Banking Transformed with Jim Marous

Our expectations of what a bank is, and customers will engage with financial services has changed immensely over the past several years. And that change will only happen faster in the future. It’s indisputable that technology has been the driving force behind this change. As the industry gets ready for Money 2020 in Amsterdam, it good to assess how technologies such as artificial intelligence, machine learning, the blockchain, cloud computing, IoT, robotics and biometrics are reshaping banking, enhancing customer experiences, and paving the way for new banking business models. I am excited to have John Duigenan, General Manager, Financial Services and IBM Distinguished Engineer, IBM Technology on the Banking Transformed podcast. We will be discussing how technologies like AI will impact the future of banking, and how banks must become future ready. This episode of Banking Transformed Solutions is sponsored by IBM IBM delivers technology and industry expertise to the global financial services industry through its infrastructure offering, software portfolio and consulting services. As a trusted partner to banks, insurers, asset managers and other financial institutions around the world, IBM enables modernization and digital transformation of the world’s mission-critical businesses. IBM is a leading provider of enterprise AI and hybrid cloud architecture to banks and insurers and leads a robust ecosystem of fintech partners serving financial institutions. For more information, visit https://www.ibm.com/industries/financial-services

Technological advances, regulatory changes, and rising consumer expectations have led to a tidal wave of challenges for the financial marketer. While most marketers focus on the technology to drive results, research shows that a change in legacy mindset is far more important. The foundation to drive growth in today’s competitive and cultural landscape is a playbook that will help you: • Build a brand that drives loyalty and advocacy, • Stand out with breakthrough content and campaigns, • Develop a better understanding of what works and what doesn’t, • Drive more efficiency from your paid media budget, • Foster an entrepreneurial culture in your team to move faster and stay on top of change. We are very fortunate to be rejoined on the Banking Transformed podcast by Eric Fulwiler, co-founder and CEO of the marketing consultancy, Rival on the Banking Transformed podcast. We discuss what drives the growth of successful fintech and banking brands and where a financial marketer should start. Download the Fintech Playbook here. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

The future of banking is being driven by advancements in technology, changing customer preferences, new collaborations, and increasing regulatory requirements. Change is happening every day … and it is more difficult than ever to keep pace. As the industry gets ready for Money 2020 in Amsterdam, it is important to look at where the industry is today and where it will likely be in the near and more distant future. I am excited to have Shanker Ramamurthy, Global Managing Partner Banking & Financial Markets, IBM Consulting on the Banking Transformed podcast. We discuss the massive changes occurring in financial services and what can be expected in the future. This episode of Banking Transformed Solutions is sponsored by IBM IBM delivers technology and industry expertise to the global financial services industry through its infrastructure offering, software portfolio and consulting services. As a trusted partner to banks, insurers, asset managers and other financial institutions around the world, IBM enables modernization and digital transformation of the world’s mission-critical businesses. IBM is a leading provider of enterprise AI and hybrid cloud architecture to banks and insurers and leads a robust ecosystem of fintech partners serving financial institutions. For more information, visit https://www.ibm.com/industries/financial-services

Customers want their financial institutions to know them, understand them and reward them based on their unique financial situation. Displaying this level of empathy is difficult if transactional data remains in silos. The aggregation of data to generate insights is only half the battle for financial institutions, though. Banks and credit unions must go beyond using data to create great reports to supporting exceptional customer experiences and engagement – the final mile in the customer journey. I am excited to have Ed Maslaveckas, CEO of Bud Financial on the Banking Transformed podcast. We discuss the firm's expansion into the US and how financial institutions of all sizes are leveraging data, insights, personalization, open banking and BaaS as strategic differentiators. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

As part of the digital transformation process occurring at financial institutions, CFOs must increasingly leverage technology and data analytics to become strategic partners to leaders across the organization, driving organizational success. Beyond optimizing financial performance and streamlining operations, finance operations can now play an instrumental role in the innovation process, sustainability reporting and identifying new growth opportunities. I am excited to have Monica Proothi, Partner and Global Finance Transformation Lead for IBM Consulting on the Banking Transformed podcast. We discuss how the finance function has evolved from reactionary, transactional work to value-generating roles and strategic engagement. This episode of Banking Transformed Solutions is sponsored by IBM IBM delivers technology and industry expertise to the global financial services industry through its infrastructure offering, software portfolio and consulting services. As a trusted partner to banks, insurers, asset managers and other financial institutions around the world, IBM enables modernization and digital transformation of the world’s mission-critical businesses. IBM is a leading provider of enterprise AI and hybrid cloud architecture to banks and insurers and leads a robust ecosystem of fintech partners serving financial institutions. For more information, visit https://www.ibm.com/industries/financial-services

A digital-first account opening and onboarding platform is becoming increasingly important in banking, as customers increasingly expect a seamless, digital experience when opening and managing bank accounts. A fully integrated digital platform streamlines processes, reducing the risk of errors, improving compliance, and increasing the ability to offer personalized products and services. For customers, a digital-first approach provides convenience, speed, and the ability to open and manage accounts from anywhere, at any time. We are very fortunate to have Cindy Blackstone, Chief Retail Officer for Southside Bank on the Banking Transformed podcast. She will discuss how a digital-first platform has resulted in a superior customer experience, reduced costs, and driven growth in a highly competitive marketplace. This episode of Banking Transformed Solutions is sponsored by NCR Terafina NCR Terafina provides digital onboarding and omnichannel sales solutions that are simple and secure to banks and credit unions. Terafina’s omnichannel sales platform is a multichannel product suite with the broadest spectrum of products, including consumer deposits and lending, real estate, small business deposits and lending, commercial deposits, and cryptocurrency account opening—across digital, branch, and call center channels. https://terafina.com/

More than ever, financial institutions are expected to know what account holders need even before they do. Using relationship history, transaction data, and even insights from outside the bank, customers want you to know them, understand them and reward them. Combining historical account ownership history with real-time transaction data can provide a great predictor of what account holders are going to do next. The key is to keep account holder data safe, while providing a value-add with each engagement. We have Deep Varma, Chief Technology Officer from Alkami on the Banking Transformed podcast. Deep shares how modern technology can enable a next-generation sales and service platform that increases revenue and lowers costs for financial institutions. This Episode of Banking Transformed is Sponsored by Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening and digital loan origination, payment fraud prevention, and data analytics and engagement solutions. To learn more, visit www.alkami.com.

We are in uncharted territory with today’s economic uncertainty. Customers are concerned about the safety of their bank and credit union and don’t know where to turn. Open and honest communication is only the start as the bank crisis continues to unfold. Financial institutions must provide resources and answers in real-time that help customers and employees ease their stress and help your brand become a trustworthy advisor during a time of need. This can ensure customer loyalty — and potentially even attract new customers. My guest on the Banking Transformed podcast is Steven Ramirez, CEO of Beyond the Arc. He shares what financial institutions should say and share, and how they should communicate during these tumultuous times. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

With the increasing popularity of digital marketing, many financial institutions have shifted their focus away from direct mail. But is that a mistake? Some believe a well-designed and targeted direct mail campaign be a secret weapon in your marketing arsenal. At a time when banks and credit unions are looking to break through the marketing message clutter, The Data & Marketing Association revealed direct mail may be the most effective marketing channel to drive engagement and ROI. We are fortunate to have Dave Fink, CEO & Co-founder at Postie on the Banking Transformed podcast. Dave shares how direct mail can turbocharge your marketing campaigns, how to leverage modern technology for traditional channels, and why multichannel campaigns perform the best.

71% of Gen Z and 72% of Millennials say there are financial topics they want trustworthy advice on but aren't sure how to get it. At the same time, the top barrier preventing Americans from seeking financial advice from a professional financial planner is the belief that they don't have enough money to hire one. The good news is that these generations are more open to meet with their financial planners via digital channels. Many Millennials prefer not to meet in person or over the phone. Rather, they prefer communicating through text messages, videos or audio messages. The challenge is that they also want a highly personalized financial plan based on their goals. My guest on the Banking Transformed podcast is Jessica Chen Riolfi, Co-Founder and CEO at Uprise. She shares how Uprise has leveraged data, AI algorithms, and human expertise to provide the potential for optimal financial outcomes.

Expectations about what makes a great customer experience (CX) are rising faster than most organizations can keep up with — and consumers aren't afraid to walk away when their needs aren't met. The good news is that most organizations understand the gap that exists between expectations and delivery and are investing more to increase engagement. We have David Porter, Managing Director of Financial Services at Genesys on the Banking Transformed podcast. David discusses how innovative organizations are redefining what's possible using digital technologies and artificial intelligence (AI).

With the possibility of a recession, financial institutions of all sizes may be considering a delay or cut in technology spending. As seen by recent challenges at Southwest Airlines, falling behind in technology capabilities can create enormous costs in the short-term and in the future. According to Forrester, firms pursuing technology-driven innovation grow three to four times faster than industry averages. Just as importantly, new technologies can reduce the cost of doing business, improve customer and employee experiences, and provide a long-term competitive advantage. I am excited to have Maureen Doyle-Spare, general manager at the digital transformation consulting firm UST on the Banking Transformed podcast. We will be discussing how the pursuit of technology investments regardless of the economy will ensure financial institutions will be future-ready.

Every financial institution is adapting and adjusting to compete in the realities of an ever-changing digital world. It is time to re-imagine how applications are delivered, how data is leveraged, and how to create immersive experiences to meet the needs of today’s customers. The right strategy is to shift to a hybrid environment that leverages the key resources already in place, but combining those resources with one or more solution providers, to create a robust network that is future-ready. We are very fortunate to have Roji Oommen, Managing Director, Financial Services at Lumen Technologies on the Banking Transformed podcast. He discusses how a platform mindset enables a best-execution strategy for delivering financial services now and into the future.  This episode of Banking Transformed Solutions is sponsored by Lumen Lumen’s mission is to deliver amazing customer experiences with networking, cloud and security solutions that power next-gen business applications. We aim to democratize complex and cutting-edge technologies and deliver simple solutions, so our customers can focus on innovation, not their IT. Learn more about Lumen’s capabilities for financial services at www.lumen.com/financial-services. Lumen and Lumen Technologies are registered trademarks in the United States.

To retain market share amid stiff competition, the banking industry has to adapt to changing customer preferences and embrace digital transformation. This includes investing in new technologies, improving operational efficiency, and partnering with third party providers that can help innovation at speed and scale. To become future-ready, financial institutions need to support customer journeys from the inside-out, enabling the connection with external brands, and delivering contextual solutions in real-time supported by data and analytics. We have David Feuer, Chief Product Officer at Galileo on the Banking Transformed show. David shares why building an end-to-end digital platform solution is the key to digital banking transformation success. This episode of Banking Transformed is sponsored by Galileo Galileo is creating the only end-to-end vertically integrated banking technology stack, from user interface development capabilities to a customizable multi-product banking core and ledger with fully integrated processing and card issuing. The Cyberbank platform isa best-in-class financial technology platform that reinvents how people connect with their money through exceptional digital-first experiences. For more information visit www.galileo-ft.com

Banks and credit unions understand the need to innovate, but finding the perfect partners to collaborate with can be a challenge with a marketplace that has tens of thousands of potential third-party providers. So, how can a financial institution find the best provider that aligns with their unique needs, growth ambitions, and internal culture in an ever-changing digital landscape? More importantly, how can a financial institution understand how well third-party providers will implement solutions at speed and scale? We have Patrick Sells, co-founder of True Digital Group on the Banking Transformed podcast. Patrick discusses a new platform where financial institutions can easily understand all marketplace offerings and connect with peers and providers for a better innovation experience. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This Episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

To ‘wow’ customers across their financial journey, you must know them, understand them and be able to proactively anticipate and deliver solutions. This requires taking an event-driven approach to offer contextual engagement and experiences. Today, banks and credit unions are ditching siloed, departmental frameworks and, instead, are connecting people + processes + technology across the organization with a collaborative approach that puts insights into action … for the customer’s benefit. I am excited to have Darryl Knopp, Senior Director of portfolio marketing at FICO on the Banking Transformed podcast. Darryl discusses the current state of personalization in banking and how organizations can use applied intelligence systems to improve experiences, engagement and loyalty. This episode of Banking Transformed Solutions is sponsored by FICO FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the global analytics software firm is a pioneer in the use of predictive analytics and data science to improve operational decisions. For more information visit fico.com

In September of 2020, we interviewed Colin Walsh just after Varo became the first challenger bank to receive a national bank charter. So much has happened in banking and the economy over the past two years and especially since the collapse of Silicon Valley Bank, impacting both traditional and non-traditional financial institutions. After a major funding round last year, Varo made a number of major changes to respond to competitive and marketplace challenges, including a reduction in marketing expenses and staff, a refocus on product innovation, and a focus on existing customer engagement. We revisit Colin Walsh, founder and CEO of Varo on the Banking Transformed podcast. In this episode, Walsh discusses the opportunities and challenges Varo has faced, and provides insight into the future of Varo and neobanks in a world disrupted by the recent events at Silicon Valley Bank. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This Episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

While every financial institution talks about digital transformation, the process is never easy. Melding modern solutions with legacy processes requires focus, commitment, and the support of people across the entire organization. Research by the Digital Banking Report finds that digital transformation is the most difficult at organizations with assets from $50B - $500B. This is often due to legacy leadership that finds change to be more difficult than anticipated and a financial commitment that is tough to commit to. We have Melissa Stevens, EVP and Chief Marketing Officer at Fifth Third Bank on the Banking Transformed podcast. Melissa shares the digital transformation journey at Fifth Third and the lessons learned along the way. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This Episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

Financial institutions of all sizes are reinventing themselves by digitally transforming every part of their business with technology, data, automation, and AI. They are breaking down internal silos and connecting functions and data across the value chain — creating new ways of operating and serving customers and their people. Leading banks recognize they need to accelerate change — not only to compete but to find new paths to growth. I am excited to have Michael Abbott, senior managing director and global banking lead for Accenture back on the Banking Transformed podcast. We will be discussing how banks and credit unions are disrupting existing paradigms and rethinking their paths going forward. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This Episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests.

The economy has been top of mind for consumers throughout 2022 and into 2023. In a survey by PSCU, nearly nine in ten consumers stated they were worried about the economic outlook, while three-quarters also reported they were concerned about their personal finances. In response to economic uncertainty, consumers want choice and variety when making purchases and transacting. In fact, most consumers said they are using a greater variety of payment methods than they did a few years ago, including digital payment options. We have Tom Pierce, CMO of PSCU on the Banking Transformed podcast. He shares the results of the most recent Eye on Payments study done by PSCU and provides insights into how financial institutions can better serve members and customers. This episode of Banking Transformed Solutions is sponsored by PSCU Through this annual research, discover how PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, how these factors may vary among different life stages and economic events, and how credit unions can better serve their members and optimize their offerings to adapt to these evolving preferences and needs – both now and in the future.  Visit www.pscu.com/eye-on-payments for more information.