Banking Transformed with Jim Marous

Old revenue models are dead. Financial institutions must rethink their business models and create new growth levers to be future-ready.Subscriptions make our customers’ lives easier with the touch of a button, a recurring purchase or even a reminder about content of interest. Helping customers pay directly from their debit or credit card can generate revenue. Beyond that, there are even subscription opportunities with personalized financial content.It is great to have Joan Clark, VP of Product for Segmint on the Banking Transformed podcast. Joan discusses the way banking can benefit immediately from the subscription economy.This episode of Banking Transformed is sponsored by Segmint Segmint 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.

Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial businesses. The question becomes, will legacy banks become a distributor of financial products, a producer of them, or both?I am joined on the Banking Transformed podcast by Matthew Smith, Head of Digital Banking and Banking as a Service at Webster Bank. Matthew discusses why Webster Bank decided to pursue the BaaS strategy and the success of the strategy to date.

Many financial institutions struggle when it comes to building engagement with customers in a timely and impactful manner. More than ever, there is a need for ongoing dialogue that assists customers in better managing their finances.One way to improve the effectiveness and efficiency of customer communication is with texting solutions, connecting with customers in real-time using messaging that gets attention far greater than traditional channels.My guest on the Banking Transformed podcast is Scott McArthur, CRO of Statflo. Scott discusses the power of intelligent conversational texts, and how this channel can improve satisfaction and financial results.This episode of Banking Transformed is sponsored by StatfloStatflo provides the leading compliant business text messaging platform that enables Financial Institutions to have productive, two-way conversations with their customers. With seamless integrations to existing CRM/core systems, full customer context, and rich shareable content, customer-facing teams have all the tools they need in a single platform to engage, retain, and grow their customer base.For more information visit statflo.com

It’s been 30 years since the term Metaverse was coined, but big money and big hype is now making its way into daily conversations in banking and beyond.With the convergence of hundreds of millions of people with computer capacity at their fingertips, high-speed and high-capacity internet capabilities, the introduction of modern and affordable AR, VR and MR devices, and new assets powered by Web3 technology, the Metaverse is being defined in real-time daily.My guest on the Banking Transformed podcast is Ray Wang, Founder and Chairman of Constellation Research. Ray untangles the hype from the likely reality and provides a clearer view of where the potential value lies for financial services.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.

While we are not seeing the end of banking, we are observing a changing of the guard in financial services. Powered by a deluge of funding, fintech firms are altering the battlefield for customers and relationships.Without quick and decisive action, legacy financial institutions could become invisible to consumers and small businesses by 2030. To a degree, this has already occurred in payments. What’s next?We are very fortunate to have Philippe De Backer and Juan Gonzalez from Arthur D. Little on the Banking Transformed podcast. They discuss the challenges facing traditional banking organizations and the actions that must be taken today for long-term survival.

Content marketing is an important part of creating a powerful experience in banking. Done well, it can help attract, inform, and engage your target audience.Content marketing has become popular in banking because it’s a way to provide insight without selling, building trust and loyalty that reinforces a financial institution’s brand. The types of content that can be created are vast and the sharing of content can go far beyond a bank’s website.My guest today on the Banking Transformed podcast is Joe Pulizzi, the author of the 7 books, including the best-selling book, Content Inc., and is the founder of The Tilt. Joe shares what it takes for banks and credit unions to succeed with content marketing.

In the past six years, Marcus has used an acquisition strategy to create a digital platform for consumer loans, credit cards, high-yield savings, automated investing, as well as providing tools to help consumers manage their finances.Most recently, Goldman Sachs completed the acquisition of GreenSky, growing the customer base of Marcus to over 13 million customers. With a no-fee, interest bearing checking account expected still in 2022, Marcus wants to be the primary bank for millions of people.Swati Bhatia, partner and head of direct-to-consumer business at Marcus is our guest on the Banking Transformed podcast. Swati discusses the continued product expansion of Marcus by Goldman Sachs, and how Marcus intends to become a dominant force in the retail banking.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 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.

Keeping pace with an increasingly changing marketplace has never been so difficult. No place is this more evident than in creating the IT solutions required for digital banking transformation.One way to resolve this dilemma is with low-code and no-code platforms. These platforms provide opportunities for virtually anyone to create business and mobile applications, helping accelerate innovation and delivery of highly differentiated solutions.Charles Lamanna, Corporate Vice President at Microsoft, is our guest on the show today. Charles shares how low-code/no-code app development has revolutionized the way financial institutions build future-ready applications.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

Bloomberg reported that Apple is launching an initiative code-named “Breakout” to bring more financial services capabilities in-house.It is believed that Apple wants to own the entire payments supply chain, minimizing external vendors, reducing costs, and reinforcing the use of consumer data to improve the customer experience. This would also allow them to compete more directly with platforms like Square, PayPal, Google, and Klarna.We are very fortunate to have Dr. Efi Pylarinou, Global Fintech Influencer based in Switzerland, on the Banking Transformed podcast. She will discuss why Apple has announced the Breakout initiative and how an expanded ecosystem could impact banking in the future.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

The pandemic greatly accelerated the consumer desire to adopt digital-first banking experiences. That said, consumer preference for how to do banking has also become increasingly hybrid.Few financial institutions have innovated the customer experience across multiple platforms more than Capital One. From their award-winning mobile app to their Capital One Cafés, the bank continues to test new ways to build engagement.We are very fortunate to have Jennifer Windbeck, Head of Retail Bank Channels & Operations at Capital One on the Banking Transformed podcast. She will discuss how Capital One has continued to reinvent how and where customers can do banking.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