Banking Transformed with Jim Marous

Digital disruption is occurring globally, impacting not only the way products and services are consumed, but how they are marketed and delivered using modern technologies. The impact is felt in all industries, but especially in banking, where legacy systems and culture work counter to most transformation efforts. One of the biggest challenges is how these changes are impacting the future of work and the potential displacement of millions of workers due to automation, robots and the restructuring of organizations.   In this episode, Brett King, bestselling author, founder of neobank Moven, and host of the weekly radio show, Breaking Banks, discusses the threat of new competition in banking, some potential solutions, and the potential for global unrest caused by the impact of automation and new technologies.

The future of innovation is not defined by technology. Innovation is defined by doing something new and different that works. Organizations hoping to succeed in their digital transformation journey must avoid simply adding something new, and consider the elimination of old paradigms. In this episode, we interview Rohit Bhargava, Author and Professor of Global Marketing at Georgetown University about the importance of innovation and why so many organizations fail because of ‘innovation envy’, not looking outside their own industry or not applying data effectively.

Disney is a great example of an organization that has changed tremendously through the years, leveraging data and new technology without forgetting their legacy or relinquishing their brand. At a time when financial institutions are caught between legacy cultures and the demands of a digital consumer, Disney has found a way to integrate modern technology with a personalized human touch. They have accomplished this through strong leadership, innovation, an emphasis on hiring the right people, extensive training and some Disney ‘magic’. In this episode, we talk to Doug Lipp, consultant and author of the book, “Disney U” about the importance of building a digital culture from the inside-out, leveraging training and continuous reinforcement to encourage a magical mix of modern technology and human engagement.

The financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditional bank or credit union offerings. Toronto-based startup Flybits believes that the best way to compete in the future is not just by developing innovative products and services, but by becoming the repository of choice for data in addition to money.   In this episode, Hossein Rahnama, CEO and Co-Founder of Toronto-based Flybits, discusses how the future of financial services will be based on the ability of institutions to use contextualized insights to enrich consumers’ daily lives inside and outside of banking.

In this exclusive interview, Jeffrey Hayzlett, the former CMO of Kodak, discusses the importance of strong leadership, the need for a well-defined culture, and the risk of being passive when your industry is facing massive disruption.   Hayzlett challenges bank and credit union executives to examine their values and behaviors while aligning values with an organization’s overall mission. He also stresses the importance of embracing new technology and the need for leaders to not become passive.

In a digital world, consumers can acquire enough information about a product or service on a smartphone or online to make a purchase decision without ever asking a question of a customer service representative or walking into a physical store (branch).  Whether a consumer wants to buy a protein bar or new automobile, they can now leverage digital channels at each step of the customer decision journey, bypassing the traditional step-by-step sales funnel behavior.   In this exclusive interview, Abigail Posner, Director of Strategy for Google's Brand Unit, discusses the importance of having an in-depth understanding of consumers in the digital space and translating these insights into personalized strategies for creative and content development.

Gary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the need for supportive culture and leadership and the importance of a personal brand.   During this interview, you quickly realize that his level of engagement and passion for what he does and communicates is no act for social media. He is a huge believer in the value of hard work, testing new ideas, helping others succeed and disrupting oneself.