Banking Transformed with Jim Marous

Banking Transformed with Jim Marous

Are you prepared to embrace change, take risks and disrupt yourself in response to the digital disruption in banking? If not, this podcast is for you. Hosted by top 5 banking and fintech influencer, Jim Marous, Banking Transformed highlights the leadership and cultural challenges facing the banking industry. Featuring interviews with some of the top minds in business, this podcast explores how financial institutions can prepare for the future of banking.

Episodes

May 24, 2022 45 min

More than ever, consumers want to associate with companies that are committed to environmental, social, and governance issues. This includes where they do their banking.


But, while almost every financial institution is jumping on the bandwagon saying they are committed to doing what is good for society, how does a bank or credit unions differentiate from the noise in the marketplace?


We are fortunate to have Chris Skinner, one of the...

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Old revenue models are dead. Financial institutions must rethink their business models and create new growth levers to be future-ready.


Subscriptions make our customers’ lives easier with the touch of a button, a recurring purchase or even a reminder about content of interest. Helping customers pay directly from their debit or credit card can generate revenue. Beyond that, there are even subscription opportunities with personalized ...

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Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.


It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial b...

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Many financial institutions struggle when it comes to building engagement with customers in a timely and impactful manner. More than ever, there is a need for ongoing dialogue that assists customers in better managing their finances.

One way to improve the effectiveness and efficiency of customer communication is with texting solutions, connecting with customers in real-time using messaging that gets attention far greater than tradi...

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May 10, 2022 33 min

It’s been 30 years since the term Metaverse was coined, but big money and big hype is now making its way into daily conversations in banking and beyond.


With the convergence of hundreds of millions of people with computer capacity at their fingertips, high-speed and high-capacity internet capabilities, the introduction of modern and affordable AR, VR and MR devices, and new assets powered by Web3 technology, the Metaverse is being d...

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While we are not seeing the end of banking, we are observing a changing of the guard in financial services. Powered by a deluge of funding, fintech firms are altering the battlefield for customers and relationships.


Without quick and decisive action, legacy financial institutions could become invisible to consumers and small businesses by 2030. To a degree, this has already occurred in payments. What’s next?


We are very fortunate to ...

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Content marketing is an important part of creating a powerful experience in banking. Done well, it can help attract, inform, and engage your target audience.


Content marketing has become popular in banking because it’s a way to provide insight without selling, building trust and loyalty that reinforces a financial institution’s brand. The types of content that can be created are vast and the sharing of content can go far beyond a ba...

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In the past six years, Marcus has used an acquisition strategy to create a digital platform for consumer loans, credit cards, high-yield savings, automated investing, as well as providing tools to help consumers manage their finances.

Most recently, Goldman Sachs completed the acquisition of GreenSky, growing the customer base of Marcus to over 13 million customers. With a no-fee, interest bearing checking account expected still in ...

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Keeping pace with an increasingly changing marketplace has never been so difficult. No place is this more evident than in creating the IT solutions required for digital banking transformation.


One way to resolve this dilemma is with low-code and no-code platforms. These platforms provide opportunities for virtually anyone to create business and mobile applications, helping accelerate innovation and delivery of highly differentiated ...

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Bloomberg reported that Apple is launching an initiative code-named “Breakout” to bring more financial services capabilities in-house.


It is believed that Apple wants to own the entire payments supply chain, minimizing external vendors, reducing costs, and reinforcing the use of consumer data to improve the customer experience. This would also allow them to compete more directly with platforms like Square, PayPal, Google, and Klarna...

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The pandemic greatly accelerated the consumer desire to adopt digital-first banking experiences. That said, consumer preference for how to do banking has also become increasingly hybrid.


Few financial institutions have innovated the customer experience across multiple platforms more than Capital One. From their award-winning mobile app to their Capital One Cafés, the bank continues to test new ways to build engagement.


We are very fo...

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More than ever, delivering banking experiences rooted in personalized engagement is an expectation from every customer. More than just a requirement for communication, financial institutions must also develop personalized, tailored products for the customer segment that they’re going after.

Consumers are increasingly diversifying who their financial relationships. If you don’t know your customer, understand their needs and deliver v...

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Financial marketing has become increasingly complex as data and technology provides the opportunity for instant, personalized engagement. As consumer attention spans shorten, and the world becomes cluttered with noise, bank marketing must adjust accordingly.


Choice proliferation and the exponential pace of change creates a combustible combination of complexity. Opportunities for simple banking experiences resonate, with greater loya...

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SoFi is on a mission to move beyond its roots as a direct-to-consumer fintech organization, to become a financial services platform that will enable banks and fintech firms to build best-of-breed financial solutions.


The recent acquisition of the Technisys’ platform, combined with their banking-as-a-service division, Galileo, will provide an end-to-end vertically integrated technology stack using industry-leading APIs.


To put this si...

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In a digital world where convenience, time savings and instant access reign supreme, a physical-first banking experience is no longer the preferred option for most consumers. But how can you verify the identity of someone wanting to do business with you?


Banks should not have to make compromises between security and a seamless customer experience along their digital journey — but this requires the right identity strategy that reflec...

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The increasing scale and pace of change has been a constant characteristic of the payments landscape, driven by rapidly changing customer expectations and new technologies. The ability to deliver on these expectations, however, is still very much work in progress.


Payments is an important element of a bank’s overall value proposition. More than ever, financial institutions must adapt new partnership strategies and operating models, ...

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Financial institutions have struggled engaging consumers with budgeting and financial health tools. Bank of America's approach has been to address financial wellness by building an omnichannel platform that allows consumers to set goals, track progress, and get answers to financial questions easily.


These efforts have resulted in Bank of America being the first financial institution to be certified by J.D. Power for financial he...

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According to a report by J.P. Morgan, close to 300 banks are planning to roll out Bitcoin trading on mobile apps in the first half of 2022. Another study finds that 44% of regional and global banks will offer crypto support by the end of the year.


More than ever, the share of a consumer’s wallet is at risk. The question is how will banks and credit unions respond at a time when differentiation and deploying digital solutions is no l...

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Over the past several years, my team at the Digital Banking Report has asked financial institutions globally what their primary objective was. Overwhelmingly, it has been to create better customer experiences.


The problem is that creating a great experience is no longer enough. Consumers are looking for financial advocates and ways to achieve better financial outcomes. They expect their financial partners to use insight available to...

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March 8, 2022 55 min

The banking industry has never been under more pressure to change. The challenge is not whether digital transformation will occur, but whether the right priorities will be set and whether the speed of change will be fast enough.


Winning organizations will combine new tech with legacy values and experiences. They will leverage partners to create innovations at the speed and scale of digital and will embrace a challenger mindset.


We ar...

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