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.... Show More

Episodes

August 11, 2020 37 min
While COVID-19 forced people into a digital-only lifestyle, there was still a desire for humanized experiences. Some banks and credit unions were prepared to deliver these personalized digital engagements, while others fell short of expectations at the worst possible time. More than ever, consumers are looking for assurance and comfort regarding their finances and want their financial institution to know them, understand them and ...
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In a world impacted by COVID-19, brand recognition and authenticity have never been more important, while the reach of traditional marketing channels continue to erode. This is where influencer marketing can help. With social media becoming more entrenched in people's daily lives, the use of influencer marketing continues to skyrocket. Beyond celebrities, a new breed of niche influencer can provide financial institutions access...
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The COVID-19 crisis has put a spotlight on the outdated tech infrastructures of many traditional financial services companies. As cloud computing has matured, banks and credit unions have hesitated to embrace the technology, worried about security, unsure of the benefits and unwilling to hand over control of their data. The pandemic is expected to accelerate a shift to the cloud, not only because many of the concerns have been add...
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With an immediate shift to a work-at-home reality and increased use of digital channels, organizations need to think beyond immediate operational challenges, anticipating consumer’s need for increased emotional engagements, improved personalization and a new focus on experiences beyond daily transactions. Not to be forgotten is the need to invest in best-in-class digital capabilities and functionality, as consumers are becoming in...
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Most traditional banks were unprepared for the flight to digital that occurred due to COVID-19. Mobile-only challenger bank Current has seen customer growth skyrocket during the pandemic, appealing to lower-wage earners who don’t want to worry about minimum balances or overdraft fees. Serving over 1 million active users and projected to double in size by the end of the year, Current serves a sweet spot of workers who live paycheck...
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At no time has the importance of innovation and the deployment of advanced technologies in banking been more evident than today. With more consumers embracing digital banking, banks are being challenged to replicate the level of engagement of bigtech and new tech organizations such as Amazon, Google, Netflix, Zoom and Alibaba. One of the perennial global leaders in technological innovation for banking is CaixaBank, Spain's lea...
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COVID-19 has had an immediate impact on loyalty and reward programs due to the unprecedented period of low travel and entertainment. As people stopped flying, staying in hotels, and eating out, loyalty programs had to respond quickly. Organizations that can identify, communicate, and act upon a brand purpose that overlaps with the values of the consumer will be better positioned to thrive as we enter a new normal. In other words, ...
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Many fintech firms struggle to gain scale, funding and brand recognition in an increasingly crowded banking ecosystem. Leveraging the power of digital technology and over a century’s worth of brand expertise, Goldman Sachs introduced its consumer banking platform, Marcus in 2016.   Through acquisitions, partnerships with firms like Apple and Amazon, and significant organic growth, Marcus has grown into a multiproduct platform, wi...
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The banking industry had been warned for decades to become more innovative, transform to digital, embrace new technologies and become more aware of consumer and societal needs. Rather than moving forward, many organizations hesitated due to cost, the desire to stay the course, or even ‘intentional blindness’.   Unexpectedly, however, the world was disrupted by COVID-19 pandemic that required digital engagement, and more recently ...
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The world is faced with uncertain times caused by the global pandemic combined with demands for increased equality, diversity and inclusion. Beyond empty posturing, the banking industry must make a meaningful difference locally and globally on important social issues.   This includes stronger leadership that looks beyond ethics to also include a moral compass for decisions. It also includes increased sustainable investing, greate...
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In the past decade, the marketplace has seen the development of more banking competitors than in the previous hundred years. From solution specific fintech firms like Stripe and Robinhood to digital-first neo banks like Revolut and Monzo, the marketplace has been seen entries of all types and sizes.   But, with COVID-19 impacting the funding availability to fintech firms, is there room for new fintech solutions? More importantly,...
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The COVID-19 crisis has impacted both humanity and business in an instantaneous and dramatic way. But, while each pandemic throughout history has been unique, each has brought about massive changes in the way we live, the priorities we set, how we interact and the businesses that emerge. Survival is a great motivator for change. As a result, pandemics have always led to innovations that have changed our lives.   We have already s...
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Data and advanced analytics are the foundation of every organization. Beyond improving efficiency and understanding business success, the power of data and predictive modeling can improve the understanding of consumer needs and personalize experiences.   Bottom line, the survival of financial organizations in a post COVID-19 world will depend on how insights are collected and how they are used for the consumer’s benefit.   In t...
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The best and most respected leaders shine the brightest during times of crisis. Not relying on a crisis management plan, the best managers surround themselves with the best people and provide a platform for growth for those within the organization.   As a result, moving to a work from home environment should not disrupt an organization, but simply change the environment from where work is done. In all industries, especially banki...
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The financial services industry is known for century-old institutions with rules and policies that are often outdated, yet preserved by regulations. Whether we are talking about banking, insurance or investment services, transformation is often slow and outside competition is met with significant resistance.   This is why it is so exciting to do a profile on a disruptor organization that finds success despite these hurdles. Lemon...
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The COVID-19 pandemic is the most serious challenge to retail banking in almost a century. Retail banks have had to rethink distribution, support government relief programs and manage remote workforces, all while trying to meet consumer expectations during a period of household-level economic uncertainty.   These challenges are only the tip of the iceberg, however, as the economic fallout and the redefined structure of the financ...
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April 28, 2020 36 min
According to Malcolm Gladwell, a ‘tipping point’ is the moment of critical mass, when an idea, trend or behavior crosses a threshold and spreads like wildfire. The COVID-19 crisis is an example of such a phenomenon and so has been the instantaneous impact of this crisis on the digital transformation of banking.   Organizations that had not already embraced the entirety of how to become a ‘digital bank’ were caught flat footed as ...
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In the book, 'Disrupt Yourself', by Whitney Johnson, it is suggested that the disruptions and changes that matter most start with personal disruptions and change. There is no doubt that the COVID-19 crisis has disrupted every person’s life and every organization’s business model.   The crisis has impacted the way we learn, the way we interact, the way we work and the way we think about our personal and corporate prioritie...
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April 15, 2020 37 min
After COVID-19, the world around us will be changed forever. In a matter of weeks, working from home has become the norm, not the exception. The virus has forced a reckoning of how we view work, travel, engagement with others and the technologies that make these possible.   Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become di...
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Despite the best intentions, consumers do not always act rationally with regards to money management. While we all know that we should limit debt and increase savings, many people live day-to-day, and have far less set aside for financial emergencies than needed.   Unfortunately, most people’s irrational behavior around money became exposed with the impact of COVID-19. Across the globe, households lost their safety net of predict...
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