Banking Transformed with Jim Marous

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 cutt

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 integrate

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, p

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 a

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 i

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. M

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/financialservi

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 am

Customers are more likely to engage with their bank or credit union if contacted in a timely manner on their preferred communications platform. More than ever, these channels are highly personalized digital options. Be it text, video, audio, secure chat, or social messaging, consumers want their financial institution to stay connected with them at every point of their financial journey. The challenge for financial institutions is how to implement a digital communication strategy that is secure and compliant. We have Ashish Garg, Co-Founder and CEO of Eltropy on the Banking Transformed show today. Ashish discusses the many ways that financial institutions have used digital messaging to improve engagement and revenue opportunities. This episode of Banking Transformed Solutions is sponsored by Eltropy Eltropy is the leading digital conversations platform for community financial institutions (CFIs). Its AI-driven communications tools empower CFIs to communicate, automate, improve operations and engagement, and

Banking will never return to the way things were done in the past. Continuous disruption is the new norm. The mission is to become more resilient and to benefit from the change that surrounds us. How can banks and credit unions navigate the intentional evolution of financial services while continuing the existing execution of engagement with customers? In other words, creating new business models from within what already exists. I am excited to have Brant Cooper, author of the book, ‘Disruption Proof’ on the Banking Transformed podcast. He will discuss the 5 elements required for organizations to be able to deal with accelerated change today and in the future. 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 gi

To thrive in the new digital banking environment, financial institutions need to rearticulate their value proposition, simultaneously simplifying and upgrading back-office processes and the customer experience while creating value through data and analytics. To deliver a market-leading value proposition, banks will need to work like a tech company, with leadership embracing change and acting promptly to take advantage of market opportunities that provide differentiation. We are very fortunate to have Doug Brown, President of NCR Digital Banking and Doug Peacock, SVP of Digital Delivery at Associated Bank on the Banking Transformed podcast. They discuss what is required to digitally transform a mid-asset bank and how to prioritize during times of economic uncertainty. This episode of Banking Transformed Solutions is sponsored by NCR NCR, a global technology leader, is the largest non-core digital banking provider. We help financial institutions gain efficiencies and provide personalized, seamless experiences

The banking industry, while steeped in tradition, is far from predictable. More than ever, marketplace changes are impacting what financial institutions deliver and how solutions are delivered. Unfortunately, not all legacy bankers have kept pace with the changes in the marketplace … either by choice or because their organization has failed to keep up. Without a challenger mindset and a willingness to accept change, take risks and disrupt status quo, bankers like us will be left behind. I am so excited to have Leda Glyptis PhD, chief client officer at 10x Banking back on the Banking Transformed podcast. She will discuss her amazing new book entitled, Bankers Like Us, which chronicles her journey, observations and recommendations for an industry being disrupted. 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 fin

Credit cards are one of the primary foundations for credit relationships at many financial institutions, accounting for 37% of consumer purchases by dollar value in 2021. But the marketplace is changing, as usage patterns evolve due to economic conditions and new credit alternatives. To continue to grow credit card relationships, banks and credit unions must reimagine their products to meet consumer needs, using deeper data insights to to reach specific segments, drive engagement, and rethink card economics. We have Josh Turnbull and Craig LaChapelle from TransUnion on the Banking Transformed podcast. They share the current state of the credit card marketplace and how financial institutions can better prepare for the credit customer of the future. This episode of Banking Transformed Solutions is sponsored by TransUnion As part of a global information and insights company, the TransUnion Card and Banking business supports over 5,000 financial institutions in the US — from the largest card issuers and retail b

ChatGPT has taken over the news cycle since launching at the end of November of 2022. Its AI version of human conversation has created optimism and debate around the opportunities and risks associated with this technology. The question is, how can conversational AI impact banking as we know it, from an operational and customer experience perspective? What is the scope of this change and what are the challenges? I am excited to have Charles Morris, Chief Data Scientist for Financial Services at Microsoft on the Banking Transformed podcast. We will be discussing how banks and credit unions can leverage the power of ChatGPT and conversational AI in the future. 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 y

Consumer behavior is changing faster than ever. The impact of the pandemic, technological advancements, a greater awareness of environmental, social and governance (ESG) issues and an uncertain economy are influencing financial wellness and buying decisions. More than ever, banks and credit unions are wondering how they can better shape consumer demand and drive engagement and loyalty as consumers are increasingly diversifying their financial relationships. We are very fortunate to have PwC Partners Greta Lovenheim & Brian Morris on the Banking Transformed podcast. Greta and Brian discuss the results of the PwC Customer Loyalty Survey and share how banks can strengthen relationships, increase customer lifetime value, and reduce the likelihood of attrition. Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast. This episode of Banking Transformed Solutions is sponsored by PwC Customer Link unifies your data with PwC’s third party data to build a 360 degr

An uncertain economy, combined with technological advances, increased customer expectations, and new competition will force banks to reimagine business models and rethink how financial services are delivered. More than ever, banks and credit unions must find ways to meet customer’s individual needs at speed and scale. Continuous digital transformation is required across entire organizations. I am excited to have my friend, Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Senior Contributor to Forbes on the Banking Transformed podcast. We will be discussing how banks and credit unions must respond to the major opportunities and threats facing financial institutions today. Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast. 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