Banking Transformed with Jim Marous

According 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 credit unions. Our guest is Nikhil Lele, the principal for digital transformation at EY. He discusses the shift in financial services loyalty and what banks and credit unions can do to defend relationships in a digital age. This episode of Banking Transformed is sponsored by FIS.  The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are

Consumers 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, director of solution consulting for Fiserv. We discuss the importance of creating digital solutions and delivering a personalized digital experience across channels. We also dig into how this can be achieved quickly and what are barriers to success. This episode of Banking Transformed is sponsored by Fiserv:  As a global leader in payments and financial technology, Fiserv helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking s

In 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 are joined by Scott Sanborn, CEO of LendingClub. Scott shares his perspective on how the LendingClub platform can leverage the loyalty of borrowers for future relationship expansion. This episode of Banking Transformed is sponsored by FIS. The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures. The Financial Futures

Founded 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 Financial Group and PNC Bank. To understand what makes Alliant unique and why a legacy big bank executive would want to ‘downsize’, we are joined by Dennis Devine, CEO at Alliant Credit Union. Dennis shares his perspective on how Alliant delivers the best of digital while still meeting the expectations of a great human experience. This episode of Banking Transformed is sponsored by FIS.   The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, in

More 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 choose when to give up their data and for what purpose. In this episode, Hossein Rahnama, CEO and Founder of Toronto-based Flybits, discusses how data can make relationships stronger by keeping data secure and using data responsibly – on the customer’s behalf. This episode of Banking Transformed Solutions is Sponsored by Flybits Flybits is the most advanced contextual engagement platform designed for the financial industry. It transforms data into experiences that build trust and preserve the privacy of individuals. So simp

Data 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 data strategy. Our guest for the show is Karthik Ravindran, GM, Enterprise Data at Microsoft. He discusses the data transformation journey at Microsoft, and why data maturity is the key to success in a digital world. 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/fin

At 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 opportunities for community banks to serve consumers and communities. 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

McKinsey 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 creating new solutions at scale. We are very fortunate to have Amy Radin, founder and principal of Pragmatic Innovation Partners and author of the award-winning book, ‘The Change Maker’s Playbook: How to Seek, Seed and Scale Innovation In Any Company’. 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 o

The 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 guest is Paolo Sironi, Global Research Leader for Banking and Finance at the IBM Institute for Business Value. We discuss how financial institutions will need to explore a new normal, which may require continual reinvention of business models and solutions. 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

The 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 Digital Growth Institute and author of the book, “Banking on Digital Growth” on the show. He discusses digital sales models and how organizations can multiply results by following a well-defined formula. This Episode of Banking Transformed is Sponsored by FIS Global If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the unique challenges and opportunities of the digital age. More at: fisglobal.com

Modern 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 these technologies to increase market share and improve customer experiences? Our guest is Andrew Beatty, Head of Global Next Generation Banking at FIS Global. He shares his insights and projections as to where the banking industry must focus efforts to succeed in the future. This Episode of Banking Transformed is Sponsored by FIS Global   If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the u

The 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 needed to transition to new models? We are very fortunate to have Mindy Mercaldo, Head of US Branch Network at Citi, to discuss the future of bank branch delivery and how to support growth with new delivery models. This Episode of Banking Transformed is Sponsored by FIS Global  If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the unique challenges and opportunities of the digital age. More at: f

What 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 and growth. Our guests are Marco Bernasconi, President of North Brookfield Savings Bank and Marla Pieton, VP of Marketing for Segmint. We discuss with how using data, at a foundation level, can drive growth in banking. 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 billions of transactions, Segmint provides the fastest and most accurate

Before 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 models for banks and the industries they serve. Our guest is Mike Cook, global payments leader at IBM. We discuss how the center of transformation in banking is focused on payments and how legacy financial institutions can keep pace with a new generation of providers. This episode of Banking Transformed is sponsored by IBM: IBM has created a payments fabric where ecosystem members can easily, quickly and economically collaborate and consume payments services from banks, other Financial institutions, or FinTechs.. The IBM Pa

Despite 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 Celent. He discusses the ways leading financial institutions are differentiating themselves with innovation, back-office reengineering, technology modernization and new leadership paradigms. This Episode of Banking Transformed is Sponsored by FIS Global    If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the unique challenges and opportunities of the digital age. More at: fisglobal.com/modernbanking

In 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 marketplace that readily embraces fintech start-ups today. On the show, Shamir Karkal, Founder & CEO of Sila, discusses how innovation in the banking industry has changed since the early days of Simple, and what the prospects are for innovation and digital banking transformation in the future. 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 se

Competition 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 Partnerships for Western Union Business Solutions. We discuss why offering international payment services can be a game-changer, how to overcome hurdles, and what action steps every community bank and credit union must take right now. Episode Sponsor Western Union Business Solutions is a global leader in international payment enablement for financial institutions. With hassle-free implementation, we offer a world-class, 24/7 digital platform where customers can send payments in 130+ currencies and receive foreign funds with

In 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 population. We are fortunate to have Zac Cohen, COO of Trulioo, a global identity verification company, on the show. Zac discusses how alternative data can be used to provide stronger digital identities and provide credit and other services to the previously underserved markets.

Some 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 Kafafian Group, Inc. and author of the new book, 'Squared Away: How Can Bankers Succeed as Economic First Responders'. Jeff discusses the role community banks and credit unions can play in an increasingly demanding 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 services, and redefine new ways of working. More at M

The 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 R “Ray” Wang, Principal Analyst, Founder, and Chairman of Constellation Research, Inc., author of the best-selling book, 'Disrupting Digital Business' and his upcoming book, 'Everybody Wants to Rule The World'.   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/financi