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.
About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
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.