Banking Transformed with Jim Marous

In today's competitive landscape, financial institutions must adopt a customer-centric culture focused on loyalty and lifetime value to thrive. My guest on the Banking Transformed podcastis Wayne McCulloch, Chief Customer Officer at Alkami Technology. Wayne lays out a proven framework for organizations to become truly customer-obsessed. As the author of the best-selling book, “The Seven Pillars of Customer Success”, Wayne brings deep expertise on embedding customer-first approaches across an organization. Join us as we explore how Wayne's seven pillars can guide banks, credit unions and other financial firms to deliver better client outcomes. This Episode of Banking Transformed is Sponsored by Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account

I'm joined on the Banking Transformed podcast by Rakefet Russak-Aminoach, a trailblazer in digital banking innovation. Rakefet led the transformation of Bank Leumi into Israel's most profitable and forward-thinking bank before becoming a managing partner at Team8, a fintech foundry. We explore her transition from traditional bank to Team8 and delve into the unique foundry model that drives its mission of innovation and growth. Rakefet sheds light on the strategies that enable fintech firms to navigate changing funding dynamics and balance innovation and stability. Her insights offer a perspective on the intersection of established banking wisdom and the nimbleness of startups. Additionally, Rakefet's dedication to diversity, gender equality and empowerment takes center stage as we discuss her contributions to fostering a more inclusive fintech industry.

Generative AI is poised to revolutionize the financial services industry. According to new research from IBM, the market for generative AI in finance is projected to reach $9.5 billion globally by 2032. This disruptive technology has the potential to transform customer experiences, empower employees, and rapidly modernize legacy systems. As we gear up for Sibos 2023, we’re joined by John Duigenan, General Manager, Financial Services and IBM Distinguished Engineer, IBM Technology on the Banking Transformed podcast. We discuss some of the most promising AI use cases gaining traction, why an open and hybrid platform is critical, how generative AI can aid application modernization, and what financial executives need to think about when implementing this new wave of AI.

On today’s Banking Transformed podcast, I'm thrilled to be joined by Brandon McGee, Chief Digital Strategy Officer at A+ Federal Credit Union, who is spearheading their ambitious efforts to reimagine members' digital experiences. Brandon has a 30-year legacy in banking and technology, having spent time at both large and small financial institutions as well as working at Dell and Facebook. With leadership committed to being future-ready, A+ FCU has made tremendous strides in digital innovation and user-centric design. In our conversation, we explore how financial institutions of any size can become digital banking leaders, the role of culture change, and the keys to rapid innovation iteration.

From the complexities of legacy infrastructure to the nuances of modern app development and the ever-evolving threat landscape, banking is faced with balancing performance, speed and security. Join us in this episode of the Banking Transformed podcast as we sit down with Michael Wiley, VP and CTO of F5, to explore the multifaceted world of banking cybersecurity within the context of digital transformation. Wiley's expertise offers practical guidance for all banking executives seeking to strike the right balance between innovation and protection. As the banking industry continues its transformative journey, the wisdom shared in this episode serves as a beacon for securing a safer and more resilient future. This episode of Banking Transformed Solutions is sponsored by f5 F5 offers comprehensive protection that lets you implement a consistent security policy for any app and any API, anywhere. Security that adapts as attackers retool with minimal customer friction. Security that protects your whole business wit

Community banks, deeply rooted in their local domains, have played a pivotal role in supporting the financial needs of individuals, small businesses, and local economies. But the digitalization of the industry has altered the playing field. Looking forward, what are the unique advantages local financial institutions can bring to the table beyond ‘being friendly’? What are the challenges they face in competing with larger marketplace leaders? And what are the strategies management must adopt to ensure they remain future-ready. I am excited to have Jim Perry, Senior Strategist at Market Insights, Inc. on the Banking Transformed podcast. We will be discussing how community banks and credit unions can best co-exist in a marketplace that includes regional and national banks, tech companies, fintech firms and even non-financial players.

We’re at the midpoint of 2023, making this the perfect time to take stock of the major trends shaping retail banking globally and look ahead to the future. A multitude of events this year have altered the industry's trajectory, influenced consumer behavior, and prompted financial institutions to reassess their business models and go-to-market strategies. The question is which events will have a lasting effect and what jobs need to be done to become more future-ready? I am excited to have David M. Brear, CEO of 11:FS on the Banking Transformed podcast. We will be discussing how banks and credit unions have reacted to major global disruptions, and what major opportunities and threats currently exist in retail banking.

As artificial intelligence (AI) continues to advance and reshape banking, achieving a high level of AI maturity becomes crucial for financial institutions to remain competitive and relevant in the modern landscape. But what determines an organization’s AI maturity. Evident has just published an extensive study on AI innovation and maturity across major banks. Their research analyzed 60 of the largest banks in North America and Europe to understand how banks are positioning themselves for an AI-driven future. I am excited to have Alexandra Mousavizadeh, Co-founder and CEO of Evident on the Banking Transformed podcast. We will be discussing what determines a financial institution’s AI maturity, the advantage AI maturity provides and how organizations can keep pace with market leaders.

This is the second part of a two-part in-depth Banking Transformed podcast interview on generative AI and ChatGPT in banking with Brian Roemmele, President of Multiplex. With the rise of generative AI (ChatGPT) and its increasing impact on various sectors, including banking, it's crucial to examine how these advancements are transforming the landscape, both for better and for worse. From exploring the impact of generative AI on customer experience and engagement to discussing the ethical considerations and regulatory challenges, it is more important than ever to understand the transformative power of AI in banking. Brian equips listeners with the knowledge and understanding needed to embrace the promise of generative AI and ChatGPT while mitigating associated risks.

With the rise of generative AI (ChatGPT) and its increasing impact on various sectors, including banking, it's crucial to examine how these advancements are transforming the landscape, both for better and for worse. From exploring the impact of generative AI on customer experience and engagement to discussing the ethical considerations and regulatory challenges, it is more important than ever to understand the transformative power of AI in banking. My guest for part one of this important Banking Transformed podcast interview on generative AI and ChatGPT in banking is Brian Roemmele, President of Multiplex. Brian equips listeners with the knowledge and understanding needed to embrace the promise of generative AI and ChatGPT while mitigating associated risks.

Fintech firms are currently facing a series of challenges stemming from a variety of factors, including dropping venture capital (VC) funding, the failure of Silicon Valley Bank and the uncertain economic climate. Collaboration and partnerships within the fintech ecosystem and with traditional financial institutions may become even more crucial as fintech firms reassess business models and try to build greater resilience. My guest on the Banking Transformed podcast is Jeff Tijssen, Expert Partner and Global Head of FinTech at Bain & Company. Together, we try to unravel the complexities of this rapidly evolving sector and uncover how fintech is reshaping the way we think about money, payments and financial services.

Advancements in digital banking technologies, like mobile apps, chatbots and digital wallets allow banks to provide always-on, personalized experiences across the entire customer journey. Done well, financial institutions can increase early engagement and activation speed, reduce contact outreach and increase revenues. Despite these advancements, challenges remain. Regulatory constraints, data privacy concerns, and technical complexities pose hurdles in fully realizing the potential of personalized banking. As a result, many firms are building third party collaborations to drive early personalization wins. We have Jason Davies, Vice President, Product, Solutions & Customer Delivery at Flybits on the Banking Transformed podcast. We'll explore the opportunities and challenges faced by card issuers and all retail bankers as they strive to enhance the cardmembers' journey through personalized engagement. This episode of Banking Transformed is sponsored by Flybits Cardholder Lifecycle experiences designed to del

2023 has presented many challenges for financial institutions. Record-breaking inflation, rapidly rising interest rates, reduced loan demand, and declining deposits have created a level of uncertainty not experienced for decades. These changes have disrupted status-quo assumptions while presenting amazing opportunities for financial institutions willing to reinvent legacy business models. I am excited to have Gregg R. Tewksbury, president and CEO at New Hampshire Mutual Bancorp and Lee Wetherington, senior director of corporate strategy at Jack Henry on the Banking Transformed podcast. They discuss the results of the 2023 Strategic Priorities Benchmark Study just released by Jack Henry.

From virtual and embedded experiences to digital payments and the power of AI, digital banking experiences can be enhanced at every touchpoint. With so much disruption – and opportunity – facing banks, credit unions and fintech firms, the industry must be more agile than ever to turn these changes to their advantage. But capitalizing on disruption and unleashing new growth potential requires more than just new technology. It requires strong leadership, laser focus, a willingness to collaborate with third-party solution providers and a commitment to customer centricity. We have DeAndre Jones, EVP, Chief Client Officer & Head of Client Experience at FIS on the Banking Transformed podcast. We dive into the ways in which technology and digital solutions are revolutionizing the banking sector, ultimately creating better experiences for customers. 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 f

Creating a separate digital-only bank by a legacy financial institution is an opportunity to build a new, high-growth business that leverages the parent’s capabilities, brand and capital. The challenge is moving from a rapid initial growth phase to delivering sustainable returns, without being challenged by a legacy mindset or outdated back-office. Jenius Bank, the new digital-only banking division of California-based Manufacturers Bank, and wholly-owned subsidiary of the 400 year-old Japan-based SMBC Group, has just announced the launch of its inaugural consumer lending product. I am excited to have long-time banking veteran, John Rosenfeld, president of Jenius Bank on the Banking Transformed podcast. We discuss what will differentiate Jenius Bank and why John believes this new digital bank will succeed where others have failed.

Many financial insrtitutions are stuck with digital transformations that are not moving the needle. In the new book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” the authors found that long-term success comes when leaders embrace change around their talent, operating model, technology, and data capabilities. So, what can the banking industry learn from this detailed ‘how-to book’? How can financial institutions of all sizes continually create great customer experiences, lower costs, and build value? We have Eric Lamarre, Senior Partner, McKinsey & Company and one of the authors of the book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” on the Banking Transformed podcast. He shares some of the key findings in the book and what banks must do today to become future-ready.

Being a leader in today’s banking ecosystem can be challenging when everything around us is changing so fast. The ability to pivot, be flexible and continuously evolve is a key to success. These challenges are heightened when a leader is a female in an industry historically dominated by males. The balancing of work with the pressures of home and raising a family can change the path to success. But, the path is not impossible if there is focus, commitment to learning, and empathy for coworkers and peers around us. I am thrilled to have Amnah Ajmal, Mastercard’s EVP of Market Development for Eastern European, Middle Eastern and African markets on the Banking Transformed podcast. She shares her leadership journey across multiple continents and why continuous learning is the key to becoming more future-ready.

Companies with engaged employees experience lower turnover, higher productivity, improved communication and collaboration, enhanced customer service and increased sales. According to research, an increased focus on employee experience can increase revenue and profits by more than 50 percent. This is why 84% of executives rate employee experience (EX) as important to delivering a better customer experience (CX), according to Deloitte. Unfortunately, less than 10% of firms say they are ready to actively improve employee experiences. I am excited to have Tiffani Bova, the global customer growth and innovation evangelist at Salesforce, and the Wall Street Journal bestselling author of the new book ‘The Experience Mindset’ on the Banking Transformed podcast. We discuss why organizations need a new operating mentality that takes into account the needs and preferences of both customers and employees with every decision made. This episode of Banking Transformed is sponsored by Microsoft: See how Microsoft can help

The banking industry is undergoing a transformation as changing customer expectations and disruption from non-traditional financial players force traditional banks to rethink their value propositions. One growing business model is banking as a service (BaaS) — a partnership in which banks and credit unions leverage their charters to enable non-banking institutions to offer financial services directly to their customers. According to recent studies, BaaS is expected to reach $7 trillion in value by 2030. I am excited to have Jason Mikula, one of the foremost authorities on the banking and fintech marketplace on the Banking Transformed podcast. We discuss how banks can unlock new business opportunities and add value and why BaaS has the potential to transform financial services. 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 a

Money 20/20 offers an amazing view into the future of banking and fintech with hundreds of participating organizations and thousands of attendees from across the globe. It was clear from the outset that embedded finance was a key theme this year. Embedded finance offers banks and nonfinancial organizations the ability to provide a frictionless experience built within a customer’s daily life. More than ever, banks need a strategy to unlock the vast potential of embedded finance. I am excited to have Christoffer Malmer, head of SEB Embedded and Pal Krogdahl, CTO for IBM Core Banking and Payments on the Banking Transformed podcast. We discuss how Swedish banking giant SEB reorganized its tech and innovation operations to become a leader in the embedded finance space. This episode of Banking Transformed Solutions is sponsored by IBM IBM delivers technology and industry expertise to the global financial services industry through its infrastructure offering, software portfolio and consulting services. As a truste