Tinkoff: Russia’s Challenger Bank of the Future
BANKING PODCAST GUEST: Oliver Hughes, CEO of Tinkoff
December 15, 2020
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.
Starling: Not Your Typical Challenger Bank
BANKING PODCAST GUEST: Anne Boden, CEO of Starling Bank
December 8, 2020
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 Bank, 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.
How Will Banking Evolve As We Enter 2021?
BANKING PODCAST GUEST: Jim Eckenrode, executive director, Deloitte Center for Financial Services
December 1, 2020
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 rear view 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 by Jim Eckenrode, executive 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.
Closing the Gender Gap in Banking and Fintech
BANKING PODCAST GUEST: Neha Mehta, founder of FemTech Partners
November 24, 2020
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 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 females?
We are joined today by Neha Mehta, founder of Femtech Partners, a consulting company 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 the ability to create solutions geared to the female market.
Delighting Customers By Removing Friction From Banking
BANKING PODCAST GUEST: Roger Dooley, Best-Selling Author and Keynote Speaker
November 17, 2020
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.
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Building a Culture of Innovation in Times of Crisis
BANKING PODCAST GUEST: Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle
November 10, 2020
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.
Banking Can’t Ignore the GenZ Potential
BANKING PODCAST GUEST: Jason Dorsey, foremost GenZ and Millennial researcher
November 3, 2020
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.
The Future of Banking Starts Now
BANKING PODCAST GUEST: Theo Priestley, futurist, international speaker, author
October 27, 2020
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.
WeBank: The Most Advanced Digital Bank in the World
BANKING PODCAST GUEST: Henry Ma, Executive Vice President and CIO of WeBank
October 20, 2020
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.
The Role of Banking in the Future of Digital Identity
BANKING PODCAST GUEST: David Birch, Author, advisor, financial services commentator
October 13, 2020
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 David 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.
Can Two Legacy Banks Become a Digital Banking Leader?
BANKING PODCAST GUEST: Scott Case, CIO of Truist Bank
October 7, 2020
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 Bank. In this episode, we discuss the status of this historic merger, the role technology and innovation have played, and the impact that COVID-19 has had on the intended results.
OCC Provides Path for Banking Revolution
BANKING PODCAST GUEST: Brian Brooks, Acting Comptroller of the Currency (OCC)
October 6, 2020
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 cryptocurrency.
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.
Jump-Starting Your Career During a Pandemic
BANKING PODCAST GUEST: Katrina McGhee, EVP, Marketing and Communications, American Heart Association
September 29, 2020
There has never been a more important time for executives to reevaluate 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 disrupt yourself. Or as my guest today would say, “Be Bold, Be Brilliant, Be You”.
I am joined today by Katrina McGhee, the executive vice president of marketing and communications for the American Heart Association. Katrina is a world renowned brand strategist, innovator, success coach, noted speaker and the author of two books.
During the show, Katrina will discuss her non-traditional career path as well as share 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.
Most Digital Lending Not Ready for Prime Time
BANKING PODCAST GUEST: Christopher Maloof, Product Director at MeridianLink
September 25, 2020
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.
How to Build a Digital Lifestyle ‘Super App’
BANKING PODCAST GUEST: Jayesh Patel, Head of Liv Digital Bank
September 22, 2020
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.
Dave: A Digital Banking Platform for the Underserved
BANKING PODCAST GUEST: Jason Wilk, CEO of Dave
September 15, 2020
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.
BankMobile: From Fintech Bank to Techfin Platform
BANKING PODCAST GUEST: Jay and Luvleen Sidhu, co-founders of BankMobile
September 8, 2020
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/daughter 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.
Varo: The First Nationally Chartered Fintech Bank
BANKING PODCAST GUEST: Colin Walsh, founder and CEO of Varo Money, Inc.
September 1, 2020
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., which began offering mobile-only banking services in 2015. In the episode, 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.
Wealthfront: Transforming a Robo-Advisor to a Digital Bank
BANKING PODCAST GUEST: Andy Rachleff, co-founder and executive chairman of Wealthfront
August 25, 2020
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.
Financial Marketing Takes Center Stage
BANKING PODCAST GUEST: Barry McCarthy, president and CEO, Deluxe
August 18, 2020
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 of the report. 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, the sponsor of the report. In this episode, we discuss this year’s findings and the ramifications for financial institutions in the future.
How COVID-19 Redefined Consumer Expectations in Banking
BANKING PODCAST GUEST: Beth Johnson, Chief Experience Officer, Citizens Bank
August 11, 2020
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 this 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.
The Power of Social Media Influencers in Banking
BANKING PODCAST GUEST: Elma Beganovich, Founder and COO of Amra and Elma
August 4, 2020
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.
COVID-19 Provides Wake-Up Call for Cloud Banking
BANKING PODCAST GUEST: Tom Eck, global chief technology officer at IBM and Spiros Margaris from margaris ventures.
July 28, 2020
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 additional insight, visit https://ibm.co/32YLeSg
What Makes Navy Federal a Perennial CX Leader?
BANKING PODCAST GUEST: Forrester’s Harley Manning and Pam Piligian, SVP of Marketing and Communications at Navy Federal Credit Union
July 21, 2020
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.
Challenger Bank Grows by Supporting Financial Inclusion
BANKING PODCAST GUEST: Stuart Sopp, CEO of Current
July 14, 2020
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.
CaixaBank: Innovation Drives Digital Transformation
BANKING PODCAST GUEST: Benjami Puigdevall, CEO of imagin (a division of CaixaBank)
July 7, 2020
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.
How Citi Maintains Customer Loyalty During a Pandemic
BANKING PODCAST GUEST: Mary Hines, Chief Marketing Officer, U.S. Consumer Bank at Citi
June 30, 2020
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.
Marcus by Goldman Sachs: Digital Banking Built for the Consumer
BANKING PODCAST GUEST: Dustin Cohn, Head of Brand & Marketing: Goldman Sachs Consumer and Investment Management
June 23, 2020
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.
Four Seismic Shifts Impacting the Future of Banking
BANKING PODCAST GUEST: Nancy Giordano, Strategic Futurist, Corporate Strategist and Keynote Speaker
June 16, 2020
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 Play Big, 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.
Banking Must Move Beyond Rhetoric on Social Issues
BANKING PODCAST GUEST: Mike Jarvis, Legendary basketball coach, author and inspirational speaker.
June 9, 2020
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 must include 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.
Is There a Fintech Fallout on the Horizon?
BANKING PODCAST GUEST: Anthony Thomson, Chairman and co-founder of challenger banks Metro Bank, Atom Bank and 86 400
June 2, 2020
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.
Why COVID-19 Will Stimulate Innovation in Banking
BANKING PODCAST GUEST: Richard Turrin, best-selling author and banking consultant
May 26, 2020
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: A Key to Survival
BANKING PODCAST GUEST: Ryan Caldwell and Brandon Dewitt, co-founders of MX Technologies
May 19, 2020
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.
Leadership Excellence in Crisis: An Interview With Tom Peters
BANKING PODCAST GUEST: Tom Peters, author, speaker, management guru
May 12, 2020
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.
How Fintech Unicorn Lemonade is Disrupting Insurance
BANKING PODCAST GUEST: Daniel Schreiber, CEO and Co-Founder of Lemonade
May 5, 2020
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 Co-Founder 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.
COVID-19 Impact On The Future Of Retail Banking
BANKING PODCAST GUEST: Richard Hunt, President and CEO of the Consumer Bankers Association (CBA)
April 29, 2020
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 work forces, 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.
The Digital Banking Tipping Point
BANKING PODCAST GUEST: Chris Skinner, CEO of The Finanser, author, global speaker
April 28, 2020
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 couldn’t be taken, In all cases, organizations that had not digitally transformed their operations, products and culture delivered sub-optimal 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 joined us 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.
COVID-19 is Fast-Tracking Digital Transformation
BANKING PODCAST GUEST: Tamara McCleary, CEO of Thulium
April 21, 2020
In the book, ‘Disrupt Yourself’, by Whitney Johnson, it is suggested that the disruptions and changes that matter most start with personal disruptions and changes. 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.
