Banking Transformed with Jim Marous

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.

Consumer behavior is changing faster than ever. The impact of the pandemic, technological advancements, a greater awareness of environmental, social and governance (ESG) issues and an uncertain economy are influencing financial wellness and buying decisions.More than ever, banks and credit unions are wondering how they can better shape consumer demand and drive engagement and loyalty as consumers are increasingly diversifying their financial relationships.We are very fortunate to have PwC Partners Greta Lovenheim & Brian Morris on the Banking Transformed podcast. Greta and Brian discuss the results of the PwC Customer Loyalty Survey and share how banks can strengthen relationships, increase customer lifetime value, and reduce the likelihood of attrition.Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast.This episode of Banking Transformed Solutions is sponsored by PwCCustomer Link unifies your data with PwC’s third party data to build a 360 degree view of your customers. Create better, more personalized experiences with unmatched customer data you can’t get from just any platform. With a real-time view of your data and call-to-action triggers, you can quickly act on what you learn and feel more confident in the decisions you make.For more information visit https://www.pwc.com/us/en/prod...

An uncertain economy, combined with technological advances, increased customer expectations, and new competition will force banks to reimagine business models and rethink how financial services are delivered.More than ever, banks and credit unions must find ways to meet customer’s individual needs at speed and scale. Continuous digital transformation is required across entire organizations.I am excited to have my friend, Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Senior Contributor to Forbes on the Banking Transformed podcast. We will be discussing how banks and credit unions must respond to the major opportunities and threats facing financial institutions today.Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast.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.

Digital banking transformation involves integrating digital technology with data and analytics to enhance customer experiences, drive growth and make an organization more future-ready.Building improved customer experiences and greater engagement involves more than just the customer service area and IT. It must involve the entire organization including the back-end of the business process. The entire company must provide seamless digital customer experiences.We are very fortunate to have Stephen Bohanon, the founder of Alkami Technology on the Banking Transformed Podcast. Stephen discusses how organizations of all sizes need to leverage modern technology and customer insights to stand out in an increasingly competitive marketplace.This Episode of Banking Transformed is Sponsored by AlkamiAlkami 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 and digital loan origination, payment fraud prevention, and data analytics and engagement solutions. To learn more, visit www.alkami.com.

According to MIT, the biggest challenges to the innovation process include a lack of an innovation culture, fear of change, lack of ownership and vision, inadequate benchmarking and even impatience.Unfortunately, there is no magic bullet or secret formula that can guarantee innovation success. But there are ways to make the odds of success greater. And it is not just new technology or a higher level of investment.I am excited to have Steve Monaghan on the Banking Transformed podcast. Steve's experience includes leading the innovation teams at several bank and non-bank organizations, including DBS Bank and Dell. In this episode, Steve discusses why banking innovation lags many other industries and what can be done to change this paradigm.Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast.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.

Over three-quarters of consumers said that receiving personalized communications was a key factor in prompting their consideration of a brand, and 78 percent said such content made them more likely to repurchase.But simply putting a name on an email or targeting a sales message based on recent purchases is no longer enough. Financial institutions, and customers, want to engage in a way that exhibits empathy, is timely and contextual, and most of all, creates a value exchange.We are very fortunate to have John Thomas of Relay Network back on the Banking Transformed podcast. John discusses why companies that excel at creating customer engagement generate faster rates of revenue growth than their peers.Follow us on YouTube to view the video versions of these interviews: youtube.com/c/BankingTransformedPodcast. This episode of Banking Transformed Solutions is sponsored by Relay NetworkRelay Network is the innovator of SaaS feed technology, with over 10 years of experience helping companies more meaningfully engage with the people they serve. Using Relay Feeds, banks and credit unions are deepening their relationships with their customers. Relay’s goal is to help businesses maximize the value of the relationships they’ve cultivated. ​For more information visit https://www.relaynetwork.com/onboarding-fs/

The increased digitalization of finance has resulted in massive transformations and disruptions across the industry. Opportunities have emerged from these trends like the use of AI to drive personalization, decentralized finance, embedded banking, and increased collaborations between fintech firms and legacy banks.Driven by the increase of consumers with access to more technology, the pace of change is increasing, with innovation at the forefront and existing business models being challenged.I am excited to have my friend, Ali Paterson, editor-in-chief and publisher of Fintech Finance Magazine on the Banking Transformed podcast. He will discuss the top financial sector trends for 2023 and share ways organizations must become future-ready.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.

Improving the customer experience (CX) is at the foundation of the majority of digital banking transformation efforts. Financial institutions need to deliver a fast, safe, and consistent banking experience in both physical and digital engagements.Delivering a future-ready digital banking experience requires data, analytics, modern technology, and a leadership and cultural paradigm shift that enables the reimagining of legacy business models.We are very fortunate to have Courtney Rowan, VP of Digital Experience at Citadel Credit Union on the Banking Transformed podcast. Courtney discusses how Citadel did not slow the digital banking transformation process post-pandemic, but partnered with solution providers to rethink the delivery of financial services.This episode of Banking Transformed is sponsored by NCR TerafinaNCR Terafina provides digital onboarding and omnichannel sales solutions that are simple and secure to banks and credit unions. Terafina’s omnichannel sales platform is a multichannel product suite with the broadest spectrum of products, including consumer deposits and lending, real estate, small business deposits and lending, commercial deposits, and cryptocurrency account opening—across digital, branch, and call center channels.https://terafina.com/

Open banking has become a major driver of digital transformation across the financial sector, revolutionizing payments, lending, investments, and transactional ecosystems almost overnight.But the full potential of APIs and open banking have yet to be realized. Will 2023 be the watershed year for open finance in the U.S. and globally, or will regulation slow the innovation process?We have Ritesh Jain, Fintech founder and advisor and previous CTO of HSBC on the Banking Transformed podcast. Ritesh shares his perspective on the growth of APIs and open banking he expects in 2023 and where opportunities still exist.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.This Episode of Banking Transformed is sponsored by mParticle.mParticle believes that better decisions start with better data. Cleanse, visualize, and connect your customer data from any source or system to any API. Better data, better decisions, better outcomes. Visit mparticle.com for more.