Banking Transformed with Jim Marous

Finance is quickly moving from digital platforms into an era of hyper-personalization, where every user will have ultimate control over their data, their devices, and the value propositions created. This will have a profound effect on the entire banking ecosystem ... and society.Financial institutions are at risk if this transformation is not understood. With democratized finance, anyone can personalize every aspect of finance, including currencies and products created.I am excited to have Emmanuel Daniel, global thought leader, financial industry expert, and author of the book, The Great Transition: The Personalization of Finance is Here,” on the Banking Transformed podcast. Emmanuel shares how financial institutions will need to disrupt current business models to 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 FISDiscover Worldpay for Platforms, a payments platform that puts you in control and puts your software customers first. This all-in-one payment facilitation platform offers more than just embedded payments. With Worldpay for Platforms, take advantage of a full set of solutions including professional, managed, and advisory services to enhance your business. Make your software even better with a solution that easily integrates and adapts to your needs, helping you create experiences beyond payments.Visit FISglobal.com/WorldpayPlatforms to learn more.

Traditional banks and credit unions continue to face competition from challenger and online-only banks willing to offer higher yields for savings and deposits. However, now may be the perfect time to use market instability to build new banking relationships with innovative deposit and lending products.In addition, banks can leverage an understanding of consumer behaviors to detect deposit-pricing sensitivities and tailor promotional offers to reach consumers most at risk of attrition and those who may move relationships to your organization.We have Ryan Walker, Executive Strategist for Kasasa on the Banking Transformed podcast. Ryan shares how banks and credit unions target promotional deposit and loan offers to grow relationships without sacrificing profitability and margins.This episode of Banking Transformed Solutions is sponsored by KasasaAs the Fed continues to raise rates, an account with a compelling rate may have many consumers rethinking where their loyalty lies. In this podcast, you’ll learn how community financial institutions have a unique opportunity to use the instability to establish new banking relationships now that ultimately lead to primary financial institution relationships — generating more non-interest income, and higher loan volumes.For more information visit https://www.kasasa.com/RisingRates

Chase, the digital banking app launched by JPMorgan, has reached one million UK customers after launching in September of last year with a 1% cashback deal and fee-free overseas card use. This growth exceeds the growth of both Monzo and Starling … two other UK neobanks.10x Banking, the UK-based cloud-native banking technology business, created the platform that powered Chase’s entry into the UK retail banking market. The platform provided a scalable architecture that will allow Chase to expand its retail banking proposition in the UK and beyond.To discuss why a scalable core banking platform built on micro-services and APIs is the key to building a digital bank, we have Antony Jenkins, CEO and founder of 10x Banking on the Banking Transformed podcast.

Americans’ total credit card balance reached $887 billion in the second quarter of 2022, with close to a $50B jump since the first quarter of 2022. The 13% increase since 2021 is the largest year-over-year jump in more than 20 years.Unfortunately, most people with an active credit card account aren't able to pay their bills in full. At the same time, the average APR for all current credit card accounts jumped in the second quarter of 2022. How can consumers get control of their credit card debt?My guests on the Banking Transformed podcast are Frida Leibowitz and Rachel Lauren, cofounders of the habit-shifting rewards platform for debt payoff, Debbie. They share how Debbie challenges the status quo of how financial institutions can use incentives to drive higher engagement that leads to better financial outcomes.

Banks are making significant investments in their data and analytics initiatives. Unfortunately, most organizations struggle moving from the data preparation and analytics process to the “last mile” of data utilization, where insights are translated into process changes and customer outcomes that drive value.The last mile is where the focus moves from great reports to exceptional results. At this stage, the insights generated become part of improving internal processes and personalization that help decision making and improve customer experiences.We have Greg Spencer, Senior Sales Engineer at Segmint, an Alkami Company, on the Banking Transformed podcast. Greg shares how banks and credit unions must focus on ‘finishing strong’ as they leverage insights for improved results.This episode of Banking Transformed is sponsored by SegmintSegmint empowers financial institutions and financial technology providers to easily understand and leverage data, interact with customers, and measure results. Derived from billions of transactions, Segmint provides the fastest and most accurate customer insights through advanced data tagging, categorization, and contextualization. Our insights enable all functions of an organization to inform strategies including competitive analysis, risk, marketing, customer experience, and product innovation.Visit HERE to learn more about Segmint.

Launched shortly after the 2008 financial crash, Betterment pioneered robo-advisory services and opened the door for individuals to manage their money without the engagement of traditional financial advisors.Despite tremendous growth, a valuation of $1.3 billion in 2021, and a customer base of more than 700,000 customers, limited market potential and increased competition impacted the potential for long-term sustainable growth. This prompted Betterment to expand services offered and markets served.My guest on the Banking Transformed podcast is Michael Reust, president of Betterment. Mike shares how Betterment is using a challenger mindset to future-proof earnings and growth.

The demand for fast, humanized digital engagement has reached new heights, and is changing the financial services landscape. More than ever, customers have switched from wanting to visit a branch to connecting with a human representative via digital channel.Financial Institutions that aren’t prepared to adapt to this new paradigm are at greater risk of losing both market share and the growth that these new channel engagement opportunities provide.I am excited to have Katherine Regnier, CEO of Coconut Software on the Banking Transformed podcast. Katherine shares how banks and credit unions can bridge the gap between digital and physical client experiences to create a seamless experience customers crave.This episode of Banking Transformed is sponsored by Coconut Software:Make navigating your digital and in-person channels a smoother process for customers, members, and staff. Coconut’s appointments, queuing, and video banking platform makes connecting with your institution a breeze. With Coconut’s self-serve tools, customers and members choose when and where they engage your team.Explore why 150+ financial institutions choose Coconut to transform their customers’ and members’ experience at coconutsoftware.com. 

In the past, consumers relied almost exclusively on legacy banking institutions for their financial interactions. Today, businesses across all industries have access to embedded banking products enabled by Open Banking policies and powered by Banking-as-a-Service (BaaS) providers.Embedded financial services within the user journey makes the experience seamless for the user and unlocks revenue streams and analytics for businesses. The question becomes, what is the role of traditional banks in this new business model?My guest on the Banking Transformed podcast is Anthony Burton, SVP of connected banking, open finance, and embedded banking at Truist. Anthony shares how Truist is embracing this opportunity and how this will impact current and future customers.This Episode of Banking Transformed is sponsored by FISWhen customers need to pay, borrow, or invest, are you there? FIS believes the future of financial services delivery is giving customers what they want, whenever and wherever they are. SMB Embedded Finance enables Financial Institutions and Technology Companies to deliver critical financial services to small businesses at their point of need.Visit FISglobal.com to learn more.

An Aberdeen Research report shows that improving operational efficiencies is now taking a back seat to customer experience in back-office operations. This should not be a surprise, especially in financial services.Companies that create greater synergies between service and back-office are more successful at transforming their back-office into a strategic differentiator supporting their CX objectives. The question is, where do you start?I am excited to have Nicole Nevulis, Global Senior Director at Verint on the Banking Transformed podcast today. Nicole shares how banks and credit unions can transform the back-office to become a competitive differentiator for long-term customer service success.This episode of Banking Transformed is sponsored by VerintVerint® helps the world’s most iconic brands build enduring customer relationships by connecting work, data and experiences across the enterprise. We help financial institutions eliminate inefficiencies created by organizational and data silos and consistently deliver differentiated experiences at scale across every interaction. With Verint, brands can create One Workforce to best leverage their resources to deliver exceptional customer engagement.For more information visit https://www.verint.com/back-office-workforce-management/?redirect-rule=

Utah-based open finance solution provider MX Technologies has named several PayPal veterans to lead the firm’s next phase of growth. This growth will include the continuation of using data to deliver intelligent and personalized money experiences, while connecting technology partners to financial institutions with modern solutions that improve results.MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintech firms, with a combined reach of over 200 million consumers.Recorded at the MX Money Experience Summit, my guest on the Banking Transformed podcast is Jim Magats, the CEO of MX. Jim shares how he and his team see MX moving forward, and the importance of data and insights as the foundation of the entire banking ecosystem.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