Collaboration and cooperation in the face of competition. It’s a concept that both financial institutions and fintechs must embrace to survive. In this episode of The Digital Banking Podcast, host Josh DeTar was joined by Danny Payne of Jack Henry. The two discussed how competing fintechs can share a common forum and learn from each other to meet their users' specific needs.
Payne and DeTar also discussed digital transformation and the challenges community financial institutions face in approaching it. Payne explained why community FIs suffer from “conversion aversion” and how they can overcome it.
It’s easy to think of banking as a numbers industry. After all, that’s what a dollar is: a numerical representation of buying power. However, as our guest in this episode of The Digital Banking Podcast made clear, banking is really a people industry. It’s people working at financial institutions helping the people who bank there to better their financial lives.
In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Kareem Refaay, the managing director of The London Institute of Banking & Finance. Refaay explored the similarities and differences between banking and finance in Europe and the U.S. He and DeTar discussed digital transformation, financial inclusion, and why problems with managing money should be defined as a disease.
The reason it’s so hard to define digital transformation is because it means – or should mean – something different to every financial institution. In other words, the finish line may be the same for everyone, but the starting line will always be different. Sometimes simply adding a new layer of technology will work. Other times, you’ll need to step back and consider completely reengineering a process based on the availability of new technology. The key is to always be mindful of your accountholders’ needs and focus on creating the best possible experience for them.
In this episode of The Digital Banking Podcast, Blip Labs CEO Michael Bank explained what digital transformation in banking should look like. Bank and host Josh DeTar discussed the idea of having an aggregated financial picture, new ideas and expectations of the "younger guard," and why automation is so important.
There are many ways for financial institutions to communicate with their accountholders in the digital age. With so many options, it’s easy mistake quantity for quality. Effective communication is still a matter of listening mindfully to the people you serve and intelligently providing them with the information that’s pertinent to them. The only thing that’s changed is how that’s accomplished.
In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Gregg Hammerman, the CEO of Larky. The two discussed the banking world and the challenges digital transformation has brought to financial institutions. They talked about sales as a service, how to communicate with customers in the right way, and how to choose a communication channel.