Banking Transformed with Jim Marous

The financial services industry is known for century-old institutions with rules and policies that are often outdated, yet preserved by regulations.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.

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.

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.

Gary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the need for supportive culture and leadership and the importance of a personal brand. During this interview, you quickly realize that his level of engagement and passion for what he does and communicates is no act for social media. He is a huge believer in the value of hard work, testing new ideas, helping others succeed and disrupting oneself.