Banking Transformed with Jim Marous

Companies that use disruption as an opportunity for innovation emerge from it stronger, while companies that merely attempt to 'weather the storm' until things go back to normal miss an opportunity to thrive. Transformation is not a project or a destination, but a continuous process of adapting to a volatile and uncertain environment. But where does a financial institution begin? On this episode, we are joined for a second time by Jerry Kane from Boston College. Jerry is one of the 4 authors of the upcoming book, "The Transformation Myth: Leading Your Organization through Uncertain Times". We discuss the research and interviews done for the book, which offers a framework for understanding disruption and tools for navigating it. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Banks and credit unions are rethinking their distribution strategies as more people than ever are using digital channels. Despite this shift, closing all branches is not the best alternative. Neither is keeping them all open. Forward-thinking banks are adopting alternative models, including self-service banking that is complimented with new technology in a lean branch format. Organizations are realizing that optimal distribution begins by making all channels more efficient and effective. The guest for this Banking Transformed Solutions episode is Mark Aldred, Head of Sales for Auriga. We discuss how bank branches are only one component of an improved distribution strategy, as organizations strive to embed banking within a consumer's daily life. This Episode is Sponsored by Auriga Auriga, leading supplier of software and technological solutions for the banking and payments industries, wants to help bank branches avoid closure by moving to a “Lean Bank Branch” model. This reinvents branches as leaner operations with enhanced customer value through self-service for simple functions and video calling booths for personalised advice – reducing operating costs yet putting human connection and conversation back into banking. Find out more here.

The majority of financial institutions rank improving customer experience as their top mission, but few organizations get rave reviews. In fact, since the pandemic, it could be argued that the banking industry is doing a worse job in meeting consumer expectations. On this episode, we discuss how financial institutions need to reset their strategies around improving CX in a digital world. The competition has expanded, and consumers understand what is possible. The question is whether financial institutions are ready? We are joined by Jay Baer, one of the foremost leaders in the world of customer experience and marketing. He is founder of Convince & Convert, and the author of six best-selling books, including his newest book, “Talk Triggers: The Complete Guide to Creating Customers with Word of Mouth.” This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Doing good for the community, employees and customers goes well beyond philanthropy. Organizations need to look within to embed sustainability and social responsibility strategies into their business model, their culture and the people and organizations they interact with. Now more than ever, businesses need to think beyond profits and look at their entire value creation process to the world as a whole. What organizations will find is that there isn’t just a moral imperative for businesses and organizations to behave responsibly, but a financial one as well. We are fortunate to have Theo Lau and Bradley Leimer on the show today. They are the founders of Unconventional Ventures, and the authors of a brand new book, Beyond Good: How Technology is Leading a Purpose-driven Business Revolution. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Buy now, pay later (BNPL) solutions have grown in prominence as new players and payments incumbents are battling for market share. This includes firms like Affirm, Afterpay, Klarna, QuadPay, Sezzle, and Splitit, as well as legacy payment firms like Mastercard, Visa, PayPal, and Amex. How will these providers will impact traditional POS card volume or damage the appeal of retailers’ private-label cards? And, who will win the battle for the younger consumer who is drawn to this payment option? We are joined by Adam Hughes, the CEO of Amount, a fintech provider that offers a robust point-of-sale financing product suite. Adam discusses the growth of the buy now, pay later marketplace, and how traditional financial institutions can remain competitive for this business. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

The pandemic has served to accelerate the relevance and importance of open banking as consumers become more willing to try alternative banking providers to get their digital banking needs met. At the same time, there has been a rise in contactless payments, as consumers replace cash at the point of sale. These dual market forces have provided an opportunity for big tech players, such as Apple, Amazon and Google to increasingly expand their platforms into financial services. We are joined by Pinar Ozcan, Professor of Entrepreneurship and Innovation at the Saïd Business School at Oxford University. Pinar discusses how innovation in banking has been impacted by the pandemic, and the rise of big tech platforms. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Over the past year, Marcus by Goldman Sachs has continued to expand offerings, including teaming up with Amazon and Walmart to offer loans to sellers on their marketplaces, buying the General Motors credit card business, launching Marcus Insights smart tools and trackers, and most recently, announcing the offering of a digital investing platform. All of this is before the long-anticipated addition of a digital checking account.. We are very fortunate to be joined by Sonali Divilek, head of product for consumer business at Goldman Sachs, which includes Marcus by Goldman Sachs. Sonali discusses the product development strategy of Marcus, and how a partnership mentality has helped Marcus become a force in the retail banking ecosystem. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

One of the biggest problems facing legacy banking organizations today is leveraging data and advanced analytics to drive digital transformation, creating hyper-personalized experiences, supporting an innovative culture, and solving consumer challenges with appropriate technology. One organization that has emerged as a data-centric leader is TD Bank. Headquartered in Toronto, Canada, TD Bank is a top 10 bank with 85,000 employees and more than 26 million customers. Branding itself as America’s Most Convenient Bank, TD has quickly responded to the needs of the digital consumer. We are very fortunate to have John Thomas, EVP and head of global innovation at TD Bank on the show. John discusses how a data-driven culture positions this legacy financial institution to be a major force in banking well into the future. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

According to the Digital Banking Report, the top priority of the majority of financial institutions is to advance digital transformation. But what is the best way to proceed? And, where should organizations start? People’s United Bank, a regional bank based in Connecticut started by forming a “business transformation office” to focus on digitization and technology development. The team is responsible for optimizing and automating back office processes as well as setting up partnerships with financial technology companies. To understand how a $60 billion dollar bank has advanced digital transformation, we are joined by Ravi Vakacherla, EVP and chief transformation officer at People’s United. Ravi shares his perspective on where organizations should start and the roadblocks to digital transformation. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Late last year, it was announced that Google Pay will partner with legacy financial institutions in the development and distribution of checking accounts through a new service called Google Plex. In addition, Google announced a partnership with Deutsch Bank for cloud implementation and co-innovation of new products and services. For the banks, these partnership can be a way to quickly grow customer relationships and expand market coverage. These partnerships could also threaten banks that fail to execute real-time personalized digital strategies. Our guest for the show is Yolande Piazza, VP of financial services for Google Cloud. Yolande joined Google in mid-2020 after almost 15 years at Citi where she most recently managed fintech partnerships. In this episode, we discuss the financial service strategies at Google. We also discuss what the future of banking may look like and who the players may be.

As a result of the pandemic, people were forced to adopt digital alternatives to their traditional way of doing banking. This shift was not always smooth for the customer or the financial institution. Many consumers still wanted personalized interaction to learn about services. Financial institutions that want to improve engagement, interactions, and brand loyalty are responding with new forms of personalization, such as rich media like video. Our guest for the show is Jim Dicso, CEO of SundaySky. In this episode, Jim discusses how personalized video-powered experiences can drive breakthrough outcomes at key moments along the customer journey. This Episode is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

How can organizations compete for customers, time, attention and money in an increasingly digital world where time is limited, attention is scarce and the ability to genuinely engage with consumers has become more difficult than ever? One of the few brand differentiators available today is to build memorable and repeatable experiences. Unlike in the past, when many of these experiences could be built in a one-to-one tactile world, digital delivery changes the game. To better understand the challenges and opportunities of building a compelling customer experience, I am joined by fellow Clevelander Jim Gilmore. Jim is the coauthor, along with Joe Pine, of one of the best business books of the 20th century, "The Experience Economy". Jim shares examples of how executives from any industry can set themselves apart from the competition be creating personalized and transformative experiences. Episode Sponsor: Auriga Auriga is a leading supplier of software and technological solutions for the banking and payments industries, and a specialist provider of innovative omnichannel solutions to banks and other financial institutions. Auriga wants to help bank branches avoid closure by moving to a “Lean Bank Branch” model. The model reinvents branches as leaner operations, creating enhanced value for customers based on self-service for simple functions and video calling booths for one-to-one personalized advice - reducing their operating costs. As safety has been redefined by COVID worldwide, the lean bank branch requires no contact yet puts human connection and conversation back into banking. Find out more at www.aurigaspa.com/leanbankbranch/ LinkedIn - https://www.linkedin.com/showcase/auriga-uk-the-banking-e-volution/ Twitter - @aurigaSW

The pandemic changed the business landscape for all industries … possibly none more dramatically than financial services. Already being impacted by non-traditional players, financial institutions needed to shift in an instant to satisfy customers no longer able to conduct business in traditional ways. What will 2021 look like? What major shifts will occur that will last into the future? What could surprise us in an ecosystem where change is one of the only constants? To get a perspective on the future of banking and fintech, we are joined today by Ron Shevlin, the Managing Director of Fintech Research at Cornerstone Advisors. Ron is the author of the book Smarter Bank and is a senior contributor for Forbes. Ron is also ranked among the top banking influencers globally and is a frequent keynote speaker. This episode is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Mobile banking usage is rising quicker than ever as a result of the pandemic. With close to 50% of consumers stating that mobile is a top-three factor that determines their choice of financial institutions (after fees), it is imperative that banks offer mobile features that consumers value most. However, it is not enough to just enable mobile banking capabilities. Banks must also remove friction and provide the user experience that consumers desire as well. The guest for the show is Mark Donohue, founder and CEO of Hong Kong-based iSky Research. In this episode, Mark discusses what makes a mobile banking leader, given the insight Mark has from monitoring hundreds of banks globally on functionality and user experience.

Research from the Digital Banking Report has found that the biggest barrier to successful digital transformation is legacy leadership and culture that is unable to embrace the skills and mindsets needed for the future of banking. The future of banking and the future of work has made it clear that a different type of leader is required to guide people and organizations to success in the next decade. The question is whether financial industry leaders at all levels can embrace change, take risks and disrupt themselves. We are joined today by Jacob Morgan, futurist, TED speaker and best-selling author of 4 books including his newest book, The Future Leader. On the show, Jacob shares insights from his in-depth research on how leadership is changing, what leadership is going to look like in the future, and what we need to do now to be future-ready leaders. This episode is sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

As the largest U.S. bank, Chase is committed to a strong multichannel strategy, building new branches while also being a leader in digital banking innovation. With 55 million digitally active customers, representing close to 70% of the Chase customer base, Chase continues to provide consumers with the banking options they desire—whether it be physical to digital. With the pandemic making consumers more aware of the need for digital banking solutions, as well as more demanding of their digital banking experience, the need to improve both speed and simplicity of digital engagement has never been more important. To understand how Chase continues to be a leader in digital channel growth, we are joined today by Allison Beer, Head of Digital at Chase bank, where she leads digital innovation for the bank. In the episode, we discuss the impact of the pandemic on digital banking and the future of digital at Chase. Episode Sponsor: Microsoft See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

Founded in 2006, Tinkoff is Russia’s largest online challenger bank offering a huge range of services, including mobile personal and business accounts, investment and insurance products, as well as being Russia’s second-largest issuer of credit cards. Tinkoff has also diversified into non-financial services, including travel, ticketing and bookings services — all available through its lifestyle super app. This expansive array of services has led to profits of over $500 million in 2019, with a current customer base of more than 12 million customers. Tinkoff consistently wins awards as the best digital-only bank, serving customers remotely via online channels and a cloud-based call center. TCS group also has a proprietary nationwide network of representatives. Our guest for the show is Oliver Hughes, CEO of Tinkoff. In this episode, we discuss how the combination of an innovative business model, a strong team and a recognized brand can yield success anywhere in the world. Episode Sponsor: Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices

We have had the opportunity to interview many fintech start-ups and challenger banks on the Banking Transformed podcast. None are like Starling Bank. First of all, Starling was founded by a woman with a legacy banking background. Not just any woman, but an extraordinarily tenacious, middle-aged, short-statured woman who doesn’t fit the traditional mode of a fintech founder. Anne Boden had a view of what banking should look like in the future far before many of her challenger bank peers. What also sets Starling bank apart is that they have become the first of the new breed of digital banks in the UK to become profitable. With nearly 1.8 million accounts, £4 billion in deposits and £1.5 billion of lending, they have doubled their customer base in the past year and continue to introduce new services at a frenetic pace. We are joined today by Anne Boden, founder and CEO of Starling, and author of a new tell-all book, Banking On It: How I Disrupted an Industry. On the show, Anne provides an inside look into the origins, successes and challenges of Starling Bank.

When COVID-19 hit, the banking industry was caught off-guard, needing to provide financial services without physical structures, deliver relief to consumers and small businesses in ways never imagined, accelerate digital transformation and innovation efforts, and perform all of these in a remote work environment. With the pandemic crisis mode mostly in the rearview mirror, financial institutions are determining the next best action – placing their bets for the future. Some are doubling down on investments in data, analytics, advanced technology and the reskilling of workforces. Others are delaying or cancelling projects, focusing mostly on improving digital maturity and efficiency. We are joined today by Jim Eckenrode, managing director of the Deloitte Center for Financial Services. On the show, Jim discusses how the financial services industry adjusted to the impact of the pandemic, and what the outlook for the industry will be in 2021 and beyond.

Banking has historically been an industry founded by men, run by men, with products created for men. Recently, progress has been made, but the gender bias in banking still runs deep. Surprisingly, this same bias exists in fintech, where there are far too few female fintech founders and too few women working at these new start-ups. The question is, is this a supply issue or a demand issue? More importantly, how do we address these imbalances that continue to impact the funding mechanism, the ability to get new ideas heard, and the potential for innovations geared to women? We are joined today by Neha Mehta, founder of Femtech Partners, a consulting firm based out of Singapore helping fintech start-ups get a foothold in Asia and promoting women in fintech. On the show, Neha discusses some of the challenges women face in getting an equal opportunity for funding, having a seat at the management table, working at start-ups, and having the ability to create solutions geared to the female market.

The best way to increase sales, loyalty and customer satisfaction is to reduce the effort needed to proceed along the customer journey. Jeff Bezos said, “When you reduce friction – make something easy – people do more of it.” Customers have been trained by companies like Amazon, Google, Uber, Netflix, Rocket Mortgage and others that processes can be simplified in a digital world. The key is to be able to identify roadblocks and change them for the benefit of both your company and the customer. We are joined by Roger Dooley, author of the books ‘Brainfluence: 100 Ways to Persuade and Convince Customers With Neuromarketing’, and ‘Friction: The Untapped Force That Can Be Your Most Powerful Advantage’. During the interview, Roger shares how behavioral science can help identify and eliminate the friction that can destroy a customer experience.

The outbreak of the COVID-19 posed great challenges to the global economy and people’s daily lives, and has had far-reaching consequences beyond the spread of the disease. It has changed the way consumers perform transactions and engage with friends, family and organizations. At the same time, the pandemic was the foundation for increased creativity and innovation. In the banking industry, we have seen new products developed, new ways of engaging emerge and traditional services transformed for a new digital era. To discuss the findings of our Retail Banking Innovation 2020 Digital Banking Report report, we are joined by Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, the sponsor of the report. In this episode, we discuss this year’s findings and the ramifications for financial institutions in the future.

While almost every financial institutions wants to market to, and build relationships with, the Gen Z consumer, few organizations understand who the Gen Z consumer is, what they want from a brand, how to market to them, or how to make them loyal customers. Just as importantly, few organizations understand how to recruit and retain them as loyal employees. Bottom line, the Gen Z consumer is often misunderstood or categorized only by their digital channel inclinations. Financial institutions need to much dig deeper to maximize the value of this important segment. We are joined today by Jason Dorsey, president of the Center for Generational Kinetics and the foremost leader in the understanding of the Gen Z consumer. On the show, Jason shares insights from his most recent global research that is featured in his new book, Zconomy, How Gen Z Will Change the Future of Business – And What to Do About It.

Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Remote work became the norm, and the agenda for technology investment changed as consumers and businesses expected experiences similar to what they received from Amazon, Netflix, Zoom and Uber. But the future of banking is far from clear. There are optimists who believe the industry will transform itself through modern technology to be more than it is today. There are pessimists who believe traditional banking is dead. The reality is probably somewhere in between. We are fortunate to be joined today by Theo Priestley, globally recognized futurist and international speaker, author, and authority on the future of business, technology, and society. He is also working on a collaborative book entitled, 'The Future Starts Now'. During the interview, Theo provides perspective on what we can expect as consumers and as bankers.

When you think of global leaders in digital banking, the conversation must start with Tencent-backed WeBank, the first digital-only bank in China. Launched at the end of 2014, WeBank has experienced astounding growth, with digital technology that is considered an industry best. Today, WeBank has over 200 million customers and is the leader in assets, loans, net profits, return on equity in the Chinese digital banking space. WeBank was founded with the mission of providing ‘“affordable, accessible, appropriate, and sustainable” banking services for underserved individuals and small businesses. As opposed to being a bank with technology advantages, it is a shining example of a technology company with banking licenses. We were granted an exclusive interview with Henry Ma, executive vice president and CIO of WeBank who I met back in January when I visited WeBank in Shenzhen. During the interview, Ma discusses WeBank’s mission of delivering financial inclusion at scale by leveraging AI, blockchain, cloud computing and big data.

According to a recent survey by Deloitte, nearly two-thirds of respondents said that global digital identity will be very important in the future despite the fact that digital IDs are still largely underused in the world today. Newer digital identity verification methods, like biometrics, could provide far superior authentication protocols and offer customers more seamless experiences while protecting against fraudsters. Digital IDs could also greatly enhance the gig economy, where the identity of remote workers is paramount to the protection of valuable corporate and consumer assets. While passwords are currently king, the development of universal digital recognition solutions that are both seamless and secure will eventually be the norm. We are fortunate to have Dave Birch, Author, advisor and commentator on digital financial services on the show today. During the podcast, Dave discusses the benefits and risks of digital identity, the role of the banking industry, and how we must balance connected commerce with human rights.

In late 2019, BB&T and SunTrust combined to become the 6th largest bank in the country, serving 10 million households. Looking at the strategic and financial benefits of the merger, the mission was to preserve the strong cultures of the legacy organizations, while using the combined scale and cost savings to build best of breed systems, processes and digital capabilities. At the time of the merger, the question was whether two legacy banking organizations could reinvent themselves for the future of banking, making the foundational changes needed in culture, leadership focus, and innovation spirit ,while retaining what customers of both organizations had cherished from the past. I am joined today by Scott Case, the CIO of Truist. In this episode, we discuss the status of this historic merger, the role technology and innovation has played, and the impact that COVID-19 has had on the intended results.

In May of this year, Brian Brooks took office as Acting Comptroller of the Currency (OCC). During his short tenure, Brooks has already made statements regarding the role of banking organizations in supporting communities, approved the first national charter to a fintech organization and suggested a federal payments charter. He has even asked for public input on how banks store and manage crypto. It is clear that Brooks has a significantly updated perspective on the role of the OCC than his predecessors or the leaders of other regulatory bodies. It is still to be seen how broad the changes in regulations will be going forward. We are fortunate to be granted an exclusive interview with Brian Brooks, the Acting Comptroller of the Currency (OCC). Brooks’ background includes roles at OneWest Bank, the board at Fannie Mae and as chief legal officer at Coinbase. In today’s episode, we discuss the speed of how regulations are changing and the expected impact on legacy banking.

There has never been a more important time for executives to evaluate their position in the marketplace and to determine their future path to personal and professional success. No matter what your position in an organization, you can’t be successful without loving what you do and being recognized for who you are. Now more than ever it is time to embrace change, take risks and transform yourself. Or, as my guest today would say, “Be Bold, Be Brilliant, Be You”. I am joined today by Katrina McGhee, executive vice president of marketing and communications for the American Heart Association. Katrina is a world renowned brand strategist, innovator, success coach, keynote speaker and the author of two books: "Loving on Me!: Lessons Learned on the Journey from MESS to MESSAGE" and "BE BOLD BE BRILLIANT BE YOU: Lessons from the C-Suite to Accelerate Your Career." During the show, Katrina discusses her non-traditional career path, and shares ideas on how women (and even men) can understand who they are, what they want, what they can uniquely contribute and how to realize the dream life once felt to be unachievable.

In a post-COVID world, financial institutions must deliver innovative credit options, on-demand, in an almost instantaneous manner. To accomplish this feat – which had previously only been offered by fintech firms – traditional financial institutions will need to rethink back-office processes that currently hinder the speed to deliver digital credit. This will require the rethinking of everything from an organization’s origination process, to credit checks, to the operation of approvals, focusing on being able to use data to reduce costs, improve speed and expand the potential marketplace. I was very fortunate to be granted an exclusive interview with Christopher Maloof, chief product officer at MeridianLink, as part of the Banking Transformed podcast. His perspective on the results of this year’s research is a great overview on what banks and credit unions must do to succeed in the future.

Dubai-headquartered Emirates NBD has the distinction of being a legacy bank fully committed to innovation, digital transformation and customer-centricity. Rather than moving in baby steps, Emirates has made major efforts to build unique digital solutions for select segments. In 2017, Emirates NBD introduced Liv, a digital lifestyle banking platform geared to the needs of Millennials and Gen Z customers. The most recent iteration of the digital app was introduced this summer, integrating several third-party platforms, allowing customers to book tables or flights, play games or get concert tickets, and receive discounts on food and retail. The app also provides a host of financial tools to better manage money. We are joined today by Jayesh Patel, the head of Liv, the first digital-only lifestyle bank which is part of Emirates NBD. With more than 300,000 users, Liv has leveraged an open API platform to expand product features and boost Emirates NBD’s revenues. On today’s episode, Jayesh discusses digital transformation at Emirates NBD, the importance of an innovation culture and the development of a challenger bank within a legacy banking organization.

Even before the pandemic, there was a financial crisis where many consumers had difficulty making ends meet, causing missed monthly payments or overdrafts with fees that quickly added up. Initially created as a budgeting tool to help consumers avoid overdraft fees, the Mark Cuban-backed fintech named Dave has morphed into a digital banking platform that provides free paycheck advances of up to $100, helps gig workers find jobs, plants trees and offers an alternative to the big Goliath banks. We were fortunate to get some time with Jason Wilk, co-founder and CEO of Dave. During the show, Wilk discusses his career path as a 4X founder, the mission of Dave, the increasingly competitive challenger bank space and how Dave responded to a recent security breach.

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.