Banking Transformed with Jim Marous

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

Banks and credit unions are challenged to satisfy consumers with the traditional services they have used for decades, while also delivering the latest offerings that a growing portion of consumers desire.More than ever, consumers are willing to take their business to other financial institutions to find innovative products and services, with more consumers than ever willing to diversify their financial services partners to get what they want.We are very fortunate to have Kris Kovacs, president and CEO of Constellation Digital Partners on the Banking Transformed show. He discusses how financial institutions that deliver the innovations that best satisfy demand will reduce the likelihood that business will go to another FI or a FinTech.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 FIS When 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.

Nearly two-thirds of consumers indicate they manage their financial relationships predominantly online or via their mobile device. In addition, nearly 70% of consumers feel faster payment capabilities from their current financial institution is an important driver of satisfaction.To address these expectations, the Federal Reserve Banks are developing FedNow to enable financial institutions of every size to provide safe and efficient instant payment services in real time, around the clock, every day of the year.We have Nick Stanescu, FedNow Business Executive, Federal Reserve Financial Services, on the Banking Transformed podcast. Nick provides an update on the future introduction of the FedNow Service and discusses the benefits of the service in the future.This episode of Banking Transformed is sponsored by FedNowThe FedNow Service is a new instant payment infrastructure that the Federal Reserve Banks are launching in mid-2023 to enable financial institutions of every size across the U.S. to provide safe and efficient instant payment services in real time, 24x7x365. For more information visit https://explore.fednow.org/ 

While the fintech industry is growing rapidly, it is still rare to see women as fintech founders or women holding leadership roles. More concerning is the fact that women fintech founders are lower in North America than other regions of the world.In August, a collaboration between BMO Harris Bank and 1871, a #1-ranked private business incubator, provided women entrepreneurs the opportunity to bring their innovative technologies and products forward.My guests on the Banking Transformed podcast are BMO Harris’ Niamh Kristufek, US head of business banking and Andrew Harrison, Head of US Digital Partnerships. They share the results of this year’s incubator program and the importance of greater inclusion in the fintech space.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 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. 

As new players continue to expand market share with data and customer-centric business models, incumbent banks face an urgent need to modernize systems to remain competitive in the payments landscape.By investing in emerging digital technologies, banks can address evolving customer preferences, mitigate risk, and achieve regulatory compliance.My guest on the Banking Transformed podcast is Nick Botha, Business Development Manager at AutoRek. He discusses the importance of an end-to-end platform designed reduce costs, improve efficiency, and streamline your reporting processes.This episode of Banking Transformed is sponsored by AutoRekAutoRek is a trusted vendor of data management solutions by the world’s largest financial institutions with extensive experience across banking and payments. The end-to-end payments reconciliation platform is designed to overcome the most difficult challenges for managing reconciliations, data management and reporting. AutoRek combines cutting edge technology, first class implementation and subject matter expertise to deliver custom solutions that save our clients both time and money.For more information visit autorek.comhttps://www.autorek.com/en-us/solutions/reconciliations/

Despite the benefits of easy information access, the amount of information each human needs to process is overwhelming, creating a reduction in comprehension and decision quality. The question most leaders have is, “How do I keep on top of so much information?”Those who can absorb and convert the vast amount of available information into insights, action, and a view of the future will generate success and results beyond their peers.My guest on the Banking Transformed podcast is Ross Dawson, chairman of the Advanced Human Technologies group of companies. He discusses how leaders can not only cope with today’s information overload … but thrive on it.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 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.

Trust in banking hinges on the ability of financial institutions to safeguard identities and keep consumer and business data private, particularly during online account opening and onboarding.Unfortunately, traditional Know Your Customer (KYC) and Know Your Business (KYB) verifications is often synonymous with tedious and manual processes, friction, and onboarding delays. The longer these processes take, the greater the negative impact to client acquisition.My guest on the Banking Transformed podcast is Chris Luttrell, the CEO of IDology. She discusses what can be done to foster trust across the entire customer journey, while improving the customer experience for consumers and businesses.This episode of Banking Transformed Solutions is sponsored by IDologyExpectID® Business is an automated KYB solution that is imperative for any business that wants to remain competitive. With ExpectID® Business, IDology has combined KYB and KYC due diligence with multiple layers of risk detection and fraud intelligence into one powerful, programmatic solution. The solution goes beyond KYB and KYC verification to provide a holistic perspective of the risk associated with both the business and the primary user.For more information visit https://www.idology.com/business-verification/

The banking sector has always been data intensive. Today, AI technology has the capability to improve efficiency, increase innovation, boost differentiation, manage risk and regulatory needs, and positively impact the customer experience.While more than 80% of financial services AI adopters say that AI will be very or critically important to their business’s success in the next two years, it’s time for banks to move beyond the hype and consider practical applications of AI across the entire organization.On today’s Banking Transformed podcast, we have Imtiaz Adam, global AI influencer and founder of Deep Learn Strategies Ltd. He will share why financial institutions must make adoption of AI technologies across the entire enterprise a strategic imperative.

More than ever, financial marketers can trigger automatic action by applying behavioral science principles in marketing strategy and creative execution. If you have a behavioral understanding of your customer, they will find you, refer business, and share insights that will help your efforts succeed.At a time when both print and digital marketing involve as much art as science, behavioral science is a critical tool for understanding how consumers will react to various tactics and strategies.My guest on the Banking Transformed podcast is Nancy Harhut, cofounder of HBT Marketing. Nancy shares why marketers cannot afford to ignore behavioral science since it can shed light on why people buy or don’t buy your brand.