Banking Transformed with Jim Marous

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...

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...

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 persona...

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...

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...

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...

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 an...

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 c...

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 an...

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 fina...

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 produc...

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...

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 ma...

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 ep...

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...

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. Fina...

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 challen...

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 deliv...

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...

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 (Jer...

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 an...

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 cus...

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 ge...

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...

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...