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
Synovus Bank: The Journey to Become a Digital Bank
July 26, 2022 04:00 - 51 minutesBecoming adept at digital banking is not simply about technology. It’s about the way banking leaders adapt to the pace of change and continually rethink how they can create and deliver value in a digital economy. Most importantly, it is understanding that the digital banking transformation process is a never-ending journey … with no end point. My guest on the Banking Transformed podcast is Liz Wolverton, Head of Consumer Banking and Brand Experience at Synovus. Liz shares how building the mus...
Is Your Data Strategy Future-Ready?
July 21, 2022 04:00 - 38 minutesConsumers expect their financial institution to use data and insights collected over time to deliver personalized recommendations based on transactions and behavior in the past. Fortunately, banks and credit unions have access to solutions that can drive insight discovery, outcome predictions, and task automation. The challenge is to implement these capabilities at the speed and scale that customers expect. My guests on the Banking Transformed podcast are Greg Gruning from Segmint and Brian L...
How to Think Like a Brand and Not a Bank
July 19, 2022 04:00 - 46 minutesAs consumers get exposed to new financial brands every day, it has never been more important to think like a brand and not a bank. Investing in creating a strong brand allows a banking organization to get and keep people’s attention – directly impacting the bottom line. With the right branding, you have the chance to impact how consumers perceive your business and how your employees represent your business. This creates loyalty by building trust. My guests on the Banking Transformed podcast...
Modernizing Payments for an Embedded Banking Future
July 14, 2022 09:00 - 47 minutesEmbedded payments have become the norm in our personal lives. In fact, a report from IDC predicts that 74% of digital consumer payments globally will be conducted via platforms owned by nonfinancial institutions by 2030. Unfortunately, IDC also found that 73% of financial institutions globally have technology infrastructures for payments that are far from future-ready. Today, we have Bhavin Turakhia, CEO and Co-founder of Zeta on the Banking Transformed podcast. Bhavin discusses how embedded ...
Are Big Banks Hurting Competition, Innovation and Equality?
July 12, 2022 04:00 - 34 minutesCompetition in banking has expanded in the past twenty years, yet banking and technology giants are increasingly using proprietary technology and data-driven insights to tilt the playing field. When smaller financial firms can’t reach the scale needed to compete effectively, there is potential for economic inequality, reduced social responsiveness, and less innovation. My guest on the Banking Transformed podcast is James Bessen, lecturer at Boston University School of Law and author of the bo...
Identity Fraud is a Customer Experience Opportunity
July 07, 2022 09:00 - 34 minutesIdentity fraud is an increasing challenge for financial institutions, impacting consumer trust and costing billions of dollars a year in losses. To combat this threat, financial institutions must streamline the authentication process while improving the overall client experience. When fraud or identity theft does occur, customers want fair, equitable and fast resolution, with pain-free, frictionless access to their impacted accounts. We are happy to have Chad Gluff Sr. Director, Global Identi...
Essentials to Transformation Success in Banking
July 05, 2022 09:00 - 43 minutesTransformation is both an overused word and an underdeveloped concept at most financial institutions. Successfully embraced, transformation can help a financial institution achieve its full potential. Transformation is also not a project or a destination, but a continuous process of adapting to a volatile and uncertain environment to become more future-ready. We are excited to have Seth Goldstrom, Senior Partner at McKinsey & Company on the Banking Transformed podcast. Seth shares the keys to...
Be Prepared for the Engagement Banking Revolution
June 28, 2022 09:00 - 31 minutesData, analytics, and new technologies are transforming the art and science of personalized customer experiences. Customer engagement of the future is holistic, predictive, precise, and clearly tied to business outcomes. Winning organizations are building the capabilities, talent, and organizational structure needed for this transition. Those that stick with traditional processes will be forced to play catch-up in the years to come. We are very fortunate to have Jouk Pleiter, Founder and Chief...
From Personalization to Profits in Banking
June 23, 2022 09:00 - 48 minutesConsumers want their financial providers to provide integrated experiences that leverage insights to create intuitive engagements. To accomplish this, banks and credit unions need to build the data infrastructure and analytics capabilities that can be applied across the entire customer journey. Personalization must become a strategic priority, using data to create a differentiated value exchange with the customer in real-time. I am excited to have Jim Stapleton, Senior Vice President at Epsil...
An Inside Look into Morgan Stanley’s Evolving Brand Strategy
June 21, 2022 09:00 - 52 minutesWith a long history of leading marketing efforts at various financial organizations, Alice Milligan was named the chief marketing officer of Morgan Stanley in May 2021 in conjunction with the acquisition of E-Trade by Morgan Stanley. With an evolving brand strategy to meet the needs of a more expansive, diverse consumer base, Milligan is tasked with communicating an expanding set of capabilities to these new audiences and modernizing the brand for future growth. We are joined by Alice Milliga...
WeBank: A Model for the Future of Digital Banking
June 14, 2022 09:00 - 46 minutesWeBank is considered by many to be the most progressive digital bank in the world. Launched in 2014, WeBank provides financial services to over 300 million individuals and 2.7 million small businesses. Recently, WeBank has been expanded the use of blockchain as one of the key technologies to improve efficiency of digital banking and to promote equity and sustainable development. WeBank has also extended beyond financial services to assist other industries in the deployment of blockchain capab...
Delivering Financial Education to Customers and Communities
June 09, 2022 09:00 - 45 minutesProviding trust through personal financial education is an imperative for the entire finance services sector. It is also a cornerstone to building engagement across the entire customer journey. The need for financial education extends across every socio-economic segment and every age category. Advanced technologies have made the delivery of personalized financial education more feasible and more impactful for any sized financial institution. We have Ryan Swift, Vice President of Strategic Par...
Banking Strategies to Withstand an Economic Downturn
June 07, 2022 09:00 - 47 minutesThe banking industry has a once-in-a-generation opportunity to transform legacy business models to become more competitive and more resilient during economic downturns. By integrating data, analytics, advanced technologies, automation, and an upskilled workforce, banks and credit unions can become more future-ready and agile in a crisis. These firms will also be able to take advantage of unique marketplace opportunities. I am fortunate to be joined on the Banking Transformed podcast once agai...
The Unique App That Makes Financial Education Rewarding
May 31, 2022 09:00 - 40 minutesCapturing the attention of GenZ and digital-first consumers is an ongoing challenge. Financial well-being is a major goal for these segments … but engagement is elusive. Zogo is an award-winning app that gamifies financial literacy for younger consumers. Created by a Chinese immigrant, at the age of 19, Zogo currently serves 600,000 users from 200 financial institutions, including American Express. We are fortunate to have Bolun Li, founder & CEO of Zogo on the Banking Transformed podcast. ...
How Economic Instability Will Impact the Banking Industry
May 26, 2022 09:00 - 31 minutesThe economic outlook for 2022 is being impacted by rapid inflation, geopolitical shocks, rising interest rates, and unemployment numbers that loom as headwinds. While rapid post-pandemic growth and a strong labor market have been big wins, the benefits of the recovery could be diminished as price rises eat away at paychecks. The question is, if the Fed must raise rates to higher levels to restore economic calm, could this start a recession that pushes the unemployment rate higher? And how do...
How to Make ESG a Cornerstone of Your Bank’s Business Model
May 24, 2022 09:00 - 45 minutesMore than ever, consumers want to associate with companies that are committed to environmental, social, and governance issues. This includes where they do their banking. But, while almost every financial institution is jumping on the bandwagon saying they are committed to doing what is good for society, how does a bank or credit unions differentiate from the noise in the marketplace? We are fortunate to have Chris Skinner, one of the foremost influencers in the banking industry and author o...
How Banking Can Win Big in the Subscription Economy
May 19, 2022 09:00 - 28 minutesOld revenue models are dead. Financial institutions must rethink their business models and create new growth levers to be future-ready. Subscriptions make our customers’ lives easier with the touch of a button, a recurring purchase or even a reminder about content of interest. Helping customers pay directly from their debit or credit card can generate revenue. Beyond that, there are even subscription opportunities with personalized financial content. It is great to have Joan Clark, VP of Pr...
How Banking-as-a-Service has Made Webster Bank Future-Ready
May 17, 2022 09:00 - 48 minutesBanking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses. It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial businesses. The question becomes, will legacy banks become a ...
Reimagining Customer Engagement with Intelligent Texts
May 12, 2022 09:00 - 39 minutesMany financial institutions struggle when it comes to building engagement with customers in a timely and impactful manner. More than ever, there is a need for ongoing dialogue that assists customers in better managing their finances. One way to improve the effectiveness and efficiency of customer communication is with texting solutions, connecting with customers in real-time using messaging that gets attention far greater than traditional channels. My guest on the Banking Transformed podcast ...
Banking on the Metaverse
May 10, 2022 09:00 - 33 minutesIt’s been 30 years since the term Metaverse was coined, but big money and big hype is now making its way into daily conversations in banking and beyond. With the convergence of hundreds of millions of people with computer capacity at their fingertips, high-speed and high-capacity internet capabilities, the introduction of modern and affordable AR, VR and MR devices, and new assets powered by Web3 technology, the Metaverse is being defined in real-time daily. My guest on the Banking Transfor...
Why New Banks are Taking Over the World
May 03, 2022 09:00 - 42 minutesWhile we are not seeing the end of banking, we are observing a changing of the guard in financial services. Powered by a deluge of funding, fintech firms are altering the battlefield for customers and relationships. Without quick and decisive action, legacy financial institutions could become invisible to consumers and small businesses by 2030. To a degree, this has already occurred in payments. What’s next? We are very fortunate to have Philippe De Backer and Juan Gonzalez from Arthur D. L...
7 Steps to Building a Winning Content Marketing Strategy in Banking
April 28, 2022 09:00 - 45 minutesContent marketing is an important part of creating a powerful experience in banking. Done well, it can help attract, inform, and engage your target audience. Content marketing has become popular in banking because it’s a way to provide insight without selling, building trust and loyalty that reinforces a financial institution’s brand. The types of content that can be created are vast and the sharing of content can go far beyond a bank’s website. My guest today on the Banking Transformed pod...
Marcus Acquires Fintech Firms to Become Dominant Banking Power
April 26, 2022 09:00 - 37 minutesIn the past six years, Marcus has used an acquisition strategy to create a digital platform for consumer loans, credit cards, high-yield savings, automated investing, as well as providing tools to help consumers manage their finances. Most recently, Goldman Sachs completed the acquisition of GreenSky, growing the customer base of Marcus to over 13 million customers. With a no-fee, interest bearing checking account expected still in 2022, Marcus wants to be the primary bank for millions of peo...
Low-Code/No-Code Fuels Agile Digital Banking Transformation
April 21, 2022 09:00 - 35 minutesKeeping pace with an increasingly changing marketplace has never been so difficult. No place is this more evident than in creating the IT solutions required for digital banking transformation. One way to resolve this dilemma is with low-code and no-code platforms. These platforms provide opportunities for virtually anyone to create business and mobile applications, helping accelerate innovation and delivery of highly differentiated solutions. Charles Lamanna, Corporate Vice President at Mic...
Should Bankers Fear Apple’s Future Growth Strategy?
April 20, 2022 09:00 - 32 minutesBloomberg reported that Apple is launching an initiative code-named “Breakout” to bring more financial services capabilities in-house. It is believed that Apple wants to own the entire payments supply chain, minimizing external vendors, reducing costs, and reinforcing the use of consumer data to improve the customer experience. This would also allow them to compete more directly with platforms like Square, PayPal, Google, and Klarna. We are very fortunate to have Dr. Efi Pylarinou, Global F...
Reimagining The Future of Digital Delivery at Capital One
April 19, 2022 09:00 - 36 minutesThe pandemic greatly accelerated the consumer desire to adopt digital-first banking experiences. That said, consumer preference for how to do banking has also become increasingly hybrid. Few financial institutions have innovated the customer experience across multiple platforms more than Capital One. From their award-winning mobile app to their Capital One Cafés, the bank continues to test new ways to build engagement. We are very fortunate to have Jennifer Windbeck, Head of Retail Bank Cha...
Using Data to Acquire, Engage and Retain Banking Customers
April 14, 2022 09:00 - 36 minutesMore than ever, delivering banking experiences rooted in personalized engagement is an expectation from every customer. More than just a requirement for communication, financial institutions must also develop personalized, tailored products for the customer segment that they’re going after. Consumers are increasingly diversifying who their financial relationships. If you don’t know your customer, understand their needs and deliver value with each engagement, trust and loyalty will be damaged....
Simplifying Bank Marketing in the Age of Complexity
April 12, 2022 09:00 - 42 minutesFinancial marketing has become increasingly complex as data and technology provides the opportunity for instant, personalized engagement. As consumer attention spans shorten, and the world becomes cluttered with noise, bank marketing must adjust accordingly. Choice proliferation and the exponential pace of change creates a combustible combination of complexity. Opportunities for simple banking experiences resonate, with greater loyalty and revenues being the reward. I am excited to have Jam...
How Sofi Intends to Become the Center of the Financial Universe
April 05, 2022 09:00 - 51 minutesSoFi is on a mission to move beyond its roots as a direct-to-consumer fintech organization, to become a financial services platform that will enable banks and fintech firms to build best-of-breed financial solutions. The recent acquisition of the Technisys’ platform, combined with their banking-as-a-service division, Galileo, will provide an end-to-end vertically integrated technology stack using industry-leading APIs. To put this significant acquisition into the perspective of the future d...
Customer Identity: Balancing Security and Seamless Experiences
March 31, 2022 09:00 - 28 minutesIn a digital world where convenience, time savings and instant access reign supreme, a physical-first banking experience is no longer the preferred option for most consumers. But how can you verify the identity of someone wanting to do business with you? Banks should not have to make compromises between security and a seamless customer experience along their digital journey — but this requires the right identity strategy that reflects today’s risks and the needs of the modern digital consume...
Can Traditional Banks Keep Up With Payments Transformation?
March 29, 2022 09:00 - 42 minutesThe increasing scale and pace of change has been a constant characteristic of the payments landscape, driven by rapidly changing customer expectations and new technologies. The ability to deliver on these expectations, however, is still very much work in progress. Payments is an important element of a bank’s overall value proposition. More than ever, financial institutions must adapt new partnership strategies and operating models, while focused on building unique differentiation. Our guest...
How Bank of America Personalizes Financial Wellness for 67 Million Customers
March 22, 2022 09:00 - 40 minutesFinancial institutions have struggled engaging consumers with budgeting and financial health tools. Bank of America's approach has been to address financial wellness by building an omnichannel platform that allows consumers to set goals, track progress, and get answers to financial questions easily. These efforts have resulted in Bank of America being the first financial institution to be certified by J.D. Power for financial health support. Our guest on the Banking Transformed podcast is H...
Financial Institutions Can No Longer Ignore Cryptocurrencies
March 17, 2022 09:00 - 44 minutesAccording to a report by J.P. Morgan, close to 300 banks are planning to roll out Bitcoin trading on mobile apps in the first half of 2022. Another study finds that 44% of regional and global banks will offer crypto support by the end of the year. More than ever, the share of a consumer’s wallet is at risk. The question is how will banks and credit unions respond at a time when differentiation and deploying digital solutions is no longer optional? We are very fortunate to have Patrick Sells...
Reimagining Money Experiences in Banking
March 15, 2022 09:00 - 42 minutesOver the past several years, my team at the Digital Banking Report has asked financial institutions globally what their primary objective was. Overwhelmingly, it has been to create better customer experiences. The problem is that creating a great experience is no longer enough. Consumers are looking for financial advocates and ways to achieve better financial outcomes. They expect their financial partners to use insight available to provide the path for a secure financial future. I am excit...
How to Make Banking Better in 2022
March 08, 2022 10:00 - 55 minutesThe banking industry has never been under more pressure to change. The challenge is not whether digital transformation will occur, but whether the right priorities will be set and whether the speed of change will be fast enough. Winning organizations will combine new tech with legacy values and experiences. They will leverage partners to create innovations at the speed and scale of digital and will embrace a challenger mindset. We are very fortunate to have Leda Glyptis PhD, chief client of...
KeyBank: Leveraging Targeted Scale for Differentiation and Growth
March 07, 2022 10:00 - 40 minutesSituated on the asset spectrum between large national banks and community financial institutions, regional banks face the challenge of scale to make the technology investments needed to modernize legacy operations. To meet changing customer expectations, regional banks need to develop innovative ideas and approaches to reduce expenses, create new products and services, serve unique market segments and leverage technology for future growth. One organization that has emerged as a regional bank...
The Future of Commerce Includes Digital Currency
March 03, 2022 10:00 - 40 minutesRecently, NCR increased their ability to deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels. Beyond offering financial institutions a secure way to perform digital currency transactions from a mobile banking app, website, or customer service center, the NCR solutions will also run on ATMs, kiosks and point-of-sale (POS) s...
Blockchain, NFTs, Web 3.0, and Technologies Enabling the Metaverse
March 01, 2022 10:00 - 38 minutesIf there was any doubt about the mainstream acceptance of cryptocurrency, you didn’t need to look any further than the ads during this year’s SuperBowl, where three of the top five apps whose ads delivered the strongest download growth were crypto ads. At the same time, the recent NFT boom has seen many individual NFTs sell for upwards of $1M each, with one selling for close to $70 million. There is also more discussion than ever around the future of Web 3.0 and the Metaverse. To unravel al...
Why AI and Machine Learning is The Future of Bank Differentiation
February 17, 2022 10:00 - 34 minutesData and advanced analytics lie at the core of every financial institution wanting to build stronger engagement capabilities. Unfortunately, many organizations continue to struggle to apply data that will improve the customer journey. To succeed, banks and credit unions have to understand and take action — in real time — to the consumer opportunities that data reveals. On today’s Banking Transformed podcast, we have Nate Shahan, co-founder and chief product officer of Segmint. He will share...
OakNorth: A Blueprint for Future Bank Success
February 15, 2022 10:00 - 45 minutesBusinesses are becoming big business in banking. Unfortunately, most businesses have trouble getting fast and flexible financing. Founded in 2013, OakNorth is a fintech bank that focuses on making loans to small- to medium-sized businesses in the U.K. Beyond launching a neobank, OakNorth has also created lending technology for other financial institutions that delivers credit decisions up to ten times faster than traditional models. We are very fortunate to have Jackson Hull, COO of OakNorth ...
Retail Banking Trends to Watch in 2022
February 08, 2022 10:00 - 43 minutesThe pandemic represented a tipping point for financial institutions, forcing them to accelerate digital transformation, rethink business models, and illustrate a level of empathy for employees, customers, and communities. Innovation has taken center stage, with an imperative for enhanced customer experiences driven by automation and technology. We are very fortunate to have Michael Abbott, senior managing director and global banking lead for Accenture on the Banking Transformed podcast. He ...
How Banks Can Create a White Label Response to BNPL Threat
February 04, 2022 10:00 - 33 minutesThe need for quick innovation is greater than ever, with advanced, cost-effective solutions needed by legacy banking organizations to keep pace with a fast-moving digital landscape. One option is to deploy white label banking solutions in partnerships with third parties. By using application program interfaces (APIs), banks and credit unions can quickly respond to new challenges, such as Buy Now, Pay Later. On today’s Banking Transformed show, we have Tushar Srivastava, co-founder and CEO ...
Improving Financial Health for All Requires Unprecedented Action
February 01, 2022 10:00 - 45 minutesWhile government intervention in response to the COVID-19 pandemic helped many people improve their financial situations, most people in the United States continue to struggle with their financial health. The question becomes whether policymakers, financial services providers, employers, healthcare providers, and other stakeholders will take advantage of opportunity to create policies and solutions that support the long-term expansion of financial wellbeing for all. Our guest on the Banking...
In-House Incubator Creates Innovation Within Legacy Provider
January 27, 2022 17:30 - 30 minutesDigital payment adoption and use has surged around the world. As a result, prioritizing payments innovation is a critical area of focus for banks, credit unions, merchants and those organizations that provide core systems support. Consumers want to choose how they transact, making it critical for financial institutions of all sizes to provide payment options that are fast, secure and easy to use. But how does a credit union or bank stay ahead of the curve? On today’s Banking Transformed sho...
Nova Credit: Helping Immigrants Realize the American Dream
January 25, 2022 10:00 - 37 minutesMore than one million immigrants arrive in the U.S. every year, and it is predicted that immigration will drive 82% of new population growth by 2050. Yet, the lack of domestic credit history limits access to financial services, housing and even employment. Award-winning fintech Nova Credit helps newcomers and other global citizens apply for financial services using their credit history from countries around the world, providing access to the products and services most of us take for granted....
Payments Innovation Drives Growth at American Express
January 18, 2022 10:00 - 34 minutesThe future of payments includes a world where consumers and businesses can move funds to anywhere in the world, instantaneously, 24/7/365, with full transparency, privacy, and security. While there is agreement on the desired outcome, there are multiple paths to achieve this goal, leveraging varied payment rails, artificial intelligence, blockchain technologies and even digital currencies. We are very fortunate to have Luke Gebb, executive vice president of Amex Digital Labs on the Banking ...
Technology Drives the Customer Experience at Chase
January 11, 2022 10:00 - 53 minutesThere has never been a more exciting time to leverage customer insight, technology, and an innovation culture to drive improved customer experiences in banking. But how does one of the largest financial institutions in the world combine strategy and execution at a time of massive industry disruption? Chase is at the forefront of emerging technologies in retail banking and the use of these technologies to drive product development and digital engagement. The question is whether size and scal...
Open Banking is the Foundation for Digital Transformation
December 28, 2021 10:00 - 27 minutesDuring the holidays, we are sharing our most popular podcasts we did in 2021 that set the stage for 2022. In this Banking Transformed podcast from last February, we interviewed Pinar Ozcan. Pinar is the Professor of Entrepreneurship and Innovation at the Saïd Business School at Oxford University. She is also the academic director of the Oxford Future of Finance and Technology Initiative at Oxford. Pinar discusses how open banking is a catalyst for reinvention in the banking sector. By redefin...
U.S. Bank: A Case Study in Digital Banking Transformation Success
December 21, 2021 10:00 - 45 minutesAs we enter the holidays, we are sharing our most popular podcasts we did in 2021 that do a great job of setting the stage for 2022. In this Banking Transformed podcast from last April, we interviewed Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank. Dom shares ways that US Bank leverages innovation and modern technologies to improve customer experiences, increase efficiencies, and compete with fintech and big tech competition. More importantly, he discu...
Contextual Engagement Requires Better Use of Data and AI
December 16, 2021 10:00 - 38 minutesThe importance of using data, analytics and advanced marketing technologies has never been greater. Consumers expect their financial institutions to know them, look out for them and reward them. Unfortunately, few organizations are adept at using data for contextual engagement. Now, more than ever, banks and credit unions must leverage the insights they have to create better experiences. We are very fortunate to have Sarah Welch, Managing Director & Head of Marketing Solutions, Curinos on ...