Hosted by top 5 banking and fintech influencer, Jim Marous, the Banking Transformed podcast examines major leadership and cultural challenges and the impact of digital disruption on the banking’s future. Sit down with the brightest minds in business world and get ready to embrace change, take risks and disrupt yourself.
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FEATURING: Jeff Marsico, President of The Kafafian Group, Inc.
April 20, 2021
Some experts predict the demise of community banking organizations, that are challenged by changed consumer behavior, outdated infrastructure, an evolving competitive landscape, and the high cost of digital transformation.
Is there a viable niche for community banks and credit unions in an industry that is increasingly dominated by huge mega-banks, or are we entering an era of ‘too small to succeed’? If there is a niche, what needs to be done today?
Our guest is Jeff Marsico, President of The Kafafian Group, Inc. and author of the new book, ‘Squared Away: How Can Bankers Succeed as Economic First Responders‘. Jeff discusses the role community banks and credit unions can play in an increasingly demanding banking ecosystem.
FEATURING: R. “Ray” Wang, principal analyst, founder and chairman of Constellation Research
April 13, 2021
The marketplace is being disrupted by firms that were built on digital platforms. Their agility, foundation of data, analytics and modern technology position these firms advantageously in a world that wants personalization, speed and simplicity of engagement.
Which companies will thrive and which will get crushed by the powerful forces in the global business landscape now at work? How can legacy organizations compete with digital giants like Google, Facebook, Amazon and Apple?
Our guest is R “Ray” Wang, Principal Analyst, Founder, and Chairman of Constellation Research, Inc., author of the best-selling book, ‘Disrupting Digital Business’ and his upcoming book, ‘Everybody Wants to Rule The World’.
FEATURING: Dominic Venturo, senior vice president and chief digital banking officer at U.S. Bank
April 6, 2021
More than at any time in the past, the largest banks in the U.S. have capitalized on their customers’ increased willingness to use digital financial services. U.S. Bank, the sixth largest bank in the country, has been one of the leaders in going beyond the basics in digital banking transformation.
From streamlining new account opening and onboarding processes, to creating new ways to manage finances across channels, U.S. Bank combines innovation, modern technology, and a focus on the customer experience to change the way people bank.
Our guest is Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank. He discusses many of the ways that U.S. Bank has leveraged the recent changes in consumer behavior to increase efficiency and grow revenues.
FEATURING: Tami Ferguson, SVP and Director of Client Experience for Washington Trust Bank, and Zach Hamilton, Chief Digital Officer of Synovus
April 1, 2021
More and more, consumers are shopping for financial services, opening accounts, and building relationships in digital channels. The only way banking providers can support new account opening and deepen relationships is by seamlessly aligning branches and call centers with the mobile and desktop experience. Join Tami Ferguson and Zach Hamilton for insights into how Washington Trust Bank supports customers throughout their journey by leveraging an innovative account opening and onboarding process that prioritizes customer needs.
FEATURING: Jerry Kane, author and professor at Boston College Carroll School of Management
March 30, 2021
Companies that use disruption as an opportunity for innovation emerge from it stronger, while other companies that merely attempt to ‘weather the storm’ often suffer. 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?
Join Jerry Kane as we explore the research and interviews behind his new book, “The Transformation Myth: Leading Your Organization through Uncertain Times”, which offers a framework for understanding disruption and tools for navigating it.
FEATURING: Mark Aldred, Head of International Sales at Auriga
March 25, 2021
With a shift to digital channels, banks and credit unions are rethinking their distribution strategies. Closing all branches is not the best alternative, but neither is keeping them all open. Forward-thinking banks are adopting alternative models, including self-service banking complimented by new technologies in a “lean branch” format. Join Mark Aldred as we discuss the role of branches within an improved distribution strategy, and how financial institutions can embed banking into consumers’ daily lives.
FEATURING: Jay Baer, Author, Customer Experience Expert and founder of Convince & Convert
March 23, 2021
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.”
FEATURING: Theo Lau and Bradley Leimer, Unconventional Ventures
March 16, 2021
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. 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.
FEATURING: Adam Hughes, CEO of Amount
March 09, 2021
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.
FEATURING: Pinar Ozcan, Professor of Entrepreneurship and Innovation at the Saïd Business School at Oxford University
March 2, 2021
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.
FEATURING: Sonali Divilek, Head of Product – Consumer Business at Goldman Sachs
February 23, 2021
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 ahead of adding the much-anticipated checking account.
In this episode, Sonali Divilek discusses Goldman Sachs’ product development strategy for Marcus, and how a partnership mentality has helped Marcus become a force in the retail banking ecosystem.
FEATURING: John Thomas, EVP/Global Head of Innovation at TD Bank
February 16, 2021
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, 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.
TD Bank’s John Thomas discusses how a data-driven culture positions this legacy financial institution to be a major force in banking well into the future.
FEATURING: Ravi Vakacherla, EVP/Chief Transformation Officer at Peoples United Bank
February 9, 2021
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, Ravi Vakacherla from People’s United shares his perspective on where organizations should start and the roadblocks to digital transformation.
FEATURING: Yolande Piazza, VP of financial services for Google Cloud
February 2, 2021
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.
FEATURING: Jim Dicso, CEO of SundaySky
January 26, 2021
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.
FEATURING: Jim Gilmore, co-founder of Strategic Horizons LLP
January 19, 2021
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.
FEATURING: Ron Shevlin, Managing Director of Fintech Research at Cornerstone Advisors
January 12, 2021
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.
FEATURING: Mark Donohue, Founder of iSky Research
January 5, 2021
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.
FEATURING: Jacob Morgan, Futurist, best-selling author and TED speaker
December 29, 2020
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.
FEATURING: Allison Beer, Head of Digital at Chase Bank
December 22, 2020
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 or 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: 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.
FEATURING: Ben Pring, Director of Cognizant’s Center for the Future of Work
April 15, 2020
After COVID-19, the world around us will be changed forever. In a matter of weeks, working from home has become the norm, not the exception. The virus has forced a reckoning of how we view work, travel, engagement with others and the technologies that make these possible.
Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Virtually all work that can be done online has gone online, with new ways to collaborate and innovate. With work-from-home quickly becoming the norm, it is unlikely that the corporate office will be the only place to ‘get things done’ in the future.
Our guest is Benjamin Pring, head of Cognizant’s Center for the Future of Work. Ben is a co-author of the best-selling books, ‘What To Do When Machines Do Everything‘ and ‘Code Halos; How the Digital Lives of People, Things, and Organizations are Changing the Rules of Business‘. In this episode, Ben provides a glimpse into the future of work and the impact on education, lifestyle, commerce and even the environmental agenda.
FEATURING: Dan Ariely, author, fintech advisor and behavioral economist
April 14, 2020
Despite the best intentions, consumers do not always act rationally with regards to money management. While we all know that we should limit debt and increase savings, many people live day-to-day, and have far less set aside for financial emergencies than needed.
Unfortunately, most people’s irrational behavior around money became exposed with the impact of COVID-19. Across the globe, households lost their safety net of predictable events that they depended on, from a regular paycheck to savings that they had planned to set aside.
Today’s guest on the podcast is Dan Ariely, the foremost researcher of behavioral economics in the world. A prolific best-selling author, fintech advisor at both Qapital and Lemonade, and professor at Duke University, Ariely discusses why humans don’t always act rationally about money and the result of these irrational behaviors. He also shares thoughts on how consumers and financial institutions can recover from the challenges brought on by COVID-19.
FEATURING: Simon Loong, Founder and Group CEO of WeLab
April 7, 2020
I had the unique opportunity to visit WeLab as part of my visit to China in early January. WeLab uses proprietary risk management technology and advanced AI to analyze mobile data within seconds, providing financial solutions to over 42 million customers across Asia. WeLab is also one of the first institutions to receive a virtual banking license in Hong Kong.
Despite the advanced technology and innovative deployment of digital products and services, what impressed me most about WeLab during my visit was the evolving culture of the organization and the commitment to employee as well as customer satisfaction.
Today’s guest on the podcast is Simon Loong, Founder and Group CEO of WeLab. During our interview, Simon shares his perspective on how to use mobile data to create customer profiles and the importance of culture within a rapidly growing organization. We also discuss the lingering impact of COVID-19 on his organization and on China.
FEATURING: Jennifer Tescher, President and CEO of the Financial Health Network
March 31, 2020
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 the COVID-19 crisis.
The longer this crisis continues, the more loan payments will be missed, the more savings will be depleted, and the less money will be available for retirement. Protracted and dynamic pandemic conditions will also draw out anxiety and financial stress impacting relationships and creating underlying phychosocial behaviors. Unfortunately, things will get worse before they get better.
Our guest on the podcast is Jennifer Tescher, President & CEO of the Financial Health Network, the nation’s authority on consumer financial health. Tescher founded the Financial Health Network in 2004. During our interview, Jennifer shares her perspective on what both government and the banking industry need to do to support the financial health of all citizens, especially during this time of most need.
FEATURING: Jamie Warder, Head of Digital Banking at KeyBank
March 26, 2020
The number of bank branches and the number of people visiting bank branches has been decreasing for years. As a result of the COVID-19 crisis, many organizations have closed branches completely, while others have reverted to auto teller operations.
Could the coronavirus create a shift in behavior, as people are forced to bank online or on their mobile devices? More importantly, as consumers get more comfortable, and find that managing their money digitally is easier and safer, will they stop visiting their bank branch altogether … even after the pandemic ends?
Today’s guest on the podcast is Jamie Warder, EVP and head of digital banking at KeyBank. Prior to joining Key, Jamie was the President of USAA Bank as well as working at Capital One, PNC Bank and McKinsey & Co. During our interview, Jamie discusses the way KeyBank is shifting to become a ‘digital bank’, while still supporting traditional channels. He also discusses how KeyBank is responding to the coronavirus pandemic.
FEATURING: Jeremy Balkin, Head of Innovation at HSBC
March 25, 2020
The push for digital banking amid the growing emphasis on COVID-19 social distancing has put a spotlight on those organizations that have lagged behind the marketplace with digital delivery and digital transformation. But, can laggard organizations pick up the pace when the rest of the world grinds to a halt?
We are faced with a unique time in banking where organizations that have invested in advanced analytics, innovation and digital transformation have the opportunity to leverage their customer experience and digital product advantages more than ever.
Today’s guest on the podcast is Jeremy Balkin, the head of innovation at HSBC. Jeremy is also the author of two books, ‘Investing with Impact: Why Finance is a Force for Good’, and ‘Millennialization of Everything: How to Win When Millennials Rule the World’. During our interview, Jeremy discusses the importance of innovation during times of disruption and how organizations can go further to transform businesses through innovation.
FEATURING: Rohit Mahna, SVP of financial services for Salesforce
March 24, 2020
The marketing profession has moved from art to science, with the use of new technologies powered by artificial intelligence (AI), a high level of personalization, and real-time communication only dreamed of in the past. But, how does marketing change during a time of economic crisis like we are facing with COVID-19?
As opposed to using marketing to sell products, how can marketing be leveraged to help customers manage their finances and provide support during difficult times? Where speed, tone and clarity of communication is of utmost importance, how can financial institutions help consumers use channels they may be unfamiliar with and proactively provide financial solutions they may be unaware of?
Today’s guest is Rohit Mahna, head of the financial services practice at Salesforce. He gives us an insider’s perspective on how financial institutions can use data and advanced analytics to meet consumer needs while building brand loyalty. We discuss how organizations can combine empathy with solution-based marketing, moving transactions to digital channels while remaining agile during turbulent times.
FEATURING: Dan Faggella, CEO of Emerj
March 17, 2020
AI brings the potential for disruption and transformation due to its ability to make decisions and take action much quicker than its human counterparts. It has been seen as a means of increasing productivity within a company and improving revenues through better customer engagements.
But the use of AI is not without pitfalls, risks and detractors. Will AI discriminate between classes of people? Will AI used for good or just corporate greed? How should the use of AI be regulated?
To discuss the opportunities and challenges of AI in banking, we interviewed Dan Faggella, founder and CEO of the artificial intelligence research agency, Emerj. Dan is a globally recognized speaker on the use-cases of artificial intelligence in business, and has presented to the World Bank, the United Nations, INTERPOL, and global banking companies.
FEATURING: William Russell, Lord Mayor of London
March 10, 2020
The marketplace is in a state of confusion and disruption as the coronavirus outbreak impacts the banking ecosystem and all industries worldwide. Changing valuations and funding options for legacy and non-traditional financial firms are creating the need for new business models as well as opportunities for partnerships and the platform for new government regulations.
To discuss the global impact of fintech organizations and the potential of open banking, financial inclusion, and sustainability as consumer demands change, we are honored to be joined by William Russell, the Lord Mayor for the City of London. As holder of a post that dates from the 12th century, Mr Russell’s role is to promote investment in regional fintech firms and to encourage government support of the overall financial services industry in the region.
FEATURING: Jody Bhagat, President of Americas for Personetics
March 3, 2020
In a digital world, consumers want experiences that are highly personalized and contextual. From the way they search to the way they shop, view content or do banking, consumers expect organizations to know them, look out for them and reward them. Unfortunately, the majority organizations are only delivering basic personalization and are focused more on product sales than on helping the consumer manage their finances or their daily life. In other words, there is a massive personalization gap.
On today’s podcast, we discuss the importance and process of delivering hyper-personalized experiences, across all channels, as part of digital transformation. We also discuss the importance of creating personalized engagement that requires minimal effort from the consumer to ‘make it happen’.
We are joined today by Jody Bhagat, president of Americas for Personetics. Jody is an industry veteran, having previously been a partner at McKinsey & Company, and also working at U.S. Bank, Wells Fargo, and Providian.
FEATURING: Matteo Rizzi, Entrepreneur, Venture Partner and co-founder of FintechStage.
February 25, 2020
Traditional organizations find rebels to be disruptive troublemakers who make processes and decisions more difficult. 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: Dealing With Corporate Misfits‘. In this episode, he discusses interviews and personal observations that make a case for organizations to embrace those people who may appear disruptive to the norm. In fact, he suggests that we should seek out more of this type of talent.
FEATURING: Tony Saldanha, President of Transformant & former VP, Global Business Services for Procter & Gamble.
February 18, 2020
Digital transformations have an exceeding high failure rate despite being one of the most important components of a firm’s long-term survival. Digital transformation requires must more than just a flashy mobile app or new technology.
To understand the dynamics of how to succeed with digital transformation, we are joined by Tony Saldanha, previous head of operations and digital transformation at Proctor and Gamble and currently the president of Transformant, a Cincinnati-based consulting firm focused on digital transformation.
As the author of the book, ‘Why Digital Transformations Fail‘, Tony shares his 5-stage framework that any company can follow to successfully navigate its own digital transformation. Tony discusses why the ultimate proof of an organization’s success at digital transformation is its cultural, not technical rewiring.
FEATURING: Charlene Li, Founder and Senior Fellow at Altimeter and Author of The Disruption Mindset
February 11, 2020
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. In addition, it is those firms that build a business around ‘future customers’ that are best positioned for growth.
We are very fortunate to have Charlene Li on the Banking Transformed show. Charlene is the founder and senior fellow at Altimeter, a Prophet company. She is the author of six books, including the New York Times bestseller ‘Open Leadership‘, and co-author of the book ‘Goundswell‘. Her latest book, ‘The Disruption Mindset‘ is the culmination of years of research and experiences in the field helping leaders and organizations transform.
On this episode, you will learn the secret of successful disruption, the importance of deep-dive research, the qualities of a disruptive leader, how to change existing cultures and where to start.
FEATURING: Brett King, Bestselling author, radio host and founder of Moven
February 4, 2020
For part two of the discussion on my tour of China, I look into the debate about what region or city is the fintech capital of the world. Is the fintech capital London, New York, the Silicon Valley or elsewhere? Should the title go to the city with the most players, the greatest fintech investment or the largest number of users of challenger bank or bank challenger services?
My perspective on a possible candidate for the fintech capital definitely changed when I visited Shenzhen China recently. From the advancement of smart city technologies, to the deployment and use of digital technologies for payments, energy management, operational efficiency and even daily tasks like shopping and eating out, I have never experienced so many modern advancements than during my short week in China.
I am joined today by Brett King, author of many best selling books on the future of banking and the host of the number one fintech podcast, Breaking Banks. Brett and the president of Provoke Management, Jay Kemp, joined me for a VIP tour of Huawei Technologies. With a history steeped in manufacturing, Huawei now is the hub of new technologies that impact every Chinese citizen, from the phones they use to the services they use. They also are an example of how the combination of data, advanced analytics, digital technologies and a culture of innovation and R&D can propel a company into the future.
FEATURING: Matt Dooley and David Wallace
January 28, 2020
China is quickly becoming home to the largest fintech ecosystem in the world, benefiting from historically low use of traditional banking, high smartphone penetration, a changing demographic and a consumer acceptance of banking without traditional infrastructure. Dominated by giants like Baidu, Ant, PingAn and Tencent, combined with many highly successful start-ups like WeLab, the success in delivering both personalized financial services and an impressive level of financial inclusion is a model for the rest of the world.
This is not a story of disruption of legacy banking as much as a story of filling a previously unmet need for advanced financial services supported by smartphones.
To discuss how fintech firms have benefited from open access to data, and how the Chinese consumer benefits from value added services not available to most in the world, I am joined by my friend, Matt Dooley, founding board member of the Fintech Association of Hong Kong and founder of Connected Thinking Ltd. who guided a tour of Shenzhen for myself and the former global CEO of HeathWallace, Dave Wallace.
FEATURING: Alan Trefler, Founder and CEO of Pega
January 21, 2020
The Digital Banking Report has just released a report on digital transformation in the banking industry entitled, The State of Digital Banking Transformation. This research, sponsored by Pega, not only looks at the digital transformation maturity of banking today, but also the components of digital transformation leader organizations.
The research found that there is still more hype than reality when we look at the progress of digital transformation in banking. While the focus in on improving the customer experience, few organizations have leveraged intelligent technologies to deliver on this mission.
To discuss this research report and the implications of the findings, I am joined by Alan Trefler, Founder and CEO of Pega. Alan not only provides his perspective on where the industry is from a technology perspective, but also discusses the challenges of embracing new business models, finding the right talent, changing internal cultures and creating customer engagement.
FEATURING: Gerald (Jerry) Kane, visiting scholar at the Harvard Business School and professor at the Boston College Carroll School of Management
January 14, 2020
Digital technologies are disrupting organizations of all sizes, leaving leadership scrambling to find the right technologies to keep pace with market demands. Unfortunately, simply buying the best or newest technology will not create digital transformation success by itself.
Beyond technology, it is imperative to implement the right organizational changes that can harness the power of the new technologies. In other words, digital disruption is primarily about people, organizational dynamics and culture.
Today’s podcast features Gerald (Jerry) Kane from Boston College. Jerry is one of the 4 authors of the exceptional book, ‘The Technology Fallacy’. This book draws on 4 years of research between MIT Sloan Management Review and Deloitte that surveyed 16,000 people and included interviews with companies like Walmart, Google, Salesforce and several other top brands.
Kane emphasizes that every organization needs to understand its “digital DNA” in order to stop “doing digital” and start “being digital.” He proposes that the best way to respond to digital disruption is by changing the company culture to be more agile, risk tolerant, and experimental.
FEATURING: Kevin Travis, Executive Vice President of Novantas
January 7, 2020
Should an existing financial services organization attempt to transform their current institution into a more agile, responsive organization with a completely new digital foundation, or should banks and credit unions consider building an entirely new organization outside the parent company?
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. Even if a bank or credit union decides to ‘stay the course’, the future will require differentiation defined by customer experience and innovative offerings similar to what is being offered by fintech and big tech organizations.
To get a perspective on the need to disrupt current distribution paradigms, I interviewed Kevin Travis, EVP of Novantas’ financial services consultancy. Kevin discusses distribution alternatives for the financial services industry and the cost of inaction by the industry.
FEATURING: Blake Morgan, Keynote Speaker, Bestselling Author and Futurist
December 31, 2019
Consumers insist on experiences that are personalized, friction-free and that make their lives easier. It’s no longer enough for organizations to state they are making improved customer experiences a priority. The consumer needs to feel that the companies they buy from know them, look out for them and are willing to reward them.
To get a perspective on how advanced technologies are impacting customer experience strategies, I am fortunate to be joined by Blake Morgan, author of the new book, “The Customer of the Future”. Blake is considered one of the leading authorities on the changes occurring in the world of customer experience. She has worked with some of the most prominent global brands and is a contributor to Forbes and the Harvard Business Review. She is also the host of the podcast, The Modern Customer.
FEATURING: Ron Shevlin, Director of Research at Cornerstone Advisors
December 24, 2019
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.
To get a perspective on the past and future of fintech applications and their impact on traditional banking, I am joined today by my very good friend, Ron Shevlin. Ron is not only one of the foremost authorities on what is happening in the banking industry, he is also a personal mentor and one of the people who was most responsible for my professional transformation a decade ago.
Ron is the Managing Director of Fintech Research at Cornerstone Advisors, author of the book Smarter Bank and senior contributor on Forbes with his weekly Fintech Snark Tank articles. Ron is ranked among the top fintech influencers globally, and is a frequent keynote speaker at banking and fintech industry events.
FEATURING: Dan Rosen, Founder and CEO of Commerce Ventures
December 17, 2019
After a record-breaking 2018, fintech investment activity continues strong in 2019, as new start-ups take aim at traditional banks and credit unions that are slow to update back offices, change outdated business models, embrace advanced analytics and keep up with consumer expectations.
For a perspective on the changing fintech investment marketplace, we are joined by Dan Rosen, Founder and General Partner of Commerce Ventures, a VC firm focused on fintech, payments and commerce ecosystems. We discuss the continued growth in funding by venture capital investors, private equity firms and even traditional banks interested in the newest technologies in payments, banking and wealth management.
FEATURING: Janine Sneed, Chief Digital Officer, VP of Customer Success IBM
December 10, 2019
Buying the right technology solution is only the beginning of the digital transformation journey. Organizations need onboarding support from solution providers to ensure the intended benefits of new technologies are realized. This entails looking beyond the technology, to include the vast human and cultural aspects of digital transformation.
In this episode, we discuss how businesses can optimize the outcomes of their digital initiatives with the support of a customer success management process. For a perspective on customer success strategies, I’m joined by Janine Sneed, Chief Digital Officer and VP of Customer Success at IBM. Janine shares how she has build a Customer Success Organization at IBM and how she has brought together multiple functions at IBM to help clients succeed.
Janine also discusses her role in promoting internal career support for women and minorities at IBM, and how diversity in the workplace can become an organizational priority.
FEATURING: Chris Skinner, CEO of The Finanser, author, global speaker
December 3, 2019
Digital transformation in banking cannot occur without rewiring back-office processes, including streamlining operations and integrating data sets. But the most important transformation that must occur is with the culture and leadership at traditional financial institutions.
A digital culture is customer-centric, with latitude given for employees to make decisions on behalf of the customer. A digital culture also supports creativity and innovation — again, on behalf of the customer.
To get a great perspective on how legacy banks must disrupt themselves, we spoke to Chris Skinner, best-selling author and one of the most sought after and respected financial services influencers. Chris discusses his recent research into the traditional financial institutions that are setting the pace for others to follow.
FEATURING: Sophie Heller, Group Chief Operating Officer for Retail Banking at BNP Paribas
November 26, 2019
Organizations in all industries need a new operating model that puts the customer’s needs at the center of all digital transformation strategies. This can be achieved by redesigned customer journeys, new products and services, and the agile delivery of insights and contextual solutions across channels.
To better understand how legacy financial institutions can better position themselves against digital pure play organizations such as Google, Amazon, Facebook, Apple and Alibaba, I sat down with Sophie Heller, Group Chief Operating Officer for Retail Banking at BNP Paribas. Sophie discusses the critical elements required to launch an integrated operating model organized around end-to-end experiences in an open banking environment.
FEATURING: Alex Kreger and Monika Cālīte from financial services design agency, UXDA
November 19, 2019
Digital transformation is a challenge for organizations due to legacy infrastructure, internal silos, lack of a clear vision and resistance to change. Design thinking can help firms overcome many of these challenges, accelerating the transformation timeline. Done well, design thinking is a consumer-centric collaborative effort that can drive change internally and externally.
In this episode, we sat down with Alex Kreger and Monika Cālīte from the financial services customer experience design agency, UXDA to discuss how organizations can use design thinking and applied insights to improve internal processes, develop better products and services, maximize the impact of content and enhance the digital consumer experience.
FEATURING: Brian Roemmele, voice-first expert and president of Multiplex
November 12, 2019
The power of voice-based interactions has grown exponentially with the addition of always-on systems, combined with advanced analytics (AI), cloud-based computing and optimized multichannel delivery of insights. The voice-first paradigm will move beyond providing answers to questions – using data and insights to proactively provide insights and guidance that will simplify life for consumers.
In a voice-first world, advertising, commerce, payments and interacting with others around us will change dramatically. To get a perspective on the future of voice, we reached out to Brian Roemmele to discuss his vision of a highly personalized AI assistant that will keep data secure, while connecting to the outside world on an as needed basis to simplify a consumer’s daily interactions.
FEATURING: Steve Wozniak, Apple Co-Founder, entrepreneur, philanthropist
November 7, 2019
A Silicon Valley icon and philanthropist, Steve Wozniak helped shape the computing industry by co-founding Apple Computer with Steve Jobs in 1976. Since leaving Apple in 1985, Wozniak has been involved in various business and philanthropic ventures, focusing primarily on computer and technology education.
I had the unique opportunity to sit down with ‘The Woz’ as part of the Novathon innovation event in Budapest last week. The event, presented by the Italian bank, Instesa Sanpaolo featured Wozniak as well as other industry speakers including myself discussing digital transformation, innovation and competition in banking. In our interview, Steve discusses his personal life, his focus on education, recommendations for entrepreneurs, the state of innovation and his memories of Steve Jobs.
FEATURING: Brian Solis, Digital analyst, author, keynote speakers
November 5, 2019
Digital disruption is impacting today’s worker more than ever, with sociologists believing that today’s worker will need to ‘reinvent themselves’ several times during a career in the future. While maintaining the status quo provides a temporary comfort zone, personal disruption can dramatically improve chances of finding financial, social, and emotional success. This personal transformation requires a new perspective.
In this episode, we discuss the importance of personal and professional growth with Brian Solis, digital anthropologist, global speaker and author of the new book, ‘Lifescale: How to Live a More Creative, Productive and Happy Life‘. Brian discusses his scientific findings, and provides insights that can help any person dissect where they are today, what could be holding them back, and how to be better positioned for long-term success and satisfaction.
FEATURING: Mike Walsh, Futurist, speaker and author of the book, The Algorithmic Leader
October 29, 2019
Digital transformation is much more than just new technologies. Leadership and cultural changes are required to respond to a new business paradigm. How can leaders make better decisions at a time of digital disruption … embracing change, taking risks and leveraging technology in partnership with humans for a better consumer experience?
In this episode, Mike Walsh provides insights on how to survive and win during a time of digital transformation. His ability to synthesize the core principles of personal transformation that are needed for the future are both exciting and a bit unnerving. Referencing his newest book, The Algorithmic Leader, Mike discusses the keys to algorithmic leadership, cultural change and the future of work.
FEATURING: Kris Kovacs, President and CEO at Constellation Digital Partners, LLC.
October 22, 2019
Every financial institution is looking for the next ‘big idea’ or ‘next generation’ digital app that will differentiate an organization by making banking easier and deployment of products and services less costly. With most banks and credit unions unable to build this type of digital capability internally, it is vital to be able to reach out to the largest possible number of creative thinkers. In banking, one way to accomplish this is through a pool of fintech firms who are working on behalf of a community of financial institutions to deliver custom solutions that can be deployed at scale.
For a perspective on this relatively new way for fintech firms and financial organizations to partner, we’re joined by Kris Kovacs, president and CEO of Constellation Digital Partners. Kris and his team have built an organization focused on open innovation solutions for traditional financial institutions. In this episode, Kris will discuss his organization’s mission and the benefits of open innovation for fintech firms, financial institutions and the consumer
FEATURING: Sonia Wedrychowicz, Previous digital transformation leader at JP Morgan Chase and DBS Bank
October 15, 2019
Many people talk about digital transformation in financial services, but few have actually built a digital banking organization from the bottom up. What are the strategies and components of success? What are the challenges and barriers that can derail a digital transformation journey? And, why are so few traditional financial institutions able to effectively compete with new fintech firms and large techfin corporations?
In this episode, Sonia Wedrychowicz, previous head of digital transformation at both JP Morgan Chase and DBS Bank, shares how she helped build one of the most successful digital banks in less than a year. In addition to discussing the importance of a ‘digital culture’, she shares her perspective on agility, how to humanize a digital experience, and leadership lessons she learned on her path to becoming a black belt in kickboxing.
FEATURING: Thomas Hogan, President of North America, Temenos
October 8, 2019
Mobile initiatives are aligning with emerging technologies to become the centerpiece of most enterprise-wide digital transformation efforts at banks and credit unions. The proliferation of mobile devices has moved mobile apps beyond a transactional entry point, with an increased emphasis being placed on creating exceptional customer experiences that boost productivity, loyalty and contextual engagement regardless of the device or operating system.
For a perspective on the changing dynamics of digital engagement and the importance of the mobile channel, Thomas Hogan, president of North America for Temenos, shares how organizations of all sizes can now build world-class mobile apps. He also discusses the importance of agility, mobile design and how a digital culture can enable the deployment of digital solutions at the pace of change.
FEATURING: Don Peppers, Bestselling author, global authority on customer focused strategies
October 1, 2019
It is imperative to build and maintain a customer-centric business during periods of digital transformation. To accomplish this, firms must focus on the customer experience, leveraging corporate culture, strategy, technology, and data analytics. Which firms are the best at being able to accomplish this objective? Which firms are failing to live up to customer expectations … and why?
In this episode, world renowned bestselling author and customer experience guru Don Peppers shares his insights on what is needed to be a customer-focused leader in a digital world. He also looks back 25 years and discusses how the lessons from his first book, ‘The One to One Future’ still apply today.
FEATURING: Brett King, Bestselling author, radio host and founder of Moven
September 24, 2019
Digital disruption is occurring globally, impacting not only the way products and services are consumed, but how they are marketed and delivered using modern technologies. The impact is felt in all industries, but especially in banking, where legacy systems and culture work counter to most transformation efforts. One of the biggest challenges is how these changes are impacting the future of work and the potential displacement of millions of workers due to automation, robots and the restructuring of organizations.
In this episode, Brett King, bestselling author, founder of neobank Moven, and host of the weekly radio show, Breaking Banks, discusses the threat of new competition in banking, some potential solutions, and the potential for global unrest caused by the impact of automation and new technologies.
FEATURING: Rohit Bhargava, Professor of Global Marketing at Georgetown University
September 17, 2019
The future of innovation is not defined by technology. Innovation is defined by doing something new and different that works. Organizations hoping to succeed in their digital transformation journey must avoid simply adding something new, and consider the elimination of old paradigms.
In this episode, we interview Rohit Bhargava, Author and Professor of Global Marketing at Georgetown University about the importance of innovation and why so many organizations fail because of ‘innovation envy’, not looking outside their own industry or not applying data effectively.
FEATURING: Doug Lipp, Consultant and Author of the Book, “Disney U”
September 10, 2019
Disney is a great example of an organization that has changed tremendously through the years, leveraging data and new technology without forgetting their legacy or relinquishing their brand. At a time when financial institutions are caught between legacy cultures and the demands of a digital consumer, Disney has found a way to integrate modern technology with a personalized human touch. They have accomplished this through strong leadership, innovation, an emphasis on hiring the right people, extensive training and some Disney ‘magic’.
In this episode, we talk to Doug Lipp, consultant and author of the book, “Disney U” about the importance of building a digital culture from the inside-out, leveraging training and continuous reinforcement to encourage a magical mix of modern technology and human engagement.
FEATURING: Hossein Rahnama, CEO and Founder of Flybits
September 3, 2019
The financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditional bank or credit union offerings. Toronto-based startup Flybits believes that the best way to compete in the future is not just by developing innovative products and services, but by becoming the repository of choice for data in addition to money.
In this episode, Hossein Rahnama, CEO and Co-Founder of Toronto-based Flybits, discusses how the future of financial services will be based on the ability of institutions to use contextualized insights to enrich consumers’ daily lives inside and outside of banking.
FEATURING: Abigail Posner, Director of Strategy for Google
August 9, 2019
In a digital world, consumers can acquire enough information about a product or service on a smartphone or online to make a purchase decision without ever asking a question of a customer service representative or walking into a physical store (branch). Whether a consumer wants to buy a protein bar or new automobile, they can now leverage digital channels at each step of the customer decision journey, bypassing the traditional step-by-step sales funnel behavior.
In this exclusive interview, Abigail Posner, Director of Strategy for Google’s Brand Unit, discusses the importance of having an in-depth understanding of consumers in the digital space and translating these insights into personalized strategies for creative and content development.
FEATURING: Gary Vaynerchuk, CEO of VaynerMedia
August 2, 2019
Gary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the need for supportive culture and leadership and the importance of a personal brand.
During this interview, you quickly realize that his level of engagement and passion for what he does and communicates is no act for social media. He is a huge believer in the value of hard work, testing new ideas, helping others succeed and disrupting oneself.
FEATURING: Jeffrey Hayzlett, former CMO of Kodak
July 26, 2019
In this exclusive interview, Jeffrey Hayzlett, the former CMO of Kodak, discusses the importance of strong leadership, the need for a well-defined culture, and the risk of being passive when your industry is facing massive disruption.
Hayzlett challenges bank and credit union executives to examine their values and behaviors while aligning values with an organization’s overall mission. He also stresses the importance of embracing new technology and the need for leaders to not become passive.
About Jim Marous
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.