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
Leadership Excellence in Crisis: An Interview with Tom Peters
May 12, 2020 09:00 - 42 minutesThe best and most respected leaders shine the brightest during times of crisis. Not relying on a crisis management plan, the best managers surround themselves with the best people and provide a platform for growth for those within the organization. As a result, moving to a work from home environment should not disrupt an organization, but simply change the environment from where work is done. In all industries, especially banking, those institutions that have most respected leaders will b...
How Fintech Unicorn Lemonade is Disrupting Insurance
May 05, 2020 09:00 - 41 minutesThe financial services industry is known for century-old institutions with rules and policies that are often outdated, yet preserved by regulations. Whether we are talking about banking, insurance or investment services, transformation is often slow and outside competition is met with significant resistance. This is why it is so exciting to do a profile on a disruptor organization that finds success despite these hurdles. Lemonade is such a company, forming an insurance company that align...
COVID-19 Impact on Future of Retail Banking
April 29, 2020 09:00 - 38 minutesThe COVID-19 pandemic is the most serious challenge to retail banking in almost a century. Retail banks have had to rethink distribution, support government relief programs and manage remote workforces, all while trying to meet consumer expectations during a period of household-level economic uncertainty. These challenges are only the tip of the iceberg, however, as the economic fallout and the redefined structure of the financial services ecosystem are beginning to emerge. It is clear th...
The Digital Banking Tipping Point
April 28, 2020 09:00 - 36 minutesAccording to Malcolm Gladwell, a ‘tipping point’ is the moment of critical mass, when an idea, trend or behavior crosses a threshold and spreads like wildfire. The COVID-19 crisis is an example of such a phenomenon and so has been the instantaneous impact of this crisis on the digital transformation of banking. Organizations that had not already embraced the entirety of how to become a ‘digital bank’ were caught flat footed as branch doors were closed and customers were required to transa...
COVID-19 is Fast-Tracking Digital Transformation
April 21, 2020 09:00 - 49 minutesIn the book, 'Disrupt Yourself', by Whitney Johnson, it is suggested that the disruptions and changes that matter most start with personal disruptions and change. There is no doubt that the COVID-19 crisis has disrupted every person’s life and every organization’s business model. The crisis has impacted the way we learn, the way we interact, the way we work and the way we think about our personal and corporate priorities. Every step of the way, modern digital technologies have been brough...
The Future of Work Post COVID-19
April 15, 2020 09:00 - 37 minutesAfter COVID-19, the world around us will be changed forever. In a matter of weeks, working from home has become the norm, not the exception. The virus has forced a reckoning of how we view work, travel, engagement with others and the technologies that make these possible. Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Virtually all work that can be done online has gone on...
Financial Irrationality During COVID-19 Crisis
April 14, 2020 09:00 - 30 minutesDespite the best intentions, consumers do not always act rationally with regards to money management. While we all know that we should limit debt and increase savings, many people live day-to-day, and have far less set aside for financial emergencies than needed. Unfortunately, most people’s irrational behavior around money became exposed with the impact of COVID-19. Across the globe, households lost their safety net of predictable events that they depended on, from a regular paycheck to ...
Building a Culture-Driven Virtual Bank
April 07, 2020 09:00 - 28 minutesI had the unique opportunity to visit WeLab as part of my visit to China in early January. WeLab uses proprietary risk management technology and advanced AI to analyze mobile data within seconds, providing financial solutions to over 42 million customers across Asia. WeLab is also one of the first institutions to receive a virtual banking license in Hong Kong. Despite the advanced technology and innovative deployment of digital products and services, what impressed me most about WeLab dur...
Banking Must Improve Financial Wellness For All
March 31, 2020 09:00 - 35 minutesAccording to the 2019 U.S. Financial Health Pulse report, less than 30% of Americans could be considered financially healthy, with millions of households not having enough money in savings to get through a month. These are the people who are the most at risk given today’s COVID-19 crisis. The longer this crisis continues, the greater the financial impact on consumers at all levels. Protracted and dynamic pandemic conditions will also draw out anxiety and financial stress impacting relatio...
COVID-19 Will Change the Way Consumers Bank Forever
March 26, 2020 09:00 - 33 minutesThe number of bank branches and the number of people visiting bank branches has been decreasing for years. As a result of recent events, many organizations have closed branches completely, while others have reverted to auto teller operations. Could the Coronavirus create a shift in attitude, as people are forced to bank online or on their mobile devices? More importantly, as consumers get more comfortable, and find that managing their money digitally is easier and safer, will they stop vi...
Organizations Should Double Down on Innovation Now
March 25, 2020 09:00 - 33 minutesThe push for digital banking amid the growing emphasis on social distancing has put a spotlight on those organizations that have lagged behind the marketplace with digital delivery and digital transformation. But, can laggard organizations pick up the pace when the rest of the world grinds to a halt? We are faced with a unique time in banking where organizations that have invested in advanced analytics, innovation and digital transformation have the opportunity to leverage their customer ...
Marketing During Times of Disruptive Change
March 24, 2020 09:00 - 35 minutesThe marketing profession has moved from art to science, with the use of new technologies powered by artificial intelligence (AI), with a level of personalization and real-time communication only dreamed of in the past. But, how does marketing change during a time of economic crisis? As opposed to using marketing to sell products, how can marketing be leveraged to help customers manage their finances and provide support during difficult times? Where speed, tone and clarity of communication...
How AI Can Revolutionize Banking
March 17, 2020 09:00 - 36 minutesFinancial institutions that are leaders in the use of data and AI are quickly differentiating themselves in a marketplace that puts a premium on data-backed decisions and intelligent interactions. AI brings the potential for disruption and transformation due to its ability to make decisions and take action much quicker than its human counterparts. It has been seen as a means of increasing productivity within a company and improving revenues through better customer engagements. But the...
Globalization of Fintech and Banking in the Age of Disruption
March 10, 2020 09:00 - 34 minutesThe marketplace is in a state of confusion and disruption as the coronavirus outbreak impacts the banking ecosystem and all industries worldwide. Changing valuations and funding options for legacy and non-traditional financial firms are creating the need for new business models as well as opportunities for partnerships and the platform for new government regulations. To discuss the global impact of fintech organizations and the potential of open banking, financial inclusion, and sustainab...
Transforming Customer Experiences with Personalization
March 03, 2020 10:00 - 36 minutesIn a digital world, consumers want experiences that are highly personalized and contextual. From the way they search to the way they shop, view content or do banking, consumers expect organizations to know them, look out for them and reward them. Unfortunately, the majority organizations are only delivering basic personalization and are focused more on product sales than on helping the consumer manage their finances or their daily life. In other words, there is a massive personalization gap. ...
The Importance of Attracting Rebel Talent
February 25, 2020 10:00 - 30 minutesTraditional organizations find rebels to be disruptive troublemakers who make processes and decisions more difficult. Legacy organizations that are embracing digital transformation find these same 'misfits' to be a positive influence on innovation, creativity, growth and cultural change. We are joined today by Matteo Rizzi, who has authored a great book entitled, 'Talents and Rebels'. In this episode, he discusses interviews and personal observations that make a case for organizations to ...
Why Digital Transformations Fail
February 18, 2020 10:00 - 33 minutesDigital transformations have an exceeding high failure rate despite being one of the most important components of a firm's long-term survival. Digital transformation requires must more than just a flashy mobile app or new technology. To understand the dynamics of how to succeed with digital transformation, we are joined by Tony Saldanha, previous head of operations and digital transformation at Proctor and Gamble and currently the president of Transformant, a Cincinnati-based consulting f...
Cultivating a Disruption Mindset
February 11, 2020 10:00 - 28 minutesWe have often discussed the correlation between innovation and digital transformation, and the positive impact on consumer satisfaction, investment in advanced technology, the presence of top management support and the positive impact on revenues. But, while technology may enable the disruption required, it is often the application of existing technology in new ways that disrupts an industry. Finally, while disruption is not always fast, it is the lack of reaction to disruption that catches i...
China: Emergence of a Tech and Innovation Superpower
February 04, 2020 10:00 - 42 minutesThe debate about what city is the fintech capital of the world continues, as more players enter the market and more money is invested into the very active fintech ecosystem. Is the fintech capital London, New York, the Silicon Valley or elsewhere? Should the title go to the city with the most players, the greatest fintech investment or the largest number of users of challenger bank or bank challenger services? My perspective on a possible candidate for the fintech capital definitely chang...
The Chinese Fintech Revolution
January 28, 2020 10:00 - 45 minutesChina is quickly becoming home to the largest fintech ecosystem in the world, benefiting from historically low use of traditional banking, high smartphone penetration, a changing demographic and a consumer acceptance of banking without traditional infrastructure. Dominated by giants like Baidu, Ant, PingAn and Tencent, combined with many highly successful start-ups like WeLab, the success in delivering both personalized financial services and an impressive level of financial inclusion is a mo...
Current State of Digital Banking Transformation
January 21, 2020 10:00 - 32 minutesDigital Banking Report has just released a study on the current state of digital transformation in the banking industry. This research not only looks at the digital transformation maturity of banking today, but also the components of digital transformation leader organizations. The research found that there is still more hype than reality when we look at the progress of digital transformation in banking. While the focus in on improving the customer experience, few organizations have lever...
The Technology Fallacy
January 14, 2020 10:00 - 30 minutesA great deal of recent research finds that simply buying the best or newest technology will not create digital transformation success. Beyond technology, it is imperative to have the right people, processes and organizational dynamics that will allow companies to be more agile, risk tolerant and experimental. In other words, legacy cultures must be disrupted. Today's podcast features Gerald (Jerry) Kane from Boston College. Jerry is one of the 4 authors of the exceptional book, ‘The Techn...
Banking Distribution Strategies for the Next Decade
January 07, 2020 10:00 - 28 minutesThe ability to compete in the future will require new systems, new processes and a new culture. One option is to build a successor bank that would be a network of only a few branches or a completely branchless offering separate from the legacy organization. The future will require differentiation defined by customer experience and innovative offerings similar to what is being offered by fintech and big tech organizations. To get a perspective on the need to disrupt current banking paradigms...
How to Win Tomorrow's Digital Consumer
December 31, 2019 10:00 - 26 minutesConsumers insist on experiences that are personalized, friction-free and that make their lives easier. It’s no longer enough for organizations to state they are making improved customer experiences a priority. The consumer needs to feel that the companies they buy from know them, look out for them and are willing to reward them. To get a perspective on how advanced technologies are impacting customer experience strategies, I am fortunate to be joined by Blake Morgan, author of the book, “...
Biggest Fintech Winners of 2019
December 24, 2019 10:00 - 30 minutesAutomation and digital technology aimed at improving financial services continues to impact the banking ecosystem. From mobile payments to digital lending and budgeting services, fintech and big tech providers are revolutionizing how consumers and businesses handle manage their financial relationships. These changes are happing faster than ever before and will never happen this slowly again. To get a perspective on the past and future winners of fintech applications and their impact on ...
The Future of Fintech Investments
December 17, 2019 10:00 - 24 minutesAfter a record-breaking 2018, fintech investment activity continues strong in 2019, as new start-ups take aim at traditional banks and credit unions that are slow to update back offices, change outdated business models, embrace advanced analytics and keep up with consumer expectations. For a perspective on the changing fintech investment marketplace, we are joined by Dan Rosen, Founder and General Partner of Commerce Ventures, a VC firm focused on fintech, payments and commerce ecosystems.
The Importance of Customer Success Management
December 10, 2019 10:00 - 29 minutesBuying the right technology solution is only the beginning of the digital transformation journey. Organizations need onboarding support from solution providers to ensure the intended benefits of new technologies are realized. This entails looking beyond the technology, to include the vast human and cultural aspects of digital transformation. In this episode, we discuss how businesses can optimize the outcomes of their digital initiatives with the support of a customer success management proc...
Keys to Becoming a Digital Bank
December 03, 2019 10:00 - 34 minutesDigital transformation in banking cannot occur without rewiring back-office processes, including streamlining operations and integrating data sets. But the most important transformation that must occur is with the culture and leadership at traditional financial institutions. A digital culture is customer-centric, with latitude given for employees to make decisions on behalf of the customer. A digital culture also supports creativity and innovation — again, on behalf of the customer. T...
Reinventing the Customer Experience in a Digital World
November 26, 2019 10:00 - 26 minutesOrganizations in all industries need a new operating model that puts the customer’s needs at the center of all digital transformation strategies. This can be achieved by redesigned customer journeys, new products and services, and the agile delivery of insights and contextual solutions across channels. To better understand how legacy financial institutions can better position themselves against digital pure play organizations such as Google, Amazon, Facebook, Apple and Alibaba, I sat down...
The Power of Design in Digital Transformation
November 19, 2019 10:00 - 25 minutesDigital transformation is a challenge for organizations due to legacy infrastructure, internal silos, lack of a clear vision and resistance to change. Design thinking can help firms overcome many of these challenges, accelerating the transformation timeline. Done well, design thinking is a consumer-centric collaborative effort that can drive change internally and externally. In this episode, we sat down with Alex Kreger and Monika Cālīte from UXDA to discuss how organizations can use desi...
AI and the VoiceFirst Revolution
November 12, 2019 10:00 - 29 minutesThe power of voice-based interactions has grown exponentially with the addition of always-on systems, combined with advanced analytics (AI), cloud-based computing and optimized multichannel delivery of insights. The voice-first paradigm will move beyond providing answers to questions – using data and insights to proactively provide insights and guidance that will simplify life for consumers. In a voice-first world, advertising, commerce, payments and interacting with others around us will...
One-on-One With Steve Wozniak
November 07, 2019 10:00 - 9 minutesA Silicon Valley icon and philanthropist, Steve Wozniak helped shape the computing industry by co-founding Apple Computer with Steve Jobs in 1976. Since leaving Apple in 1985, Wozniak has been involved in various business and philanthropic ventures, focusing primarily on computer and technology education. I had the unique opportunity to sit down with 'The Woz' as part of the Novathon innovation event in Budapest last week. The event, presented by the Italian bank, Instesa Sanpaolo feature...
Personal Growth During Times of Digital Disruption
November 05, 2019 10:00 - 26 minutesDigital disruption is impacting today's worker more than ever, with sociologists believing that today's worker will need to 'reinvent themselves' several times during a career in the future. While maintaining the status quo provides a temporary comfort zone, personal disruption can dramatically improve chances of finding financial, social, and emotional success. This personal transformation requires a new perspective. In this episode, we discuss the importance of personal and professional...
Principles of Becoming an Algorithmic Leader
October 29, 2019 09:00 - 26 minutesDigital transformation is not as much about technology as it is about the leadership and cultural changes that are required to respond to a new business paradigm. In his latest book, The Algorithmic Leader, Mike Walsh shares insights and actionable strategies for leaders to make better decisions at a time of disruption. Mike is brilliant at challenging leaders in all industries to think and act differently than they have in the past. He understands the intersection of technology and human int...
The Power of Open Innovation Platforms
October 22, 2019 09:00 - 25 minutesEvery financial institution is looking for the next ‘big idea’ or ‘next generation’ digital app that will differentiate an organization by making banking easier and deployment of products and services less costly. With most banks and credit unions unable to build this type of digital capability internally, it is vital to be able to reach out to the largest possible number of creative thinkers. In banking, one way to accomplish this is through a pool of fintech firms who are working on behalf ...
A Practitioner’s Guide to Digital Transformation
October 15, 2019 09:00 - 28 minutesMany people talk about digital transformation in financial services, but few have actually built a digital banking organization from the bottom up. What are the strategies and components of success? What are the challenges and barriers that can derail a digital transformation journey? And, why are so few traditional financial institutions able to effectively compete with new fintech firms and large techfin corporations? In this episode, Sonia Wedrychowicz, previous head of digital transfo...
How Mobile Drives Digital Transformation
October 08, 2019 09:00 - 32 minutesMobile initiatives are aligning with emerging technologies to become the centerpiece of most enterprise-wide digital transformation efforts at banks and credit unions. The proliferation of mobile devices has moved mobile apps beyond a transactional entry point, with an increased emphasis being placed on creating exceptional customer experiences that boost productivity, loyalty and contextual engagement regardless of the device or operating system. For a perspective on the changing dynamic...
Building One to One Digital Relationships
October 01, 2019 09:00 - 32 minutesIt is imperative to build and maintain a customer-centric business during periods of digital transformation. To accomplish this, firms must focus on the customer experience, leveraging corporate culture, strategy, technology, and data analytics. Which firms are the best at being able to accomplish this objective? Which firms are failing to live up to customer expectations … and why? In this episode, world renowned bestselling author and customer experience guru Don Peppers shares his insig...
A Futurist's View of Banking and Technology
September 24, 2019 10:00 - 31 minutesDigital disruption is occurring globally, impacting not only the way products and services are consumed, but how they are marketed and delivered using modern technologies. The impact is felt in all industries, but especially in banking, where legacy systems and culture work counter to most transformation efforts. One of the biggest challenges is how these changes are impacting the future of work and the potential displacement of millions of workers due to automation, robots and the restructur...
It's Time to Rethink the Innovation Process
September 17, 2019 12:32 - 21 minutesThe future of innovation is not defined by technology. Innovation is defined by doing something new and different that works. Organizations hoping to succeed in their digital transformation journey must avoid simply adding something new, and consider the elimination of old paradigms. In this episode, we interview Rohit Bhargava, Author and Professor of Global Marketing at Georgetown University about the importance of innovation and why so many organizations fail because of ‘innovation envy...
The Magic of Digital Transformation at Disney
September 11, 2019 12:51 - 13 minutesDisney is a great example of an organization that has changed tremendously through the years, leveraging data and new technology without forgetting their legacy or relinquishing their brand. At a time when financial institutions are caught between legacy cultures and the demands of a digital consumer, Disney has found a way to integrate modern technology with a personalized human touch. They have accomplished this through strong leadership, innovation, an emphasis on hiring the right people, ...
Contextual Data is Changing the Future of Banking
September 03, 2019 07:00 - 27 minutesThe financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditional bank or credit union offerings. Toronto-based startup Flybits believes that the best way to compete in the future is not just by developing innovative products and services, but by becoming the r...
Leadership Lessons for Bankers from the Former CMO of Kodak
August 14, 2019 19:16 - 12 minutesIn this exclusive interview, Jeffrey Hayzlett, the former CMO of Kodak, discusses the importance of strong leadership, the need for a well-defined culture, and the risk of being passive when your industry is facing massive disruption. Hayzlett challenges bank and credit union executives to examine their values and behaviors while aligning values with an organization’s overall mission. He also stresses the importance of embracing new technology and the need for leaders to not become passive.
How to Humanize Digital Experiences in Banking
August 13, 2019 08:00 - 19 minutesIn a digital world, consumers can acquire enough information about a product or service on a smartphone or online to make a purchase decision without ever asking a question of a customer service representative or walking into a physical store (branch). Whether a consumer wants to buy a protein bar or new automobile, they can now leverage digital channels at each step of the customer decision journey, bypassing the traditional step-by-step sales funnel behavior. In this exclusive intervie...
Status Quo is Not an Option with Gary Vee
August 13, 2019 07:00 - 10 minutesGary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the need for supportive culture and leadership and the importance of a personal brand. During this interview, you quickly realize that his level of engagement and passion for what he does and commun...
Status Quo is Not an Option
August 13, 2019 07:00 - 10 minutesGary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the need for supportive culture and leadership and the importance of a personal brand. During this interview, you quickly realize that his level of engagement and passion for what he does and comm...