Banking Transformed with Jim Marous

One of the biggest problems facing legacy banking organizations today is leveraging data and advanced analytics to drive digital transformation, creating hyper-personalized experiences, supporting an innovative culture, and solving consumer challenges with appropriate technology. One organization that has emerged as a data-centric leader is TD Bank. Headquartered in Toronto, Canada, TD Bank is a top 10 bank with 85,000 employees and more than 26 million customers. Branding itself as America’s Most Convenient Bank, TD has quickly responded to the needs of the digital consumer. We are very fortunate to have John Thomas, EVP and head of global innovation at TD Bank on the show. John discusses how a data-driven culture positions this legacy financial institution to be a major force in banking well into 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 e

According to the Digital Banking Report, the top priority of the majority of financial institutions is to advance digital transformation. But what is the best way to proceed? And, where should organizations start? People’s United Bank, a regional bank based in Connecticut started by forming a “business transformation office” to focus on digitization and technology development. The team is responsible for optimizing and automating back office processes as well as setting up partnerships with financial technology companies. To understand how a $60 billion dollar bank has advanced digital transformation, we are joined by Ravi Vakacherla, EVP and chief transformation officer at People’s United. Ravi shares his perspective on where organizations should start and the roadblocks to digital transformation. 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 a

Late last year, it was announced that Google Pay will partner with legacy financial institutions in the development and distribution of checking accounts through a new service called Google Plex. In addition, Google announced a partnership with Deutsch Bank for cloud implementation and co-innovation of new products and services. For the banks, these partnership can be a way to quickly grow customer relationships and expand market coverage. These partnerships could also threaten banks that fail to execute real-time personalized digital strategies. Our guest for the show is Yolande Piazza, VP of financial services for Google Cloud. Yolande joined Google in mid-2020 after almost 15 years at Citi where she most recently managed fintech partnerships. In this episode, we discuss the financial service strategies at Google. We also discuss what the future of banking may look like and who the players may be.

As a result of the pandemic, people were forced to adopt digital alternatives to their traditional way of doing banking. This shift was not always smooth for the customer or the financial institution. Many consumers still wanted personalized interaction to learn about services. Financial institutions that want to improve engagement, interactions, and brand loyalty are responding with new forms of personalization, such as rich media like video. Our guest for the show is Jim Dicso, CEO of SundaySky. In this episode, Jim discusses how personalized video-powered experiences can drive breakthrough outcomes at key moments along the customer journey. This Episode 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

How can organizations compete for customers, time, attention and money in an increasingly digital world where time is limited, attention is scarce and the ability to genuinely engage with consumers has become more difficult than ever? One of the few brand differentiators available today is to build memorable and repeatable experiences. Unlike in the past, when many of these experiences could be built in a one-to-one tactile world, digital delivery changes the game. To better understand the challenges and opportunities of building a compelling customer experience, I am joined by fellow Clevelander Jim Gilmore. Jim is the coauthor, along with Joe Pine, of one of the best business books of the 20th century, "The Experience Economy". Jim shares examples of how executives from any industry can set themselves apart from the competition be creating personalized and transformative experiences. Episode Sponsor: Auriga Auriga is a leading supplier of software and technological solutions for the banking and payments

The pandemic changed the business landscape for all industries … possibly none more dramatically than financial services. Already being impacted by non-traditional players, financial institutions needed to shift in an instant to satisfy customers no longer able to conduct business in traditional ways. What will 2021 look like? What major shifts will occur that will last into the future? What could surprise us in an ecosystem where change is one of the only constants? To get a perspective on the future of banking and fintech, we are joined today by Ron Shevlin, the Managing Director of Fintech Research at Cornerstone Advisors. Ron is the author of the book Smarter Bank and is a senior contributor for Forbes. Ron is also ranked among the top banking influencers globally and is a frequent keynote speaker. This episode 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, produ

Mobile banking usage is rising quicker than ever as a result of the pandemic. With close to 50% of consumers stating that mobile is a top-three factor that determines their choice of financial institutions (after fees), it is imperative that banks offer mobile features that consumers value most. However, it is not enough to just enable mobile banking capabilities. Banks must also remove friction and provide the user experience that consumers desire as well. The guest for the show is Mark Donohue, founder and CEO of Hong Kong-based iSky Research. In this episode, Mark discusses what makes a mobile banking leader, given the insight Mark has from monitoring hundreds of banks globally on functionality and user experience.

Research from the Digital Banking Report has found that the biggest barrier to successful digital transformation is legacy leadership and culture that is unable to embrace the skills and mindsets needed for the future of banking. The future of banking and the future of work has made it clear that a different type of leader is required to guide people and organizations to success in the next decade. The question is whether financial industry leaders at all levels can embrace change, take risks and disrupt themselves. We are joined today by Jacob Morgan, futurist, TED speaker and best-selling author of 4 books including his newest book, The Future Leader. On the show, Jacob shares insights from his in-depth research on how leadership is changing, what leadership is going to look like in the future, and what we need to do now to be future-ready leaders. This episode is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differe

As the largest U.S. bank, Chase is committed to a strong multichannel strategy, building new branches while also being a leader in digital banking innovation. With 55 million digitally active customers, representing close to 70% of the Chase customer base, Chase continues to provide consumers with the banking options they desire—whether it be physical to digital. With the pandemic making consumers more aware of the need for digital banking solutions, as well as more demanding of their digital banking experience, the need to improve both speed and simplicity of digital engagement has never been more important. To understand how Chase continues to be a leader in digital channel growth, we are joined today by Allison Beer, Head of Digital at Chase bank, where she leads digital innovation for the bank. In the episode, we discuss the impact of the pandemic on digital banking and the future of digital at Chase. Episode Sponsor: Microsoft See how Microsoft can help to unlock new opportunities at speed through in

Founded in 2006, Tinkoff is Russia’s largest online challenger bank offering a huge range of services, including mobile personal and business accounts, investment and insurance products, as well as being Russia’s second-largest issuer of credit cards. Tinkoff has also diversified into non-financial services, including travel, ticketing and bookings services — all available through its lifestyle super app. This expansive array of services has led to profits of over $500 million in 2019, with a current customer base of more than 12 million customers. Tinkoff consistently wins awards as the best digital-only bank, serving customers remotely via online channels and a cloud-based call center. TCS group also has a proprietary nationwide network of representatives. Our guest for the show is Oliver Hughes, CEO of Tinkoff. In this episode, we discuss how the combination of an innovative business model, a strong team and a recognized brand can yield success anywhere in the world. Episode Sponsor: Microsoft: See h

We have had the opportunity to interview many fintech start-ups and challenger banks on the Banking Transformed podcast. None are like Starling Bank. First of all, Starling was founded by a woman with a legacy banking background. Not just any woman, but an extraordinarily tenacious, middle-aged, short-statured woman who doesn’t fit the traditional mode of a fintech founder. Anne Boden had a view of what banking should look like in the future far before many of her challenger bank peers. What also sets Starling bank apart is that they have become the first of the new breed of digital banks in the UK to become profitable. With nearly 1.8 million accounts, £4 billion in deposits and £1.5 billion of lending, they have doubled their customer base in the past year and continue to introduce new services at a frenetic pace. We are joined today by Anne Boden, founder and CEO of Starling, and author of a new tell-all book, Banking On It: How I Disrupted an Industry. On the show, Anne provides an inside look into th

When COVID-19 hit, the banking industry was caught off-guard, needing to provide financial services without physical structures, deliver relief to consumers and small businesses in ways never imagined, accelerate digital transformation and innovation efforts, and perform all of these in a remote work environment. With the pandemic crisis mode mostly in the rearview mirror, financial institutions are determining the next best action – placing their bets for the future. Some are doubling down on investments in data, analytics, advanced technology and the reskilling of workforces. Others are delaying or cancelling projects, focusing mostly on improving digital maturity and efficiency. We are joined today by Jim Eckenrode, managing director of the Deloitte Center for Financial Services. On the show, Jim discusses how the financial services industry adjusted to the impact of the pandemic, and what the outlook for the industry will be in 2021 and beyond.

Banking has historically been an industry founded by men, run by men, with products created for men. Recently, progress has been made, but the gender bias in banking still runs deep. Surprisingly, this same bias exists in fintech, where there are far too few female fintech founders and too few women working at these new start-ups. The question is, is this a supply issue or a demand issue? More importantly, how do we address these imbalances that continue to impact the funding mechanism, the ability to get new ideas heard, and the potential for innovations geared to women? We are joined today by Neha Mehta, founder of Femtech Partners, a consulting firm based out of Singapore helping fintech start-ups get a foothold in Asia and promoting women in fintech. On the show, Neha discusses some of the challenges women face in getting an equal opportunity for funding, having a seat at the management table, working at start-ups, and having the ability to create solutions geared to the female market.

The best way to increase sales, loyalty and customer satisfaction is to reduce the effort needed to proceed along the customer journey. Jeff Bezos said, “When you reduce friction – make something easy – people do more of it.” Customers have been trained by companies like Amazon, Google, Uber, Netflix, Rocket Mortgage and others that processes can be simplified in a digital world. The key is to be able to identify roadblocks and change them for the benefit of both your company and the customer. We are joined by Roger Dooley, author of the books ‘Brainfluence: 100 Ways to Persuade and Convince Customers With Neuromarketing’, and ‘Friction: The Untapped Force That Can Be Your Most Powerful Advantage’. During the interview, Roger shares how behavioral science can help identify and eliminate the friction that can destroy a customer experience.

The outbreak of the COVID-19 posed great challenges to the global economy and people’s daily lives, and has had far-reaching consequences beyond the spread of the disease. It has changed the way consumers perform transactions and engage with friends, family and organizations. At the same time, the pandemic was the foundation for increased creativity and innovation. In the banking industry, we have seen new products developed, new ways of engaging emerge and traditional services transformed for a new digital era. To discuss the findings of our Retail Banking Innovation 2020 Digital Banking Report report, we are joined by Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, the sponsor of the report. In this episode, we discuss this year’s findings and the ramifications for financial institutions in the future.

While almost every financial institutions wants to market to, and build relationships with, the Gen Z consumer, few organizations understand who the Gen Z consumer is, what they want from a brand, how to market to them, or how to make them loyal customers. Just as importantly, few organizations understand how to recruit and retain them as loyal employees. Bottom line, the Gen Z consumer is often misunderstood or categorized only by their digital channel inclinations. Financial institutions need to much dig deeper to maximize the value of this important segment. We are joined today by Jason Dorsey, president of the Center for Generational Kinetics and the foremost leader in the understanding of the Gen Z consumer. On the show, Jason shares insights from his most recent global research that is featured in his new book, Zconomy, How Gen Z Will Change the Future of Business – And What to Do About It.

Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Remote work became the norm, and the agenda for technology investment changed as consumers and businesses expected experiences similar to what they received from Amazon, Netflix, Zoom and Uber. But the future of banking is far from clear. There are optimists who believe the industry will transform itself through modern technology to be more than it is today. There are pessimists who believe traditional banking is dead. The reality is probably somewhere in between. We are fortunate to be joined today by Theo Priestley, globally recognized futurist and international speaker, author, and authority on the future of business, technology, and society. He is also working on a collaborative book entitled, 'The Future Starts Now'. During the interview, Theo provides perspective on what we can expect as consumers and as bankers.

When you think of global leaders in digital banking, the conversation must start with Tencent-backed WeBank, the first digital-only bank in China. Launched at the end of 2014, WeBank has experienced astounding growth, with digital technology that is considered an industry best. Today, WeBank has over 200 million customers and is the leader in assets, loans, net profits, return on equity in the Chinese digital banking space. WeBank was founded with the mission of providing ‘“affordable, accessible, appropriate, and sustainable” banking services for underserved individuals and small businesses. As opposed to being a bank with technology advantages, it is a shining example of a technology company with banking licenses. We were granted an exclusive interview with Henry Ma, executive vice president and CIO of WeBank who I met back in January when I visited WeBank in Shenzhen. During the interview, Ma discusses WeBank’s mission of delivering financial inclusion at scale by leveraging AI, blockchain, cloud computi

According to a recent survey by Deloitte, nearly two-thirds of respondents said that global digital identity will be very important in the future despite the fact that digital IDs are still largely underused in the world today. Newer digital identity verification methods, like biometrics, could provide far superior authentication protocols and offer customers more seamless experiences while protecting against fraudsters. Digital IDs could also greatly enhance the gig economy, where the identity of remote workers is paramount to the protection of valuable corporate and consumer assets. While passwords are currently king, the development of universal digital recognition solutions that are both seamless and secure will eventually be the norm. We are fortunate to have Dave Birch, Author, advisor and commentator on digital financial services on the show today. During the podcast, Dave discusses the benefits and risks of digital identity, the role of the banking industry, and how we must balance connected commer

In late 2019, BB&T and SunTrust combined to become the 6th largest bank in the country, serving 10 million households. Looking at the strategic and financial benefits of the merger, the mission was to preserve the strong cultures of the legacy organizations, while using the combined scale and cost savings to build best of breed systems, processes and digital capabilities. At the time of the merger, the question was whether two legacy banking organizations could reinvent themselves for the future of banking, making the foundational changes needed in culture, leadership focus, and innovation spirit ,while retaining what customers of both organizations had cherished from the past. I am joined today by Scott Case, the CIO of Truist. In this episode, we discuss the status of this historic merger, the role technology and innovation has played, and the impact that COVID-19 has had on the intended results.