Banking Transformed with Jim Marous

Competition in the financial services sector has never been more intense. Banking boundaries, that once were defined geographically, have expanded globally as a result of digital functionality. While neighborhood financial institutions built their businesses on domestic transactions, today’s consumer and small businesses are sending and receiving funds from all around the world more frequently than ever.Our guest is Stephen Kuhl, Managing Director – Financial Institutions and Strategic Partnerships for Western Union Business Solutions. We discuss why offering international payment services can be a game-changer, how to overcome hurdles, and what action steps every community bank and credit union must take right now.Episode SponsorWestern Union Business Solutions is a global leader in international payment enablement for financial institutions. With hassle-free implementation, we offer a world-class, 24/7 digital platform where customers can send payments in 130+ currencies and receive foreign funds with only a few clicks. Each institution is offered a customized solution and dedicated support to help increase customer satisfaction and attract new business.Visit HERE to learn more about Western Union Business Solutions.

In order to survive in an increasingly competitive market, financial organizations must be able to correctly identify consumers to streamline the account opening and credit application processes. This includes those with limited profiles, which has long been a shortcoming of the banking industry. It’s important that organizations use new sources of data to combat fraud and improve the customer experience for all consumers, expanding the availability of banking services for a broader population. We are fortunate to have Zac Cohen, COO of Trulioo, a global identity verification company, on the show. Zac discusses how alternative data can be used to provide stronger digital identities and provide credit and other services to the previously underserved markets.

Some experts predict the demise of community banking organizations, that are challenged by changed consumer behavior, outdated infrastructure, an evolving competitive landscape, and the high cost of digital transformation.Is there a viable niche for community banks and credit unions in an industry that is increasingly dominated by huge mega-banks, or are we entering an era of ‘too small to succeed’? If there is a niche, what needs to be done today?Our guest is Jeff Marsico, President of The Kafafian Group, Inc. and author of the new book, 'Squared Away: How Can Bankers Succeed as Economic First Responders'. Jeff discusses the role community banks and credit unions can play in an increasingly demanding 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

The marketplace is being disrupted by firms that were built on digital platforms. Their agility, foundation of data, analytics and modern technology position these firms advantageously in a world that wants personalization, speed and simplicity of engagement.Which companies will thrive and which will get crushed by the powerful forces in the global business landscape now at work? How can legacy organizations compete with digital giants like Google, Facebook, Amazon and Apple?Our guest is R “Ray” Wang, Principal Analyst, Founder, and Chairman of Constellation Research, Inc., author of the best-selling book, 'Disrupting Digital Business' and his upcoming book, 'Everybody Wants to Rule The 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

More than at any time in the past, the largest banks in the U.S. have capitalized on their customers’ increased willingness to use digital financial services. U.S. Bank, the sixth largest bank in the country, has been one of the leaders in going beyond the basics in digital banking transformation.From streamlining new account opening and onboarding processes, to creating new ways to manage finances across channels, U.S. Bank combines innovation, modern technology and a focus on the customer experience to change the way people bank.Today’s guest is Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank. He discusses many of the ways that U.S. Bank has leveraged the recent changes in consumer behavior to increase efficiency and grow revenues.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

Consumers are shopping for products and services, opening accounts, and building relationships using the channels they prefer. More than ever before, this is done on a mobile phone or online.The only way to support new account opening and deepen existing relationships is by seamlessly aligning your branches, call centers, and digital channels with a modern account opening and onboarding process.The guests for today’s show are Tami Ferguson, SVP and Director of Client Experience, for Washington Trust Bank and Zach Hamilton, Chief Digital Officer of Synovus. They will provide insights into how they have supported consumers across the customer journey with innovation that prioritizes customer needs.This Episode of Banking Transformed is Sponsored by NCR 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.

Companies that use disruption as an opportunity for innovation emerge from it stronger, while companies that merely attempt to 'weather the storm' until things go back to normal miss an opportunity to thrive.Transformation is not a project or a destination, but a continuous process of adapting to a volatile and uncertain environment. But where does a financial institution begin?On this episode, we are joined for a second time by Jerry Kane from Boston College. Jerry is one of the 4 authors of the upcoming book, "The Transformation Myth: Leading Your Organization through Uncertain Times". We discuss the research and interviews done for the book, which offers a framework for understanding disruption and tools for navigating 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/financialservices

Banks and credit unions are rethinking their distribution strategies as more people than ever are using digital channels. Despite this shift, closing all branches is not the best alternative. Neither is keeping them all open.Forward-thinking banks are adopting alternative models, including self-service banking that is complimented with new technology in a lean branch format. Organizations are realizing that optimal distribution begins by making all channels more efficient and effective.The guest for this Banking Transformed Solutions episode is Mark Aldred, Head of Sales for Auriga. We discuss how bank branches are only one component of an improved distribution strategy, as organizations strive to embed banking within a consumer's daily life.This Episode is Sponsored by AurigaAuriga, leading supplier of software and technological solutions for the banking and payments industries, wants to help bank branches avoid closure by moving to a “Lean Bank Branch” model. This reinvents branches as leaner operations with enhanced customer value through self-service for simple functions and video calling booths for personalised advice – reducing operating costs yet putting human connection and conversation back into banking.Find out more here.

The majority of financial institutions rank improving customer experience as their top mission, but few organizations get rave reviews. In fact, since the pandemic, it could be argued that the banking industry is doing a worse job in meeting consumer expectations.On this episode, we discuss how financial institutions need to reset their strategies around improving CX in a digital world. The competition has expanded, and consumers understand what is possible. The question is whether financial institutions are ready?We are joined by Jay Baer, one of the foremost leaders in the world of customer experience and marketing. He is founder of Convince & Convert, and the author of six best-selling books, including his newest book, “Talk Triggers: The Complete Guide to Creating Customers with Word of Mouth.” 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

Doing good for the community, employees and customers goes well beyond philanthropy. Organizations need to look within to embed sustainability and social responsibility strategies into their business model, their culture and the people and organizations they interact with.Now more than ever, businesses need to think beyond profits and look at their entire value creation process to the world as a whole. What organizations will find is that there isn’t just a moral imperative for businesses and organizations to behave responsibly, but a financial one as well.We are fortunate to have Theo Lau and Bradley Leimer on the show today. They are the founders of Unconventional Ventures, and the authors of a brand new book, Beyond Good: How Technology is Leading a Purpose-driven Business Revolution.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