Banking Transformed with Jim Marous

In September of 2020, we interviewed Colin Walsh just after Varo became the first challenger bank to receive a national bank charter. So much has happened in banking and the economy over the past two years and especially since the collapse of Silicon Valley Bank, impacting both traditional and non-traditional financial institutions.After a major funding round last year, Varo made a number of major changes to respond to competitive and marketplace challenges, including a reduction in marketing expenses and staff, a refocus on product innovation, and a focus on existing customer engagement.We revisit Colin Walsh, founder and CEO of Varo on the Banking Transformed podcast. In this episode, Walsh discusses the opportunities and challenges Varo has faced, and provides insight into the future of Varo and neobanks in a world disrupted by the recent events at Silicon Valley Bank.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/financialservicesThis Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.

While every financial institution talks about digital transformation, the process is never easy. Melding modern solutions with legacy processes requires focus, commitment, and the support of people across the entire organization.Research by the Digital Banking Report finds that digital transformation is the most difficult at organizations with assets from $50B - $500B. This is often due to legacy leadership that finds change to be more difficult than anticipated and a financial commitment that is tough to commit to.We have Melissa Stevens, EVP and Chief Marketing Officer at Fifth Third Bank on the Banking Transformed podcast. Melissa shares the digital transformation journey at Fifth Third and the lessons learned along the way.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/financialservicesThis Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.

Financial institutions of all sizes are reinventing themselves by digitally transforming every part of their business with technology, data, automation, and AI. They are breaking down internal silos and connecting functions and data across the value chain — creating new ways of operating and serving customers and their people.Leading banks recognize they need to accelerate change — not only to compete but to find new paths to growth.I am excited to have Michael Abbott, senior managing director and global banking lead for Accenture back on the Banking Transformed podcast. We will be discussing how banks and credit unions are disrupting existing paradigms and rethinking their paths going forward.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/financialservicesThis Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.

The economy has been top of mind for consumers throughout 2022 and into 2023. In a survey by PSCU, nearly nine in ten consumers stated they were worried about the economic outlook, while three-quarters also reported they were concerned about their personal finances.In response to economic uncertainty, consumers want choice and variety when making purchases and transacting. In fact, most consumers said they are using a greater variety of payment methods than they did a few years ago, including digital payment options.We have Tom Pierce, CMO of PSCU on the Banking Transformed podcast. He shares the results of the most recent Eye on Payments study done by PSCU and provides insights into how financial institutions can better serve members and customers.This episode of Banking Transformed Solutions is sponsored by PSCUThrough this annual research, discover how PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, how these factors may vary among different life stages and economic events, and how credit unions can better serve their members and optimize their offerings to adapt to these evolving preferences and needs – both now and in the future. Visit www.pscu.com/eye-on-payments for more information.

Customers are more likely to engage with their bank or credit union if contacted in a timely manner on their preferred communications platform. More than ever, these channels are highly personalized digital options.Be it text, video, audio, secure chat, or social messaging, consumers want their financial institution to stay connected with them at every point of their financial journey. The challenge for financial institutions is how to implement a digital communication strategy that is secure and compliant.We have Ashish Garg, Co-Founder and CEO of Eltropy on the Banking Transformed show today. Ashish discusses the many ways that financial institutions have used digital messaging to improve engagement and revenue opportunities.This episode of Banking Transformed Solutions is sponsored by EltropyEltropy is the leading digital conversations platform for community financial institutions (CFIs). Its AI-driven communications tools empower CFIs to communicate, automate, improve operations and engagement, and increase productivity across the institution. Using Eltropy’s platform, CFIs can connect with their consumers anytime, anywhere via Text, Video, Secure Chat, co-browsing, screen sharing, and chatbot technology.Visit www.eltropy.com for more information.

Banking will never return to the way things were done in the past. Continuous disruption is the new norm. The mission is to become more resilient and to benefit from the change that surrounds us.How can banks and credit unions navigate the intentional evolution of financial services while continuing the existing execution of engagement with customers? In other words, creating new business models from within what already exists.I am excited to have Brant Cooper, author of the book, ‘Disruption Proof’ on the Banking Transformed podcast. He will discuss the 5 elements required for organizations to be able to deal with accelerated change today and in the future.This Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.

To thrive in the new digital banking environment, financial institutions need to rearticulate their value proposition, simultaneously simplifying and upgrading back-office processes and the customer experience while creating value through data and analytics.To deliver a market-leading value proposition, banks will need to work like a tech company, with leadership embracing change and acting promptly to take advantage of market opportunities that provide differentiation.We are very fortunate to have Doug Brown, President of NCR Digital Banking and Doug Peacock, SVP of Digital Delivery at Associated Bank on the Banking Transformed podcast. They discuss what is required to digitally transform a mid-asset bank and how to prioritize during times of economic uncertainty.This episode of Banking Transformed Solutions is sponsored by NCR NCR, a global technology leader, is the largest non-core digital banking provider. We help financial institutions gain efficiencies and provide personalized, seamless experiences for consumers and businesses—all on a single platform. Our digital-first banking solutions are trusted by over 600 banks and credit union. With our portfolio of industry-leading solutions, open architecture, and on-demand tools, financial institutions gain the power to differentiate and tailor their offerings.Visit www.ncr.com/banking for more information.

The banking industry, while steeped in tradition, is far from predictable. More than ever, marketplace changes are impacting what financial institutions deliver and how solutions are delivered.Unfortunately, not all legacy bankers have kept pace with the changes in the marketplace … either by choice or because their organization has failed to keep up. Without a challenger mindset and a willingness to accept change, take risks and disrupt status quo, bankers like us will be left behind.I am so excited to have Leda Glyptis PhD, chief client officer at 10x Banking back on the Banking Transformed podcast. She will discuss her amazing new book entitled, Bankers Like Us, which chronicles her journey, observations and recommendations for an industry being disrupted.This Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.

Credit cards are one of the primary foundations for credit relationships at many financial institutions, accounting for 37% of consumer purchases by dollar value in 2021. But the marketplace is changing, as usage patterns evolve due to economic conditions and new credit alternatives.To continue to grow credit card relationships, banks and credit unions must reimagine their products to meet consumer needs, using deeper data insights to to reach specific segments, drive engagement, and rethink card economics.We have Josh Turnbull and Craig LaChapelle from TransUnion on the Banking Transformed podcast. They share the current state of the credit card marketplace and how financial institutions can better prepare for the credit customer of the future.This episode of Banking Transformed Solutions is sponsored by TransUnionAs part of a global information and insights company, the TransUnion Card and Banking business supports over 5,000 financial institutions in the US — from the largest card issuers and retail banks to community-based institutions and technology-driven card issuers — providing actionable data and insights to help them better compete and succeed in an ever-changing environment.For more information visit https://www.transunion.com/extracreditpod

ChatGPT has taken over the news cycle since launching at the end of November of 2022. Its AI version of human conversation has created optimism and debate around the opportunities and risks associated with this technology.The question is, how can conversational AI impact banking as we know it, from an operational and customer experience perspective? What is the scope of this change and what are the challenges?I am excited to have Charles Morris, Chief Data Scientist for Financial Services at Microsoft on the Banking Transformed podcast. We will be discussing how banks and credit unions can leverage the power of ChatGPT and conversational AI in the future.This Episode of Banking Transformed is sponsored by FISHow 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-reportFIS. Advancing the way the world pays banks and invests.