Banking Transformed with Jim Marous

We’re at the midpoint of 2023, making this the perfect time to take stock of the major trends shaping retail banking globally and look ahead to the future. A multitude of events this year have altered the industry's trajectory, influenced consumer behavior, and prompted financial institutions to reassess their business models and go-to-market strategies. The question is which events will have a lasting effect and what jobs need to be done to become more future-ready? I am excited to have David M. Brear, CEO of 11:FS on the Banking Transformed podcast. We will be discussing how banks and credit unions have reacted to major global disruptions, and what major opportunities and threats currently exist in retail banking.

As artificial intelligence (AI) continues to advance and reshape banking, achieving a high level of AI maturity becomes crucial for financial institutions to remain competitive and relevant in the modern landscape. But what determines an organization’s AI maturity. Evident has just published an extensive study on AI innovation and maturity across major banks. Their research analyzed 60 of the largest banks in North America and Europe to understand how banks are positioning themselves for an AI-driven future. I am excited to have Alexandra Mousavizadeh, Co-founder and CEO of Evident on the Banking Transformed podcast. We will be discussing what determines a financial institution’s AI maturity, the advantage AI maturity provides and how organizations can keep pace with market leaders.

This is the second part of a two-part in-depth Banking Transformed podcast interview on generative AI and ChatGPT in banking with Brian Roemmele, President of Multiplex. With the rise of generative AI (ChatGPT) and its increasing impact on various sectors, including banking, it's crucial to examine how these advancements are transforming the landscape, both for better and for worse. From exploring the impact of generative AI on customer experience and engagement to discussing the ethical considerations and regulatory challenges, it is more important than ever to understand the transformative power of AI in banking. Brian equips listeners with the knowledge and understanding needed to embrace the promise of generative AI and ChatGPT while mitigating associated risks.

With the rise of generative AI (ChatGPT) and its increasing impact on various sectors, including banking, it's crucial to examine how these advancements are transforming the landscape, both for better and for worse. From exploring the impact of generative AI on customer experience and engagement to discussing the ethical considerations and regulatory challenges, it is more important than ever to understand the transformative power of AI in banking. My guest for part one of this important Banking Transformed podcast interview on generative AI and ChatGPT in banking is Brian Roemmele, President of Multiplex. Brian equips listeners with the knowledge and understanding needed to embrace the promise of generative AI and ChatGPT while mitigating associated risks.

Fintech firms are currently facing a series of challenges stemming from a variety of factors, including dropping venture capital (VC) funding, the failure of Silicon Valley Bank and the uncertain economic climate. Collaboration and partnerships within the fintech ecosystem and with traditional financial institutions may become even more crucial as fintech firms reassess business models and try to build greater resilience. My guest on the Banking Transformed podcast is Jeff Tijssen, Expert Partner and Global Head of FinTech at Bain & Company. Together, we try to unravel the complexities of this rapidly evolving sector and uncover how fintech is reshaping the way we think about money, payments and financial services.

Advancements in digital banking technologies, like mobile apps, chatbots and digital wallets allow banks to provide always-on, personalized experiences across the entire customer journey. Done well, financial institutions can increase early engagement and activation speed, reduce contact outreach and increase revenues. Despite these advancements, challenges remain. Regulatory constraints, data privacy concerns, and technical complexities pose hurdles in fully realizing the potential of personalized banking. As a result, many firms are building third party collaborations to drive early personalization wins. We have Jason Davies, Vice President, Product, Solutions & Customer Delivery at Flybits on the Banking Transformed podcast. We'll explore the opportunities and challenges faced by card issuers and all retail bankers as they strive to enhance the cardmembers' journey through personalized engagement. This episode of Banking Transformed is sponsored by Flybits Cardholder Lifecycle experiences designed to deliver personalization. An always-on solution that elevates cardholder experiences at every lifecycle stage, personalized for every moment. Deliver a remarkable customer experience in record time, while driving business results. Visit get.flybits.com for more information.

2023 has presented many challenges for financial institutions. Record-breaking inflation, rapidly rising interest rates, reduced loan demand, and declining deposits have created a level of uncertainty not experienced for decades. These changes have disrupted status-quo assumptions while presenting amazing opportunities for financial institutions willing to reinvent legacy business models. I am excited to have Gregg R. Tewksbury, president and CEO at New Hampshire Mutual Bancorp and Lee Wetherington, senior director of corporate strategy at Jack Henry on the Banking Transformed podcast. They discuss the results of the 2023 Strategic Priorities Benchmark Study just released by Jack Henry.

From virtual and embedded experiences to digital payments and the power of AI, digital banking experiences can be enhanced at every touchpoint. With so much disruption – and opportunity – facing banks, credit unions and fintech firms, the industry must be more agile than ever to turn these changes to their advantage. But capitalizing on disruption and unleashing new growth potential requires more than just new technology. It requires strong leadership, laser focus, a willingness to collaborate with third-party solution providers and a commitment to customer centricity. We have DeAndre Jones, EVP, Chief Client Officer & Head of Client Experience at FIS on the Banking Transformed podcast. We dive into the ways in which technology and digital solutions are revolutionizing the banking sector, ultimately creating better experiences for customers. This Episode of Banking Transformed is sponsored by FIS  How do you find your feet on ground that’s constantly shifting? You have to read The Global Innovation Report from our partners at FIS. From embedded finance and ESG to crypto, decentralized finance and the metaverse, FIS pinpoints the trends you need to watch – and explains how innovation can give you an advantage, in good times and bad. Discover how the latest innovations could affect your business. Explore the research today by visiting www.fisglobal.com/global-innovation-report  FIS. Advancing the way the world pays banks and invests.  

Creating a separate digital-only bank by a legacy financial institution is an opportunity to build a new, high-growth business that leverages the parent’s capabilities, brand and capital. The challenge is moving from a rapid initial growth phase to delivering sustainable returns, without being challenged by a legacy mindset or outdated back-office. Jenius Bank, the new digital-only banking division of California-based Manufacturers Bank, and wholly-owned subsidiary of the 400 year-old Japan-based SMBC Group, has just announced the launch of its inaugural consumer lending product. I am excited to have long-time banking veteran, John Rosenfeld, president of Jenius Bank on the Banking Transformed podcast. We discuss what will differentiate Jenius Bank and why John believes this new digital bank will succeed where others have failed.

Many financial insrtitutions are stuck with digital transformations that are not moving the needle. In the new book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” the authors found that long-term success comes when leaders embrace change around their talent, operating model, technology, and data capabilities. So, what can the banking industry learn from this detailed ‘how-to book’? How can financial institutions of all sizes continually create great customer experiences, lower costs, and build value? We have Eric Lamarre, Senior Partner, McKinsey & Company and one of the authors of the book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI” on the Banking Transformed podcast. He shares some of the key findings in the book and what banks must do today to become future-ready.