Banking Transformed with Jim Marous

Automation and digital technology aimed at improving financial services continues to impact the banking ecosystem. From mobile payments to digital lending and budgeting services, fintech and big tech providers are revolutionizing how consumers and businesses handle manage their financial relationships. These changes are happing faster than ever before and will never happen this slowly again. To get a perspective on the past and future winners of fintech applications and their impact on traditional banking, I am joined by my very good friend, Ron Shevlin. Ron is not only one of the foremost authorities on what is happening in the banking industry, he is also a personal mentor and one of the people who was most responsible for my professional transformation a decade ago.

After a record-breaking 2018, fintech investment activity continues strong in 2019, as new start-ups take aim at traditional banks and credit unions that are slow to update back offices, change outdated business models, embrace advanced analytics and keep up with consumer expectations. For a perspective on the changing fintech investment marketplace, we are joined by Dan Rosen, Founder and General Partner of Commerce Ventures, a VC firm focused on fintech, payments and commerce ecosystems.

Buying the right technology solution is only the beginning of the digital transformation journey. Organizations need onboarding support from solution providers to ensure the intended benefits of new technologies are realized. This entails looking beyond the technology, to include the vast human and cultural aspects of digital transformation. In this episode, we discuss how businesses can optimize the outcomes of their digital initiatives with the support of a customer success management process. I’m joined by Janine Sneed, Chief Digital Officer and VP of Customer Success at IBM. Janine shares how she has build a Customer Success Organization at IBM and how she has brought together multiple functions at IBM to help clients succeed. Janine also discusses her role in promoting internal career support for women and minorities at IBM, and how diversity in the workplace can become an organizational priority.

Digital transformation in banking cannot occur without rewiring back-office processes, including streamlining operations and integrating data sets. But the most important transformation that must occur is with the culture and leadership at traditional financial institutions.   A digital culture is customer-centric, with latitude given for employees to make decisions on behalf of the customer. A digital culture also supports creativity and innovation — again, on behalf of the customer.   To get a great perspective on how legacy banks must disrupt themselves, we spoke to Chris Skinner, best-selling author and one of the most sought after and respected financial services influencers. Chris discusses his recent research into the traditional financial institutions that are setting the pace for others to follow.

Organizations in all industries need a new operating model that puts the customer’s needs at the center of all digital transformation strategies. This can be achieved by redesigned customer journeys, new products and services, and the agile delivery of insights and contextual solutions across channels.   To better understand how legacy financial institutions can better position themselves against digital pure play organizations such as Google, Amazon, Facebook, Apple and Alibaba, I sat down with Sophie Heller, Group Chief Operating Officer for Retail Banking at BNP Paribas. Sophie discusses the critical elements required to launch an integrated operating model organized around end-to-end experiences in an open banking environment.

Digital transformation is a challenge for organizations due to legacy infrastructure, internal silos, lack of a clear vision and resistance to change. Design thinking can help firms overcome many of these challenges, accelerating the transformation timeline. Done well, design thinking is a consumer-centric collaborative effort that can drive change internally and externally.   In this episode, we sat down with Alex Kreger and Monika Cālīte from UXDA to discuss how organizations can use design thinking and applied insights to improve internal processes, develop better products and services, maximize the impact of content and enhance the digital consumer experience.

The power of voice-based interactions has grown exponentially with the addition of always-on systems, combined with advanced analytics (AI), cloud-based computing and optimized multichannel delivery of insights. The voice-first paradigm will move beyond providing answers to questions – using data and insights to proactively provide insights and guidance that will simplify life for consumers.   In a voice-first world, advertising, commerce, payments and interacting with others around us will change dramatically. To get a perspective on the future of voice, we reached out to Brian Roemmele to discuss his vision of a highly personalized AI assistant that will keep data secure, while connecting to the outside world on an as needed basis to simplify a consumer's daily interactions.

A Silicon Valley icon and philanthropist, Steve Wozniak helped shape the computing industry by co-founding Apple Computer with Steve Jobs in 1976. Since leaving Apple in 1985, Wozniak has been involved in various business and philanthropic ventures, focusing primarily on computer and technology education.   I had the unique opportunity to sit down with 'The Woz' as part of the Novathon innovation event in Budapest last week. The event, presented by the Italian bank, Instesa Sanpaolo featured Wozniak as well as other industry speakers including myself discussing digital transformation, innovation and competition in banking. In our interview, Steve discusses his personal life, his focus on education, recommendations for entrepreneurs, the state of innovation and his memories of Steve Jobs.

Digital disruption is impacting today's worker more than ever, with sociologists believing that today's worker will need to 'reinvent themselves' several times during a career in the future. While maintaining the status quo provides a temporary comfort zone, personal disruption can dramatically improve chances of finding financial, social, and emotional success. This personal transformation requires a new perspective.   In this episode, we discuss the importance of personal and professional growth with Brian Solis, digital anthropologist, global speaker and author of the new book, 'Lifescale: How to Live a More Creative, Productive and Happy Life'. Brian discusses his scientific findings, and provides insights that can help any person dissect where they are today, what could be holding them back, and how to be better positioned for long-term success and satisfaction.

Digital transformation is not as much about technology as it is about the leadership and cultural changes that are required to respond to a new business paradigm. In his latest book, The Algorithmic Leader, Mike Walsh shares insights and actionable strategies for leaders to make better decisions at a time of disruption. Mike is brilliant at challenging leaders in all industries to think and act differently than they have in the past. He understands the intersection of technology and human intelligence, and clearly defines what a winning organization will look like in the future.   As CEO of Tomorrow, Mike travels over 300 days a year researching trends, advising leaders and presenting keynote presentations to large and small groups. I had the pleasure of seeing Mike speak recently at an event, and his ability to synthesize the core principles of personal transformation that are needed for the future were both exciting and a bit unnerving. In this episode, Mike will discuss digital transformation, leadership, culture and the future of work.