Banking Transformed with Jim Marous

What can legacy financial institutions learn from the first online-only bank? Founded in 1999, First Internet Bank reimagined the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online. What makes First Internet Bank different than other competitors that were established at about the same time, but were later either shuttered or absorbed by other entities? To understand what makes First Internet Bank unique, and how complex services can be offered by a bank with no branches, we have Nicole Lorch, the president and COO of First Internet Bank on the Banking Transformed podcast. Nicole shares her perspective on how to combine technology, analytics, innovation and a challenger mindset for long-term success. This episode of Banking Transformed is sponsored by FIS. The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, stan

Inclusive and accessible digital experiences are more important now than ever before. 61 million adults in the US live with a disability and the average American reads to a 7th/8th grade level. Are your digital platforms, content, campaigns and social media posts easily accessed and understood by all? Or are you excluding huge portions of your online audience? We are very fortunate to have James Deignan, Inclusion and Accessibility Specialist at Texthelp and Jeff Wissel, Director of the office of customer accessibility at Fidelity Investments on the Banking Transformed podcast. We will discuss the rationale and benefits of ensuring that websites, social media and customer engagement are accessible and inclusive. This episode is sponsored by Texthelp Texthelp are leaders in digital inclusion and accessibility software with products used by over 40 million users. ReachDeck offers an all-in-one solution to help financial organizations improve the accessibility, readability and reach of websites and online conte

What makes a fintech firm or challenger bank different from a legacy financial institution? Is it the products offered or the digital platform? Or is it deeper than that? In discussions with dozens of fintech organizations as part of this podcast, I believe there is a completely different mindset at most fintech firms. What I have also found is that this ‘challenger mindset’ doesn’t need to exist only at new firms. It must be the foundation for any successful organization. We are very fortunate to have Eric Fulwiler, Chief Commercial Officer at 11:FS and previous executive director of VaynerMedia in London on the Banking Transformed podcast . We will discuss what it means to have a challenger mindset and why it is more important today than at any time in the past. This episode of Banking Transformed is sponsored by FIS. The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast

As more companies navigate the return-to-office movement, management teams are faced with an increased urgency of finding, training and retaining quality talent while also creating an inclusive environment for hybrid working. It is increasingly clear that the path to long-term relevance is through leveraging human capital. But, in most cases, this will require cultural changes that will banks and credit unions win the war for talent. We are joined on the Banking Transformed podcast by Jill Nowacki, president and CEO of the financial institution executive search and consulting firm, Humanidei and O’Rourke. Jill and I discuss the challenges and opportunities facing financial institutions today as they try to build future-ready workforces and cultures.

Historically, the banking industry viewed innovation as a way to add more to a product or service. The focus was often on technology, competitive offerings and ecosystems and not often enough about the customer. The world has changed … in an instant. More than ever, consumers want ways to transact and engage in a way that is easy, intuitive and emotional. Simplicity has taken center stage in the innovation process. We are joined on the Banking Transformed podcast by Jin Kang Moller, previous vice president of customer experience at OCBC Bank in Singapore, and the author of the book, “The Simplicity Playbook for Innovators’. Jin and I discuss why simplicity is important and how to make it happen at any organization.

Embedded finance enables businesses to seamlessly integrate financial services into their business models, providing banking, credit, payments, or other services — efficiently and at the consumer’s point of need. According to Accenture, 47% of non-financial companies said their companies have already invested in embedded finance offerings. The vast majority of these firms also stated that embedded finance increased engagement and helped them acquire new customers. We are very fortunate to have Eric Sager, COO of Plaid and Ben Brown, cross industry financial services lead at Accenture with us on the Banking Transformed podcast. They discuss the competitive trends, the impact on traditional financial services and the opportunities in the marketplace.

Bitcoin is taking another step toward mainstream adoption, as customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts. According to research by Cornerstone Advisors, 60% of crypto owners would use their bank to invest in cryptocurrencies. Even though interest from traditional banking firms is still rather low, could Bitcoin represent a missed opportunity at a time when money and accounts are flowing into fintech firms globally? We are very fortunate to have Patrick Sells, head of banking solutions for NYDIG, a leading technology and financial services firm dedicated to Bitcoin. Sells discusses the opportunities and challenges of traditional banks offering integrated Bitcoin solutions.

Leveraging modern technology, data, analytics and digital distribution, market leaders can use innovation to support new business models and create improved experiences. Despite these opportunities, new research by the Digital Banking Report has found that most organizations consider themselves to be behind the curve with both digital transformation and innovation. Part of the challenge is the lack of an innovation culture or leadership that fails to embrace change. We are very fortunate to have Mohit Joshi, president of Infosys, as well as Michael Ruttledge, Chief Information Officer and Head of Technology Services at Citizens Bank. They discuss the opportunities and challenges of implementing an innovation focused digital transformation process during times of rapid change. This episode of Banking Transformed is sponsored by FIS. The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices.

Research shows that the biggest banks and fintech firms are doing best at delivering digital experiences, while smaller banks and credit unions often struggle. How can mid-tier organizations keep pace with consumer and small business expectations? Where should an organization start? How can you prioritize initiatives and partner with third-party solutions providers and fintech firms to innovate and create positive experiences at scale, quickly? For answers to these and other questions, we are joined by Ross Creasy, Chief Innovation Officer at Ameris Bank in Georgia and Stuart Cook, Chief Digital Product Officer of Valley Bank in New Jersey. Both of these executives will share how they became leaders in digital banking transformation. This episode of Banking Transformed is sponsored by Terafina: NCR Terafina unifies the digital onboarding and sales experience for banks and credit unions across the digital, branch, and call-center channels. NCR Terafina’s sales platform is a multichannel product suite offe

According to a recent study from Ernst & Young, 37% of consumers now say a FinTech firm is their most-trusted financial services brand, compared with 33% who name a bank as their most-trusted brand. More concerning is that Among U.S. consumers, 31% name a FinTech as their primary financial relationship (PFR), up from just 6% in 2019. Much of this shift has been caused by the shift to digital providers, that deliver more targeted solutions faster and more seamlessly than traditional banks and credit unions. Our guest is Nikhil Lele, the principal for digital transformation at EY. He discusses the shift in financial services loyalty and what banks and credit unions can do to defend relationships in a digital age. This episode of Banking Transformed is sponsored by FIS.  The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are

Consumers have grown to expect personalized digital experiences across all channels and throughout the entire customer journey. Much more than just good targeting for offers, organizations need to engage contextually, in real time, helping consumers reach their financial goals. Achieving personalization at scale is a daunting task for the majority of banks and credit unions. This is where the power of strategic partnerships is so important to achieve success. Our guest is Colleen Dabbs, director of solution consulting for Fiserv. We discuss the importance of creating digital solutions and delivering a personalized digital experience across channels. We also dig into how this can be achieved quickly and what are barriers to success. This episode of Banking Transformed is sponsored by Fiserv:  As a global leader in payments and financial technology, Fiserv helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking s

In February of this year, LendingClub closed the acquisition of Radius Bank, becoming a full-spectrum fintech marketplace bank and among the first fintech companies to buy a bank. LendingClub’s long-term vision is to pursue a platform strategy expanding the use of a variety of financial products and services by their 3 million members, while providing transaction integration and processing capabilities. To understand what makes this combination of digital bank and lending platform unique, we are joined by Scott Sanborn, CEO of LendingClub. Scott shares his perspective on how the LendingClub platform can leverage the loyalty of borrowers for future relationship expansion. This episode of Banking Transformed is sponsored by FIS. The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures. The Financial Futures

Founded in 1935, Alliant Credit Union was created to serve the employees of United Airlines. With most members traveling across the globe, the top 10 credit union had far fewer branches than other firms its size. Today, it has transformed itself into a digital-first financial institution with no branches and a nationwide presence. To cement its leadership position, Alliant named Dennis Devine as their new CEO in mid-2020. Prior to Alliant, Devine held senior roles at KeyBank, Citizens Financial Group and PNC Bank. To understand what makes Alliant unique and why a legacy big bank executive would want to ‘downsize’, we are joined by Dennis Devine, CEO at Alliant Credit Union. Dennis shares his perspective on how Alliant delivers the best of digital while still meeting the expectations of a great human experience. This episode of Banking Transformed is sponsored by FIS.   The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, in

More than ever in the past, data and applied analytics is being used to transform business models and create more personalized, streamlined experiences tailored to the needs and preferences of consumers and businesses alike. To compete in the future, banks and credit unions must be at the center of a good data ecosphere, serving as trusted data custodians, proving real-time value to customers. More importantly, financial institutions must give control back to the customer – so they can choose when to give up their data and for what purpose. In this episode, Hossein Rahnama, CEO and Founder of Toronto-based Flybits, discusses how data can make relationships stronger by keeping data secure and using data responsibly – on the customer’s behalf. This episode of Banking Transformed Solutions is Sponsored by Flybits Flybits is the most advanced contextual engagement platform designed for the financial industry. It transforms data into experiences that build trust and preserve the privacy of individuals. So simp

Data is the foundation for the entire digital transformation process, allowing organizations to make better real-time decisions and enable the movement from being product-led to being experience-led organizations. Firms that have invested in data transformation have seen tangible results through improved business models. But, data transformation is challenging because of the structure of current data, the distribution of insights, and the lack of skills and resources to commit to a holistic data strategy. Our guest for the show is Karthik Ravindran, GM, Enterprise Data at Microsoft. He discusses the data transformation journey at Microsoft, and why data maturity is the key to success in a digital world. 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 and services, and redefine new ways of working. More at Microsoft.com/fin

At a time when the competitiveness in the banking industry is more intense than ever, and the need for digital transformation has never been greater, is the viability of smaller community organizations at risk? Is there a way for community banks and credit unions to stand out in a world of digital giants? To dive deeper into the viability of community banking organizations, we have Gabe Krajicek, CEO of Kasasa, on the show. He discusses the benefits of local banking as well as the the opportunities for community banks to serve consumers and communities. 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 and services, and redefine new ways of working. More at Microsoft.com/financialservices

McKinsey found that 90% of executives “believe that the COVID-19 crisis will fundamentally change the way they do business over the next five years.” Unfortunately, only 21% “feel confident that they are prepared to capture new growth opportunities.” At a time when technology solutions are abundant, an innovation culture is required more than ever in banking. This is because status quo is not an option in a marketplace that is changing faster than ever before, with competitors of all sizes creating new solutions at scale. We are very fortunate to have Amy Radin, founder and principal of Pragmatic Innovation Partners and author of the award-winning book, ‘The Change Maker’s Playbook: How to Seek, Seed and Scale Innovation In Any Company’. 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 and services, and redefine new ways o

The pandemic disrupted the entire planet, changing consumer behavior, altering business and government assumptions, and dramatically impacting business plans. The future is still unclear, but the opportunities (and risks) are immense. What lies ahead will define winners and losers. From adoption of new technologies to a redefined future of work, and new innovation culture, digital banking transformation will require a paradigm shift in leadership thinking and a new level of agility. Our guest is Paolo Sironi, Global Research Leader for Banking and Finance at the IBM Institute for Business Value. We discuss how financial institutions will need to explore a new normal, which may require continual reinvention of business models and solutions. 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 and services, and redefine new ways

The way people and businesses shop for and buy financial services has been altered dramatically since the pandemic. No longer needing to go to a physical location, consumers can do their research, purchasing and ongoing engagement on their phone. But just because banks and credit unions have enabled consumers to open and use accounts digitally doesn’t mean they will. Growth is not a given ... and satisfaction is far from guaranteed. We are very fortunate to have James Robert Lay, CEO of the Digital Growth Institute and author of the book, “Banking on Digital Growth” on the show. He discusses digital sales models and how organizations can multiply results by following a well-defined formula. This Episode of Banking Transformed is Sponsored by FIS Global If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the unique challenges and opportunities of the digital age. More at: fisglobal.com

Modern technology is providing institutions with opportunities that expand well beyond traditional financial services. As part of digital banking transformation, financial institutions can process data and engage with consumers in ways never before possible. Tools such as open banking, cloud computing, AI and Platformification have become table stakes for remaining competitive. The question is, how do we prioritize the investment in available technologies? More importantly, how do we deploy these technologies to increase market share and improve customer experiences? Our guest is Andrew Beatty, Head of Global Next Generation Banking at FIS Global. He shares his insights and projections as to where the banking industry must focus efforts to succeed in the future. This Episode of Banking Transformed is Sponsored by FIS Global   If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the u