Banking Transformed with Jim Marous

Today on the Banking Transformed podcast, we're exploring the ripple effects of the recent high interest rate environment on both consumers and financial institutions.We're joined by Mark Leher, Director of Product Management at Alkami and Jim Perry, Senior Strategist at Market Insights who will unpack the insights from Alkami's comprehensive 2024 State of the Industry report. This report offers a data-driven look at how rising rates have transformed everything from housing and auto loans to deposit behaviors and emerging fintech trends.Whether you're a banking professional, a financial advisor, or simply someone trying to make sense of your own finances, this discussion promises to shed light on the forces shaping our economic future.This Episode of Banking Transformed is Sponsored by AlkamiAlkami’s Digital Sales & Service Maturity Model Assessment was developed to help banks and credit unions self-assess their digital maturity - and then take action on the results.Take this 5 question assessment and compare your responses to benchmark data collected from hundreds of U.S. based regional and community institutions and determine just how digitally mature your FI is. Get your results now, and with it details to support you on your path forward.Link to assessment tool: Sales and Service Digital Maturity Model Assessment

As traditional credit scoring methods face increasing scrutiny and limitations, alternative credit data has emerged as a powerful tool for lenders looking to expand access to credit and drive profitability. In this special mini-series on the future of lending, sponsored by LoanPro, the Banking Transformed podcast is excited to welcome two industry leaders: Warren Hogarth, Co-Founder & CEO of Empower, and Colton Pond, Chief Marketing Officer at LoanPro.Our guests explore examples of alternative credit data points, the evolution of underwriting processes, and the regulatory considerations surrounding the use of non-traditional data. Warren also discusses Empower's recent acquisition of Petal Card and the future of credit, while Colton offers insights into the shifting focus from debit to credit products in the fintech space.This episode of Banking Transformed Solutions is sponsored by LoanProLoanPro is the leading modern lending and credit platform enabling lenders to innovate quicker, driving growth while optimizing efficiency. Over 600 lenders use LoanPro to enhance their borrower, agent, and back-office experiences. LoanPro’s mission of providing the platform to innovate the future of finance is enabled through its composable architecture, allowing lenders to enhance their origination, servicing, collections, and payments, all supported by a modern lending core.https://www.loanpro.io/

In an industry where products and services often seem indistinguishable, financial institutions must differentiate themselves and create meaningful connections with their audiences. From leveraging cutting-edge marketing strategies to crafting unique brand narratives, banks and credit unions must create engagement by providing value each day.On today’s episode of Banking Transformed, we'll explore the challenges and opportunities facing financial marketers today with Eric Fulwiler, a great friend who is the co-founder and CEO of the marketing consultancy, Rival.Whether you're a seasoned financial services professional or a marketing enthusiast curious about this dynamic field, this episode promises to deliver valuable insights and actionable strategies.

In this episode of Banking Transformed we have Jeff Horowitz, EVP of Transcard, who discusses the importance of modernizing payment solutions for small businesses.Jeff delves into the common challenges small businesses encounter with payment processing, such as high fees, security concerns, and integration issues and how financial institutions now have digital solutions they can offer through third-party providers.Jeff also shares his vision for the future of global digital payments, highlighting trends like digital wallets, biometric authentication, cross-border payments, AI, and IoT.This episode of Banking Transformed is sponsored by Microsoft:Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.More at Microsoft.com/financialservicesThis episode of Banking Transformed is sponsored by TranscardTranscard makes frictionless payments a reality with comprehensive global payment solutions designed for banks, fintechs, and businesses of any size and in any industry. Transcard delivers solutions for business-to-business (B2B) payments, consumer-to-business (C2B) payments, business-to-business-to-consumer (B2B2C) payments, and account-to-account (A2A) automation. Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that 550 businesses and more than 200 banks trust Transcard with their payments.Learn more at www.transcard.com/

Charley Ma, Co-Founder at Exponent Founders Capital, and Colton Pond, CMO at LoanPro, delve into the evolution of lending. They discuss how financial institutions must embrace innovation and collaboration to stay competitive. AI's role in revolutionizing lending practices is explored, along with successful strategies from companies leveraging technology. The conversation highlights the importance of real-time data, consumer trust, and understanding existing workflows, emphasizing the need for lenders to adapt to market insights for effective growth.

As the banking industry evolves, modern technology may make all the headlines, but leaders must embrace change, challenge conventional thinking, and proactively seek new growth and innovation opportunities.In today's episode of Banking Transformed, we are honored to have Faisal Hoque, best-selling author and winner of the Deloitte Technology Fast 50™ designation. He discusses how influential leaders understand the importance of continuous learning and development for themselves and their employees to stay ahead of the curve and build the skills necessary to thrive in an ever-changing environment.

In this episode of Banking Transformed, recorded at MeridianLink LIVE!, we sit down with David Park, Vice President and Director of Loan Operations at Franklin Mint Federal Credit Union. David shares insights into using innovative credit and data management approaches to enhance member relationships and financial wellness.David also discusses how a unique personal line of credit product can support financial security while stemming potential attrition and the importance of understanding the member lifecycle.Finally, the discussion underscores the importance of organizational culture in driving credit innovation.

The evolution of digital banking has transformed from assisting with basic transactions to providing integrated platforms that provide seamless DIY experiences across devices. This evolution has been driven by advancements in technology, changing consumer expectations, and the entry of fintech and big tech competitors.Today, banks are increasingly focused on user experience, personalization, and real-time functionality, while also enhancing security measures to build digital trust.In this episode of Banking Transformed, we are joined by Siva Narendra, the CEO of Tyfone. Siva discusses how consumers are driving the advancement of digital banking using experiences outside banking to drive expectations and innovation.This episode of Banking Transformed Solutions is sponsored by TyfoneTyfone is the creator of nFinia®, a dramastically better retail/commercial digital banking platform for community financial institutions, as well as several platform-agnostic, revenue-generating digital business solutions. Our highly configurable platform and broad ecosystem of third-party partners ensure our entire suite is scalable and extensible to meet the needs of any FI.https://tyfone.com/

As competition in the credit and lending space intensifies, financial institutions are seeking ways to differentiate themselves through personalization and unique product offerings. In this special mini-series on the future of lending, sponsored by LoanPro, we are joined by Jonas Ng, Chief Operating Officer of Laurel Road and Colton Pond, Chief Marketing Officer at LoanPro.They share insights on how Laurel Road has grown serving medical professionals and other key segments and how LoanPro supports innovative lending solutions after loans are booked. They also discuss the power of personalization in driving customer acquisition, cross-sales and loyalty.Finally, Jonas and Colton share their thoughts on the three key areas for differentiation in credit and lending: interest rates and terms, product offerings, and the servicing experience. They emphasize the critical role of modernized infrastructure to enable the creation of unique and personalized products.This episode of Banking Transformed Solutions is sponsored by LoanProLoanPro is the leading modern lending and credit platform enabling lenders to innovate quicker, driving growth while optimizing efficiency. Over 600 lenders use LoanPro to enhance their borrower, agent, and back-office experiences. LoanPro’s mission of providing the platform to innovate the future of finance is enabled through its composable architecture, allowing lenders to enhance their origination, servicing, collections, and payments, all supported by a modern lending core.https://www.loanpro.io/

In this episode of Banking Transformed, we sit down with John Hope Bryant, the visionary behind Operation HOPE, Inc. John shares his journey from founding the organization in the aftermath of the 1992 Rodney King riots to becoming a leading advocate for financial literacy and economic empowerment. We delve into his latest book, Financial Literacy for All, and explore the critical role of financial education in building a new American middle class. John discusses the challenges and successes of promoting financial dignity, his influence on federal financial policies, and the future of financial literacy in a digital age. This conversation is a deep dive into the transformative power of financial knowledge and the ongoing fight for economic equality.