Banking Transformed with Jim Marous

According to a recent Harris Poll, 40% of respondents said they are likely to leave their primary financial institution for digital banking that compares to an online shopping experience.New benchmarks have been set as to what is acceptable regarding digital experiences at financial institutions. While consumers still want to bank with community institutions, these smaller firms must accelerate digital transformation efforts to avoid disintermediation to larger banks or big tech organizations.We are joined on the Banking Transformed podcast today by Craig McLaughlin, CEO at Finalytics.ai and Extractable. He discusses the results of the Harris research and provides insights into how smaller organizations must respond to the digital experience challenge.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 PayPal:This podcast episode is being presented in partnership with PayPal. PayPal provides access to more than 403 million active global accounts and multiple buy now, pay later offers in a single integration. PayPal Pay in 4 enables shoppers to make purchases in four interest-free payments.Customers get more buying power and flexibility, and you get help maximizing reach and revenue.Learn more about PayPal Pay Later here.

Capco recently published research offering insights into how banks can modernize their digital banking experience to include the personalization customers expect and prefer.The study finds that regardless of age, over 70% of customers rank personalization as highly important to their banking experience. The study not only delves into how to engage customers initially, but also how to retain customers going forward by building unique and innovative digital features with a personal touch.We are joined on the Banking Transformed podcast by Lane Martin, Partner and Head of U.S. Banking and Payments at Capco. He discusses the challenges firms face in putting a digital strategy in place, and the path to an effective and attractive digital platform.This episode of Banking Transformed Solutions is sponsored by Capco Capco is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivaled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management and insurance. To access the research paper, visit here

With consumers strapped for cash during these turbulent times, traditional and non-traditional financial firms are expanding financing options to support consumer and merchant needs.One of the newest solutions modernizes the old-school layaway or retail installment loan offering for the digital world. The Buy Now, Pay Later (BNPL) concept allows consumers to take possession of merchandise before they’ve paid in full, with access at the point of sale.We are joined on the Banking Transformed podcast by Greg Lisiewski, VP, Global Pay Later Products at PayPal. He discusses the marketplace opportunities of the BNPL solution and how this can be a win-win-win for all parties involved.This episode of Banking Transformed is sponsored by PayPal:This podcast episode is being presented in partnership with PayPal. PayPal provides access to more than 403 million active global accounts and multiple buy now, pay later offers in a single integration. PayPal Pay in 4 enables shoppers to make purchases in four interest-free payments.Customers get more buying power and flexibility, and you get help maximizing reach and revenue.Learn more about PayPal Pay Later here.

Recently, I had the opportunity to join Ron Shevlin in a unique debate on the future of financial services. Refereed by Jason Henrichs, the CEO at Alloy Labs Alliance, this debate was done in the style of championship title fight, complete with silk robes, a debate timer and an enthusiastic audience that attended the MX Money Experience Summit at the Snowbird Resort in Utah.We debated the future of fintech and challenger banks, current digital banking trends, challenges in the marketplace, and the ‘hottest topics’ in banking today.I am fortunate to have Ron Shevlin: Director of Research at Cornerstone Advisors on the Banking Transformed podcast. We do a recap of the debate and share insights we did not have time for during the actual event.View the Future of Money Experiences debateThis 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 PayPal:This podcast episode is being presented in partnership with PayPal. PayPal provides access to more than 403 million active global accounts and multiple buy now, pay later offers in a single integration. PayPal Pay in 4 enables shoppers to make purchases in four interest-free payments.Customers get more buying power and flexibility, and you get help maximizing reach and revenue.Learn more about PayPal Pay Later here.This Episode of Banking Transformed is sponsored by FIS.The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures.The Financial Futures podcast by FIS explores the challenges presented by the pandemic. Is the world’s technology up to the challenge? Are we?FIS. Advancing the way the world pays banks and invests.More at: https://feeds.transistor.fm/financial-futures

Marketing is at the center of a massive transformation, driven new technologies, real-time data analytics, and major scientific advances that will power the future of the banking industry.More than ever, we need a new framework for communication, engagement and loyalty. Financial marketers need to understand this new paradigm, and prepare to embrace the opportunities that lie ahead or risk becoming irrelevant or obsolete.We are very fortunate to have Raja Rajamannar, Chief Marketing Officer at Mastercard and author of the book, ‘Quantum Marketing’ with us on the Banking Transformed podcast. He will discuss what marketers must do to prepare for a future where everything we once knew about marketing has changed.This episode of Banking Transformed is sponsored by FIS.The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures.The Financial Futures podcast by FIS explores the challenges presented by the pandemic. Is the world’s technology up to the challenge? Are we?FIS. Advancing the way the world pays banks and invests.More at: https://feeds.transistor.fm/financial-futures

What can legacy financial institutions learn from the first online-only bank? Founded in 1999, First Internet Bank reimagined the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online.What makes First Internet Bank different than other competitors that were established at about the same time, but were later either shuttered or absorbed by other entities?To understand what makes First Internet Bank unique, and how complex services can be offered by a bank with no branches, we have Nicole Lorch, the president and COO of First Internet Bank on the Banking Transformed podcast. Nicole shares her perspective on how to combine technology, analytics, innovation and a challenger mindset for long-term success.This episode of Banking Transformed is sponsored by FIS.The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures.The Financial Futures podcast by FIS explores the challenges presented by the pandemic. Is the world’s technology up to the challenge? Are we?FIS. Advancing the way the world pays banks and invests.More at: https://feeds.transistor.fm/financial-futures

Inclusive and accessible digital experiences are more important now than ever before.61 million adults in the US live with a disability and the average American reads to a 7th/8th grade level. Are your digital platforms, content, campaigns and social media posts easily accessed and understood by all? Or are you excluding huge portions of your online audience?We are very fortunate to have James Deignan, Inclusion and Accessibility Specialist at Texthelp and Jeff Wissel, Director of the office of customer accessibility at Fidelity Investments on the Banking Transformed podcast. We will discuss the rationale and benefits of ensuring that websites, social media and customer engagement are accessible and inclusive.This episode is sponsored by TexthelpTexthelp are leaders in digital inclusion and accessibility software with products used by over 40 million users. ReachDeck offers an all-in-one solution to help financial organizations improve the accessibility, readability and reach of websites and online content.For more information or a free scan of your website visit our website.

What makes a fintech firm or challenger bank different from a legacy financial institution? Is it the products offered or the digital platform? Or is it deeper than that? In discussions with dozens of fintech organizations as part of this podcast, I believe there is a completely different mindset at most fintech firms. What I have also found is that this ‘challenger mindset’ doesn’t need to exist only at new firms. It must be the foundation for any successful organization.We are very fortunate to have Eric Fulwiler, Chief Commercial Officer at 11:FS and previous executive director of VaynerMedia in London on the Banking Transformed podcast . We will discuss what it means to have a challenger mindset and why it is more important today than at any time in the past.This episode of Banking Transformed is sponsored by FIS.The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures.  The Financial Futures podcast by FIS explores fintech innovation and the trends that are already transforming the way the world pays, banks and invests...across the globe. And the mechanisms we’ll need to prosper in this brave new landscape.   Is the world’s technology up to the challenge? Are we? Find Financial Futures on your favorite podcasting app. FIS. Advancing the way the world pays banks and invests.  More at: https://feeds.transistor.fm/financial-futures

As more companies navigate the return-to-office movement, management teams are faced with an increased urgency of finding, training and retaining quality talent while also creating an inclusive environment for hybrid working.It is increasingly clear that the path to long-term relevance is through leveraging human capital. But, in most cases, this will require cultural changes that will banks and credit unions win the war for talent.We are joined on the Banking Transformed podcast by Jill Nowacki, president and CEO of the financial institution executive search and consulting firm, Humanidei and O’Rourke. Jill and I discuss the challenges and opportunities facing financial institutions today as they try to build future-ready workforces and cultures.

Historically, the banking industry viewed innovation as a way to add more to a product or service. The focus was often on technology, competitive offerings and ecosystems and not often enough about the customer.The world has changed … in an instant. More than ever, consumers want ways to transact and engage in a way that is easy, intuitive and emotional. Simplicity has taken center stage in the innovation process.We are joined on the Banking Transformed podcast by Jin Kang Moller, previous vice president of customer experience at OCBC Bank in Singapore, and the author of the book, “The Simplicity Playbook for Innovators’. Jin and I discuss why simplicity is important and how to make it happen at any organization.