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
Looking to 2022 and Beyond: New Rules for a New World
December 14, 2021 10:00 - 45 minutesOver the past 20 months, we have experienced personal and business transformation that has impacted every aspect of our lives. With change happening faster than ever, we are about to experience a radical new future that we have yet to fully understand. In financial services, successful firms will be those that can leverage data, algorithms, and human talent to both sidestep industry boundaries and creatively meet customer expanding expectations. I am excited to have Mike Walsh on the Bankin...
Banking Differentiation Through Relentless Innovation
December 07, 2021 10:00 - 43 minutesAs the competitive marketplace in financial services expands and diversifies globally, it is more critical than ever for organizations to drive innovation and differentiation. But, innovation and differentiation requires an openness to change, a high level of engagement from all levels, and the use of data, applied analytics, new technologies and skillsets that many banks and credit unions lack. We are very fortunate to have Jason Henrichs and JP Nicols, co-founders of Fintech Forge and the...
Designing a Future-Ready Branch Network
December 02, 2021 10:00 - 42 minutesTo differentiate product and service offerings going forward, legacy financial institutions must focus on building a distribution network that combines the qualities of human interaction with the power of new technologies. The design and utilization of physical branch spaces must also be rethought for a future where the efficiency and effectiveness of branches must be maximized. Our guest on the Banking Transformed podcast is Jeff Klump, President of K4 Architecture + Design. We discuss t...
The X1 Credit Card: A Unique Option for Younger Consumers
November 30, 2021 10:00 - 33 minutesThe X1 credit card harnesses the power of technology to offer higher credit limits, an aggressive rewards program, and unique automated features driven by a mobile app. Created by Twitter alums Deepak Rao and Siddharth Batra, and supported by PayPal co-founder Max Levchin and Instagram’s former head of product, Kevin Weil, the X1 card targets younger consumers who want a tech-savvy, elegantly designed stainless steel card. At introduction, there was a 350,000 person waitlist for the card. I...
A Solution to Future-Proof Legacy Banking Platforms
November 24, 2021 10:00 - 34 minutesThe importance of a digital banking platform that is flexible, powerful and affordable has never been more important. Banking organizations of all sizes are partnering with solution providers that can help them catch up with a marketplace that has never moved faster. Financial institutions must find solutions that are built for banking, can be deployed quickly, and can be scaled in a manner that allows for building new products and services at digital speed. Our guest on the Banking Transf...
Square: An Increasingly Strong Player in Financial Services
November 23, 2021 10:00 - 37 minutesIn March of 2021, Square Financial Services officially launched its bank after receiving its Industrial Loan Company license from the FDIC a year prior. The Salt Lake City-based bank, is owned by Square, a fintech worth more than all but four US banks according to the KBW Bank Index. Square Financial Services will offer banking services like deposits and other products, initially to service a nationwide market of small businesses, many that already operate on the Square payment processing pla...
Masterclass in Innovation, Transformation and the Future of Banking
November 16, 2021 10:00 - 53 minutesEvery financial institution must evaluate how to adapt technology strategies to support business change, operational resiliency and digital response. More than ever, the ability to innovate at speed and scale has become a core competitive requirement. In this year’s Digital Banking Report, 'Innovation in Retail Banking 2021', sponsored by Infosys Finacle and Efma, it was found that innovation is beginning to take center stage at many financial institutions. Our guests on the Banking Transform...
Digital Core Transformation as a Catalyst for Success
November 11, 2021 10:00 - 44 minutesMost core banking operations run on aging platforms that were deployed in the 1980s and 1990s. These platforms are either homegrown or heavily customized since their origination. The needs of the digital consumer and functionality required by banks going forward require solutions that enable and support the digital transformation journey of financial institutions that are endeavoring to become future-ready. Our guest on the Banking Transformed Podcast is Michael Haney, Head of Digital Core at...
The Business Case for Financial Inclusion in Banking
November 09, 2021 10:00 - 38 minutesRecent events have put a spotlight on the urgent need for financial institutions to advance financial inclusion initiatives. Beyond responding to recent regulatory developments to provide economic opportunities to underserved and unserved sectors, there also a strong business case for banks and credit unions to align purpose and profits. That said, is the banking industry doing more than simply talking about meeting the needs of the underserved market? We are joined on the Banking Transformed...
How Data, Speed and Simplicity Can Drive Loan Growth
November 04, 2021 09:00 - 34 minutesIn lending, the best offer usually wins. While some consumers still make the decision based on rate, an increasing number base their borrowing decision on the speed and simplicity of the process. S&P Global Market Intelligence expects U.S. digital lender origination volumes to grow at a compound annual rate of 26% between 2021 and 2025. This is driven mostly by fintech lenders that make borrowing fast and easy. We are joined on the Banking Transformed podcast by Deepak Polamarasetty, Co-Found...
The Power of Data, Analytics and the Cloud in Bank Marketing
November 03, 2021 09:00 - 43 minutesThe banking industry is in the midst of an exciting revolution in which power has shifted from the financial institution to the consumer. Consumers are impacting the entire customer journey, from the buying process, through customer engagement, and on to loyalty. At the core of this marketing revolution is the use of data, analytics and technology to drive results. One of the most important technologies needed to enable advanced marketing is the cloud. We are very fortunate to have Garry Ca...
Building an Emotional Connection in Banking
October 26, 2021 09:00 - 50 minutesWith consumers spending an average of 7.5 hours a day on various media platforms, ‘convenience’ in banking must now expand beyond store-centric factors to delivering digital convenience, with speed, simplicity, and empathy. Increasingly. consumers and employees expect a greater value proposition from their financial institution that will instill loyalty and support a broader brand promise. We are very fortunate to have Tyrrell Schmidt, U.S. Chief Marketing Officer for TD Bank on the Banking T...
Modernizing Complex Banking Customer Engagements
October 21, 2021 09:00 - 27 minutesAn important component of digital banking transformation is to be able to improve efficiency and productivity in your organization while also helping employees to serve customers better. With complex customer engagements, you need to ensure that the right people are engaged at the right part of the customer journey, using a scheduling tool that reflects the customer need, expertise required, timing and locational constraints, and the ability for both your team and the customer to drive the p...
The Rise of Technosocialism: An Opportunity of a Lifetime
October 19, 2021 09:00 - 52 minutesThe premise of the book, The Rise of Technosocialism, is that mankind is coming to a fork in the road. Climate change, emerging artificial intelligence, social and economic upheaval, and the clash between patriotic nationalism and the inevitability of globalism are coalescing into a crucible. The reality is that technology will be at the center of all of these changes. Our guest today on the Banking Transformed podcast is Brett King, author of the book, The Rise of Technosocialism, founder ...
5 Keys to a Successful Data-Driven Strategy in Banking
October 14, 2021 09:00 - 42 minutesAs a financial institution is preparing to engage in a data-driven strategy, where do they begin? First, it’s important to understand that data transformation is a marathon, not a sprint. Successful financial institutions must align themselves around five critical keys that will lead them through a holistic data-driven strategy roadmap. Our guests today on the Banking Transformed podcast are Jason White, Chief Information Officer at Berkshire Bank and Mark Leher, VP of Data and Analytics f...
Smaller Banks Risk Losing Digital Customers
October 12, 2021 09:00 - 41 minutesAccording to a recent Harris Poll, 40% of respondents said they are likely to leave their primary financial institution for digital banking that compares to an online shopping experience. New benchmarks have been set as to what is acceptable regarding digital experiences at financial institutions. While consumers still want to bank with community institutions, these smaller firms must accelerate digital transformation efforts to avoid disintermediation to larger banks or big tech organization...
The Need to Create Differentiated Digital Banking Experiences
October 07, 2021 09:00 - 37 minutesCapco recently published research offering insights into how banks can modernize their digital banking experience to include the personalization customers expect and prefer. The study finds that regardless of age, over 70% of customers rank personalization as highly important to their banking experience. The study not only delves into how to engage customers initially, but also how to retain customers going forward by building unique and innovative digital features with a personal touch. We a...
Buy Now, Pay Later: A Digital Solution to an Age Old Problem
October 06, 2021 09:00 - 36 minutesWith consumers strapped for cash during these turbulent times, traditional and non-traditional financial firms are expanding financing options to support consumer and merchant needs. One of the newest solutions modernizes the old-school layaway or retail installment loan offering for the digital world. The Buy Now, Pay Later (BNPL) concept allows consumers to take possession of merchandise before they’ve paid in full, with access at the point of sale. We are joined on the Banking Transforme...
The Great Banking Debate Rewind
October 05, 2021 09:00 - 50 minutesRecently, I had the opportunity to join Ron Shevlin in a unique debate on the future of financial services. Refereed by Jason Henrichs, the CEO at Alloy Labs Alliance, this debate was done in the style of championship title fight, complete with silk robes, a debate timer and an enthusiastic audience that attended the MX Money Experience Summit at the Snowbird Resort in Utah. We debated the future of fintech and challenger banks, current digital banking trends, challenges in the marketplace, a...
Mastering Quantum Marketing in Banking
September 28, 2021 09:00 - 59 minutesMarketing is at the center of a massive transformation, driven new technologies, real-time data analytics, and major scientific advances that will power the future of the banking industry. More than ever, we need a new framework for communication, engagement and loyalty. Financial marketers need to understand this new paradigm, and prepare to embrace the opportunities that lie ahead or risk becoming irrelevant or obsolete. We are very fortunate to have Raja Rajamannar, Chief Marketing Officer...
Digital Banking Pioneer Shares Secrets of Success
September 21, 2021 09:00 - 38 minutesWhat can legacy financial institutions learn from the first online-only bank? Founded in 1999, First Internet Bank reimagined the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online. What makes First Internet Bank different than other competitors that were established at about the same time, but were later either shuttered or absorbed by other entities? To understand what makes First Internet Bank unique, and how complex services can b...
How to Create an Inclusive Digital Experience
September 16, 2021 09:00 - 40 minutesInclusive and accessible digital experiences are more important now than ever before. 61 million adults in the US live with a disability and the average American reads to a 7th/8th grade level. Are your digital platforms, content, campaigns and social media posts easily accessed and understood by all? Or are you excluding huge portions of your online audience? We are very fortunate to have James Deignan, Inclusion and Accessibility Specialist at Texthelp and Jeff Wissel, Director of the offic...
The Importance of a Challenger Mindset
September 14, 2021 09:00 - 40 minutesWhat makes a fintech firm or challenger bank different from a legacy financial institution? Is it the products offered or the digital platform? Or is it deeper than that? In discussions with dozens of fintech organizations as part of this podcast, I believe there is a completely different mindset at most fintech firms. What I have also found is that this ‘challenger mindset’ doesn’t need to exist only at new firms. It must be the foundation for any successful organization. We are very fortun...
The Increasing Need for Talent, Inclusion and Diversity in Banking
August 31, 2021 09:00 - 43 minutesAs more companies navigate the return-to-office movement, management teams are faced with an increased urgency of finding, training and retaining quality talent while also creating an inclusive environment for hybrid working. It is increasingly clear that the path to long-term relevance is through leveraging human capital. But, in most cases, this will require cultural changes that will banks and credit unions win the war for talent. We are joined on the Banking Transformed podcast by Jill ...
Creating Lovable Experiences Through Innovation Simplicity
August 24, 2021 09:00 - 27 minutesHistorically, the banking industry viewed innovation as a way to add more to a product or service. The focus was often on technology, competitive offerings and ecosystems and not often enough about the customer. The world has changed … in an instant. More than ever, consumers want ways to transact and engage in a way that is easy, intuitive and emotional. Simplicity has taken center stage in the innovation process. We are joined on the Banking Transformed podcast by Jin Kang Moller, previou...
What Happens When Every Brand is a Bank?
August 17, 2021 09:00 - 36 minutesEmbedded finance enables businesses to seamlessly integrate financial services into their business models, providing banking, credit, payments, or other services — efficiently and at the consumer’s point of need. According to Accenture, 47% of non-financial companies said their companies have already invested in embedded finance offerings. The vast majority of these firms also stated that embedded finance increased engagement and helped them acquire new customers. We are very fortunate to h...
Bitcoin: The Next Battlefield for Retail Banking Customers
August 10, 2021 09:00 - 31 minutesBitcoin is taking another step toward mainstream adoption, as customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts. According to research by Cornerstone Advisors, 60% of crypto owners would use their bank to invest in cryptocurrencies. Even though interest from traditional banking firms is still rather low, could Bitcoin represent a missed opportunity at a time when money and accounts are flowing into fintech firms globally? We are ver...
How Innovation Can Accelerate Digital Transformation
August 04, 2021 09:00 - 40 minutesLeveraging modern technology, data, analytics and digital distribution, market leaders can use innovation to support new business models and create improved experiences. Despite these opportunities, new research by the Digital Banking Report has found that most organizations consider themselves to be behind the curve with both digital transformation and innovation. Part of the challenge is the lack of an innovation culture or leadership that fails to embrace change. We are very fortunate t...
Digital Transformation: Not Just for Big Banks
July 29, 2021 09:00 - 42 minutesResearch shows that the biggest banks and fintech firms are doing best at delivering digital experiences, while smaller banks and credit unions often struggle. How can mid-tier organizations keep pace with consumer and small business expectations? Where should an organization start? How can you prioritize initiatives and partner with third-party solutions providers and fintech firms to innovate and create positive experiences at scale, quickly? For answers to these and other questions, we ...
Winning the Battle for Trust Against Fintech Firms
July 27, 2021 09:00 - 43 minutesAccording to a recent study from Ernst & Young, 37% of consumers now say a FinTech firm is their most-trusted financial services brand, compared with 33% who name a bank as their most-trusted brand. More concerning is that Among U.S. consumers, 31% name a FinTech as their primary financial relationship (PFR), up from just 6% in 2019. Much of this shift has been caused by the shift to digital providers, that deliver more targeted solutions faster and more seamlessly than traditional banks and...
Differentiation Requires Personalized Digital Banking Experiences
July 20, 2021 09:00 - 31 minutesConsumers have grown to expect personalized digital experiences across all channels and throughout the entire customer journey. Much more than just good targeting for offers, organizations need to engage contextually, in real time, helping consumers reach their financial goals. Achieving personalization at scale is a daunting task for the majority of banks and credit unions. This is where the power of strategic partnerships is so important to achieve success. Our guest is Colleen Dabbs, di...
LendingClub is Well Positioned for Future Growth
July 13, 2021 09:00 - 37 minutesIn February of this year, LendingClub closed the acquisition of Radius Bank, becoming a full-spectrum fintech marketplace bank and among the first fintech companies to buy a bank. LendingClub’s long-term vision is to pursue a platform strategy expanding the use of a variety of financial products and services by their 3 million members, while providing transaction integration and processing capabilities. To understand what makes this combination of digital bank and lending platform unique, we ...
Why a Big Bank Executive Jumped to a Digital Credit Union
July 06, 2021 09:00 - 37 minutesFounded in 1935, Alliant Credit Union was created to serve the employees of United Airlines. With most members traveling across the globe, the top 10 credit union had far fewer branches than other firms its size. Today, it has transformed itself into a digital-first financial institution with no branches and a nationwide presence. To cement its leadership position, Alliant named Dennis Devine as their new CEO in mid-2020. Prior to Alliant, Devine held senior roles at KeyBank, Citizens Finan...
Bad Data Sells, Better Data Serves
July 01, 2021 09:00 - 37 minutesMore than ever in the past, data and applied analytics is being used to transform business models and create more personalized, streamlined experiences tailored to the needs and preferences of consumers and businesses alike. To compete in the future, banks and credit unions must be at the center of a good data ecosphere, serving as trusted data custodians, proving real-time value to customers. More importantly, financial institutions must give control back to the customer – so they can choos...
How Microsoft Embraced Data Transformation
June 29, 2021 09:00 - 46 minutesData is the foundation for the entire digital transformation process, allowing organizations to make better real-time decisions and enable the movement from being product-led to being experience-led organizations. Firms that have invested in data transformation have seen tangible results through improved business models. But, data transformation is challenging because of the structure of current data, the distribution of insights, and the lack of skills and resources to commit to a holistic...
Keys to Success for Community Banking
June 22, 2021 09:00 - 43 minutesAt a time when the competitiveness in the banking industry is more intense than ever, and the need for digital transformation has never been greater, is the viability of smaller community organizations at risk? Is there a way for community banks and credit unions to stand out in a world of digital giants? To dive deeper into the viability of community banking organizations, we have Gabe Krajicek, CEO of Kasasa, on the show. He discusses the benefits of local banking as well as the the opport...
Turning Market Disruption Into Innovation Opportunity
June 15, 2021 09:00 - 34 minutesMcKinsey found that 90% of executives “believe that the COVID-19 crisis will fundamentally change the way they do business over the next five years.” Unfortunately, only 21% “feel confident that they are prepared to capture new growth opportunities.” At a time when technology solutions are abundant, an innovation culture is required more than ever in banking. This is because status quo is not an option in a marketplace that is changing faster than ever before, with competitors of all sizes ...
How Banking Can Thrive in a Post-Pandemic Reality
June 08, 2021 09:00 - 41 minutesThe pandemic disrupted the entire planet, changing consumer behavior, altering business and government assumptions, and dramatically impacting business plans. The future is still unclear, but the opportunities (and risks) are immense. What lies ahead will define winners and losers. From adoption of new technologies to a redefined future of work, and new innovation culture, digital banking transformation will require a paradigm shift in leadership thinking and a new level of agility. Our gue...
Driving Digital Sales in Financial Services
June 01, 2021 09:00 - 49 minutesThe way people and businesses shop for and buy financial services has been altered dramatically since the pandemic. No longer needing to go to a physical location, consumers can do their research, purchasing and ongoing engagement on their phone. But just because banks and credit unions have enabled consumers to open and use accounts digitally doesn’t mean they will. Growth is not a given ... and satisfaction is far from guaranteed. We are very fortunate to have James Robert Lay, CEO of the...
The Importance of a Modern Banking Platform
May 27, 2021 09:00 - 39 minutesModern technology is providing institutions with opportunities that expand well beyond traditional financial services. As part of digital banking transformation, financial institutions can process data and engage with consumers in ways never before possible. Tools such as open banking, cloud computing, AI and Platformification have become table stakes for remaining competitive. The question is, how do we prioritize the investment in available technologies? More importantly, how do we deploy ...
The Evolution of the Branch Strategy at Citi
May 25, 2021 09:00 - 39 minutesThe pandemic has caused many banks to rethink their branch network strategy. For banks to be positioned for a future that includes greater reliance on digital delivery, organizations must explore ways that technology can enable stronger human interactions as well. It is clear that the role of the branch has changed dramatically over the past decade, but the importance of human connection still remains. But what is the right balance of physical and digital delivery for the future? And what is...
Using Data and Insights to Drive Growth in Banking
May 18, 2021 09:00 - 33 minutesWhat is the foundation used to drive growth in an financial institution? If it's not data - it should be. Banks and credit unions have a wealth of insights that live within their account holder data. But, managing all of this data, and the accelerated speed at which it flows into the ecosystem can cripple an institution. Now more than ever, organizations must focus on leveraging both internal and external data to drive strategic decisions that can drive acquisition, share of wallet, loyalty a...
The Future of Payments is Fast, Seamless, Safe and Embedded
May 13, 2021 09:00 - 38 minutesBefore the rise of PayPal, Venmo, and dozens of other new payment solutions, banks didn't look at the payments function as an epicenter for innovation. Times have changed. Digitization of front, middle, and back office processes, plus an explosion of fintech experimentation around the world, have turned the payments function into a competitive weapon rather than a cost center. In parallel, the rise of contextual or embedded finance mean that payments innovation is changing the operating mode...
What Defines a Digital Banking Winner?
May 11, 2021 09:00 - 37 minutesDespite increased investment in digital initiatives, financial institutions continue to be concerned that they are falling behind with digital transformation efforts that are needed to build real, long-term competitive advantages. Enabling digital engagement is not enough. Banks and credit unions must re-imagining banking from the inside out, changing both how banking is done, as well as what will create value in the digital era. Our guest is Daniel Latimore, chief research officer for Cele...
The History of Fintech Transformation
May 04, 2021 09:00 - 45 minutesIn 2009, Shamir Karkal and several colleagues created the first digital-only bank of its kind in the U.S. Struggling to describe the benefits of a bank without branches, getting funding was a difficult process. As it turned out, Simple not only grew, but was one of the first neobanks to be acquired by a legacy financial institution. When Shamir tried to generate interest for his new financial technology start-up, Sila, he generated $5 million in funding in only a few months … in a marketplac...
The Importance of Global Payments Functionality
April 29, 2021 09:00 - 31 minutesCompetition in the financial services sector has never been more intense. Banking boundaries, that once were defined geographically, have expanded globally as a result of digital functionality. While neighborhood financial institutions built their businesses on domestic transactions, today’s consumer and small businesses are sending and receiving funds from all around the world more frequently than ever. Our guest is Stephen Kuhl, Managing Director – Financial Institutions and Strategic Part...
Improving Customer Experiences With Alternative Data
April 27, 2021 09:00 - 41 minutesIn order to survive in an increasingly competitive market, financial organizations must be able to correctly identify consumers to streamline the account opening and credit application processes. This includes those with limited profiles, which has long been a shortcoming of the banking industry. It’s important that organizations use new sources of data to combat fraud and improve the customer experience for all consumers, expanding the availability of banking services for a broader populat...
Is the Future of Community Banks at Risk?
April 20, 2021 09:00 - 40 minutesSome experts predict the demise of community banking organizations, that are challenged by changed consumer behavior, outdated infrastructure, an evolving competitive landscape, and the high cost of digital transformation. Is there a viable niche for community banks and credit unions in an industry that is increasingly dominated by huge mega-banks, or are we entering an era of ‘too small to succeed’? If there is a niche, what needs to be done today? Our guest is Jeff Marsico, President of The...
Winning in a World of Digital Giants
April 13, 2021 09:00 - 40 minutesThe marketplace is being disrupted by firms that were built on digital platforms. Their agility, foundation of data, analytics and modern technology position these firms advantageously in a world that wants personalization, speed and simplicity of engagement. Which companies will thrive and which will get crushed by the powerful forces in the global business landscape now at work? How can legacy organizations compete with digital giants like Google, Facebook, Amazon and Apple? Our guest is ...
Secrets of a Rockstar Chief Digital Banking Officer
April 06, 2021 09:00 - 46 minutesMore than at any time in the past, the largest banks in the U.S. have capitalized on their customers’ increased willingness to use digital financial services. U.S. Bank, the sixth largest bank in the country, has been one of the leaders in going beyond the basics in digital banking transformation. From streamlining new account opening and onboarding processes, to creating new ways to manage finances across channels, U.S. Bank combines innovation, modern technology and a focus on the customer...