Banking Transformed with Jim Marous

In 2014, BankMobile was launched as a division of Customers Bank. As opposed to relying only on organic growth, BankMobile quickly grew with a B2B2C strategy, acquiring college student checking platform HigherOne. They also used a white-label strategy with telecom disruptor Sprint Mobile. Recently, BankMobile was re-positioned as part of a separate technology platform available to smaller banking organizations hoping to jump-start their digital banking offerings. The digital bank also announced a partnership with Google to offer their account within the GooglePay app. We are very fortunate to have Jay and Luvleen Sidhu, co-founders of BankMobile on the show. This highly innovative father/daugher combo have been covered by, and contributed to, The Financial Brand and the Financial Brand Forum through the years. They discuss the recent moves by BankMobile and the underlying strategy that has made this evolutionary digital bank a success.

Until recently, fintech firms have usually partnered with traditional banks to provide banking services as opposed to going through the lengthy and costly process of getting their own bank charters. Breaking away from that model, Varo Money became the first challenger bank to receive a national bank charter. The national charter from the Office of the Comptroller of the Currency (OCC) was the first ever granted to a fintech company, allowing Varo to offer credit cards, make loans and generate insured deposits nationally. We caught up with Colin Walsh, founder and CEO of Varo Money, Inc., Varo, which began offering mobile-only banking services in 2015. Walsh discusses why Varo pursued a national charter, the benefits of being a mobile-only bank, and how to gain scale in an industry that already has too many players.

The battle to become the primary financial relationship for consumers continues to intensify, with the lines blurring between traditional banks, digital banks, robo-advisors and tech firms offering financial services. With the COVID-19 crisis driving consumers to digital banking options, the desire for new ways to bank became a necessity. Consumers are finding alternatives to the bank that has dozens or hundreds of branches. From low cost options designed to replace check cashing facilities to more sophisticated alternatives that are focused on investment accumulation, the marketplace is crowded. We are fortunate to have Andy Rachleff, co-founder and executive chairman of Wealthfront on the show today. Along with Dan Carroll, Andy has built Wealthfront into one of the premier financial services organizations, expanding from a foundation of digital wealth management to providing high interest digital savings and a new checking option.

The Digital Banking Report has just completed research on the impact of the pandemic on financial marketing. We found that changes in almost every area of financial marketing were more dramatic than in any of the previous 7 years. This is primarily because consumer adoption of digital alternatives advanced a decade in a matter of weeks. We found major changes in marketing spend, solution prioritization, use of data and technology, and even marketing talent deployment that will unlikely revert to pre-pandemic norms. Some of these changes represent accelerations of previous trends, while some are new trends altogether. It is yet to be seen the duration of these changes, but each deserves a careful review. To discuss the findings of our State of Financial Marketing report, we are joined by Barry McCarthy, president and CEO of Deluxe Corporation, the sponsor of the report. In this episode, we discuss this year’s findings and the ramifications for financial institutions in the future.

While COVID-19 forced people into a digital-only lifestyle, there was still a desire for humanized experiences. Some banks and credit unions were prepared to deliver these personalized digital engagements, while others fell short of expectations at the worst possible time. More than ever, consumers are looking for assurance and comfort regarding their finances and want their financial institution to know them, understand them and reward them. They are also highly sensitive to efforts that feel self-serving or inauthentic. To understand how consumer expectations have been transformed during the pandemic, we are joined by Beth Johnson, chief experience officer at Citizens Bank. In the episode, we discuss the findings of the bank’s inaugural Banking Experience Survey, which looks at the ways consumer expectations have changed and what financial institutions must do in the short and long term to succeed.

In a world impacted by COVID-19, brand recognition and authenticity have never been more important, while the reach of traditional marketing channels continue to erode. This is where influencer marketing can help. With social media becoming more entrenched in people's daily lives, the use of influencer marketing continues to skyrocket. Beyond celebrities, a new breed of niche influencer can provide financial institutions access to a huge following of potential prospects not available with other promotional methods. To understand the potential of influencer marketing on building brand recognition and value, we are joined by Elma Beganovich, one of the co-founding sisters of New York-based A&E, a digital agency with a powerful portfolio of Fortune 500 companies including Netflix, Wells Fargo, Procter & Gamble, and Johnson & Johnson. In the episode, we discuss how financial institutions of all sizes can benefit from influencer marketing and how to implement a stronger social strategy.

The COVID-19 crisis has put a spotlight on the outdated tech infrastructures of many traditional financial services companies. As cloud computing has matured, banks and credit unions have hesitated to embrace the technology, worried about security, unsure of the benefits and unwilling to hand over control of their data. The pandemic is expected to accelerate a shift to the cloud, not only because many of the concerns have been addressed, but also because fintech and bigtech organizations are built around modern technologies that provide them a competitive advantage. To understand the potential of cloud technology and the options available to financial services firms of all sizes, we are joined by Tom Eck, global chief technology officer at IBM and Spiros Margaris, Venture Capitalist and Founder of margaris ventures. In this episode, they discuss how cloud computing fits into the entire digital transformation journey and why cloud computing is more than just a new technology. For more information, please visit: https://ibm.co/32YLeSg

With an immediate shift to a work-at-home reality and increased use of digital channels, organizations need to think beyond immediate operational challenges, anticipating consumer’s need for increased emotional engagements, improved personalization and a new focus on experiences beyond daily transactions. Not to be forgotten is the need to invest in best-in-class digital capabilities and functionality, as consumers are becoming increasingly intolerant of poor digital performance. To understand the COVID impact on customer experience, we are joined by Harley Manning, vice president and research director for Forrester’s customer experience practice. Pam Piligian, SVP of marketing and communications from Navy Federal Credit Union also joins us. In the episode, we discuss how the pandemic has changed CX in banking and how Navy Federal Credit Union continues to deliver industry leading customer experiences.

Most traditional banks were unprepared for the flight to digital that occurred due to COVID-19. Mobile-only challenger bank Current has seen customer growth skyrocket during the pandemic, appealing to lower-wage earners who don’t want to worry about minimum balances or overdraft fees. Serving over 1 million active users and projected to double in size by the end of the year, Current serves a sweet spot of workers who live paycheck to paycheck and previously frequented very expensive check cashing facilities or risked paying penalty fees at traditional banks. We caught up with Stuart Sopp, founder and CEO of Current, and previous Wall Street trader, to discuss the strategy of lowering the barriers for financial inclusion to a growing demographic of younger, lower paid consumers who want hassle-free basic banking services. In the episode, Stuart discusses how the pandemic served as a launch pad for the challenger bank and how to differentiate a challenger bank in a crowded marketplace.

At no time has the importance of innovation and the deployment of advanced technologies in banking been more evident than today. With more consumers embracing digital banking, banks are being challenged to replicate the level of engagement of bigtech and new tech organizations such as Amazon, Google, Netflix, Zoom and Alibaba. One of the perennial global leaders in technological innovation for banking is CaixaBank, Spain's leading digital financial services provider. As a pioneer in digital transformation, the application of artificial intelligence, innovative product design, and hybrid cloud utilization, CaixaBank continues to be at the forefront of what banking can become. We are joined today by Benjami Puigdevall, long time veteran at CaixaBank and current CEO of imagin, a digital lifestyle platform created and supported by CaixaBank. On today’s episode, Benjami discusses digital transformation at CaixaBank, the importance of an innovation culture and the development of imagin.

COVID-19 has had an immediate impact on loyalty and reward programs due to the unprecedented period of low travel and entertainment. As people stopped flying, staying in hotels, and eating out, loyalty programs had to respond quickly. Organizations that can identify, communicate, and act upon a brand purpose that overlaps with the values of the consumer will be better positioned to thrive as we enter a new normal. In other words, loyalty that focuses much more closely on consumer preferences rather than merely shelling out points will win in the long run. We are joined today by Mary Hines, chief marketing officer for the US Consumer Bank at Citi. On today's episode, Mary discusses the importance of turning loyalty program interactions from something that is occasional to something habitual.

Many fintech firms struggle to gain scale, funding and brand recognition in an increasingly crowded banking ecosystem. Leveraging the power of digital technology and over a century’s worth of brand expertise, Goldman Sachs introduced its consumer banking platform, Marcus in 2016. Through acquisitions, partnerships with firms like Apple and Amazon, and significant organic growth, Marcus has grown into a multiproduct platform, with $80 billion in deposits across the US and UK, $7 billion in consumer loan and card balances and millions of customers — all without the traditional brick-and-mortar branch model. We are joined today by Dustin Cohn, Head of Brand and Marketing over Consumer and Investment Management for Goldman Sachs and the Marcus brand. On today’s episode, Dustin discusses the building of a new digital banking brand within a legacy financial firm and the mission of creating a unique customer experience.

The banking industry had been warned for decades to become more innovative, transform to digital, embrace new technologies and become more aware of consumer and societal needs. Rather than moving forward, many organizations hesitated due to cost, the desire to stay the course, or even ‘intentional blindness’. Unexpectedly, however, the world was disrupted by COVID-19 pandemic that required digital engagement, and more recently a social pandemic centered on racial equality, diversity and inclusion. These events created four seismic shifts in awareness and behavior that are reshaping our understanding of business, society, technology and ourselves. We are joined today by Nancy Giordano, strategic futurist, founder of PlayBig, Inc. and co-founder of the Femme Futurists Society. In the episode, Nancy discusses how the recent confluence of pandemics have impacted the future of work, our perspective on social inequities, changes in consumption and our understanding of ourselves.

The world is faced with uncertain times caused by the global pandemic combined with demands for increased equality, diversity and inclusion. Beyond empty posturing, the banking industry must make a meaningful difference locally and globally on important social issues. This includes stronger leadership that looks beyond ethics to also include a moral compass for decisions. It also includes increased sustainable investing, greater employee involvement in social causes, and a change in hiring and advancement practices. To better understand the challenges and opportunities faced by banks and credit unions, we are joined today by legendary basketball coach, author and inspirational speaker, Mike Jarvis. Using his 25 years as an NCAA coach as a guide, Mike shares his insights into what leaders and organizations must do today to meet the needs of the community.

In the past decade, the marketplace has seen the development of more banking competitors than in the previous hundred years. From solution specific fintech firms like Stripe and Robinhood to digital-first neo banks like Revolut and Monzo, the marketplace has been seen entries of all types and sizes. But, with COVID-19 impacting the funding availability to fintech firms, is there room for new fintech solutions? More importantly, what will happen to those firms that do not yet have scale? Today, we are joined by Anthony Thomson, serial entrepreneur and founder of three challenger banks … Metro Bank and Atom Bank in the U.K. and most recently, 86 400 in Australia. Rather than triple down on a single banking concept, each organization from Thomson has been an iteration that mirrors the evolution of consumer banking needs. In the show, Thomson discusses his journey, as well as how fintech firms can survive in a post COVID-19 world.

The COVID-19 crisis has impacted both humanity and business in an instantaneous and dramatic way. But, while each pandemic throughout history has been unique, each has brought about massive changes in the way we live, the priorities we set, how we interact and the businesses that emerge. Survival is a great motivator for change. As a result, pandemics have always led to innovations that have changed our lives. We have already seen the increased reliance on remote working, contactless commerce, video engagement and new forms of entertainment. We have also seen a disruption across financial services. Today, we are joined by Richard Turrin, financial technology consultant and best-selling author of the book, ‘Innovation Lab Excellence: Digital Transformation from Within’. With a history as a banker and the head of IBM’s innovation lab in Singapore, Richard explains why COVID-19 will fuel the next wave of innovation in banking.

Data and advanced analytics are the foundation of every organization. Beyond improving efficiency and understanding business success, the power of data and predictive modeling can improve the understanding of consumer needs and personalize experiences. Bottom line, the survival of financial organizations in a post COVID-19 world will depend on how insights are collected and how they are used for the consumer’s benefit. In this episode, we are joined by Ryan Caldwell and Brandon Dewitt, the co-founders of MX Technologies, located right outside Provo Utah. MX works with more than 2,000 organizations to gather, enrich, present, and act on data. Today, we discuss how data and advanced analytics is a matter of survival for financial institutions, consumers and even in their personal lives.

The best and most respected leaders shine the brightest during times of crisis. Not relying on a crisis management plan, the best managers surround themselves with the best people and provide a platform for growth for those within the organization. As a result, moving to a work from home environment should not disrupt an organization, but simply change the environment from where work is done. In all industries, especially banking, those institutions that have most respected leaders will be the winners. We are very fortunate to be joined today by Tom Peters, one of the most respected names in business for over 40 years. A management revolutionary, Tom was the coauthor of what many considered to be the best business book ever, ‘In Search of Excellence’. A prolific bestselling author, Peters has written close to 20 books over the years. In today’s episode, Tom shares his insights and what differentiates a great leader during times of massive change.

The financial services industry is known for century-old institutions with rules and policies that are often outdated, yet preserved by regulations. Whether we are talking about banking, insurance or investment services, transformation is often slow and outside competition is met with significant resistance. This is why it is so exciting to do a profile on a disruptor organization that finds success despite these hurdles. Lemonade is such a company, forming an insurance company that aligns the interests of the carrier with those of the customer, in a way that is economically viable. They have found success using cutting edge technology, a completely different business model and a passion for doing good. We caught up with Lemonade’s CEO and cofounder Daniel Schreiber for an exclusive interview to find out how artificial intelligence, behavioral economics and a focus on transparency and purpose have been used to disrupt the centuries-old insurance industry.

The COVID-19 pandemic is the most serious challenge to retail banking in almost a century. Retail banks have had to rethink distribution, support government relief programs and manage remote workforces, all while trying to meet consumer expectations during a period of household-level economic uncertainty. These challenges are only the tip of the iceberg, however, as the economic fallout and the redefined structure of the financial services ecosystem are beginning to emerge. It is clear that the ‘new normal’ in retail banking will be far different than we ever imagined only a few months ago. We are fortunate to get an exclusive interview with Richard Hunt, president and CEO of the Consumer Bankers Association (CBA). Since his appointment in 2009, Hunt has helped to navigate the banking industry through a period of unprecedented change. In this episode, Hunt provides his perspectives for the future of retail banking during a period of tremendous uncertainty.

According to Malcolm Gladwell, a ‘tipping point’ is the moment of critical mass, when an idea, trend or behavior crosses a threshold and spreads like wildfire. The COVID-19 crisis is an example of such a phenomenon and so has been the instantaneous impact of this crisis on the digital transformation of banking. Organizations that had not already embraced the entirety of how to become a ‘digital bank’ were caught flat footed as branch doors were closed and customers were required to transact on digital channels. In some cases, accounts couldn't be opened or loan applications taken, In all cases, organizations that had not digitally transformed their operations, products and culture delivered suboptimal customer experiences. We are fortunate to be joined again by one of the foremost authorities on the future of banking, Chris Skinner. Chris is a prolific blogger and he is joining us today to discuss his newest book, “Doing Digital: Lessons from Leaders”. In this episode, Chris capsulizes interviews he did with several of the leading digital banks in the world, providing a detailed guide for those institutions who are now playing catch up.

In the book, 'Disrupt Yourself', by Whitney Johnson, it is suggested that the disruptions and changes that matter most start with personal disruptions and change. There is no doubt that the COVID-19 crisis has disrupted every person’s life and every organization’s business model. The crisis has impacted the way we learn, the way we interact, the way we work and the way we think about our personal and corporate priorities. Every step of the way, modern digital technologies have been brought front and center, with the importance of data, advanced analytics and contextualization being shown to be more important than ever. We are fortunate to be joined today by Tamara McCleary, the CEO of Thulium and a top 10 social media influencer in AI, robotics, digital technology and martech. A globally recognized futurist and keynote speaker, Tamara shares her perspectives on the impact of COVID-19 on the technology ecosystem and what consumers will be expecting when this crisis subsides.

After COVID-19, the world around us will be changed forever. In a matter of weeks, working from home has become the norm, not the exception. The virus has forced a reckoning of how we view work, travel, engagement with others and the technologies that make these possible. Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Virtually all work that can be done online has gone online, with new ways to collaborate and innovate. With work-from-home quickly becoming the norm, it is unlikely that the corporate office will be the only place to ‘get things done’ in the future. Our guest is Benjamin Pring, head of Cognizant’s Center for the Future of Work. Ben is a co-author of the best-selling books, 'What To Do When Machines Do Everything' and 'Code Halos; How the Digital Lives of People, Things, and Organizations are Changing the Rules of Business'. In this episode, Ben provides a glimpse into the future of work and the impact on education, lifestyle, commerce and even the environmental agenda.

Despite the best intentions, consumers do not always act rationally with regards to money management. While we all know that we should limit debt and increase savings, many people live day-to-day, and have far less set aside for financial emergencies than needed. Unfortunately, most people’s irrational behavior around money became exposed with the impact of COVID-19. Across the globe, households lost their safety net of predictable events that they depended on, from a regular paycheck to savings that they had planned to set aside. Today’s guest on the podcast is Dan Ariely, the foremost researcher of behavioral economics in the world. A prolific best-selling author, fintech advisor and professor at Duke University, Ariely discusses why humans don’t always act rationally about money and the result of these irrational behaviors. He also shares thoughts on how consumers and financial institutions can recover from the challenges brought on by COVID-19.

I had the unique opportunity to visit WeLab as part of my visit to China in early January. WeLab uses proprietary risk management technology and advanced AI to analyze mobile data within seconds, providing financial solutions to over 42 million customers across Asia. WeLab is also one of the first institutions to receive a virtual banking license in Hong Kong. Despite the advanced technology and innovative deployment of digital products and services, what impressed me most about WeLab during my visit was the evolving culture of the organization and the commitment to employee as well as customer satisfaction. Today’s guest on the podcast is Simon Loong, Founder and Group CEO of WeLab. During our interview, Simon shares his perspective on how to use mobile data to create customer profiles and the importance of culture within a rapidly growing organization. We also discuss the lingering impact of COVID-19 on his organization and on China.

According to the 2019 U.S. Financial Health Pulse report, less than 30% of Americans could be considered financially healthy, with millions of households not having enough money in savings to get through a month. These are the people who are the most at risk given today’s COVID-19 crisis. The longer this crisis continues, the greater the financial impact on consumers at all levels. Protracted and dynamic pandemic conditions will also draw out anxiety and financial stress impacting relationships and creating underlying phychosocial behaviors. Unfortunately, things will get worse before they get better. Today’s guest on the podcast is Jennifer Tescher, President & CEO of the Financial Health Network, the nation’s authority on consumer financial health. Tescher founded the Financial Health Network in 2004. During our interview, Jennifer shares her perspective on what both government and the banking industry need to do to support the financial health of all citizens.

The number of bank branches and the number of people visiting bank branches has been decreasing for years. As a result of recent events, many organizations have closed branches completely, while others have reverted to auto teller operations. Could the Coronavirus create a shift in attitude, as people are forced to bank online or on their mobile devices? More importantly, as consumers get more comfortable, and find that managing their money digitally is easier and safer, will they stop visiting their bank branch altogether … even after the pandemic ends? Today’s guest on the podcast is Jamie Warder, EVP and head of digital banking at KeyBank. Prior to joining Key, Jamie was the President of USAA Bank as well as working at Capital One, PNC Bank and McKinsey & Co. During our interview, Jamie discusses the way KeyBank is shifting to a more digital organization, while still supporting traditional channels. He also discusses how KeyBank is responding to the recent marketplace changes.

The push for digital banking amid the growing emphasis on social distancing has put a spotlight on those organizations that have lagged behind the marketplace with digital delivery and digital transformation. But, can laggard organizations pick up the pace when the rest of the world grinds to a halt? We are faced with a unique time in banking where organizations that have invested in advanced analytics, innovation and digital transformation have the opportunity to leverage their customer experience and digital product advantages more than ever. Today’s guest on the podcast is Jeremy Balkin, the head of innovation at HSBC. Jeremy is also the author of two books, ‘Investing with Impact: Why Finance is a Force for Good’, and ‘Millennialization of Everything: How to Win When Millennials Rule the World’. During our interview, Jeremy discusses the importance of innovation during times of disruption and how organizations can go further to illustrate empathy through innovation.

The marketing profession has moved from art to science, with the use of new technologies powered by artificial intelligence (AI), with a level of personalization and real-time communication only dreamed of in the past. But, how does marketing change during a time of economic crisis? As opposed to using marketing to sell products, how can marketing be leveraged to help customers manage their finances and provide support during difficult times? Where speed, tone and clarity of communication is of utmost importance, how can financial institutions help consumers use channels they may be unfamiliar with and proactively provide financial solutions they may be unaware of? Today’s guest is Rohit Mahna, head of the financial services practice at Salesforce. He’s got an insider’s perspective on how financial institutions can use data and advanced analytics to meet consumer needs while building brand loyalty. We discuss how organizations can combine empathy with solution-based marketing, moving transactions to digital channels while remaining agile during turbulent times.

Financial institutions that are leaders in the use of data and AI are quickly differentiating themselves in a marketplace that puts a premium on data-backed decisions and intelligent interactions. AI brings the potential for disruption and transformation due to its ability to make decisions and take action much quicker than its human counterparts. It has been seen as a means of increasing productivity within a company and improving revenues through better customer engagements. But the use of AI is not without pitfalls, risks and detractors. Will AI discriminate between classes of people? Will AI be used for good or just corporate greed? How should the use of AI be regulated? To discuss the opportunities and challenges of AI in banking, we interviewed Dan Faggella, founder and CEO of the artificial intelligence research agency, Emerj. Dan is a globally recognized speaker on the use-cases of artificial intelligence in business, and has presented to the World Bank, the United Nations, INTERPOL, and global banking companies.

The marketplace is in a state of confusion and disruption as the coronavirus outbreak impacts the banking ecosystem and all industries worldwide. Changing valuations and funding options for legacy and non-traditional financial firms are creating the need for new business models as well as opportunities for partnerships and the platform for new government regulations. To discuss the global impact of fintech organizations and the potential of open banking, financial inclusion, and sustainability as consumer demands change, we are honored to be joined by William Russell, the Lord Mayor for the City of London. As holder of a post that dates from the 12th century, Mr Russell's role is to promote investment in regional fintech firms and to encourage government support of the overall financial services industry in the region.

In a digital world, consumers want experiences that are highly personalized and contextual. From the way they search to the way they shop, view content or do banking, consumers expect organizations to know them, look out for them and reward them. Unfortunately, the majority organizations are only delivering basic personalization and are focused more on product sales than on helping the consumer manage their finances or their daily life. In other words, there is a massive personalization gap. On today’s podcast, we will discuss the importance and process of delivering hyper-personalized experiences, across all channels, as part of digital transformation. We will also discuss the importance of creating personalized engagement that requires a minimal of effort from the consumer to ‘make it happen’. I am joined today by Jody Bhagat, president of the Americas for award-winning financial services personalization agency, Personetics. Jody is an industry veteran, having previously been a partner at McKinsey & Company, and also working at U.S. Bank, Wells Fargo, and Providian. Personetics works with some of the largest financial institutions worldwide, using AI, predictive analytics, machine learning and other technologies to engage and serve consumers.

Traditional organizations find rebels to be disruptive troublemakers who make processes and decisions more difficult. Legacy organizations that are embracing digital transformation find these same 'misfits' to be a positive influence on innovation, creativity, growth and cultural change. We are joined today by Matteo Rizzi, who has authored a great book entitled, 'Talents and Rebels'. In this episode, he discusses interviews and personal observations that make a case for organizations to embrace those people who may appear disruptive to the norm. In fact, he suggests that we should seek out more of this type of talent.

Digital transformations have an exceeding high failure rate despite being one of the most important components of a firm's long-term survival. Digital transformation requires must more than just a flashy mobile app or new technology. To understand the dynamics of how to succeed with digital transformation, we are joined by Tony Saldanha, previous head of operations and digital transformation at Proctor and Gamble and currently the president of Transformant, a Cincinnati-based consulting firm focused on digital transformation. As the author of the book, 'Why Digital Transformations Fail', Tony shares his 5-stage framework that any company can follow to successfully navigate its own digital transformation. Tony discusses why the ultimate proof of an organization’s success at digital transformation is its cultural, not technical rewiring.

We have often discussed the correlation between innovation and digital transformation, and the positive impact on consumer satisfaction, investment in advanced technology, the presence of top management support and the positive impact on revenues. But, while technology may enable the disruption required, it is often the application of existing technology in new ways that disrupts an industry. Finally, while disruption is not always fast, it is the lack of reaction to disruption that catches incumbents flat footed. We are very fortunate to have Charlene Li on the show today. Charlene is the founder and senior fellow at Altimeter, a Prophet company. She is the author of six books, including the New York Times bestseller 'Open Leadership', and co-author of the book 'Goundswell'. Her latest book, 'The Disruption Mindset' is the culmination of years of research and experiences in the field helping leaders and organizations transform. On this episode, you will learn the secret of successful disruption, the importance of deep-dive research, the qualities of a disruptive leader, how to change existing cultures and where to start.

The debate about what city is the fintech capital of the world continues, as more players enter the market and more money is invested into the very active fintech ecosystem. Is the fintech capital London, New York, the Silicon Valley or elsewhere? Should the title go to the city with the most players, the greatest fintech investment or the largest number of users of challenger bank or bank challenger services? My perspective on a possible candidate for the fintech capital definitely changed when I visited Shenzhen, China recently. From the advancement of smart city technologies, to the deployment and use of digital technologies for payments, energy management, operational efficiency and even daily tasks like shopping and eating out, I have never experienced so many modern advancements than during my short week in China. As part two of my review of my tour of Shenzhen, I am joined today by Brett King, author of many best selling books on the future of banking and the host of the number one fintech podcast, Breaking Banks. Brett and the president of Provoke Management, Jay Kemp, joined me for a VIP tour of Huawei Technologies. With a history steeped in manufacturing, Huawei now is the hub of new technologies that impact every Chinese citizen, from the phones they use to the services they use. They also are an example of how the combination of data, advanced analytics, digital technologies and a culture of innovation and R&D can propel a company into the future.

China is quickly becoming home to the largest fintech ecosystem in the world, benefiting from historically low use of traditional banking, high smartphone penetration, a changing demographic and a consumer acceptance of banking without traditional infrastructure. Dominated by giants like Baidu, Ant, PingAn and Tencent, combined with many highly successful start-ups like WeLab, the success in delivering both personalized financial services and an impressive level of financial inclusion is a model for the rest of the world. This is not a story of disruption of legacy banking as much as a story of filling a previously unmet need for advanced financial services supported by smartphones. To discuss how fintech firms have benefited from open access to data, and how the Chinese consumer benefits from value added services not available to most in the world, I am joined by my friend, Matt Dooley, founding board member of the Fintech Association of Hong Kong and founder of Connected Thinking Ltd. who guided a tour of Shenzhen for myself and the former global CEO of HeathWallace, Dave Wallace.

Digital Banking Report has just released a study on the current state of digital transformation in the banking industry. This research not only looks at the digital transformation maturity of banking today, but also the components of digital transformation leader organizations. The research found that there is still more hype than reality when we look at the progress of digital transformation in banking. While the focus in on improving the customer experience, few organizations have leveraged intelligent technologies to deliver on this mission. To discuss this research report and the implications of the findings, I am joined by Alan Trefler, Founder and CEO of Pega – the sponsor of the Digital Banking Report research. Alan not only provides his perspective on where the industry is from a technology perspective, but also discusses the challenges of embracing new business models, finding the right talent, changing internal cultures and creating customer engagement.

A great deal of recent research finds that simply buying the best or newest technology will not create digital transformation success. Beyond technology, it is imperative to have the right people, processes and organizational dynamics that will allow companies to be more agile, risk tolerant and experimental. In other words, legacy cultures must be disrupted. Today's podcast features Gerald (Jerry) Kane from Boston College. Jerry is one of the 4 authors of the exceptional book, ‘The Technology Fallacy’. This book draws on 4 years of research between MIT Sloan Management Review and Deloitte that surveyed 16,000 people and included interviews with companies like Walmart, Google, Salesforce and several other top brands. The findings reinforce the proposition that there is a need to rethink leadership and talent in the digital age and that business models need to change.

The ability to compete in the future will require new systems, new processes and a new culture. One option is to build a successor bank that would be a network of only a few branches or a completely branchless offering separate from the legacy organization. The future will require differentiation defined by customer experience and innovative offerings similar to what is being offered by fintech and big tech organizations. To get a perspective on the need to disrupt current banking paradigms, I interviewed Kevin Travis, executive vice president of Novantas. Travis shares the options available and the cost of inaction by current banks and credit unions.

Consumers insist on experiences that are personalized, friction-free and that make their lives easier. It’s no longer enough for organizations to state they are making improved customer experiences a priority. The consumer needs to feel that the companies they buy from know them, look out for them and are willing to reward them. To get a perspective on how advanced technologies are impacting customer experience strategies, I am fortunate to be joined by Blake Morgan, author of the book, “The Customer of the Future”. Blake is considered one of the leading authorities on the changes occurring in the world of customer experience. She has worked with some of the most prominent global brands and is a contributor to Forbes and the Harvard Business Review. She is also the host of the podcast, The Modern Customer.

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.