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 11, 2021 37 min
Despite increased investment in digital initiatives, financial institutions continue to be concerned that they are falling behind with digital transformation efforts that are needed to build real, long-term competitive advantages. Enabling digital engagement is not enough. Banks and credit unions must re-imagining banking from the inside out, changing both how banking is done, as well as what will create value in the digital era. ...
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In 2009, Shamir Karkal and several colleagues created the first digital-only bank of its kind in the U.S. Struggling to describe the benefits of a bank without branches, getting funding was a difficult process. As it turned out, Simple not only grew, but was one of the first neobanks to be acquired by a legacy financial institution. When Shamir tried to generate interest for his new financial technology start-up, Sila, he generate...
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Competition in the financial services sector has never been more intense. Banking boundaries, that once were defined geographically, have expanded globally as a result of digital functionality. While neighborhood financial institutions built their businesses on domestic transactions, today’s consumer and small businesses are sending and receiving funds from all around the world more frequently than ever. Our guest is Stephen Kuhl,...
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In order to survive in an increasingly competitive market, financial organizations must be able to correctly identify consumers to streamline the account opening and credit application processes. This includes those with limited profiles, which has long been a shortcoming of the banking industry. It’s important that organizations use new sources of data to combat fraud and improve the customer experience for all consumers, expand...
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Some experts predict the demise of community banking organizations, that are challenged by changed consumer behavior, outdated infrastructure, an evolving competitive landscape, and the high cost of digital transformation. Is there a viable niche for community banks and credit unions in an industry that is increasingly dominated by huge mega-banks, or are we entering an era of ‘too small to succeed’? If there is a niche, what needs...
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April 13, 2021 40 min
The marketplace is being disrupted by firms that were built on digital platforms. Their agility, foundation of data, analytics and modern technology position these firms advantageously in a world that wants personalization, speed and simplicity of engagement. Which companies will thrive and which will get crushed by the powerful forces in the global business landscape now at work? How can legacy organizations compete with digital ...
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More than at any time in the past, the largest banks in the U.S. have capitalized on their customers’ increased willingness to use digital financial services. U.S. Bank, the sixth largest bank in the country, has been one of the leaders in going beyond the basics in digital banking transformation. From streamlining new account opening and onboarding processes, to creating new ways to manage finances across channels, U.S. Bank comb...
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Consumers are shopping for products and services, opening accounts, and building relationships using the channels they prefer. More than ever before, this is done on a mobile phone or online. The only way to support new account opening and deepen existing relationships is by seamlessly aligning your branches, call centers, and digital channels with a modern account opening and onboarding process. The guests for today’s show are T...
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Companies that use disruption as an opportunity for innovation emerge from it stronger, while companies that merely attempt to 'weather the storm' until things go back to normal miss an opportunity to thrive. Transformation is not a project or a destination, but a continuous process of adapting to a volatile and uncertain environment. But where does a financial institution begin? On this episode, we are joined for a secon...
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March 25, 2021 37 min
Banks and credit unions are rethinking their distribution strategies as more people than ever are using digital channels. Despite this shift, closing all branches is not the best alternative. Neither is keeping them all open. Forward-thinking banks are adopting alternative models, including self-service banking that is complimented with new technology in a lean branch format. Organizations are realizing that optimal distribution b...
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The majority of financial institutions rank improving customer experience as their top mission, but few organizations get rave reviews. In fact, since the pandemic, it could be argued that the banking industry is doing a worse job in meeting consumer expectations. On this episode, we discuss how financial institutions need to reset their strategies around improving CX in a digital world. The competition has expanded, and consumers...
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Doing good for the community, employees and customers goes well beyond philanthropy. Organizations need to look within to embed sustainability and social responsibility strategies into their business model, their culture and the people and organizations they interact with. Now more than ever, businesses need to think beyond profits and look at their entire value creation process to the world as a whole. What organizations will fin...
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Buy now, pay later (BNPL) solutions have grown in prominence as new players and payments incumbents are battling for market share. This includes firms like Affirm, Afterpay, Klarna, QuadPay, Sezzle, and Splitit, as well as legacy payment firms like Mastercard, Visa, PayPal, and Amex. How will these providers will impact traditional POS card volume or damage the appeal of retailers’ private-label cards? And, who will win the battle...
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The pandemic has served to accelerate the relevance and importance of open banking as consumers become more willing to try alternative banking providers to get their digital banking needs met. At the same time, there has been a rise in contactless payments, as consumers replace cash at the point of sale. These dual market forces have provided an opportunity for big tech players, such as Apple, Amazon and Google to increasingly exp...
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Over the past year, Marcus by Goldman Sachs has continued to expand offerings, including teaming up with Amazon and Walmart to offer loans to sellers on their marketplaces, buying the General Motors credit card business, launching Marcus Insights smart tools and trackers, and most recently, announcing the offering of a digital investing platform. All of this is before the long-anticipated addition of a digital checking account.. ...
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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 a...
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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 ...
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February 2, 2021 38 min
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 ...
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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 medi...
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January 19, 2021 37 min
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,...
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