Banking Transformed with Jim Marous

Gone are the days of ultra-low interest rates when generating deposits and making loans was easy. Today, small and mid-sized financial institutions are battling for retail deposits after recent bank failures spurred a massive exodus of funds to larger players. In fact, a report by S&P Global Market Intelligence noted that several hundred banking institutions, including a handful of large ones, are...

The 2023 Retail Banking Trends and Priorities found that 60% of financial institutions are meeting the digital banking needs of customers through collaboration with fintech firms and other third-party solution providers. How are these collaborations increasing the speed and scale of innovation, resetting business models and making traditional financial services organizations more future-ready? I a...

Fueled by the growth of plug-and-play banking infrastructure, startup niche banks have emerged that cater to a varied assortment of segments, including specific nationalities and genders, income and age stratifications, occupations and hobbies and even personal values. The majority of these start-ups have a licensed sponsor bank as well as a digital banking offering specific products that consumer...

The global wearable device market is expected to reach $62.82 billion by 2025. Wearable technology holds potential to revolutionize the way people interact with their financial institution, healthcare provider, and corner retailer leveraging wearable devices from smart watches, to fitness trackers, to apparel. More than ever, wearable devices can create seamless payment experiences while also prov...

Our expectations of what a bank is, and customers will engage with financial services has changed immensely over the past several years. And that change will only happen faster in the future. It’s indisputable that technology has been the driving force behind this change. As the industry gets ready for Money 2020 in Amsterdam, it good to assess how technologies such as artificial intelligence, mac...

Technological advances, regulatory changes, and rising consumer expectations have led to a tidal wave of challenges for the financial marketer. While most marketers focus on the technology to drive results, research shows that a change in legacy mindset is far more important. The foundation to drive growth in today’s competitive and cultural landscape is a playbook that will help you: • Build a br...

The future of banking is being driven by advancements in technology, changing customer preferences, new collaborations, and increasing regulatory requirements. Change is happening every day … and it is more difficult than ever to keep pace. As the industry gets ready for Money 2020 in Amsterdam, it is important to look at where the industry is today and where it will likely be in the near and more...

Customers want their financial institutions to know them, understand them and reward them based on their unique financial situation. Displaying this level of empathy is difficult if transactional data remains in silos. The aggregation of data to generate insights is only half the battle for financial institutions, though. Banks and credit unions must go beyond using data to create great reports to...

As part of the digital transformation process occurring at financial institutions, CFOs must increasingly leverage technology and data analytics to become strategic partners to leaders across the organization, driving organizational success. Beyond optimizing financial performance and streamlining operations, finance operations can now play an instrumental role in the innovation process, sustainab...

A digital-first account opening and onboarding platform is becoming increasingly important in banking, as customers increasingly expect a seamless, digital experience when opening and managing bank accounts. A fully integrated digital platform streamlines processes, reducing the risk of errors, improving compliance, and increasing the ability to offer personalized products and services. For custom...

More than ever, financial institutions are expected to know what account holders need even before they do. Using relationship history, transaction data, and even insights from outside the bank, customers want you to know them, understand them and reward them. Combining historical account ownership history with real-time transaction data can provide a great predictor of what account holders are goi...

We are in uncharted territory with today’s economic uncertainty. Customers are concerned about the safety of their bank and credit union and don’t know where to turn. Open and honest communication is only the start as the bank crisis continues to unfold. Financial institutions must provide resources and answers in real-time that help customers and employees ease their stress and help your brand be...

With the increasing popularity of digital marketing, many financial institutions have shifted their focus away from direct mail. But is that a mistake? Some believe a well-designed and targeted direct mail campaign be a secret weapon in your marketing arsenal. At a time when banks and credit unions are looking to break through the marketing message clutter, The Data & Marketing Association reveale...

71% of Gen Z and 72% of Millennials say there are financial topics they want trustworthy advice on but aren't sure how to get it. At the same time, the top barrier preventing Americans from seeking financial advice from a professional financial planner is the belief that they don't have enough money to hire one. The good news is that these generations are more open to meet with their financial pla...

Expectations about what makes a great customer experience (CX) are rising faster than most organizations can keep up with — and consumers aren't afraid to walk away when their needs aren't met. The good news is that most organizations understand the gap that exists between expectations and delivery and are investing more to increase engagement. We have David Porter, Managing Director of Financial...

With the possibility of a recession, financial institutions of all sizes may be considering a delay or cut in technology spending. As seen by recent challenges at Southwest Airlines, falling behind in technology capabilities can create enormous costs in the short-term and in the future. According to Forrester, firms pursuing technology-driven innovation grow three to four times faster than industr...

Every financial institution is adapting and adjusting to compete in the realities of an ever-changing digital world. It is time to re-imagine how applications are delivered, how data is leveraged, and how to create immersive experiences to meet the needs of today’s customers. The right strategy is to shift to a hybrid environment that leverages the key resources already in place, but combining tho...

To retain market share amid stiff competition, the banking industry has to adapt to changing customer preferences and embrace digital transformation. This includes investing in new technologies, improving operational efficiency, and partnering with third party providers that can help innovation at speed and scale. To become future-ready, financial institutions need to support customer journeys fro...

Banks and credit unions understand the need to innovate, but finding the perfect partners to collaborate with can be a challenge with a marketplace that has tens of thousands of potential third-party providers. So, how can a financial institution find the best provider that aligns with their unique needs, growth ambitions, and internal culture in an ever-changing digital landscape? More importantl...

To ‘wow’ customers across their financial journey, you must know them, understand them and be able to proactively anticipate and deliver solutions. This requires taking an event-driven approach to offer contextual engagement and experiences. Today, banks and credit unions are ditching siloed, departmental frameworks and, instead, are connecting people + processes + technology across the organizati...

In September of 2020, we interviewed Colin Walsh just after Varo became the first challenger bank to receive a national bank charter. So much has happened in banking and the economy over the past two years and especially since the collapse of Silicon Valley Bank, impacting both traditional and non-traditional financial institutions. After a major funding round last year, Varo made a number of majo...

While every financial institution talks about digital transformation, the process is never easy. Melding modern solutions with legacy processes requires focus, commitment, and the support of people across the entire organization. Research by the Digital Banking Report finds that digital transformation is the most difficult at organizations with assets from $50B - $500B. This is often due to legacy...

Financial institutions of all sizes are reinventing themselves by digitally transforming every part of their business with technology, data, automation, and AI. They are breaking down internal silos and connecting functions and data across the value chain — creating new ways of operating and serving customers and their people. Leading banks recognize they need to accelerate change — not only to co...

The economy has been top of mind for consumers throughout 2022 and into 2023. In a survey by PSCU, nearly nine in ten consumers stated they were worried about the economic outlook, while three-quarters also reported they were concerned about their personal finances. In response to economic uncertainty, consumers want choice and variety when making purchases and transacting. In fact, most consumers...

Customers are more likely to engage with their bank or credit union if contacted in a timely manner on their preferred communications platform. More than ever, these channels are highly personalized digital options. Be it text, video, audio, secure chat, or social messaging, consumers want their financial institution to stay connected with them at every point of their financial journey. The challe...