Banking Transformed with Jim Marous

Chase, the digital banking app launched by JPMorgan, has reached one million UK customers after launching in September of last year with a 1% cashback deal and fee-free overseas card use. This growth exceeds the growth of both Monzo and Starling … two other UK neobanks. 10x Banking, the UK-based cloud-native banking technology business, created the platform that powered Chase’s entry into the UK retail banking market. The platform provided a scalable architecture that will allow Chase to expand its retail banking proposition in the UK and beyond. To discuss why a scalable core banking platform built on micro-services and APIs is the key to building a digital bank, we have Antony Jenkins, CEO and founder of 10x Banking on the Banking Transformed podcast.

Americans’ total credit card balance reached $887 billion in the second quarter of 2022, with close to a $50B jump since the first quarter of 2022. The 13% increase since 2021 is the largest year-over-year jump in more than 20 years. Unfortunately, most people with an active credit card account aren't able to pay their bills in full. At the same time, the average APR for all current credit card accounts jumped in the second quarter of 2022. How can consumers get control of their credit card debt? My guests on the Banking Transformed podcast are Frida Leibowitz and Rachel Lauren, cofounders of the habit-shifting rewards platform for debt payoff, Debbie. They share how Debbie challenges the status quo of how financial institutions can use incentives to drive higher engagement that leads to better financial outcomes.

Banks are making significant investments in their data and analytics initiatives. Unfortunately, most organizations struggle moving from the data preparation and analytics process to the “last mile” of data utilization, where insights are translated into process changes and customer outcomes that drive value. The last mile is where the focus moves from great reports to exceptional results. At this stage, the insights generated become part of improving internal processes and personalization that help decision making and improve customer experiences. We have Greg Spencer, Senior Sales Engineer at Segmint, an Alkami Company, on the Banking Transformed podcast. Greg shares how banks and credit unions must focus on ‘finishing strong’ as they leverage insights for improved results. This episode of Banking Transformed is sponsored by Segmint Segmint empowers financial institutions and financial technology providers to easily understand and leverage data, interact with customers, and measure results. Derived from bi

Launched shortly after the 2008 financial crash, Betterment pioneered robo-advisory services and opened the door for individuals to manage their money without the engagement of traditional financial advisors. Despite tremendous growth, a valuation of $1.3 billion in 2021, and a customer base of more than 700,000 customers, limited market potential and increased competition impacted the potential for long-term sustainable growth. This prompted Betterment to expand services offered and markets served. My guest on the Banking Transformed podcast is Michael Reust, president of Betterment. Mike shares how Betterment is using a challenger mindset to future-proof earnings and growth.

The demand for fast, humanized digital engagement has reached new heights, and is changing the financial services landscape. More than ever, customers have switched from wanting to visit a branch to connecting with a human representative via digital channel. Financial Institutions that aren’t prepared to adapt to this new paradigm are at greater risk of losing both market share and the growth that these new channel engagement opportunities provide. I am excited to have Katherine Regnier, CEO of Coconut Software on the Banking Transformed podcast. Katherine shares how banks and credit unions can bridge the gap between digital and physical client experiences to create a seamless experience customers crave. This episode of Banking Transformed is sponsored by Coconut Software: Make navigating your digital and in-person channels a smoother process for customers, members, and staff. Coconut’s appointments, queuing, and video banking platform makes connecting with your institution a breeze. With Coconut’s self-ser

In the past, consumers relied almost exclusively on legacy banking institutions for their financial interactions. Today, businesses across all industries have access to embedded banking products enabled by Open Banking policies and powered by Banking-as-a-Service (BaaS) providers. Embedded financial services within the user journey makes the experience seamless for the user and unlocks revenue streams and analytics for businesses. The question becomes, what is the role of traditional banks in this new business model? My guest on the Banking Transformed podcast is Anthony Burton, SVP of connected banking, open finance, and embedded banking at Truist. Anthony shares how Truist is embracing this opportunity and how this will impact current and future customers. This Episode of Banking Transformed is sponsored by FIS When customers need to pay, borrow, or invest, are you there? FIS believes the future of financial services delivery is giving customers what they want, whenever and wherever they are. SMB Embedded

An Aberdeen Research report shows that improving operational efficiencies is now taking a back seat to customer experience in back-office operations. This should not be a surprise, especially in financial services. Companies that create greater synergies between service and back-office are more successful at transforming their back-office into a strategic differentiator supporting their CX objectives. The question is, where do you start? I am excited to have Nicole Nevulis, Global Senior Director at Verint on the Banking Transformed podcast today. Nicole shares how banks and credit unions can transform the back-office to become a competitive differentiator for long-term customer service success. This episode of Banking Transformed is sponsored by Verint Verint® helps the world’s most iconic brands build enduring customer relationships by connecting work, data and experiences across the enterprise. We help financial institutions eliminate inefficiencies created by organizational and data silos and consistent

Utah-based open finance solution provider MX Technologies has named several PayPal veterans to lead the firm’s next phase of growth. This growth will include the continuation of using data to deliver intelligent and personalized money experiences, while connecting technology partners to financial institutions with modern solutions that improve results. MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintech firms, with a combined reach of over 200 million consumers. Recorded at the MX Money Experience Summit, my guest on the Banking Transformed podcast is Jim Magats, the CEO of MX. Jim shares how he and his team see MX moving forward, and the importance of data and insights as the foundation of the entire banking ecosystem. 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 servic

Banks and credit unions are challenged to satisfy consumers with the traditional services they have used for decades, while also delivering the latest offerings that a growing portion of consumers desire. More than ever, consumers are willing to take their business to other financial institutions to find innovative products and services, with more consumers than ever willing to diversify their financial services partners to get what they want. We are very fortunate to have Kris Kovacs, president and CEO of Constellation Digital Partners on the Banking Transformed show. He discusses how financial institutions that deliver the innovations that best satisfy demand will reduce the likelihood that business will go to another FI or a FinTech. 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 wor

Nearly two-thirds of consumers indicate they manage their financial relationships predominantly online or via their mobile device. In addition, nearly 70% of consumers feel faster payment capabilities from their current financial institution is an important driver of satisfaction. To address these expectations, the Federal Reserve Banks are developing FedNow to enable financial institutions of every size to provide safe and efficient instant payment services in real time, around the clock, every day of the year. We have Nick Stanescu, FedNow Business Executive, Federal Reserve Financial Services, on the Banking Transformed podcast. Nick provides an update on the future introduction of the FedNow Service and discusses the benefits of the service in the future. This episode of Banking Transformed is sponsored by FedNow The FedNow Service is a new instant payment infrastructure that the Federal Reserve Banks are launching in mid-2023 to enable financial institutions of every size across the U.S. to provide safe

While the fintech industry is growing rapidly, it is still rare to see women as fintech founders or women holding leadership roles. More concerning is the fact that women fintech founders are lower in North America than other regions of the world. In August, a collaboration between BMO Harris Bank and 1871, a #1-ranked private business incubator, provided women entrepreneurs the opportunity to bring their innovative technologies and products forward. My guests on the Banking Transformed podcast are BMO Harris’ Niamh Kristufek, US head of business banking and Andrew Harrison, Head of US Digital Partnerships. They share the results of this year’s incubator program and the importance of greater inclusion in the fintech space. 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

As new players continue to expand market share with data and customer-centric business models, incumbent banks face an urgent need to modernize systems to remain competitive in the payments landscape. By investing in emerging digital technologies, banks can address evolving customer preferences, mitigate risk, and achieve regulatory compliance. My guest on the Banking Transformed podcast is Nick Botha, Business Development Manager at AutoRek. He discusses the importance of an end-to-end platform designed reduce costs, improve efficiency, and streamline your reporting processes. This episode of Banking Transformed is sponsored by AutoRek AutoRek is a trusted vendor of data management solutions by the world’s largest financial institutions with extensive experience across banking and payments. The end-to-end payments reconciliation platform is designed to overcome the most difficult challenges for managing reconciliations, data management and reporting. AutoRek combines cutting edge technology, first class im

Despite the benefits of easy information access, the amount of information each human needs to process is overwhelming, creating a reduction in comprehension and decision quality. The question most leaders have is, “How do I keep on top of so much information?” Those who can absorb and convert the vast amount of available information into insights, action, and a view of the future will generate success and results beyond their peers. My guest on the Banking Transformed podcast is Ross Dawson, chairman of the Advanced Human Technologies group of companies. He discusses how leaders can not only cope with today’s information overload … but thrive on it. 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 s

Trust in banking hinges on the ability of financial institutions to safeguard identities and keep consumer and business data private, particularly during online account opening and onboarding. Unfortunately, traditional Know Your Customer (KYC) and Know Your Business (KYB) verifications is often synonymous with tedious and manual processes, friction, and onboarding delays. The longer these processes take, the greater the negative impact to client acquisition. My guest on the Banking Transformed podcast is Chris Luttrell, the CEO of IDology. She discusses what can be done to foster trust across the entire customer journey, while improving the customer experience for consumers and businesses. This episode of Banking Transformed Solutions is sponsored by IDology ExpectID® Business is an automated KYB solution that is imperative for any business that wants to remain competitive. With ExpectID® Business, IDology has combined KYB and KYC due diligence with multiple layers of risk detection and fraud intelligenc

The banking sector has always been data intensive. Today, AI technology has the capability to improve efficiency, increase innovation, boost differentiation, manage risk and regulatory needs, and positively impact the customer experience. While more than 80% of financial services AI adopters say that AI will be very or critically important to their business’s success in the next two years, it’s time for banks to move beyond the hype and consider practical applications of AI across the entire organization. On today’s Banking Transformed podcast, we have Imtiaz Adam, global AI influencer and founder of Deep Learn Strategies Ltd. He will share why financial institutions must make adoption of AI technologies across the entire enterprise a strategic imperative.

More than ever, financial marketers can trigger automatic action by applying behavioral science principles in marketing strategy and creative execution. If you have a behavioral understanding of your customer, they will find you, refer business, and share insights that will help your efforts succeed. At a time when both print and digital marketing involve as much art as science, behavioral science is a critical tool for understanding how consumers will react to various tactics and strategies. My guest on the Banking Transformed podcast is Nancy Harhut, cofounder of HBT Marketing. Nancy shares why marketers cannot afford to ignore behavioral science since it can shed light on why people buy or don’t buy your brand.

Customer expectations are changing faster than ever. Unfortunately, most banks and credit unions are playing catch-up, with siloed data, back-office technology that was built decades ago, and processes that move too slow. Continuous Product Design, supported by real-time data, can help organizations deliver digital solutions that are personalized, empathetic, and delivered with speed and scale. My guest on the Banking Transformed podcast is Mario Ciabarra, founder and CEO of Quantum Metric. Mario discusses how banks can use data to drive digital product design and deployment that enhances customer experiences and increases engagement. This episode of Banking Transformed is sponsored by Quantum Metric As the pioneer in Continuous Product Design, Quantum Metric helps organizations put customers at the heart of everything they do. The platform empowers a customer-centric culture, helping business and technology teams align faster on customer needs and prioritize the opportunities that will drive the most value

More than ever, creating an organization that responds to customer’s needs, cares for and inspires employees, embraces purpose, emphasizes diversity, equity, and inclusion, and helps a firm become future-ready — all boil down to one thing: leadership. While conversations about the importance of a disruptive mindset started well before the pandemic, the crisis accelerated the need for strong leadership significantly. The question becomes how ready is existing leadership to lead an organization to success during uncertain times? My guest on the Banking Transformed podcast is Charlene Li – Chief Research Officer, PA Consulting. Charlene shares how leadership can better embrace change, accept risks, and help organizations become future-ready.

Most mortgage experiences are overwhelming and full of friction, with outdated processes that includes a stack of paper forms and multiple in-person meetings. And, while many financial institutions would like to provide a better experience, resources are scarce. New mortgage-as-a-service (MaaS) solutions allow smaller financial institutions to utilize best-in-class technology, while still retaining personalized engagement. This enables local banks to compete with larger financial institutions for the most important household relationship. My guests on the Banking Transformed podcast are Jonathan Price, EVP of Q2 and Sam Schey, EVP of Rocket Mortgage. They are going to explain how a bank can combine an industry-best digital mortgage process with a bank’s existing mobile and online banking platform. This episode of Banking Transformed is sponsored by Q2 Today, digital banking is more than a channel—it’s how financial institutions deliver their brand, manage customer relationships, and grow their business. Q2 h

Small businesses are the foundation of the American economy, with 30.2 million small businesses making up 99.9% of American businesses and employing 47.5% of American employees. Despite the size of this segment, small businesses have unique challenges such as funding, payment processing, money transfer and more. In addition, most traditional small business bank processes are antiquated and time-consuming. My guest on the Banking Transformed podcast is Corey LeBlanc, co-founder of Locality Bank, a digital-first community bank based in Fort Lauderdale. Corey shares the mission of this start-up and how Locality is using financial technology to make processes more efficient, saving money and better serving their customers.