Banking Transformed with Jim Marous

Every financial institution today is sitting on a goldmine of customer data, yet most struggle to turn those insights into a real competitive advantage. The challenge isn't collecting data—it's knowing what to do with it. Rachel O'Neill from Alkami joins me on the Banking Transformed podcast to tackle the hard questions: Why do so many banks fail to activate their data strategically? How can institutions break through the paralysis of analysis and start driving tangible business outcomes? And what separates the winners from the wishful thinkers in today's data-driven banking landscape? From streamlining back-office operations to enhancing customer financial wellness, it's clear that institutions embracing data-driven strategies are positioning themselves for sustained success in an increasingly competitive landscape. This Episode of Banking Transformed is Sponsored by Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.

Lamont Young, EVP at Citizens Bank, dives into how banks can truly connect with Gen Z and Millennials. He emphasizes the importance of blending digital innovation with personal engagement. Young discusses the need for legacy institutions to redefine themselves and meet the fast-paced, tech-savvy demands of younger consumers. He highlights the significance of community engagement and how banks can utilize data to enhance customer experiences. Ultimately, it's about building trust through personalized, empathetic service during uncertain financial times.

Despite having established customer bases and trusted brands, many financial institutions struggle to keep pace with the rapid technological evolution driven by fintech firms and digital-first challengers. The potential of AI to transform banking operations, enhance customer experiences, and unlock new revenue streams is evident, yet implementation continues to be a significant hurdle. I'm joined on the Banking Transformed podcast by Marc Corbett, Director of Solutions Engineering Americas for Backbase, to discuss one of the most pressing challenges facing retail banks today: effectively deploying AI solutions to drive growth. We explore how retail banks can effectively overcome implementation challenges, harness AI technologies, and transition from reactive to proactive business models. Marc brings valuable insights on navigating this complex landscape to unlock what Backbase calls "Growth Mode" – a state where banks can fully leverage AI to drive sustainable competitive advantage in today's hyper-competitive marketplace. This episode is sponsored by Backbase Backbase helps financial institutions unlock growth mode by transforming fragmented experiences into seamless, customer-centric journeys. Whether it’s modernizing onboarding, streamlining lending, or scaling commercial offerings, Backbase powers the front-end innovation banks need to compete—and win. Learn more at backbase.com.

Todd Purcell, Head of Digital Strategy at TD Bank, shares insights into the bank's innovative approach to combining technology with human experiences. He discusses the challenges financial institutions face in a digital age and emphasizes the importance of personalization. Highlights include TD's successful initiatives like digital disputes and revamped mobile experiences, all designed to enhance customer satisfaction without losing the human touch. Todd also touches on leadership’s critical role in fostering a culture that prioritizes meaningful connections.

As part of the Executive Leadership Series, sponsored by Naehas and recorded live at the Financial Brand Forum, i was joined by Colin Walsh, the founder and CEO of Varo Bank – a true pioneer in the financial services industry. In 2020, Varo made history by becoming the first consumer fintech company to receive a national bank charter, transforming from an ambitious startup into America's first all-digital, nationally chartered bank. Under Colin's leadership, Varo has revolutionized banking through innovative technology, human-centered design, and a mission to improve the financial health of millions of Americans. We explore Varo's remarkable journey, their challenges, and how they leverage AI and product innovation to create sustainable competitive advantages in an increasingly crowded digital banking landscape. This episode of Banking Transformed is sponsored by Naehas Naehas provides financial institutions with a centralized platform to efficiently manage product creation, pricing strategies, compliance, and disclosures. By automating complex processes and integrating advanced governance tools, Naehas significantly reduces operational risk and accelerates execution. Trusted by 6 of the 10 largest U.S. banks, our solution supports top-tier institutions in delivering precise, compliant offers with speed and accuracy. ⁠https://www.naehas.com/?utm_source=financialbrand&utm_medium=referral&utm_campaign=Banking_Transformed_podcast

Victor Alexander, the Head of Consumer Banking at KeyBank, discusses the challenges regional banks face against giants and fintech disruptors. He emphasizes the importance of fostering an innovative culture and strategic partnerships without large investments. Alexander reflects on KeyBank's customer-centric approach, focusing on personal relationships and the role of AI in enhancing service. He also shares insights on maintaining brand consistency across digital platforms and the empowering leadership style that drives organizational agility.

Puneet Chhahira, VP and Head of Product Management and Marketing at Infosys Finacle, shares his expertise on navigating product innovation in banking. He discusses the challenges posed by legacy systems and regulations while championing a culture of innovation. Chhahira highlights how AI is revolutionizing customer experiences and product offerings, enabling personalized services. He emphasizes the vital role of leadership and consumer engagement in fostering agile decision-making. Finally, he addresses the future of banking with digital self-service and the integration of human elements in technology.

In this engaging discussion, Alex Jimenez, Lead Principal Consultant at Backbase, sheds light on the critical gap in banking services for commercial and wealth management clients. While consumer banking sees rapid innovation, these segments are left frustrated. Jimenez emphasizes the need for tailored digital solutions, as a one-size-fits-all approach no longer suffices. He explores the evolving expectations of clients and the crucial role of technology in modernizing banking experiences, advocating for a strategic shift to meet diverse client needs effectively.

Jennifer Smith, the Chief Information Officer of Zions Bank, discusses her leadership in completing a complex core systems modernization. She shares challenges faced during the transition from outdated technology, emphasizing the importance of employee engagement and effective communication with regulators. The conversation also touches on integrating generative AI for agile product development and the significance of maintaining business continuity while enhancing customer experience. Smith's insights offer a valuable perspective on navigating digital transformation in the banking sector.

Fabio Biasella, Director of Strategic Services for EngageFI, delves into bridging the gap between technology investments and enhanced customer experiences. He highlights that only 7% of institutions have met their digital transformation goals and discusses how experience-led strategies can accelerate progress. The conversation touches on building customer-centric resilience and the evolving role of technology in banking, alongside the necessity for community institutions to prioritize meaningful customer engagement and strategic partnerships to remain competitive.