Banking Transformed with Jim Marous

Mobile banking usage is rising quicker than ever as a result of the pandemic. With close to 50% of consumers stating that mobile is a top-three factor that determines their choice of financial institutions (after fees), it is imperative that banks offer mobile features that consumers value most. However, it is not enough to just enable mobile banking capabilities. Banks must also remove friction and provide the user experience that consumers desire as well. The guest for the show is Mark Donohue, founder and CEO of Hong Kong-based iSky Research. In this episode, Mark discusses what makes a mobile banking leader, given the insight Mark has from monitoring hundreds of banks globally on functionality and user experience.

Research from the Digital Banking Report has found that the biggest barrier to successful digital transformation is legacy leadership and culture that is unable to embrace the skills and mindsets needed for the future of banking. The future of banking and the future of work has made it clear that a different type of leader is required to guide people and organizations to success in the next decade. The question is whether financial industry leaders at all levels can embrace change, take risks and disrupt themselves. We are joined today by Jacob Morgan, futurist, TED speaker and best-selling author of 4 books including his newest book, The Future Leader. On the show, Jacob shares insights from his in-depth research on how leadership is changing, what leadership is going to look like in the future, and what we need to do now to be future-ready leaders. This episode is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differe

As the largest U.S. bank, Chase is committed to a strong multichannel strategy, building new branches while also being a leader in digital banking innovation. With 55 million digitally active customers, representing close to 70% of the Chase customer base, Chase continues to provide consumers with the banking options they desire—whether it be physical to digital. With the pandemic making consumers more aware of the need for digital banking solutions, as well as more demanding of their digital banking experience, the need to improve both speed and simplicity of digital engagement has never been more important. To understand how Chase continues to be a leader in digital channel growth, we are joined today by Allison Beer, Head of Digital at Chase bank, where she leads digital innovation for the bank. In the episode, we discuss the impact of the pandemic on digital banking and the future of digital at Chase. Episode Sponsor: Microsoft See how Microsoft can help to unlock new opportunities at speed through in

Founded in 2006, Tinkoff is Russia’s largest online challenger bank offering a huge range of services, including mobile personal and business accounts, investment and insurance products, as well as being Russia’s second-largest issuer of credit cards. Tinkoff has also diversified into non-financial services, including travel, ticketing and bookings services — all available through its lifestyle super app. This expansive array of services has led to profits of over $500 million in 2019, with a current customer base of more than 12 million customers. Tinkoff consistently wins awards as the best digital-only bank, serving customers remotely via online channels and a cloud-based call center. TCS group also has a proprietary nationwide network of representatives. Our guest for the show is Oliver Hughes, CEO of Tinkoff. In this episode, we discuss how the combination of an innovative business model, a strong team and a recognized brand can yield success anywhere in the world. Episode Sponsor: Microsoft: See h

We have had the opportunity to interview many fintech start-ups and challenger banks on the Banking Transformed podcast. None are like Starling Bank. First of all, Starling was founded by a woman with a legacy banking background. Not just any woman, but an extraordinarily tenacious, middle-aged, short-statured woman who doesn’t fit the traditional mode of a fintech founder. Anne Boden had a view of what banking should look like in the future far before many of her challenger bank peers. What also sets Starling bank apart is that they have become the first of the new breed of digital banks in the UK to become profitable. With nearly 1.8 million accounts, £4 billion in deposits and £1.5 billion of lending, they have doubled their customer base in the past year and continue to introduce new services at a frenetic pace. We are joined today by Anne Boden, founder and CEO of Starling, and author of a new tell-all book, Banking On It: How I Disrupted an Industry. On the show, Anne provides an inside look into th

When COVID-19 hit, the banking industry was caught off-guard, needing to provide financial services without physical structures, deliver relief to consumers and small businesses in ways never imagined, accelerate digital transformation and innovation efforts, and perform all of these in a remote work environment. With the pandemic crisis mode mostly in the rearview mirror, financial institutions are determining the next best action – placing their bets for the future. Some are doubling down on investments in data, analytics, advanced technology and the reskilling of workforces. Others are delaying or cancelling projects, focusing mostly on improving digital maturity and efficiency. We are joined today by Jim Eckenrode, managing director of the Deloitte Center for Financial Services. On the show, Jim discusses how the financial services industry adjusted to the impact of the pandemic, and what the outlook for the industry will be in 2021 and beyond.

Banking has historically been an industry founded by men, run by men, with products created for men. Recently, progress has been made, but the gender bias in banking still runs deep. Surprisingly, this same bias exists in fintech, where there are far too few female fintech founders and too few women working at these new start-ups. The question is, is this a supply issue or a demand issue? More importantly, how do we address these imbalances that continue to impact the funding mechanism, the ability to get new ideas heard, and the potential for innovations geared to women? We are joined today by Neha Mehta, founder of Femtech Partners, a consulting firm based out of Singapore helping fintech start-ups get a foothold in Asia and promoting women in fintech. On the show, Neha discusses some of the challenges women face in getting an equal opportunity for funding, having a seat at the management table, working at start-ups, and having the ability to create solutions geared to the female market.

The best way to increase sales, loyalty and customer satisfaction is to reduce the effort needed to proceed along the customer journey. Jeff Bezos said, “When you reduce friction – make something easy – people do more of it.” Customers have been trained by companies like Amazon, Google, Uber, Netflix, Rocket Mortgage and others that processes can be simplified in a digital world. The key is to be able to identify roadblocks and change them for the benefit of both your company and the customer. We are joined by Roger Dooley, author of the books ‘Brainfluence: 100 Ways to Persuade and Convince Customers With Neuromarketing’, and ‘Friction: The Untapped Force That Can Be Your Most Powerful Advantage’. During the interview, Roger shares how behavioral science can help identify and eliminate the friction that can destroy a customer experience.

The outbreak of the COVID-19 posed great challenges to the global economy and people’s daily lives, and has had far-reaching consequences beyond the spread of the disease. It has changed the way consumers perform transactions and engage with friends, family and organizations. At the same time, the pandemic was the foundation for increased creativity and innovation. In the banking industry, we have seen new products developed, new ways of engaging emerge and traditional services transformed for a new digital era. To discuss the findings of our Retail Banking Innovation 2020 Digital Banking Report report, we are joined by Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, the sponsor of the report. In this episode, we discuss this year’s findings and the ramifications for financial institutions in the future.

While almost every financial institutions wants to market to, and build relationships with, the Gen Z consumer, few organizations understand who the Gen Z consumer is, what they want from a brand, how to market to them, or how to make them loyal customers. Just as importantly, few organizations understand how to recruit and retain them as loyal employees. Bottom line, the Gen Z consumer is often misunderstood or categorized only by their digital channel inclinations. Financial institutions need to much dig deeper to maximize the value of this important segment. We are joined today by Jason Dorsey, president of the Center for Generational Kinetics and the foremost leader in the understanding of the Gen Z consumer. On the show, Jason shares insights from his most recent global research that is featured in his new book, Zconomy, How Gen Z Will Change the Future of Business – And What to Do About It.

Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Remote work became the norm, and the agenda for technology investment changed as consumers and businesses expected experiences similar to what they received from Amazon, Netflix, Zoom and Uber. But the future of banking is far from clear. There are optimists who believe the industry will transform itself through modern technology to be more than it is today. There are pessimists who believe traditional banking is dead. The reality is probably somewhere in between. We are fortunate to be joined today by Theo Priestley, globally recognized futurist and international speaker, author, and authority on the future of business, technology, and society. He is also working on a collaborative book entitled, 'The Future Starts Now'. During the interview, Theo provides perspective on what we can expect as consumers and as bankers.

When you think of global leaders in digital banking, the conversation must start with Tencent-backed WeBank, the first digital-only bank in China. Launched at the end of 2014, WeBank has experienced astounding growth, with digital technology that is considered an industry best. Today, WeBank has over 200 million customers and is the leader in assets, loans, net profits, return on equity in the Chinese digital banking space. WeBank was founded with the mission of providing ‘“affordable, accessible, appropriate, and sustainable” banking services for underserved individuals and small businesses. As opposed to being a bank with technology advantages, it is a shining example of a technology company with banking licenses. We were granted an exclusive interview with Henry Ma, executive vice president and CIO of WeBank who I met back in January when I visited WeBank in Shenzhen. During the interview, Ma discusses WeBank’s mission of delivering financial inclusion at scale by leveraging AI, blockchain, cloud computi

According to a recent survey by Deloitte, nearly two-thirds of respondents said that global digital identity will be very important in the future despite the fact that digital IDs are still largely underused in the world today. Newer digital identity verification methods, like biometrics, could provide far superior authentication protocols and offer customers more seamless experiences while protecting against fraudsters. Digital IDs could also greatly enhance the gig economy, where the identity of remote workers is paramount to the protection of valuable corporate and consumer assets. While passwords are currently king, the development of universal digital recognition solutions that are both seamless and secure will eventually be the norm. We are fortunate to have Dave Birch, Author, advisor and commentator on digital financial services on the show today. During the podcast, Dave discusses the benefits and risks of digital identity, the role of the banking industry, and how we must balance connected commer

In late 2019, BB&T and SunTrust combined to become the 6th largest bank in the country, serving 10 million households. Looking at the strategic and financial benefits of the merger, the mission was to preserve the strong cultures of the legacy organizations, while using the combined scale and cost savings to build best of breed systems, processes and digital capabilities. At the time of the merger, the question was whether two legacy banking organizations could reinvent themselves for the future of banking, making the foundational changes needed in culture, leadership focus, and innovation spirit ,while retaining what customers of both organizations had cherished from the past. I am joined today by Scott Case, the CIO of Truist. In this episode, we discuss the status of this historic merger, the role technology and innovation has played, and the impact that COVID-19 has had on the intended results.

In May of this year, Brian Brooks took office as Acting Comptroller of the Currency (OCC). During his short tenure, Brooks has already made statements regarding the role of banking organizations in supporting communities, approved the first national charter to a fintech organization and suggested a federal payments charter. He has even asked for public input on how banks store and manage crypto. It is clear that Brooks has a significantly updated perspective on the role of the OCC than his predecessors or the leaders of other regulatory bodies. It is still to be seen how broad the changes in regulations will be going forward. We are fortunate to be granted an exclusive interview with Brian Brooks, the Acting Comptroller of the Currency (OCC). Brooks’ background includes roles at OneWest Bank, the board at Fannie Mae and as chief legal officer at Coinbase. In today’s episode, we discuss the speed of how regulations are changing and the expected impact on legacy banking.

There has never been a more important time for executives to evaluate their position in the marketplace and to determine their future path to personal and professional success. No matter what your position in an organization, you can’t be successful without loving what you do and being recognized for who you are. Now more than ever it is time to embrace change, take risks and transform yourself. Or, as my guest today would say, “Be Bold, Be Brilliant, Be You”. I am joined today by Katrina McGhee, executive vice president of marketing and communications for the American Heart Association. Katrina is a world renowned brand strategist, innovator, success coach, keynote speaker and the author of two books: "Loving on Me!: Lessons Learned on the Journey from MESS to MESSAGE" and "BE BOLD BE BRILLIANT BE YOU: Lessons from the C-Suite to Accelerate Your Career." During the show, Katrina discusses her non-traditional career path, and shares ideas on how women (and even men) can understand who they are, what they

In a post-COVID world, financial institutions must deliver innovative credit options, on-demand, in an almost instantaneous manner. To accomplish this feat – which had previously only been offered by fintech firms – traditional financial institutions will need to rethink back-office processes that currently hinder the speed to deliver digital credit. This will require the rethinking of everything from an organization’s origination process, to credit checks, to the operation of approvals, focusing on being able to use data to reduce costs, improve speed and expand the potential marketplace. I was very fortunate to be granted an exclusive interview with Christopher Maloof, chief product officer at MeridianLink, as part of the Banking Transformed podcast. His perspective on the results of this year’s research is a great overview on what banks and credit unions must do to succeed in the future.

Dubai-headquartered Emirates NBD has the distinction of being a legacy bank fully committed to innovation, digital transformation and customer-centricity. Rather than moving in baby steps, Emirates has made major efforts to build unique digital solutions for select segments. In 2017, Emirates NBD introduced Liv, a digital lifestyle banking platform geared to the needs of Millennials and Gen Z customers. The most recent iteration of the digital app was introduced this summer, integrating several third-party platforms, allowing customers to book tables or flights, play games or get concert tickets, and receive discounts on food and retail. The app also provides a host of financial tools to better manage money. We are joined today by Jayesh Patel, the head of Liv, the first digital-only lifestyle bank which is part of Emirates NBD. With more than 300,000 users, Liv has leveraged an open API platform to expand product features and boost Emirates NBD’s revenues. On today’s episode, Jayesh discusses digital trans

Even before the pandemic, there was a financial crisis where many consumers had difficulty making ends meet, causing missed monthly payments or overdrafts with fees that quickly added up. Initially created as a budgeting tool to help consumers avoid overdraft fees, the Mark Cuban-backed fintech named Dave has morphed into a digital banking platform that provides free paycheck advances of up to $100, helps gig workers find jobs, plants trees and offers an alternative to the big Goliath banks. We were fortunate to get some time with Jason Wilk, co-founder and CEO of Dave. During the show, Wilk discusses his career path as a 4X founder, the mission of Dave, the increasingly competitive challenger bank space and how Dave responded to a recent security breach.

In 2014, BankMobile was launched as a division of Customers Bank. As opposed to relying only on organic growth, BankMobile quickly grew with a B2B2C strategy, acquiring college student checking platform HigherOne. They also used a white-label strategy with telecom disruptor Sprint Mobile. Recently, BankMobile was re-positioned as part of a separate technology platform available to smaller banking organizations hoping to jump-start their digital banking offerings. The digital bank also announced a partnership with Google to offer their account within the GooglePay app. We are very fortunate to have Jay and Luvleen Sidhu, co-founders of BankMobile on the show. This highly innovative father/daugher combo have been covered by, and contributed to, The Financial Brand and the Financial Brand Forum through the years. They discuss the recent moves by BankMobile and the underlying strategy that has made this evolutionary digital bank a success.