Banking Transformed with Jim Marous

Transformation is both an overused word and an underdeveloped concept at most financial institutions. Successfully embraced, transformation can help a financial institution achieve its full potential.Transformation is also not a project or a destination, but a continuous process of adapting to a volatile and uncertain environment to become more future-ready.We are excited to have Seth Goldstrom, Senior Partner at McKinsey & Company on the Banking Transformed podcast. Seth shares the keys to a successful transformation and why most transformations fail to deliver as expected.

Data, analytics, and new technologies are transforming the art and science of personalized customer experiences. Customer engagement of the future is holistic, predictive, precise, and clearly tied to business outcomes.Winning organizations are building the capabilities, talent, and organizational structure needed for this transition. Those that stick with traditional processes will be forced to play catch-up in the years to come.We are very fortunate to have Jouk Pleiter, Founder and Chief Executive Officer at Backbase on the Banking Transformed podcast. He discusses how to win customers – for life – in the new era of embedded banking.

Consumers want their financial providers to provide integrated experiences that leverage insights to create intuitive engagements. To accomplish this, banks and credit unions need to build the data infrastructure and analytics capabilities that can be applied across the entire customer journey.Personalization must become a strategic priority, using data to create a differentiated value exchange with the customer in real-time.I am excited to have Jim Stapleton, Senior Vice President at Epsilon on the Banking Transformed podcast. Jim shares how banks and credit unions can deepen relationships by understanding customer behaviors and offering timely solutions.This episode of Banking Transformed is sponsored by Epsilon With 50+ years’ experience, Epsilon for Financial Services accelerates clients’ ability to harness the power of data to enhance, activate, and measure campaigns with confidence. With market-leading insights into customer's actions (even when they’re not interacting with your brand), Epsilon can predict upcoming life events and deliver optimized messages across owned and paid channels, while respecting and protecting consumer privacy and client data.Learn more about Epsilon for Financial Services 

With a long history of leading marketing efforts at various financial organizations, Alice Milligan was named the chief marketing officer of Morgan Stanley in May 2021 in conjunction with the acquisition of E-Trade by Morgan Stanley.With an evolving brand strategy to meet the needs of a more expansive, diverse consumer base, Milligan is tasked with communicating an expanding set of capabilities to these new audiences and modernizing the brand for future growth.We are joined by Alice Milligan, the CMO of Morgan Stanley. Milligan discusses her career journey and the global brand strategy of Morgan Stanley. She also shares how data and analytics is the foundation for better marketing decisions.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.

WeBank is considered by many to be the most progressive digital bank in the world. Launched in 2014, WeBank provides financial services to over 300 million individuals and 2.7 million small businesses.Recently, WeBank has been expanded the use of blockchain as one of the key technologies to improve efficiency of digital banking and to promote equity and sustainable development. WeBank has also extended beyond financial services to assist other industries in the deployment of blockchain capabilities.We are joined again on the Banking Transformed podcast by Henry Ma, executive vice president and CIO of WeBank. Ma discusses WeBank’s mission of delivering financial inclusion at scale by leveraging AI, blockchain, cloud computing, and big data.

Providing trust through personal financial education is an imperative for the entire finance services sector. It is also a cornerstone to building engagement across the entire customer journey.The need for financial education extends across every socio-economic segment and every age category. Advanced technologies have made the delivery of personalized financial education more feasible and more impactful for any sized financial institution.We have Ryan Swift, Vice President of Strategic Partnerships at EVERFI on the Banking Transformed podcast. Ryan discusses the value that financial education has in helping financial institutions make an impact in their communities.This episode of Banking Transformed is sponsored by EVERFI:See how EVERFI can help you reach new customers, expand wallet share, and strengthen your brand with personalized, digital financial education programs that help you drive visibility for your products and services.More at https://everfi.com/financial-education/

The banking industry has a once-in-a-generation opportunity to transform legacy business models to become more competitive and more resilient during economic downturns.By integrating data, analytics, advanced technologies, automation, and an upskilled workforce, banks and credit unions can become more future-ready and agile in a crisis. These firms will also be able to take advantage of unique marketplace opportunities.I am fortunate to be joined on the Banking Transformed podcast once again by Ron Shevlin, Chief Research Officer at Cornerstone Advisors. We discuss strategies and tactics financial institutions must take today to become more prepared for any economic environment.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.This episode of Banking Transformed is sponsored by Q2 Today, digital banking is more than a channel—it’s how financial institutions deliver their brand, manage customer relationships, and grow their business. Q2 helps FIs wherever they are on their digital transformation journey, with a portfolio of consumer and commercial solutions that help customers save, spend, borrow, and engage. More at https://www.Q2.com

Capturing the attention of GenZ and digital-first consumers is an ongoing challenge. Financial well-being is a major goal for these segments … but engagement is elusive.Zogo is an award-winning app that gamifies financial literacy for younger consumers. Created by a Chinese immigrant, at the age of 19, Zogo currently serves 600,000 users from 200 financial institutions, including American Express.We are fortunate to have Bolun Li, founder & CEO of Zogo on the Banking Transformed podcast. He discusses the origination of this gamification-based app and the growth that has been achieved since Zogo’s founding.

The economic outlook for 2022 is being impacted by rapid inflation, geopolitical shocks, rising interest rates, and unemployment numbers that loom as headwinds. While rapid post-pandemic growth and a strong labor market have been big wins, the benefits of the recovery could be diminished as price rises eat away at paychecks.The question is, if the Fed must raise rates to higher levels to restore economic calm, could this start a recession that pushes the unemployment rate higher? And how does this impact the banking industry?I am excited to have Steven Rick, Chief Economist for CUNA Mutual on the Banking Transformed podcast. Steve shares his insights on the unprecedented economic conditions we are seeing and what the future may look like for the banking industry.This episode of Banking Transformed is sponsored by CUNA Mutual Group Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.

More than ever, consumers want to associate with companies that are committed to environmental, social, and governance issues. This includes where they do their banking.But, while almost every financial institution is jumping on the bandwagon saying they are committed to doing what is good for society, how does a bank or credit unions differentiate from the noise in the marketplace?We are fortunate to have Chris Skinner, one of the foremost influencers in the banking industry and author of the book, ‘Digital for Good’, on the Banking Transformed podcast. He discusses the value of having a higher purpose for financial institutions.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.