Banking Transformed with Jim Marous

Every financial institution is looking for the next ‘big idea’ or ‘next generation’ digital app that will differentiate an organization by making banking easier and deployment of products and services less costly. With most banks and credit unions unable to build this type of digital capability internally, it is vital to be able to reach out to the largest possible number of creative thinkers. In banking, one way to accomplish this is through a pool of fintech firms who are working on behalf of a community of financial institutions to deliver custom solutions that can be deployed at scale.   For a perspective on this relatively new way for fintech firms and financial organizations to partner, we’re joined by Kris Kovacs, president and CEO of Constellation Digital Partners. Kris and his team have built an organization focused on open innovation solutions for traditional financial institutions. In this episode, Kris will discuss his organization’s mission and the benefits of open innovation for fintech firms, financial institutions and the consumer.

Many people talk about digital transformation in financial services, but few have actually built a digital banking organization from the bottom up. What are the strategies and components of success? What are the challenges and barriers that can derail a digital transformation journey? And, why are so few traditional financial institutions able to effectively compete with new fintech firms and large techfin corporations?   In this episode, Sonia Wedrychowicz, previous head of digital transformation at both JP Morgan Chase and DBS Bank, shares how she helped build one of the most successful digital banks in less than a year. In addition to discussing the importance of a ‘digital culture’, she shares her perspective on agility, how to humanize a digital experience, and leadership lessons she learned on her path to becoming a black belt in kickboxing.

Mobile initiatives are aligning with emerging technologies to become the centerpiece of most enterprise-wide digital transformation efforts at banks and credit unions. The proliferation of mobile devices has moved mobile apps beyond a transactional entry point, with an increased emphasis being placed on creating exceptional customer experiences that boost productivity, loyalty and contextual engagement regardless of the device or operating system.   For a perspective on the changing dynamics of digital engagement and the importance of the mobile channel, Thomas Hogan, President of North America, Temenos, shares how organizations of all sizes can now build world-class mobile apps. He also discusses the importance of agility, mobile design and how a digital culture can enable the deployment of digital solutions at the pace of change.

It is imperative to build and maintain a customer-centric business during periods of digital transformation. To accomplish this, firms must focus on the customer experience, leveraging corporate culture, strategy, technology, and data analytics. Which firms are the best at being able to accomplish this objective? Which firms are failing to live up to customer expectations … and why? In this episode, world renowned bestselling author and customer experience guru Don Peppers shares his insights on what is needed to be a customer-focused leader in a digital world. He also looks back 25 years and discusses how the lessons from his first book, ‘The One to One Future’ still apply today.

Digital disruption is occurring globally, impacting not only the way products and services are consumed, but how they are marketed and delivered using modern technologies. The impact is felt in all industries, but especially in banking, where legacy systems and culture work counter to most transformation efforts. One of the biggest challenges is how these changes are impacting the future of work and the potential displacement of millions of workers due to automation, robots and the restructuring of organizations.   In this episode, Brett King, bestselling author, founder of neobank Moven, and host of the weekly radio show, Breaking Banks, discusses the threat of new competition in banking, some potential solutions, and the potential for global unrest caused by the impact of automation and new technologies.

The future of innovation is not defined by technology. Innovation is defined by doing something new and different that works. Organizations hoping to succeed in their digital transformation journey must avoid simply adding something new, and consider the elimination of old paradigms. In this episode, we interview Rohit Bhargava, Author and Professor of Global Marketing at Georgetown University about the importance of innovation and why so many organizations fail because of ‘innovation envy’, not looking outside their own industry or not applying data effectively.

Disney is a great example of an organization that has changed tremendously through the years, leveraging data and new technology without forgetting their legacy or relinquishing their brand. At a time when financial institutions are caught between legacy cultures and the demands of a digital consumer, Disney has found a way to integrate modern technology with a personalized human touch. They have accomplished this through strong leadership, innovation, an emphasis on hiring the right people, extensive training and some Disney ‘magic’. In this episode, we talk to Doug Lipp, consultant and author of the book, “Disney U” about the importance of building a digital culture from the inside-out, leveraging training and continuous reinforcement to encourage a magical mix of modern technology and human engagement.

The financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditional bank or credit union offerings. Toronto-based startup Flybits believes that the best way to compete in the future is not just by developing innovative products and services, but by becoming the repository of choice for data in addition to money.   In this episode, Hossein Rahnama, CEO and Co-Founder of Toronto-based Flybits, discusses how the future of financial services will be based on the ability of institutions to use contextualized insights to enrich consumers’ daily lives inside and outside of banking.

In this exclusive interview, Jeffrey Hayzlett, the former CMO of Kodak, discusses the importance of strong leadership, the need for a well-defined culture, and the risk of being passive when your industry is facing massive disruption. Hayzlett challenges bank and credit union executives to examine their values and behaviors while aligning values with an organization’s overall mission. He also stresses the importance of embracing new technology and the need for leaders to not become passive.

In a digital world, consumers can acquire enough information about a product or service on a smartphone or online to make a purchase decision without ever asking a question of a customer service representative or walking into a physical store (branch).  Whether a consumer wants to buy a protein bar or new automobile, they can now leverage digital channels at each step of the customer decision journey, bypassing the traditional step-by-step sales funnel behavior.   In this exclusive interview, Abigail Posner, Director of Strategy for Google's Brand Unit, discusses the importance of having an in-depth understanding of consumers in the digital space and translating these insights into personalized strategies for creative and content development.