Banking Transformed with Jim Marous

Fintech firms are currently facing a series of challenges stemming from a variety of factors, including dropping venture capital (VC) funding, the failure of Silicon Valley Bank and the uncertain economic climate.Collaboration and partnerships within the fintech ecosystem and with traditional financial institutions may become even more crucial as fintech firms reassess business models and try to build greater resilience.My guest on the Banking Transformed podcast is Jeff Tijssen, Expert Partner and Global Head of FinTech at Bain & Company. Together, we try to unravel the complexities of this rapidly evolving sector and uncover how fintech is reshaping the way we think about money, payments and financial services.

Advancements in digital banking technologies, like mobile apps, chatbots and digital wallets allow banks to provide always-on, personalized experiences across the entire customer journey. Done well, financial institutions can increase early engagement and activation speed, reduce contact outreach and increase revenues.Despite these advancements, challenges remain. Regulatory constraints, data privacy concerns, and technical complexities pose hurdles in fully realizing the potential of personalized banking. As a result, many firms are building third party collaborations to drive early personalization wins.We have Jason Davies, Vice President, Product, Solutions & Customer Delivery at Flybits on the Banking Transformed podcast. We'll explore the opportunities and challenges faced by card issuers and all retail bankers as they strive to enhance the cardmembers' journey through personalized engagement.This episode of Banking Transformed is sponsored by FlybitsCardholder Lifecycle experiences designed to deliver personalization. An always-on solution that elevates cardholder experiences at every lifecycle stage, personalized for every moment. Deliver a remarkable customer experience in record time, while driving business results.Visit get.flybits.com for more information.

2023 has presented many challenges for financial institutions. Record-breaking inflation, rapidly rising interest rates, reduced loan demand, and declining deposits have created a level of uncertainty not experienced for decades.These changes have disrupted status-quo assumptions while presenting amazing opportunities for financial institutions willing to reinvent legacy business models.I am excited to have Gregg R. Tewksbury, president and CEO at New Hampshire Mutual Bancorp and Lee Wetherington, senior director of corporate strategy at Jack Henry on the Banking Transformed podcast. They discuss the results of the 2023 Strategic Priorities Benchmark Study just released by Jack Henry.

From virtual and embedded experiences to digital payments and the power of AI, digital banking experiences can be enhanced at every touchpoint. With so much disruption – and opportunity – facing banks, credit unions and fintech firms, the industry must be more agile than ever to turn these changes to their advantage.But capitalizing on disruption and unleashing new growth potential requires more than just new technology. It requires strong leadership, laser focus, a willingness to collaborate with third-party solution providers and a commitment to customer centricity.We have DeAndre Jones, EVP, Chief Client Officer & Head of Client Experience at FIS on the Banking Transformed podcast. We dive into the ways in which technology and digital solutions are revolutionizing the banking sector, ultimately creating better experiences for customers.This Episode of Banking Transformed is sponsored by FIS How do you find your feet on ground that’s constantly shifting?You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad.Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report FIS. Advancing the way the world pays banks and invests. 

Creating a separate digital-only bank by a legacy financial institution is an opportunity to build a new, high-growth business that leverages the parent’s capabilities, brand and capital. The challenge is moving from a rapid initial growth phase to delivering sustainable returns, without being challenged by a legacy mindset or outdated back-office.Jenius Bank, the new digital-only banking division of California-based Manufacturers Bank, and wholly-owned subsidiary of the 400 year-old Japan-based SMBC Group, has just announced the launch of its inaugural consumer lending product.I am excited to have long-time banking veteran, John Rosenfeld, president of Jenius Bank on the Banking Transformed podcast. We discuss what will differentiate Jenius Bank and why John believes this new digital bank will succeed where others have failed.

Many financial insrtitutions are stuck with digital transformations that are not moving the needle. In the new book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” the authors found that long-term success comes when leaders embrace change around their talent, operating model, technology, and data capabilities.So, what can the banking industry learn from this detailed ‘how-to book’? How can financial institutions of all sizes continually create great customer experiences, lower costs, and build value?We have Eric Lamarre, Senior Partner, McKinsey & Company and one of the authors of the book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” on the Banking Transformed podcast. He shares some of the key findings in the book and what banks must do today to become future-ready.

Being a leader in today’s banking ecosystem can be challenging when everything around us is changing so fast. The ability to pivot, be flexible and continuously evolve is a key to success.These challenges are heightened when a leader is a female in an industry historically dominated by males. The balancing of work with the pressures of home and raising a family can change the path to success. But, the path is not impossible if there is focus, commitment to learning, and empathy for coworkers and peers around us.I am thrilled to have Amnah Ajmal, Mastercard’s EVP of Market Development for Eastern European, Middle Eastern and African markets on the Banking Transformed podcast. She shares her leadership journey across multiple continents and why continuous learning is the key to becoming more future-ready.

Companies with engaged employees experience lower turnover, higher productivity, improved communication and collaboration, enhanced customer service and increased sales. According to research, an increased focus on employee experience can increase revenue and profits by more than 50 percent.This is why 84% of executives rate employee experience (EX) as important to delivering a better customer experience (CX), according to Deloitte. Unfortunately, less than 10% of firms say they are ready to actively improve employee experiences.I am excited to have Tiffani Bova, the global customer growth and innovation evangelist at Salesforce, and the Wall Street Journal bestselling author of the new book ‘The Experience Mindset’ on the Banking Transformed podcast. We discuss why organizations need a new operating mentality that takes into account the needs and preferences of both customers and employees with every decision made.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

The banking industry is undergoing a transformation as changing customer expectations and disruption from non-traditional financial players force traditional banks to rethink their value propositions.One growing business model is banking as a service (BaaS) — a partnership in which banks and credit unions leverage their charters to enable non-banking institutions to offer financial services directly to their customers. According to recent studies, BaaS is expected to reach $7 trillion in value by 2030.I am excited to have Jason Mikula, one of the foremost authorities on the banking and fintech marketplace on the Banking Transformed podcast. We discuss how banks can unlock new business opportunities and add value and why BaaS has the potential to transform financial services.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

Money 20/20 offers an amazing view into the future of banking and fintech with hundreds of participating organizations and thousands of attendees from across the globe. It was clear from the outset that embedded finance was a key theme this year.Embedded finance offers banks and nonfinancial organizations the ability to provide a frictionless experience built within a customer’s daily life. More than ever, banks need a strategy to unlock the vast potential of embedded finance.I am excited to have Christoffer Malmer, head of SEB Embedded and Pal Krogdahl, CTO for IBM Core Banking and Payments on the Banking Transformed podcast. We discuss how Swedish banking giant SEB reorganized its tech and innovation operations to become a leader in the embedded finance space.This episode of Banking Transformed Solutions is sponsored by IBMIBM delivers technology and industry expertise to the global financial services industry through its infrastructure offering, software portfolio and consulting services. As a trusted partner to banks, insurers, asset managers and other financial institutions around the world, IBM enables modernization and digital transformation of the world’s mission-critical businesses. IBM is a leading provider of enterprise AI and hybrid cloud architecture to banks and insurers and leads a robust ecosystem of fintech partners serving financial institutions. For more information, visit https://www.ibm.com/industries/financial-services