Banking Transformed with Jim Marous

Embedded finance enables businesses to seamlessly integrate financial services into their business models, providing banking, credit, payments, or other services — efficiently and at the consumer’s point of need.According to Accenture, 47% of non-financial companies said their companies have already invested in embedded finance offerings. The vast majority of these firms also stated that embedded finance increased engagement and helped them acquire new customers.We are very fortunate to have Eric Sager, COO of Plaid and Ben Brown, cross industry financial services lead at Accenture with us on the Banking Transformed podcast. They discuss the competitive trends, the impact on traditional financial services and the opportunities in the marketplace.

Bitcoin is taking another step toward mainstream adoption, as customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts.According to research by Cornerstone Advisors, 60% of crypto owners would use their bank to invest in cryptocurrencies. Even though interest from traditional banking firms is still rather low, could Bitcoin represent a missed opportunity at a time when money and accounts are flowing into fintech firms globally?We are very fortunate to have Patrick Sells, head of banking solutions for NYDIG, a leading technology and financial services firm dedicated to Bitcoin. Sells discusses the opportunities and challenges of traditional banks offering integrated Bitcoin solutions.

Leveraging modern technology, data, analytics and digital distribution, market leaders can use innovation to support new business models and create improved experiences.Despite these opportunities, new research by the Digital Banking Report has found that most organizations consider themselves to be behind the curve with both digital transformation and innovation. Part of the challenge is the lack of an innovation culture or leadership that fails to embrace change. We are very fortunate to have Mohit Joshi, president of Infosys, as well as Michael Ruttledge, Chief Information Officer and Head of Technology Services at Citizens Bank. They discuss the opportunities and challenges of implementing an innovation focused digital transformation process during times of rapid change.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

Research shows that the biggest banks and fintech firms are doing best at delivering digital experiences, while smaller banks and credit unions often struggle. How can mid-tier organizations keep pace with consumer and small business expectations? Where should an organization start? How can you prioritize initiatives and partner with third-party solutions providers and fintech firms to innovate and create positive experiences at scale, quickly?For answers to these and other questions, we are joined by Ross Creasy, Chief Innovation Officer at Ameris Bank in Georgia and Stuart Cook, Chief Digital Product Officer of Valley Bank in New Jersey. Both of these executives will share how they became leaders in digital banking transformation.This episode of Banking Transformed is sponsored by Terafina:NCR Terafina unifies the digital onboarding and sales experience for banks and credit unions across the digital, branch, and call-center channels. NCR Terafina’s sales platform is a multichannel product suite offering the broadest spectrum of products, including consumer deposits and lending, real estate, small business deposits and lending, and commercial deposits.Visit here to learn more about how Terafina collaborates with financial institutions to deepen customer relationships and accelerate scalable growth.

According to a recent study from Ernst & Young, 37% of consumers now say a FinTech firm is their most-trusted financial services brand, compared with 33% who name a bank as their most-trusted brand. More concerning is that Among U.S. consumers, 31% name a FinTech as their primary financial relationship (PFR), up from just 6% in 2019.Much of this shift has been caused by the shift to digital providers, that deliver more targeted solutions faster and more seamlessly than traditional banks and credit unions.Our guest is Nikhil Lele, the principal for digital transformation at EY. He discusses the shift in financial services loyalty and what banks and credit unions can do to defend relationships in a digital age.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

Consumers have grown to expect personalized digital experiences across all channels and throughout the entire customer journey. Much more than just good targeting for offers, organizations need to engage contextually, in real time, helping consumers reach their financial goals.Achieving personalization at scale is a daunting task for the majority of banks and credit unions. This is where the power of strategic partnerships is so important to achieve success. Our guest is Colleen Dabbs, director of solution consulting for Fiserv. We discuss the importance of creating digital solutions and delivering a personalized digital experience across channels. We also dig into how this can be achieved quickly and what are barriers to success.This episode of Banking Transformed is sponsored by Fiserv: As a global leader in payments and financial technology, Fiserv helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. For more information visit  Architect | Fiserv

In February of this year, LendingClub closed the acquisition of Radius Bank, becoming a full-spectrum fintech marketplace bank and among the first fintech companies to buy a bank.LendingClub’s long-term vision is to pursue a platform strategy expanding the use of a variety of financial products and services by their 3 million members, while providing transaction integration and processing capabilities.To understand what makes this combination of digital bank and lending platform unique, we are joined by Scott Sanborn, CEO of LendingClub. Scott shares his perspective on how the LendingClub platform can leverage the loyalty of borrowers for future relationship expansion.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

Founded in 1935, Alliant Credit Union was created to serve the employees of United Airlines. With most members traveling across the globe, the top 10 credit union had far fewer branches than other firms its size. Today, it has transformed itself into a digital-first financial institution with no branches and a nationwide presence. To cement its leadership position, Alliant named Dennis Devine as their new CEO in mid-2020. Prior to Alliant, Devine held senior roles at KeyBank, Citizens Financial Group and PNC Bank.To understand what makes Alliant unique and why a legacy big bank executive would want to ‘downsize’, we are joined by Dennis Devine, CEO at Alliant Credit Union. Dennis shares his perspective on how Alliant delivers the best of digital while still meeting the expectations of a great human experience.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

More than ever in the past, data and applied analytics is being used to transform business models and create more personalized, streamlined experiences tailored to the needs and preferences of consumers and businesses alike.To compete in the future, banks and credit unions must be at the center of a good data ecosphere, serving as trusted data custodians, proving real-time value to customers. More importantly, financial institutions must give control back to the customer – so they can choose when to give up their data and for what purpose.In this episode, Hossein Rahnama, CEO and Founder of Toronto-based Flybits, discusses how data can make relationships stronger by keeping data secure and using data responsibly – on the customer’s behalf.This episode of Banking Transformed Solutions is Sponsored by FlybitsFlybits is the most advanced contextual engagement platform designed for the financial industry. It transforms data into experiences that build trust and preserve the privacy of individuals. So simple and accessible to use, Flybits empowers any employee to create and launch recommendations in minutes, at scale, turning a bank’s mobile channels into a destination beyond transactions.For more information visit flybits.com

Data is the foundation for the entire digital transformation process, allowing organizations to make better real-time decisions and enable the movement from being product-led to being experience-led organizations. Firms that have invested in data transformation have seen tangible results through improved business models. But, data transformation is challenging because of the structure of current data, the distribution of insights, and the lack of skills and resources to commit to a holistic data strategy.Our guest for the show is Karthik Ravindran, GM, Enterprise Data at Microsoft. He discusses the data transformation journey at Microsoft, and why data maturity is the key to success in a digital world.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