready, delivering faster speed and scale of innovation and greater revenue. Our guest on the Bank...
How the CBA Will Support Banks During Industry Transformation
November 08, 2022 10:00 - 42 minutesIn July of this year, Lindsey Johnson took the helm of the Consumer Bankers Association, replacing Richard Hunt, who had guided the organization for the previous 13 years. This is an important time for the CBA, as economic uncertainty, new legislative initiatives, the introduction of modern technologies, and a redefined structure of the financial services ecosystem are emerging. The challenges and opportunities are enormous. We are fortunate to have Lindsey Johnson, president and CEO of the C...
Using AI to Maximize Customer Personalization
November 03, 2022 09:00 - 40 minutesFinancial institutions must accelerate their use of data and insights to improve customer satisfaction. By harnessing the power of AI-based personalization, banks can deliver the most relevant information, advice, offers and products … at scale and in compliance. It’s time to understand what each customer wants and needs … providing contextual service instantly. It’s also time to democratize data to enhance experiences for both customers and employees. I am excited to have Devin Poole, Sr. Pr...
The Future of Banking: Where Everyone Creates Their Own Bank
November 01, 2022 09:00 - 54 minutesFinance is quickly moving from digital platforms into an era of hyper-personalization, where every user will have ultimate control over their data, their devices, and the value propositions created. This will have a profound effect on the entire banking ecosystem ... and society. Financial institutions are at risk if this transformation is not understood. With democratized finance, anyone can personalize every aspect of finance, including currencies and products created. I am excited to have ...
Now’s the Time to Pick Battles with Fintech Challengers
October 27, 2022 09:00 - 37 minutesTraditional banks and credit unions continue to face competition from challenger and online-only banks willing to offer higher yields for savings and deposits. However, now may be the perfect time to use market instability to build new banking relationships with innovative deposit and lending products. In addition, banks can leverage an understanding of consumer behaviors to detect deposit-pricing sensitivities and tailor promotional offers to reach consumers most at risk of attrition and tho...
Chase and 10X Banking: Building a Digital Platform for the Future
October 25, 2022 09:00 - 41 minutesChase, the digital banking app launched by JPMorgan, has reached one million UK customers after launching in September of last year with a 1% cashback deal and fee-free overseas card use. This growth exceeds the growth of both Monzo and Starling … two other UK neobanks. 10x Banking, the UK-based cloud-native banking technology business, created the platform that powered Chase’s entry into the UK retail banking market. The platform provided a scalable architecture that will allow Chase to expa...
Debbie: An Innovative Rewards Platform for Managing Debt
October 18, 2022 09:00 - 50 minutesAmericans’ total credit card balance reached $887 billion in the second quarter of 2022, with close to a $50B jump since the first quarter of 2022. The 13% increase since 2021 is the largest year-over-year jump in more than 20 years. Unfortunately, most people with an active credit card account aren't able to pay their bills in full. At the same time, the average APR for all current credit card accounts jumped in the second quarter of 2022. How can consumers get control of their credit card d...
Conquering the ‘Last Mile’ of Data and Analytics Transformation
October 13, 2022 09:00 - 31 minutesBanks are making significant investments in their data and analytics initiatives. Unfortunately, most organizations struggle moving from the data preparation and analytics process to the “last mile” of data utilization, where insights are translated into process changes and customer outcomes that drive value. The last mile is where the focus moves from great reports to exceptional results. At this stage, the insights generated become part of improving internal processes and personalization th...
Betterment: Using a Challenger Mindset for Market-Leading Growth
October 11, 2022 09:00 - 44 minutesLaunched shortly after the 2008 financial crash, Betterment pioneered robo-advisory services and opened the door for individuals to manage their money without the engagement of traditional financial advisors. Despite tremendous growth, a valuation of $1.3 billion in 2021, and a customer base of more than 700,000 customers, limited market potential and increased competition impacted the potential for long-term sustainable growth. This prompted Betterment to expand services offered and markets ...
Humanized Digital Engagement Propels Growth in Banking
October 06, 2022 09:00 - 35 minutesThe demand for fast, humanized digital engagement has reached new heights, and is changing the financial services landscape. More than ever, customers have switched from wanting to visit a branch to connecting with a human representative via digital channel. Financial Institutions that aren’t prepared to adapt to this new paradigm are at greater risk of losing both market share and the growth that these new channel engagement opportunities provide. I am excited to have Katherine Regnier, CEO ...
The Future of Open and Embedded Banking at Truist
October 04, 2022 09:00 - 38 minutesIn the past, consumers relied almost exclusively on legacy banking institutions for their financial interactions. Today, businesses across all industries have access to embedded banking products enabled by Open Banking policies and powered by Banking-as-a-Service (BaaS) providers. Embedded financial services within the user journey makes the experience seamless for the user and unlocks revenue streams and analytics for businesses. The question becomes, what is the role of traditional banks in...
Your Back Office: The Missing Piece of Great CX
September 29, 2022 09:00 - 38 minutesAn Aberdeen Research report shows that improving operational efficiencies is now taking a back seat to customer experience in back-office operations. This should not be a surprise, especially in financial services. Companies that create greater synergies between service and back-office are more successful at transforming their back-office into a strategic differentiator supporting their CX objectives. The question is, where do you start? I am excited to have Nicole Nevulis, Global Senior Dire...
MX: The Next Frontier of Money Experiences
September 27, 2022 09:00 - 32 minutesUtah-based open finance solution provider MX Technologies has named several PayPal veterans to lead the firm’s next phase of growth. This growth will include the continuation of using data to deliver intelligent and personalized money experiences, while connecting technology partners to financial institutions with modern solutions that improve results. MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintech firms, with a combined reach of over 200...
Accelerating Innovation for Financial Institutions of All Sizes
September 20, 2022 09:00 - 53 minutesBanks and credit unions are challenged to satisfy consumers with the traditional services they have used for decades, while also delivering the latest offerings that a growing portion of consumers desire. More than ever, consumers are willing to take their business to other financial institutions to find innovative products and services, with more consumers than ever willing to diversify their financial services partners to get what they want. We are very fortunate to have Kris Kovacs, presid...
FedNow: The Future of Instant Payments
September 15, 2022 09:00 - 34 minutesNearly two-thirds of consumers indicate they manage their financial relationships predominantly online or via their mobile device. In addition, nearly 70% of consumers feel faster payment capabilities from their current financial institution is an important driver of satisfaction. To address these expectations, the Federal Reserve Banks are developing FedNow to enable financial institutions of every size to provide safe and efficient instant payment services in real time, around the clock, ev...
BMO Harris: Promoting Gender Diversity in FinTech
September 13, 2022 09:00 - 48 minutesWhile the fintech industry is growing rapidly, it is still rare to see women as fintech founders or women holding leadership roles. More concerning is the fact that women fintech founders are lower in North America than other regions of the world. In August, a collaboration between BMO Harris Bank and 1871, a #1-ranked private business incubator, provided women entrepreneurs the opportunity to bring their innovative technologies and products forward. My guests on the Banking Transformed podca...
Ways Technology Can Positively Impact Costs, Efficiency and Reporting
September 08, 2022 09:00 - 31 minutesAs new players continue to expand market share with data and customer-centric business models, incumbent banks face an urgent need to modernize systems to remain competitive in the payments landscape. By investing in emerging digital technologies, banks can address evolving customer preferences, mitigate risk, and achieve regulatory compliance. My guest on the Banking Transformed podcast is Nick Botha, Business Development Manager at AutoRek. He discusses the importance of an end-to-end platf...
Turning Information Overload into a Personal Superpower
September 06, 2022 09:00 - 45 minutesDespite the benefits of easy information access, the amount of information each human needs to process is overwhelming, creating a reduction in comprehension and decision quality. The question most leaders have is, “How do I keep on top of so much information?” Those who can absorb and convert the vast amount of available information into insights, action, and a view of the future will generate success and results beyond their peers. My guest on the Banking Transformed podcast is Ross Dawson,...
The Best Customer Experiences Start with Identity Protection
September 01, 2022 09:00 - 28 minutesTrust in banking hinges on the ability of financial institutions to safeguard identities and keep consumer and business data private, particularly during online account opening and onboarding. Unfortunately, traditional Know Your Customer (KYC) and Know Your Business (KYB) verifications is often synonymous with tedious and manual processes, friction, and onboarding delays. The longer these processes take, the greater the negative impact to client acquisition. My guest on the Banking Transform...
How AI is Transforming the Banking Industry
August 30, 2022 09:00 - 37 minutesThe banking sector has always been data intensive. Today, AI technology has the capability to improve efficiency, increase innovation, boost differentiation, manage risk and regulatory needs, and positively impact the customer experience. While more than 80% of financial services AI adopters say that AI will be very or critically important to their business’s success in the next two years, it’s time for banks to move beyond the hype and consider practical applications of AI across the entire...
Using Behavioral Science for Financial Marketing Success
August 25, 2022 09:00 - 36 minutesMore than ever, financial marketers can trigger automatic action by applying behavioral science principles in marketing strategy and creative execution. If you have a behavioral understanding of your customer, they will find you, refer business, and share insights that will help your efforts succeed. At a time when both print and digital marketing involve as much art as science, behavioral science is a critical tool for understanding how consumers will react to various tactics and strategies...
Reaching Digital Maturity with Continuous Product Design
August 18, 2022 04:00 - 44 minutesCustomer expectations are changing faster than ever. Unfortunately, most banks and credit unions are playing catch-up, with siloed data, back-office technology that was built decades ago, and processes that move too slow. Continuous Product Design, supported by real-time data, can help organizations deliver digital solutions that are personalized, empathetic, and delivered with speed and scale. My guest on the Banking Transformed podcast is Mario Ciabarra, founder and CEO of Quantum Metric. M...
Leadership During Times of Uncertainty
August 16, 2022 09:00 - 43 minutesMore than ever, creating an organization that responds to customer’s needs, cares for and inspires employees, embraces purpose, emphasizes diversity, equity, and inclusion, and helps a firm become future-ready — all boil down to one thing: leadership. While conversations about the importance of a disruptive mindset started well before the pandemic, the crisis accelerated the need for strong leadership significantly. The question becomes how ready is existing leadership to lead an organizatio...
How All Banks Can Now Offer Industry-Leading Digital Mortgages
August 11, 2022 13:00 - 36 minutesMost mortgage experiences are overwhelming and full of friction, with outdated processes that includes a stack of paper forms and multiple in-person meetings. And, while many financial institutions would like to provide a better experience, resources are scarce. New mortgage-as-a-service (MaaS) solutions allow smaller financial institutions to utilize best-in-class technology, while still retaining personalized engagement. This enables local banks to compete with larger financial institutions...
Locality Bank: Using Modern Technology to Serve Small Businesses
August 09, 2022 04:00 - 45 minutesSmall businesses are the foundation of the American economy, with 30.2 million small businesses making up 99.9% of American businesses and employing 47.5% of American employees. Despite the size of this segment, small businesses have unique challenges such as funding, payment processing, money transfer and more. In addition, most traditional small business bank processes are antiquated and time-consuming. My guest on the Banking Transformed podcast is Corey LeBlanc, co-founder of Locality B...
Embedded Finance and BaaS: The Future of Banking
August 04, 2022 04:00 - 45 minutesEmbedded finance integrates financial services, such as payments, lending, insurance, etc. within a non-financial business’ infrastructure. This provides a seamless bridge between a brand, the consumer, and a financial solutions provider. The expansion of embedded finance solutions on the B2C side have skyrocketed, while B2B solutions have seen much more tepid growth. Innovation of both forms of solutions is expected to continue to be robust in the foreseeable future. We are very fortunate to...
Daylight: Meeting the Unique Needs of the LGBTQ+ Community
August 02, 2022 04:00 - 38 minutesClose to 30 million Americans self-identify as lesbian, gay, bisexual, transgender, queer, intersex or asexual according to recent polls, with a collective spending power of $1 trillion a year. Despite the size of the market, 44% of LGBTQ+ people consistently struggle to maintain regular savings. This podcast is not a political conversation, while we will be touching on political issues. It is an analysis of how a digital banking platform can transform the banking experience for a unique comm...