Podcasts about bank innovation

In this episode of Money Tales, our guest is Brett King. What if, in 50 years, money as we know it no longer exists? Futurist Brett King believes we're heading toward a world where artificial intelligence automates nearly everything from jobs to healthcare to supply chains. As AI disrupts industries at an unprecedented scale, traditional employment may no longer be the main way people earn a living. Universal Basic Income, once a radical idea, may become essential just to keep economies running. But if automation provides food, shelter, and healthcare as a default, will we even need money? Or will wealth become something entirely different? In today's episode of Money Tales, Brett takes us on a journey into the future of money and what it means for all of us. Brett King is an International Bestselling Author, a world- renowned futurist and media personality. President Xi Jinping cited his book Augmented. He has spoken in over 50 countries, given keynotes for TEDx, Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and more. He has appeared on CNBC, BBC, ABC, Fox, and Bloomberg. He advised the Obama administration on Fintech. King hosts the world's #1 Fintech Radio Show/Podcast called Breaking Banks (180 countries, 6.5 million listeners). He is the founder of Moven, a globally recognized mobile start-up, which has raised over US$40 million to date, and launched the first in-app mobile bank account offered anywhere in the world. Banking Exchange named him the King of the Disruptors, he was nominated as American Banker's Innovator of the Year, voted the world's #1 Financial Services Influencer by The Financial Brand and listed by Bank Innovation as one of the top 10 "coolest brands in banking". King was shortlisted for the Advance Global Australian of the Year for being one of the most influential Australians offshore. His book "Augmented: Life in the Smart Lane", was a top-10 non-fiction book in North America. Bank 4.0 remained a global bestseller in banking more than 12 months after release. "The Rise of Technosocialism", his 7th book was released November 2021.

Data is not just a byproduct of operations—it is the foundation for strategic decision-making and risk management. Vantage Bank, a leading community bank out of San Antonio, Texas committed to innovation and operational excellence, has embraced this reality by modernizing its risk management program through data and technology.  In this episode of The Risk Intel Podcast, Ed Vincent, CEO of SRA Watchtower and host of the show, sat down with Joel Castaneda, EVP & CRO, and Shawn Main, EVP & Chief Business Architect at Vantage Bank, to discuss their transformation journey and a need for a modernized risk program. Follow us to stay in the know!

In the latest episode of "The Bankers' Bookshelf," host Paolo Sironi converses with Brett King, the originator of the Breaking Banks brand, about King's upcoming book "Branch Today, Gone Tomorrow." This book, a refreshed edition of his 2011 release, examines the dramatic reduction in physical bank branches over the past decade, driven by the rise of digital and mobile banking. King discusses the predictions he made in 2011, such as the halving of U.S. bank branches by 2030, which appear to be on track. The conversation explores the global trends in branch closures, highlighting significant decreases in countries like Italy and Germany, while noting exceptions such as India. King emphasizes the shift towards digital banking and the increasing role of AI, predicting that future banking will be largely autonomous. The episode underscores the need for a balanced transition to ensure financial inclusion, particularly in regions with aging populations and limited digital access. About the Author: Brett King is an International Bestselling Author, a world- renowned futurist and media personality. President Xi Jinping cited his book Augmented. He has spoken in over 50 countries, given keynotes for TEDx, Wired, Techsauce, Singularity Universi-ty, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and more. He has appeared on CNBC, BBC, ABC, Fox, and Bloomberg. He advised the Obama administration on Fintech.King hosts the world's #1 Fintech Radio Show/Podcast called Breaking Banks (180 countries, 6.5 million listeners). He is the founder of Moven, a globally recognized mobile start-up, which has raised over US$40 million to date, and launched the first in-app mobile bank account offered anywhere in the world.Banking Exchange named him the King of the Disruptors, he was nominated as American Banker's Innovator of the Year, voted the world's #1 Financial Services Influencer by The Financial Brand and listed by Bank Innovation as one of the top 10 "coolest brands in banking". King was shortlisted for the Advance Global Australian of the Year for being one of the most influential Australians offshore. His book Aug-mented: Life in the Smart Lane, was a top-10 non-fiction book in North America. Bank 4.0 remained a global bestseller in banking more than 12 months after release. The Rise of Technosocialism, his 7th book was released November 2021.

There's a lot going on in the innovation space in banking. On the season seven premiere of the ABA Banking Journal Podcast — presented by Servbank — ABA SVP Brooke Ybarra provides an overview of hot issues in the fintech space, including generative AI solutions like ChatGPT. For example, she explores potential use cases for a wide range of generative AI solutions in banks as well as how generative AI can be leveraged by bad actors. Ybarra also talks about ABA's new partnership with the Nashville-based Project Fintech accelerator and how that partnership, along with ABA's longstanding venture investment strategy, help banks access the most promising early-stage technologies. She also previews the pre-conference Innovation Forum at ABA's Annual Convention. Register for Annual Convention.

In the backdrop of the Network Readiness Index (NRI) Report, this episode will explore governments' role in an effectively integrating AI to optimize both country (case study: Switzerland)  and business processes.  Our distinguished speakers include: Soumitra Dutta, President of Portulans Institute and Dean of Saïd Business School at the University of Oxford [moderator], Thomas Schneider, Ambassador and Director of International Relations at the Swiss federal Office of Communication (OFCOM) and Mauricio J. Vianna e Silva, CEO of MJV Technology and Innovation. This two-part mini-series was organized in partnership with the Portulans Institute. Soumitra Dutta is President of the Portulans Institute and is Peter Moores Dean and Professor of Management, Saïd Business School, University of Oxford, and a Fellow of Balliol College, OxfordBefore joining the School in 2022, he was Professor of Management and the former founding Dean of the Cornell SC Johnson College of Business at Cornell University, New York. He received a B. Tech. in electrical engineering and computer science from the Indian Institute of Technology, New Delhi, an MS in both business administration and computer science, and a PhD in computer science from the University of California at Berkeley.Soumitra is the founder and co-editor of fourteen editions of the Global Innovation Index which is published with the World Intellectual Property Organisation and is leading global assessment of national innovation capabilities. He has co-edited sixteen annual reports of the Global Information Technology Report for the World Economic Forum on the impact of information technology on development and national competitiveness. The Global Information Technology Report has been rebranded and published as the Network Readiness Index since 2019 by Portulans Institute. Thomas Schneider, Ambassador and Director of International Relations at the Swiss federal Office of Communication (OFCOM) and represents the Swiss Govt. on Internet Governance and IT/Digital society at UN, ITU, OECD - and Chair of Committee on AI at the Council of Europe He represents the Swiss government on Internet Governance and Information/Knowledge/Digital Society at UN IGF, UN CSTD, ITU, UPU, UNESCO, WSIS Follow-Up, OECD, Council of Europe, OSCE, etc. In addition, he serves on the Council of Europe as Chair of the Committee on Artificial Intelligence (CAI) and a Member of the Bureau of the Committee on Media and Human Rights in the Information Society (CDMSI). Mauricio J. Vianna e Silva, CEO, MJV Technology and InnovationComputer Engineer at PUC-RJ (1990), MSc. in Computer Science at IIT - Illinois Institute of Technology (1992), and Ph.D. in Computer Science at IIT (1995).As a consultant he has worked for: Chicago Board of Trade Clearing Co.(USA), Performance Computing Inc.(USA), Miller&Fairchild Inc.(USA), R&R Donnelley(USA), Boavista Bank, Secretaria Municipal da Fazenda of Rio de Janeiro, Telefonica Celular, Claro, Vivo, Oracle and Bradesco Seguros.He has published several articles at international conferences of IEEE and ACM about Software Engineering and Active Databases. Currently, he is working in projects in the areas of Bank Innovation, Mobile VAS, Auto/Health Insurance Innovation, Social Systems Innovation and Pharmaceutical. Thanks for listening! Please be sure to check us out at www.eaccny.com or email membership@eaccny.com to learn more!

How can community bank emerging leaders take initiative in innovation? The latest episode of the ABA Banking Journal Podcast — sponsored by R&T Deposit Solutions — features a conversation with Tim Shangle, AVP for innovation and data analytics at ChoiceOne Bank in Sparta, Michigan. Shangle, who is also vice chair of ABA's Emerging Leaders Council, advises bankers to take small steps and explore what new technologies — say, ChatGPT — can do. Shangle also discusses his own unusual career path from seminary training into banking and how he carved out a niche for himself as a go-to for innovation.

Christian Ruppe co-founded a fintech firm when he was in college — and later he brought his experience in-house in the community banking space. On the latest episode of the ABA Banking Journal Podcast — sponsored by Jack Henry — Ruppe talks about Colony Bank's strategy to build middleware that will enable more rapid innovation. “Were not asking people to integrate with this vendor or that vendor,” says Ruppe. “We're giving them our documentation and asking them to integrate with us.” On the podcast, Ruppe also discusses: Why an API-based middleware will help accelerate innovation and product launches. The changing role of core platforms in a middleware environment. How his experience as a fintech co-founder affects his outlook as a community banker. How community banks can build cultures of integrated innovation.

Are you interested in technology and enhancing the digital user journey? If so, banking innovation might be the right fit for you. On this week's episode of the Building Interest Podcast two of our team members, Lindsey Rohan, First Vice President of Bank Innovation, and Eric Prue, First Vice President of Residential Lending Innovation, discuss what it means to be an innovator in the banking industry. 

Byron Bennett and Joe Lynch discuss the Zergratran story. Byron is the Founder and CEO of Zergratran, an innovative and sustainable high-capacity transportation company that is building the world's first tunnel to expedite shipping goods between the North Atlantic and the North Pacific. In doing so it will offer faster, smarter, safer and cheaper solutions to existing alternatives. About Byron Bennett Byron Bennett is the Founder and CEO of Zergratran. Byron is a graduate of The Wharton School with a background in entrepreneurship, finance, capital raising and strategic planning and, most recently, a founder of multiple fintech companies. He built a network of early stage investors and six thousand LinkedIn followers through successful capital raising efforts and popular businesses like The Chocolate Library and Discovery Wines, both in the East Village of New York City. Prior to Zergratran, Byron was the CEO of Liquidity 10X (L10X)r, a fintech company that helped startups raise capital through Reg D and Reg A filings. Prior to L10X, Byron was the CEO of Collective Wisdom Technologies (CWT), a crowd-driven platform for funding seed stage companies (filed Reg A+ offering). Prior to CWT, Byron was CEO of Springtime Solutions, a lead generation platform for banks and marketplace lending companies; accepted into the INV Fintech accelerator run by Bank Innovation and Fiserv. Byron is passionate about entrepreneurship and teaches entrepreneurship classes on www.outschool.com. He regularly mentors entrepreneurs and maintains a 30+ year strong relationship with NFTE - Network For Teaching Entrepreneurship https://www.nfte.com/. Byron holds a BS in Economics from The Wharton School of the University of Pennsylvania. About Zergratran Zergratran is an innovative and sustainable high-capacity transportation company that is building the world's first tunnel to expedite shipping goods between the North Atlantic and the North Pacific. In doing so it will offer faster, smarter, safer and cheaper solutions to existing alternatives. Led by a visionary team of engineers and Wharton and Harvard scholars, Zergratran is an impact-driven company that uses emerging technologies to revolutionize the future of logistics as well as leverage its global economic and environmental impact. Our goal is to create a better, smarter, healthier and more efficient world, to build a legacy and a better future for humanity. Zergratran develop and manage ESG and technology focused infrastructure projects  that will boost the efficiency of the global shipping and transportation system. It will start with Puerto Internacional Las Americas (PILA) in northern Colombia, a project which will use Maglev technology to  transfer shipping containers between ports on the Atlantic and Pacific Oceans through an underground tunnel. Key Takeaways: The Zergratran Story Byron Bennett is the Founder and CEO of Zergratran, which develops and manages ESG and technology-focused infrastructure projects around the world that boost the efficiency of the global shipping and transportation system. In the podcast interview, Joe and Byron discuss Zergratran's first project, a cheaper, faster, and cleaner alternative to the Panama Canal. Zergratran's first project is Puerto Internacional Las Americas (PILA) in northern Colombia. The project will develop new ports on the Atlantic and Pacific oceans and transfer shipping containers through an underground tunnel system. The Panama Canal is critically important to world trade and unfortunately container ships are currently waiting 12 days to cross the canal. The Panama Canal bottleneck is causing supply chain disruptions worldwide and constraining global trade. The Zergratran Vision for eliminating the Panama Canal bottleneck is below: “Imagine a 13,000+ TEU container ship that can't pass through the Panama Canal unloads at our North Pacific port. We transfer the containers across to our North Atlantic port in 15 minutes using an underground tunnel. Waiting regional ships distribute the containers onward to the US, Gulf and Eastern ports and Europe. More containers would be better dispersed and distributed and reach their final destinations faster. And the 60% of ships that now return west to Asia mostly empty, can be filled with fresh loads from South America. This coordination creates higher profitability with long term sustainability.” Puerto Internacional Las Americas (PILA) aims to add a new container shipping route across the Central America region. This will be the focal point of a system wide efficiency upgrade driven by automation, containerization, digitization, technology and connections to neighboring port facilities. Learn More About The Zergratran Story Byron's LinkedIn Zergratran LinkedIn Zergratran ESG World Summit & GRIT Awards Winner Max Boegl floats 40ft container on maglev track The Logistics of Logistics Podcast If you enjoy the podcast, please leave a positive review, subscribe, and share it with your friends and colleagues. The Logistics of Logistics Podcast: Google, Apple, Castbox, Spotify, Stitcher, PlayerFM, Tunein, Podbean, Owltail, Libsyn, Overcast Check out The Logistics of Logistics on Youtube

Brett King is an International Bestselling Author, a world- renowned futurist and media personality. President Xi Jinping cited his book Augmented. He has spoken in over 50 countries, given keynotes for TEDx, Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and more. He has appeared on CNBC, BBC, ABC, Fox, and Bloomberg. He advised the Obama administration on Fintech. King hosts the world's #1 Fintech Radio Show/Podcast called Breaking Banks (180 countries, 6.5 million listeners). He is the founder of Moven, a globally recognized mobile start-up, which has raised over US$40 million to date, and launched the first in-app mobile bank account offered anywhere in the world. Banking Exchange named him the King of the Disruptors, he was nominated as American Bankers Innovator of the Year, voted the world's #1 Financial Services Influencer by The Financial Brand and listed by Bank Innovation as one of the top 10 coolest brands in banking. King was shortlisted for the Advance Global Australian of the Year for being one of the most influential Australians offshore. His book Augmented: Life in the Smart Lane, was a top-10 non-fiction book in North America. Bank 4.0 remained a global bestseller in banking more than 12 months after release. The Rise of Technosocialism, is his 7th book --- Support this podcast: https://anchor.fm/crypto-hipster-podcast/support

Jill Castilla, the president and CEO of Citizens Bank of Edmond in Oklahoma, talks about the different ways her $354 million-asset bank has expanded its reach and stays relevant, including launching a new niche lending platform designed to help veterans get mortgages. She also discusses staffing challenges, why her bank launched a music festival and the biggest issues facing the industry.  

My guest today is one of the world's leading innovators in this effort. Rashesh Bansal is the CEO of the Reserve Bank of India's Innovation Hub. In April, AIR worked with the RBIH and other partners on the Swanari TechSprint, named for the Hindi word meaning “self-reliant woman.”  I'm excited to have Rajesh on the show today to share a perspective that is  fascinating on so many dimensions. It's a story of a bold new innovation strategy  invented by a major central bank. It's a story about taking TechSprints to a whole new level as a method of regulatory innovation. It's a story about the incredible power of public/private collaboration and co-creation of solutions for intractable problems. And it's a story about new ideas for how to achieve full financial inclusion, in general and specifically for women.

Ken is a FinTech and Payments pioneer, who holds the distinction of being the first person to send $1 around the world by mobile transfer. In his career, Ken has launched: the first mobile remittances service in the US, the first global mobile bank account, the first neobank for immigrants in the US, and the first decoupled business payments smart switch. Currently, Ken leads SnapCheck in revolutionizing business-to-business payments: eliminating $50 Billion in costs, removing $20 Billion in fraud. Previously, as co-founder and CEO of m-Via, Ken grew the company into an industry-recognized leader in mobile financial services and brought the company to cash-flow positive before leading m-Via through an acquisition by Boom Financial. Ken is a Founding Member of the Faster Payments Council, as well as a member of the Federal Reserve's Business Payments Coalition and the FedNow Community. Ken has been named a Top Innovator to Watch by Bank Innovation, a Top FinTech Innovator by Aspioneer, a Top 25 FinTech CEO by Technology Innovators, and a Leading Corporate Digital Transformation Innovator by Databird.

Jamil catches up with Irish Tech News favourite Brett King Brett King is an International Bestselling Author, a world- renowned futurist and media personality. President Xi Jinping cited his book Augmented. He has spoken in over 50 countries, given keynotes for TEDx, Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and more. He has appeared on CNBC, BBC, ABC, Fox, and Bloomberg. He advised the Obama administration on Fintech. King hosts the world's #1 Fintech Radio Show/Podcast called Breaking Banks (180 countries, 6.5 million listeners). He is the founder of Moven, a globally recognized mobile start-up, which has raised over US$40 million to date, and launched the first in-app mobile bank account offered anywhere in the world. Banking Exchange named him the King of the Disruptors, he was nominated as American Bankers Innovator of the Year, voted the world's #1 Financial Services Influencer by The Financial Brand and listed by Bank Innovation as one of the top 10 coolest brands in banking. King was shortlisted for the Advance Global Australian of the Year for being one of the most influential Australians offshore. His book Augmented: Life in the Smart Lane, was a top-10 non-fiction book in North America. Bank 4.0 remained a global bestseller in banking more than 12 months after release. The Rise of Technosocialism, is his 7th book Jamil Hasan is a crypto and blockchain focused podcast host at the Irish Tech News and spearheads our weekend content “The Crypto Corner” where he interviews founders, entrepreneurs and global thought leaders. Prior to his endeavors into the crypto-verse in July 2017, Jamil built an impressive career as a data, operations, financial, technology and business analyst and manager in Corporate America, including twelve years at American International Group and its related companies. Since entering the crypto universe, Jamil has been an advisor, entrepreneur, investor and author. His books “Blockchain Ethics: A Bridge to Abundance” (2018) and “Re-Generation X” (2020) not only discuss the benefits of blockchain technology, but also capture Jamil's experience on how he has transitioned from being a loyal yet downsized former corporate employee to a self sovereign individual. With over ninety podcasts under his belt since he joined our team in February 2021, and with four years of experience both managing his own crypto portfolio and providing crypto guidance and counsel to select clients, Jamil continues to seek opportunities to help others navigate this still nascent industry. Jamil's primary focus outside of podcast hosting is helping former corporate employees gain the necessary skills and vision to build their own crypto portfolios and create wealth for the long-term.

In a strategic partnership to support technical innovation in the banking and financial services sectors, the Federal Deposit Insurance Corporation (FDIC) and Duke University's Pratt School of Engineering recently announced an agreement to collaborate on artificial intelligence, risk management, quantitative research and cybersecurity at the FDIC and U.S. banks. In this episode of “The Buzz” podcast, we learn how the FDIC's Tech Lab (FDiTech) and Duke faculty and students will work together.   Listen as Jimmie Lenz, director, Master of Engineering in FinTech and Master of Engineering in Cybersecurity and Visiting Professor of Financial Economics at the Pratt School of Engineering, Duke University, discusses the arrangement with the FDIC and how the engineering school is facilitating those efforts. Lenz also explains the best ways to prevent and mitigate cyber risks at financial institutions in this Bank Automation News podcast.  

Jill Castilla leads Citizens Bank of Edmond as its President and Chief Executive Officer. Jill joined Citizens Bank of Edmond in 2009, transforming the struggling institution into one of the most innovative community banks in the nation. Under her leadership, Citizens Edmond was one of the first in her state to deploy Interactive Teller Machines, and Citizens Edmond recently applied for a provisional patent for the nation’s first unmanned electronic banking facility. Her entrepreneurial and visionary spirit spills over into her community engagement as the founder of “Heard on Hurd,” a Citizens Edmond-sponsored event that draws upwards of 100,000 people into downtown Edmond for a musical festival, local shopping, and food trucks, delivering a $6.2 million economic impact.On the national stage, Jill serves as an appointed Civilian Aid to the Secretary of the Army (CASA) for Oklahoma and on the board of the American Bankers Association, as well as the content advisory committee for Money 20/20. Jill also serves on numerous local boards to include Allied Arts, Community Bankers Association of Oklahoma, and the Edmond Chamber of Commerce. She recently served on the Governor of Oklahoma’s Transition Team, the Edmond Public Schools Foundation Board of Trustees, the UCO Foundation and Oklahoma Bankers Association Board of Directors. She currently serves as Dean of the Southwest Graduate School of Banking at Southern Methodist University as well as a Presidential Advisor to the University of Central Oklahoma.Jill is a six-time recipient of American Banker’s “Most Powerful Women in Banking – Women to Watch” and her Citizens team is a two-time recipient of the “Top Team in Banking.” She holds other titles such as “Community Banker of the Year" by American Banker, "Most Innovative CEOs in Banking" by Bank Innovation, "Most Admired CEOs in Oklahoma" by Journal Record and "Business Leader of the Year" by Oklahoma Christian University.Prior to her career in community banking, Jill served in management roles at the Federal Reserve Bank of Kansas City and was an enlisted member of Oklahoma Army National Guard. Jill holds a master’s degree in economics from the University of Oklahoma and a bachelor’s degree in finance from Hawaii Pacific University. She is a graduate of the University of Wisconsin's Graduate School of Banking and The Wharton School at the University of Pennsylvania Executive Leadership Program. Jill and her husband have been married for 25 years, and they are the proud parents to three children. She is an Army vet, an Army wife, and an Army mom.

This week Bank Automation News launched as a new brand, replacing Bank Innovation. What’s the behind-the-scenes reasoning for the move? During this video podcast, editors JJ Hornblass, Bianca Chan and Loraine Lawson discuss the impetus behind the pivot to BAN, and share insider info as to what readers can expect as we move forward to bring you the latest automation news in the financial sector. Meanwhile, the second round of the Paycheck Protection Program drove industry partnerships between fintechs and financial institutions in a move that pushed automation agendas forward.

This week, Canadian banks CIBC and TD made strides with AI and automation technology. CIBC teamed up with IBM to launch its first virtual assistant, and TD leaned into automation for its cybersecurity efforts and introduced a slate of new AI products. Meanwhile, Bank Innovation’s sister venture INV Fintech launched a new platform designed to support the discovery process of banks’ innovation pipelines. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass and Bianca Chan for the week ending Dec. 18, 2020.

This week, Bank Innovation dove into data that shows inefficient business processes are pushing bank employees to want to quit. Meanwhile, another data set showed banks are planning to boost the budget for robotic process automation (RPA) endeavors. And finally, new technology from a Tel Aviv-based fintech is automating the know your customer (KYC) and onboarding process through a partnership with Finastra. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass and Bianca Chan for the week ending Dec. 11, 2020.

This week, Bank Innovation sat down with Truist CIO Scott Case to discuss his efforts during the merger of BB&T and SunTrust. “As we’re working through the merger, we’re taking the opportunity to modernize as we go, wherever we can,” Case said. Meanwhile, banks all over North America are coming up with new ways to take in customer feedback and improve their mobile apps. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass, Bianca Chan and Rick Morgan for the week ending Dec. 4, 2020.

This week marked the first-ever Banking Automation Summit, which featured speakers from PNC, Wells Fargo, Truist, Citi and other financial institutions. The conference touched on topics like lending automation, KYC and AML processes, and optical character recognition. The Bank Innovation team touches on the key takeaways from the event in today's edition of the Weekly Wrap, featuring JJ Hornblass, Bianca Chan and Rick Morgan for the week ending Nov. 13, 2020.

While election officials continue to count votes in key battleground states, Bank Innovation editors revisited the 2020 election implications on fintech issues like bank charters, open banking and public credit reporting. This week also saw new numbers from Zelle and Venmo, with the two payments networks reporting third-quarter volume of $84 billion and $44 billion, respectively. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass, Bianca Chan and Rick Morgan for the week ending Nov. 6, 2020.

Bank Innovation sat down this week with Christian Kitchell, Bank of America’s head of AI solutions who also leads Erica. “Ultimately, what we want to do is be able to get to a universe of one, which is to say, every client will have a unique experience based on their situation, their needs, their relationship with us,” he said. Startups, meanwhile, are targeting customer relations management and consulting functions with artificial intelligence. Ahead of Banking Automation Summit on Nov. 9-10, Bank Innovation editors spoke about the role of automation in financial services and gave a preview to some of the topics to be discussed at the summit. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass, Bianca Chan and Rick Morgan for the week ending Oct. 30, 2020.

Contactless payments are here to stay in the post-COVID world, according to recent data from Amex, but cash’s staying power may hinder banks from fully realizing the efficiencies of digitized payments. Meanwhile, Bank of America filed a record 415 patent applications during the first half of 2020, with a clear focus on AI and machine learning, security and programming technology. Also this week, Bank Innovation launched FI Innovation Rankings, with data from FI Navigator, which ranks the 25 most innovative financial institutions across various asset sizes. Truist takes first place among institutions with more than $100 billion of assets. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass and Bianca Chan for the week ending Sept. 25, 2020.

This week we feature a conversation between Jill Castilla and Chris Nichols on leading your bank through these uncertain times.  Jill leads Citizens Bank of Edmond as its President & CEO and has been named “Community Banker of the Year" by American Banker, "Most Innovative CEOs in Banking" by Bank Innovation, "Most Admired CEOs in Oklahoma" by Journal Record and "Business Leader of the Year" by Oklahoma Christian University. Chris Nichols is the Director of Capital Markets for CenterState Bank. Chris has 30+ years of banking experience, is an active bank investor, small business owner, frequent speaker, co-author of The Successful Lender's Field Guide, and frequent blogger.  The views, information, or opinions expressed during this show are solely those of the participants involved and do not necessarily represent those of CenterState Bank and its employees.  CenterState Bank, N.A. - Member FDIC

Banking and fintech leaders came together for the fully virtual Bank Innovation Build this week. The conference featured speakers from Wells Fargo, Ally, TD and more, as well as a fireside chat with Vanessa Colella, chief innovation officer at Citi and head of Citi Ventures. Discussions revealed that banks and fintechs alike are not slowing down their innovation operations during the COVID-19 pandemic. In this edition of the Weekly Wrap, Bank Innovation editors Bianca Chan and Rick Morgan discuss the major takeaways from Build with Royal Media CEO and BI Executive Editor JJ Hornblass.

Some of the biggest banks in North America are integrating accounting into their online banking platforms for small businesses. It’s a strategy that eliminates manual data entry for small business clients and helps the bank own more of the client relationship. Bank Innovation also spoke with JPMorgan Chase CIO Rohan Amin this week. “Artificial intelligence, quantum computing and machine learning will radically improve the way we can analyze data to make better business decisions and deliver contextually relevant insights to our customers,” Amin said. Find this and more in today’s edition the Weekly Wrap, featuring Bianca Chan, Rick Morgan and Youmna Hobeiche, chief growth officer at Troc Circle, for the week ending Sept. 4, 2020.

More than 70% of executives predicted that spending on banking innovation will increase in the next two years and that the industry is poised for growth, according to a recent INV Fintech survey. Many financial institutions will be looking for fintech partnerships to accelerate that development, with 76% reporting that they will seek out more partnerships with fintechs in the same timeframe. Meanwhile, the Bank Innovation team dug into the depths of the regulatory labyrinth that is Dodd-Frank to look at the state of open banking in the U.S. and how the promise of an open financial services infrastructure is influencing banks’ innovation strategies. Find this and more in today’s edition The Weekly Wrap, featuring Bianca Chan, JJ Hornblass and Jon Dobson, chief executive of PayRecs, for the week ending Aug. 21, 2020.

American Express and Kabbage made headlines this week with reports the card company is looking to acquire the fintech for $850 million. Industry thinkers point out Kabbage could provide AmEx with a strong technology platform and the ability to reach new clients. Big banks, meanwhile, spoke with Bank Innovation about the spikes in mobile adoption they are seeing since the pandemic began. Find this and more in today’s edition of The Weekly Wrap, featuring Rick Morgan and Jeffrey Tower, vice president of marketing and business development at ChargeAfter, for the week ending Aug. 14, 2020.

Banks may be losing their edge when it comes to CX, at least according to a new report from Sitel Group. “While the retail industry quickly implemented practical online solutions such as click and collect to meet changing customer needs, banking and financial services fell behind,” Sitel Group said in a financial services industry snapshot of the report. U.S. Bank, meanwhile, reported during its second-quarter earnings that 77% of its customers are using digital channels. Bank Innovation also sat down this week with Chris Tremont, executive vice president of virtual banking at Radius Bank, to discuss the bank’s technology roadmap. Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass and Rick Morgan, for the week ending July 24, 2020.

Charles Potts, the Chief Innovation Officer of the Independent Community Bankers of America (ICBA) is joined by University of Georgia (UGA) rising junior Faeez Juneja. The discussion considers the acceleration of innovation in the community banking space and also touches on Faeez's upcoming book - "Trillion Dollar Fortune" that will release in December 2020 with New Degree Press.

This week, Bank Innovation took a look a Verint report that ranked some of the country's biggest banks based on their crisis customer experience during the COVID-19 pandemic. Smaller banks, meanwhile, are pursuing standalone brands despite the fact that bigger banks have stumbled with their own digital offshoots. In startup news, Upgrade plans to move beyond its credit products by launching bank accounts sometime this quarter. The company received a $40 million from Santander InnoVentures this week and hit $1 billion in valuation.

In this episode, Bank Innovation sits down with Imran Khan, the head of global digital experience at TD, to talk about the bank's personalization efforts. Khan discusses how TD uses emerging technology to foster relationship banking in the digital age.

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

The Bank Innovation team sit down and discuss major news from the past week and what to look for in the week ahead.

The Bank Innovation and INV Fintech teams sit down and discuss major news from the past week and what to look for in the week ahead.

The Bank Innovation and INV Fintech teams sit down and discuss major news from the past week and what to look for in the week ahead.

The Bank Innovation and INV Fintech teams sit down and discusses major news from the past week and what to look for in the week ahead.

At the helm of Fifth Third’s digital strategy, Melissa Stevens is focused on delivering suggestions based on customer needs and preferences. Now, the 160-year-old bank is zeroed in on data-driven customer experiences. In this episode of “Fintech Unfiltered,” Stevens speaks with Bank Innovation about how Fifth Third focuses on customers' needs instead of competing with the biggest banks.

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Bank Innovation's end-of-week update with breaking news and key trends.

Glen connects with leaders driving three of the most intriguing new banking models- Grasshopper Bank, N26 and Cross River Bank- on site at the Bank Innovation Build conference in Atlanta.

In our latest podcast, Peter Jankovsky (WG'20) is joined by Omer Ismail, the head of Goldman Sachs' US consumer business. In this role, Omer oversees the Marcus by Goldman Sachs and Clarity Money businesses as well as the Goldman Sachs/Apple credit card partnership. Omer was originally the consumer business' first employee, and under his leadership, Goldman Sachs' US business has grown to over 4 million customers, $5 B in loan balances, $50 B in deposits, and 1,300 employees.*   In this extensive interview, Omer dives into: • The story behind Goldman's decision to enter consumer banking and how it went about understanding consumer pain points to deliver a unique value proposition • How the consumer business operates as a distinct business within the broader Goldman umbrella, and how its focus on constant iteration of design and UX delivers a differentiated customer experience • Surprises and challenges that Goldman tackled as it scaled its consumer business • Thoughts on what's next for Goldman in the consumer banking space, as well as Omer's view on opportunities/challenges in the market   Prior to launching Goldman's consumer business, Omer spent a decade in the private equity division at Goldman Sachs, focused on investing in technology-enabled businesses in the financial services, media and healthcare sectors. Omer grew up in Karachi, Pakistan and earned a BA from Dartmouth College and an MBA from Harvard Business School. He has been featured in the Wall Street Journal, CNBC, Forbes, Fast Company and American Banker. He has been recognized as one of Business Insider’s 100 People Transforming Business, Crain’s 40 under 40 and Bank Innovation’s Innovators to Watch. Omer lives in New York with his wife and two kids. * Stats mentioned in audio may slightly differ; podcast was recorded at start of summer 2019.

In this episode of Fintech Unfiltered, we sit down with Stephen Corliss, CEO of the social investment startup Huddl. Corliss climbed to senior management positions at big financial firms like UBS and Blackrock before pivoting into the startup world. Bank Innovation talked to Corliss about the transition and what he brings to the table coming from big finance. 

In this episode of Fintech Unfiltered, we sit down with Stephen Corliss, CEO of the social investment startup Huddl. Corliss climbed to senior management positions at big financial firms like UBS and Blackrock before pivoting into the startup world. Bank Innovation talked to Corliss about the transition and what he brings to the table coming from big finance.

In this latest episode of Fintech Unfiltered, Jeremy Balkin, the head of innovation at HSBC Bank USA talks to Bank Innovation about HSBC’s lofty innovation strategy for 2018, including everything from system upgrades to installing a real robot in the bank branch. Listen to Balkin talk about all this as well as HSBC’s other innovation milestones in 2018, what’s on the roadmap for 2019 as well as what the future of banking will look like, in his opinion.

In this latest episode of Fintech Unfiltered, the podcast from Bank Innovation and its sister accelerator INV Fintech, newly appointment Financial Data Exchange managing director Don Cardinal talks about the group’s mission to set standards for data sharing and where it’s going to focus its attention, which includes the areas of data semantics and secure authentication.

How does a super-regional bank go about its innovation? In this episode of INV Unfiltered, Fazir Ali, Senior Vice President of Digital Strategy & Innovation at KeyBank, shares his bank’s “journey” to digital-first orientation. KeyBank, which has nearly 19,000 employees, has reconstituted its digital operations since 2013, when Ali joined the bank, and continues to push hard on innovation to help Key become “the nation’s best super-regional bank.” That push has led to some tough decisions, such as killing its PFM service in favor of other technology deliverables. Ali explains why Key did so, as well as offers a peek at what innovation is to come at the $137 billion-asset bank.

In this latest episode of Fintech Unfiltered, the podcast from Bank Innovation and its sister accelerator INV Fintech, newly appointment Financial Data Exchange managing director Don Cardinal talks about the group’s mission to set standards for data sharing and where it’s going to focus its attention, which includes the areas of data semantics and secure authentication.

In this latest episode of Fintech Unfiltered, Jeremy Balkin, the head of innovation at HSBC Bank USA talks to Bank Innovation about HSBC’s lofty innovation strategy for 2018, including everything from system upgrades to installing a real robot in the bank branch. Listen to Balkin talk about all this as well as HSBC’s other innovation milestones in 2018, what’s on the roadmap for 2019 as well as what the future of banking will look like, in his opinion.

How does a super-regional bank go about its innovation? In this episode of INV Unfiltered, Fazir Ali, Senior Vice President of Digital Strategy & Innovation at KeyBank, shares his bank’s “journey” to digital-first orientation. KeyBank, which has nearly 19,000 employees, has reconstituted its digital operations since 2013, when Ali joined the bank, and continues to push hard on innovation to help Key become “the nation’s best super-regional bank.” That push has led to some tough decisions, such as killing its PFM service in favor of other technology deliverables. Ali explains why Key did so, as well as offers a peek at what innovation is to come at the $137 billion-asset bank.

Innovative and high growth firms can find obtaining finance from High Street banks challenging. Ahead of exiting the EU, and to ensure smooth access to finance, the British Business Bank has announced a new fund to help high growth businesses. A new survey from Barclays Bank has revealed that consumers are searching out firms with eco credentials as part of their buying decision-making. To help businesses being more eco-friendly and take advantage of this change in behaviour, we look at a Green loan product launched by Barclays. To close this Bulletin, we review the latest quarterly SME Confidence Tracker from Bibby Financial Services. Perhaps not unexpectedly, the figures make gloomy reading but there is a spark of enthusiasm around expectations on sales growth.

Summary: Banks’ investments are leaning heavily toward technology upgrades – especially those that make self-service, digital banking easier for customers, as Karen Webster with Pymnts.com discussed in a recent conversation with Diebold Nixdorf Vice President of North America Solutions Heather Gibbins. Resources: Pymnts.com Article: Diebold Nixdorf: Why Bank Branches Need to Move Beyond the Transaction Blog: Is Your Bank Embracing These Key Mega Trends  Why Digital Is Important Right Now The Future of Payments is Fast Evolving, but the Direction Might Surprise You How Innovative is Your Banks Culture? COMMERCE NOW (Diebold Nixdorf Podcast)   Diebold Nixdorf Website   Transcription: Amy Lombardo:                00:00                     Hello, and welcome to COMMERCE NOW, your source for emerging trends in the banking and retail industries. Karen Webster:                00:14                     Heather. Thanks for joining me today. I'm looking forward to our conversation about branch automation, migrating transactions, and the role of technology in making all of that smooth. Thanks, again, for making the time. Heather Gibbins:              00:28                     Oh, thanks for having me. Karen Webster:                00:29                     So, Heather, I want to start with an interesting proposition. So, it's clear that financial institutions are using data, they're using new tech to keep pace with expectations that their customers have about going digital. Yet, so many studies that we've done of consumers and their preferences for financial services say how much they really love the branch, and how important the branch is to those consumers in making decisions about who they actually want to bank with. Karen Webster:                01:12                     Why do you think there is such a dichotomy between wanting technology to help consumers be more effective, yet the role of the branch in helping them navigate their financial situation? Heather Gibbins:              01:27                     So, I'd probably say a couple things with this. One, when we hear about branch automation, itself, what we're definitely hearing and seeing is that it means different things to different financial institutions, and then what that effect actually has on consumers, itself. I would say in general, the role of branch is transitioning to be less based on transaction, with more of an emphasis on becoming a trusted advisor. And, I think that's where some of the study and research and information that you come back to kind of shows this dichotomy between the two items. Heather Gibbins:              02:03                     So, you have financial institutions that are saying like, "Listen, let's migrate these transactions over to more of a self-service platform." Customers like technology. They're willing to use the technology, but at the same time you've got customers that are saying, "Hey, we want you to help us make better financial decisions for ourselves. Set us up for the future, think about retirement and planning, so that we can manage our finances in a better way." Heather Gibbins:              02:31                     And that's a lot of the research that we've heard and seen, as well, is consumers are looking for financial institutions to basically help guide them and make better decisions with their money moving forward. So, they no longer want them to just hold their money and keep it safe, and maybe get some sort of return on it. They want them to give them their expertise and knowledge to make a better decision moving forward. Heather Gibbins:              02:57                     And, I think that that's where you kind of sometimes have a difference between maybe the actions that are perceived actions that financial institutions are taking versus what you hear in research, but they really compliment each other. It's just really then at the end of the day what's the role of those face-to-face interactions in the branch, itself, going to be moving forward. Karen Webster:                03:18                     Yeah, it makes sense, and your point about self service, I think, is a good one. Not only are consumers comfortable with self service, but they can actually use the services on their own time, so after more traditional banking hours, weekends, holidays, et cetera. So, I agree with that. And given that, that self-service capability is creating less of a responsibility for the branches to engage in those transactions. Karen Webster:                03:49                     You're saying physical branches are really being transformed to create these more one-to-one interactions that build trust and loyalty. What specifically do you mean by that? Heather Gibbins:              04:00                     One of the things that I would say is meant by that is what we're seeing more and more is the role of the branch changing to be, one, trusted advisor, but also to be able to spend more time with what we would consider commercial customers or small business customers. But, you'll see customers like that that are coming into the branch. So, there are these small businesses that are actually getting workspace within the branch. They can conduct meetings in the branch. You've got others that are trying to use the branch space to be more of an inviting place for community members to be able to come in. And, some of them are even showing the local sports games and stuff that are on, holding after hours events there in that space. Heather Gibbins:              04:44                     So, it's becoming much more of a community space, and one that can drive more business within small business owners, itself, or small businesses in general, so that they can have strengthened relationships there and also increase in activity with those businesses moving forward. Heather Gibbins:              05:04                     So, I think that's a lot of what we're seeing when it comes to that, and when customers and financial institutions are thinking about what is that "branch of the future" really look like, those are some of the considerations that they're taking into play as they're designing what that setup looks like versus what you would have seen in the traditional branch in the past. Karen Webster:                05:25                     So, Heather, are these big banks, small banks? I mean is what you're describing, which sounds awesome by the way, something that is particularly characteristic of one type of bank versus another? Heather Gibbins:              05:36                     I think we're seeing it across the board, and some of the larger top ten banks that are out there, they've been playing with this over time, especially in the US, and have been making some headway. Heather Gibbins:              05:46                     We've also seen some that have more of like nische kind of clientele in the market that have gone and moved forward with these types of branches. Where we're seeing a lot of our activity right now, in North America specifically, is in those smaller regional and community banks because number one, they've got to keep up with what some of the others are doing; two, they're trying to figure out how do we really differentiate ourselves from what the competition is doing. Or, maybe how can we kind of get ahead of what they're doing. We are talking about really catering yourself to small business types of clientele and also the community. Heather Gibbins:              06:26                     A lot of that is a way for some of these smaller financial institutions and credit unions to be able to kind of have that personal touch that can give the type of experience in consumer or business journey that these small business owners are looking for that's beyond what maybe some of the larger financial institutions have been able to achieve. Heather Gibbins:              06:47                     And so, it gives them a way to really look at this from a differentiation and competitive advantage moving forward. Karen Webster:                06:54                     Yeah, that makes sense and I think the whole point of the smaller regional community banks is to become more a part of the community and the fabric of businesses. So I can see where that would be something they'd want to really wrap their arms around. But, as with so many things, Heather, technology which is enabling a lot of these things to happen certainly can't happen just because technology is making some of these automation ideas reality. Karen Webster:                07:32                     What are the things that people and business process need to do in order to really fully embrace the capabilities that technology can provide? Heather Gibbins:              07:43                     Yes, so I think that's probably one of the number one things that we tell all of our customers that we're talking to is, if you think that you're just going to put some technology into place and that's it, most likely you're not going to be successful. Karen Webster:                07:57                     Right. Heather Gibbins:              07:59                     A couple of the biggest things that come around that are really like the people and the processes, and probably more important than that, the training that goes along with it. So, a couple of examples, and even in just some of these branch automation or branch of the future type of concepts, a lot of what we talk about as a part of that, yes, technology comes into play there, but when you talk about having meeting spaces and the more open area, and you've got some people that are doing coffee bars and big screen TV's and all that kind of stuff, a lot of it doesn't even involve technology. Heather Gibbins:              08:33                     So, when we get into this more consulting and advisory services, a lot of times they're taking what you consider your tellers and they're becoming more sellers, right? Or, advisory consultants. The thing with that is they must have information at their fingertips when someone walks through the door to be able to enable them to be successful. So, a big part of that that comes into play from a technology side, but maybe less than from what you would traditionally consider is really data. You have to be able to share data from all of your different systems in order to enable what you want your people to be able to do moving forward. Heather Gibbins:              09:10                     The other thing you have to really think about is the training aspect of that of how you want them to interact with customers, how you want them to greet customers, how you want them to take them around, what your new branch looks like. But, also to make sure that they feel comfortable using the technology that you now have into play. I can guarantee you that if you walk into a lot of financial institutions, credit unions today and someone comes in and wants to do just a check deposit, that teller's going to take the check and do the deposit just like they do every day. Heather Gibbins:              09:43                     More than likely, what a lot of executives are probably wanting those tellers to do is to actually either: a) show them how to do it on the ATM so that they can do it themselves, or open up a mobile banking device, show them how to download the app and show them how quick and easy it is to be able to do that transaction at home. And there's so many customers out there today, and consumers out there today that don't even know that their financial institutions have that as an option. Heather Gibbins:              10:13                     A personal story, we had a friend and she made mention that she owns a couple small businesses and she couldn't go to the bank to deposit some checks because they weren't open. It was a Sunday, and I just kind of looked at her and said, "Who do you bank with? I'm sure that you can do it on your phone." And she literally, I walked her through how to do it, not even a member of that bank or anything like that, and she said, "Heather, this is like life changing." Karen Webster:                10:36                     I was just going to say you changed her life. Heather Gibbins:              10:39                     Yes. Exactly. So, it's just those simple things that sometimes some of the financial institutions need to think about, like hey, how do we make sure we're training our people to get the expected behavior we want from consumers, but also makes it a better experience and more convenient for them? Karen Webster:                10:58                     So, you mentioned two things. Tellers as sellers, I thought that was awesome. And there's a training process around that, and that is just any other change management training process, it takes time and it will eventually be successful. But, data sharing strikes me as something that could be a bit more problematic. Karen Webster:                11:19                     How are the financial institutions you deal with addressing that, and getting the right data in the hands of the right people so that all the things we talked about are possible? Heather Gibbins:              11:31                     Yeah, so I think it can go in various stages or phases. Just to give you a real quick example, too. At one point I needed to get pre-approved for a loan. We were going to buy a new house, and I was shopping around from different providers and I decided to take one of my local financial institutions, and go online and fill out the form. And a few days later I had realized I still had not gotten any information back, and I thought oh my gosh, did I just give all my information to someone and I have this security problem now. Heather Gibbins:              12:06                     So, I picked up the phone and I called the call center, and when I called that call center they were like, "Heather, we don't have any information that says that you did this." They said, "Did you fill it out online?" And I said, "I did." And they're like, "Oh, well yeah if you fill it out online, we're not connected to that system. It's a completely different group and so we can't help you. You need to email the person and maybe they'll help you." Karen Webster:                12:30                     What?! Heather Gibbins:              12:30                     So, again, my consumer's journey was not the greatest. I ultimately did not go to that financial institution. But, I think that this is very common. Karen Webster:                12:40                     Right. Heather Gibbins:              12:40                     I don't think it was specific to this one financial institution. So, some of this is just behind the scenes, if that teller can go on and be able to log into the system to see information. Some of that is just a very simple sharing of data. It's not the best use case, but they need to be able to have access into systems to see information. Heather Gibbins:              13:01                     We've got other financial institutions that are saying, "Okay, we want to have full, let's say CRN integration", so when someone walks into the branch, if they go to the ATM, I can see on my tablet exactly who's at that ATM, if there's maybe some sort of value add service that I could offer them, to be able to disclose to them. If they have a CD that's coming up for expiration, and I might be able to go help them renew that. That it gives them the information they need to help. Heather Gibbins:              13:31                     So, we've got many that are saying, "Okay, let's figure out what's the role of these tellers moving forward?" In many cases they're calling them something else, maybe they're a concierge or that type of thing, and giving them a tablet that can help them have better interactions moving forward. Karen Webster:                13:47                     Is part of this, too, training consumers and small businesses that this is just as effective as walking into the bank? I know that sometimes people think that if they go to the bank, somehow service is expedited or availability of funds is faster than if they did something electronically. Is there some of that that needs to be dispelled, too? Heather Gibbins:              14:13                     I think there's some of it in some cases, but at the end of the day when you look at consumer behavior today and think about who are some of the strongest ... And I go to retailers when I think about this, too, and I talk to customers about it because the interactions that consumers are having with retailers, whether it be people like Amazon or even mobile applications that they're using, like Uber, or walking into the Apple store, they're comparing you to that on a daily basis. Karen Webster:                14:45                     Right. Heather Gibbins:              14:45                     Right? And in many of those cases, they're not interacting with someone face to face, right? Yeah, I would tell you I've never interacted with someone face to face at Amazon, yet I would say I have a very strong relationship with Amazon, right? Karen Webster:                14:59                     Yep. Heather Gibbins:              14:59                     Probably the number one thing that I use on a daily basis. Karen Webster:                15:04                     Yep. Heather Gibbins:              15:04                     And my loyalty and trust factor and everything with them is just as strong, if not stronger, than other places that I go face to face. So, I think that's also another thing that these financial institutions need to look at, kind of like you said with the research that you've seen that people want to do things face to face. Sometimes they're doing things face to face, not because they really want to, but maybe because that's the way they: a) have to do it. Karen Webster:                15:30                     Right, right. Heather Gibbins:              15:30                     For some reason it's easier that way or more convenient than another method. And one example I would use is, you go to the grocery store and see the self checkout lane. I'm the type of person that I'm going to go to the self checkout lane. But, I don't go to the self checkout lane if I have a huge cart of things, because I know that that scanner's going to yell at me all day long because it won't all fit in the little spot I have to bag it. Or, I know I have bananas today and I have no idea how to weigh them. Or, I'm getting a gift card and I can't get it activated. So, that's what then moves me back over to face to face. It's no longer easy or convenient. It's kind of the way I have to go, to go to the person at the cashier. Karen Webster:                16:11                     Yeah, some of it is just, as I said, force of habit or a misperception about funds availability and things which are easily remedied through education. You talked about mobile, and the first part of our conversation was about shifting from face to face to self service and adding face to face in a different, more value-added capacity. And now mobile is just another layer on top of that. Karen Webster:                16:46                     What are you seeing, the FI's you're working with, how are you seeing them incorporating mobile into the mix? Heather Gibbins:              16:54                     So, I think mobile is probably becoming one of the most widely asked items when it comes to putting it in the mix. So, we've got some financial institutions that are saying, "Okay, how can we integrate the mobile device with the ATM itself." Right? So, how can I pre-stage transactions? Heather Gibbins:              17:16                     One of the things that also comes up is how do you start using your mobile device maybe to not only pre-stage the transaction, but as an authentication method at the terminal itself, as well. Heather Gibbins:              17:29                     The other thing we have people looking at with mobile is thinking about how do I add other services into that mobile application and that can speak and talk back and forth with the other channels that we have? So, we have a lot of customers that have talked to us, and in my 12 years that I've been here we've always talked about Omnichannel. So, with Omnichannel, how do you get all the different channels that the financial institution owns? So that could be mobile banking, online banking, the ATM channel, the call center, the branch, all working together and kind of sharing information and playing off of it. Heather Gibbins:              18:06                     That could be as simple as if you have online banking and you set up bill pay, and you're paying your bills on there on a regular basis. Then if I go to the ATM, it could say, "Heather, are you sure you really want to take that $300 out? You have these bills that are scheduled to be paid in the next two days, and you're not going to have enough money in your account if you do that." Right? So, again, it's the financial institution advising me through digital, do I really want to do that and if so, oh yeah, send me a text reminder that I need to make a transfer, or I need to think about what I'm going to do. So, it's really getting mobile involved and digital in general coming together with the physical location. Karen Webster:                18:48                     So, when we talk about smart ATM's and introducing mobile and authentication through biometrics, is that what you're talking about? Heather Gibbins:              18:57                     Yeah, that's a big part of it. I mean, what we've seen over time, and if we look globally at some of the global markets, biometric ID verification has been going on for many, many years over there. In the US market, we haven't seen as much adoption, especially around the banking or financial industry, itself. And we've always said, "Oh, it's not widely accepted here in the US like it is in other regions." Heather Gibbins:              19:25                     However, probably anyone that's listening to this, if I were to ask them, "Okay, can you go check your email real quick." They're going to go to their phone and they're going to use their thumbprint to access their phone. Right? Karen Webster:                19:38                     Yep. Heather Gibbins:              19:38                     And this thing, I took my kids to the orthodontist last week. They walked in, they did their thumbprint, and we moved on. I never even had to do anything. So, now it's becoming, okay, it is more widely adopted. Karen Webster:                19:51                     Right. Heather Gibbins:              19:51                     How do we start to transition that adoption into the financial industry. I mean, I'm sure like me, when I go to log into apps on my phone, I'm really annoyed if I have to try to remember my password for these different applications if I can't just use my thumbprint. Karen Webster:                20:08                     Yep. Yeah, no it's friction, friction, friction, friction. It's a mess, and we're all trying to get rid of that. Karen Webster:                20:15                     You know, one thing that we haven't touched on, and I'd like to spend just a minute on is the landscape of risk associated with now having so much of a digital mobile presence within the banking channels. What are you seeing there and how are you helping financial institutions balance digital with managing those risks? Heather Gibbins:              20:38                     I think that one of the biggest things here is I had come across some research not too long ago, and it basically asked consumers, "Who do you trust most with your financial needs?" And the first answer that they trusted the absolute most was who they bank with on a daily basis. Karen Webster:                20:58                     Right. Heather Gibbins:              20:59                     The second item outside of that was other banks and credit unions. And then the third started to get into people like Paypal and Amazon and other spintec corporations. And that's really kind of thinking about ... You start to talk about who are these other entrants coming into the financial space, and a lot of times you're getting into these spintecs. Heather Gibbins:              21:22                     But, I think this is really important information, because for financial institutions consumers are saying, "Hey, we trust you the most." which means, when you start to look at risk and security, they have to stay at the forefront and the top and be very proactive about what they're doing as far as security measures, whether that be at the ATM or through digital and how those all plays together, especially when you start integrating with other spintec organizations in more of a connective commerce-type of ecosystem. Heather Gibbins:              21:55                     And that some financial institutions are really, when we have these conversations, is at the forefront. Everyone's talking about Windows X right now and how do you make sure that you're staying up to date and migrating all your terminals, both from a physical and logical security perspective to stay on top of it. Heather Gibbins:              22:14                     But, this has really become what I consider table stakes in the industry. It's not always the most exciting topic. And, when you go to get approval from a CEO or the CFO, it's kind of like, what is our consumer going to see, and it's not real flashy. However, if they don't do that, it's the first thing that their brand is going to take a hit with and you're going to lose trust, and that's going to open for new entrants into the financial industry stakes if they don't take care of it. Karen Webster:                22:46                     Yeah, a conversation to be had is how consumers perceive innovation within the financial services sector? Because I think, sometimes people think of innovation as what you just described. Oh, it's the flashy, flashy thing that has bells and whistles and people look at and say, "Wow, isn't that so different?" Karen Webster:                23:08                     And in financial services, getting back to the trust factor, consumers want their money to be safe. They want to have a relationship with the financial institution they trust and whom they believe are looking out for their best interests, including keeping their financial information and their money safe and secure. Karen Webster:                23:29                     So, there's definitely, you're talking about dichotomy, there's an interesting dichotomy there as well with perception and reality when it comes to what consumers are looking for and what FI's are providing. Karen Webster:                23:43                     Last question, Heather. It's been a fascinating conversation, but we've talked about a lot of things and I'm curious to get your take on what FI's are doing as they're planning for this migration between branches and automating and self service and mobile, and managing risks. How are they thinking about what I'm doing today, and what I need to be thinking about a little longer term? Heather Gibbins:              24:12                     So I think today in many cases it's the simplicity around transferring the traditional teller transactions onto the ATM itself, or other types of digital devices. In many cases, they're looking at this from a pure standpoint of how do we reduce tellers, how do we improve efficiency? In some cases, how are we expanding the types of transactions that we can offer in a self-service device, which could then allow us to extend the hours? Heather Gibbins:              24:44                     So, they are looking at ways to be able to do that and kind of lower the branch costs, and even in some cases centralize expertise. So, you start to think about how do I not need to have a loan expert at every single location? How can I have them more centralized and be able to have access to many more people in a very easy or convenient way? Heather Gibbins:              25:06                     So, I think those are kind of some of the short terms, like what are they trying to accomplish and how are they trying to do it? I think in the long term, it's a bigger play around how could this morph into something like transaction augmentation where staff can either be remote? Or, in the branch they can have awareness or context into the self service transactions, itself. Heather Gibbins:              25:31                     How can we appropriately interject into things when it makes sense? So, maybe you don't always have to have someone speaking to you face to face, or through video. But, when you do need them, it makes them easy to be there to help you, and that would be with things like exception handling, giving them advice. Again, this goes a lot back to the whole concept of being able to share data across CRN systems, tablets, and that type of thing. Heather Gibbins:              25:56                     We've also got a lot of customers that are starting to think about, okay we've gone through this kind of migration of mobile and online banking platforms, so that you have more one, single digital platform. At least that's the goal for many institutions. Now you have more and more teller transactions moving over to the ATM, but what they're starting to think about is, okay, so what do we do with this teller platform, itself, and how do we bring it up to the 21st century here? And this is where we think there's a big opportunity to leverage the same infrastructure ecosystem between the teller line and the ATM's, itself. To be much more digitized and have a much more fluid consumer interaction moving forward, and make it easier for tellers. Heather Gibbins:              26:43                     So, tellers have traditionally stood behind the teller line and had a PC. Well, in this new kind of branch for the future, all that really should pretty much go away, and it's much more about tablet. Well, how can you just end up using the same platform either across some of your digital channels, or also your ATM and teller platforms and how do those interplay more and more together? Heather Gibbins:              27:07                     So, I think you're going to see also digitization and a collapse of having all of these multiple platforms on all these multiple channels that are siloed, coming together and reducing, which in the end is going to reduce cost for the financial institution, itself, as well. Karen Webster:                27:27                     Well, and they make for a better customer experience. The experience that you, yourself, encountered will be an ancient anecdote when that happens. And certainly from a consumer perspective it can't happen soon enough. Karen Webster:                27:42                     Well, Heather, it's been a real pleasure having this conversation today. I enjoyed it. I hope you did, too, and I appreciate your time. Heather Gibbins:              27:48                     I did. Thank you so much. Karen Webster:                27:49                     Thanks, Heather. Bye-bye now. Amy Lombardo:                27:51                     Until next time, keep checking back on iTunes for new topics from COMMERCE NOW.    

In this latest episode of Fintech Unfiltered, the podcast from Bank Innovation and its sister accelerator INV Fintech, newly appointment Financial Data Exchange managing director Don Cardinal talks about the group’s mission to set standards for data sharing and where it’s going to focus its attention, which includes the areas of data semantics and secure authentication.

In this latest episode of Fintech Unfiltered, Jeremy to Balkin, the head of innovation at HSBC Bank USA talks to Bank Innovation about HSBC’s lofty innovation strategy for 2018, including everything from system upgrades to installing a real robot in the bank branch. Listen to Balkin talk about all this as well as HSBC’s other innovation milestones in 2018, what’s on the roadmap for 2019 as well as what the future of banking will look like, in his opinion.

Niklas Grunewald joined Deutsche Bank in 2016, working out of the Deutsche Bank Innovation Labs on various technological ... Continue reading

Dominic Venturo is executive vice president and chief innovation officer for U.S. Bank. In this role, he leads a team of visionaries who see potential in emerging technology or business models and adapt those to fit customer needs as they understand them today or how they envision them in the future. Mr. Venturo’s team develops new products, sets the strategy for emerging innovations in financial services and creates the environment within the bank through which these innovations are tested, adjusted and brought to market. Mr. Venturo is frequently featured as a keynote speaker at industry conferences and has been recognized by Bank Innovation as a Top Innovator in Financial Services (#3, 2013), Bank Systems & Technology as one of “Elite 8” CIOs (2012), Twin Cities Business Magazine as one of “200 Minnesotans You Should Know” (2011), “Bank Technology News as “Mobile Banker of the Year” (2011) and as “Top 10 Innovator” (2009) and by Paybefore Magazine as a “Top 5 Innovator” (2011). Mr. Venturo’s team has delivered industry-leading innovations since 2008 that have earned numerous accolades in the media and awards. Voices of Customer Experience is brought to you by Worthix: www.worthix.com Follow Worthix on LinkedIn: https://www.linkedin.com/company/worthix/ Follow Worthix on Twitter: @worthix Follow Dominic Venturo on LinkedIn: https://www.linkedin.com/in/dominicventuro Follow Dominic Venturo on Twitter: @innov8tr Follow Mary Drumond on LinkedIn: https://www.linkedin.com/in/marydrumond/ Follow Mary Drumond on Twitter: @drumondmary

I've known Brett King from way back (in my Wall Street days), and was always beyond impressed to see what this man is capable of ... I was also fortunate enough to have briefly worked with him on a financing round (with Moven), and had him also present at one of my early Meetups at Belcham's Atelier. Anyway, as you will find during my conversation with him, it's all over the place, which is a good metaphor for the man himself. From his LinkedIn profile, let me share with you his bio for proper color: "Brett King is a world-renowned futurist and speaker, an International Bestselling Author, and a media personality who covers the future of business, technology and society. President Xi Jinping cited his book Augmented on the topic of Artificial Intelligence. He has spoken in over 50 countries, at TED conferences, given opening keynotes for Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and many more. He has appeared as a commentator on CNBC, BBC, ABC, Fox, and Bloomberg. He previously advised the Obama administration on Fintech policy and advises regulators and bank boards around the world on technology transformation. King hosts the world's first and #1 ranked radio show on FinTech called "Breaking Banks" (177 countries, 6.5 million listeners). He is the CEO and Founder of Moven, a successful mobile start-up, which has raised over US$47 million to date, with the world's first mobile, downloadable bank account, available in the United States, Canada, UK, Indonesia, Russia, and New Zealand. Named "King of the Disruptors" by Banking Exchange magazine, King was voted American Banker's Innovator of the Year, voted the world's #1 Financial Services Influencer by The Financial Brand and was nominated by Bank Innovation as one of the top 10 "coolest brands in banking". He was shortlisted for the 2015 Advance Global Australian of the Year Award for being one of the most influential Australians living offshore. His books have been released in over a dozen languages and he has achieved bestseller status in 20 countries. His fifth book Augmented: Life in the Smart Lane is an international bestseller, top 10 in North America and has remained in the top-10 on Amazon for over 18 months. Bank 4.0 is his latest bestseller. You wanna talk disruption? Talk to Brett! Enjoy (and apologies for the "outside" background at the start, as I was taping on his porch, which was not a good idea, clearly). --- Support this podcast: https://anchor.fm/WYFT/support

Brett King and I see each other often, partly because we often speak at the same conferences and partly because we’re both on the board of the Center for Financial Services Innovation. For some reason, though, we went for over a year trying unsuccessfully to find time to record a podcast. So we we ended up getting together in London. We both participated in the wonderful Innovate Finance Global Summit at the Guildhall, in the old City, where we carved out some early morning time, met at a restaurant and, and over plates of hearty eggs and bacon and mushrooms and tomatoes, had a conversation unlike any previous one in the fifty-four episodes we’ve done so far on Barefoot Innovation. As most listeners know, Brett is a four-time best-selling author of an acclaimed series of books on the future of banking and hosts the global podcast and radio show, Breaking Bank$ -- on which I enjoyed being a guest in May. He is also the founder of the fintech firm Moven. He is a prominent media voice, and he is certainly the most popular speaker anywhere on the future of financial technology, both for his insightful content and his entertaining, unforgettable style. In recent years, Brett has also reached beyond banking to become an overall futurist, especially in his book Augmented, looking ahead at how technology will change our lives. I usually introduce each show by pointing out some highlights of my guests’ comments and sharing some of my own thoughts about them. With Brett, though, I’m going to skip that, because the whole discussion is a highlight. My suggestion is that you listen to all of it, and then listen again. And maybe take some notes, because this might be the easiest way to get a glimpse of the future of finance, from someone who has been exploring far beyond the mapped frontiers for many years. On that note, be sure to watch for his next book, Bank4.0, which will go even further in predicting a transformation of finance. More on Brett King Brett King is a four times bestselling author, a renowned futurist and keynote speaker, the host of "BREAKING BANK$, the First Global Fintech Podcast" and the founder of Moven, with its concept of a downloadable bank account that incorporates mobile payments and banking capability, along with a gamification based money management system. King was voted as American Banker's Innovator of the Year in 2012, and was nominated by Bank Innovation as one of the Top 10 "coolest brands in banking". His books Augmented, Breaking Banks (based on the podcast), BANK 3.0 and Bank 2.0 have al ranked as a finance bestsellers and have been released in several languages in 19 countries. King has been featured on FoxNews, ABC, CNBC, Bloomberg, BBC, Financial Times, The Economist, ABA Journal, Bank Technology News, The Asian Banker Journal, The Banker, Wired magazine and many more. He contributed regularly as a blogger on Huffington Post. He has spoken to more than a quarter of a million finance professionals in over 40 countries in the last 3 years alone. Breaking Banks Book Bank 3.0 Book Branch Today, Gone Tomorrow Book Bank 2.0 Book More for our listeners I hope to see you at events where I’ll be speaking this year, including:  Finovate in New York September 13; Money 20/20 in Las Vegas in October; SourceMedia’s Regtech Compliance Transformed, in New York in October; Fintech Connect Live in London in December; and others -- watch the website. I’m also speaking at a lot of regulator events. For all the regulators listening, it’s great to see you all at these, and I’m glad that there are more and more of them.   For everyone, remember to review Barefoot Innovation on ITunes, and please sign up to get emails that bring you the newest podcast, newsletter, and blog posts, at  jsbarefoot.com. Please also join my facebook fan page, and follow me on twitter @JoAnnBarefoot. Support our Podcast And watch for upcoming podcasts. These include a special series I recorded from the floor of the ABA’s annual Regulatory Compliance Conference, including one with Gene Ludwig and Alistair Renee of IBM’s Watson Financial on how artificial intelligence and machine learning will transform compliance. We’ll also have a provocative discussion with John Ryan of the Conference of State Bank Supervisors. We have a lively discussion with prominent regulatory attorney Andy Sandler. We’ll  hear from Sanjay Jain, who helped build India’s revolutionary “tech stack” project to capture customer identity on more than a billion people. And we’ll talk with Sopnendu Mohanty, the Chief Fintech Officer of Singapore. Meanwhile, keep innovating! Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!

In this episode Our last news show at Level39, Aden Davies is on point for the first time, as we dive into the world of ageing plastic cards, whether social networks should be their own police force, there’s an update from the East, and just how legacy banking systems are maintained… the answer is cowboys. Don’t forget you can use our code 11FS17 to save £100 on your ticket to the Global Digital Banking Conference (http://www.globaldigitalbanking.com/). Guests Joining us for this week’s analysis of the news: Anna Irrera, Fintech Correspondent at Reuters James Lloyd, Asia-Pacific Fintech Leader at EY Ghela Boskovich News this week Engadget – Smart card Plastc goes under despite $9m in preorders, without shipping a single card – Link BBC – Mastercard reveals credit with fingerprint sensor – Link Business Insider – Allianz goes for Lemonade – Link Guardian F8 Roundup – Shark AR, Mind reading technology & group payments – Link Bank Innovation – 5 financial services bots launched at facebook-f8/ Link   The Paypers – Alipay, Wechat Pay reach USD 2.9 trillion online payments in China – Link Finextra – Robinhood app rises $110 million series C at a $1.3bn valuation – Link Token.io raises $15.7m series A funding from Octopus, EQventures and OP Financial – Link Reuters – Banks scramble to fix old systems as ‘COBOL Cowboys’ ride into the sunset – Link Techbullion – Top 10 Fintech Influencers to follow on Twitter – Link The post Ep245 – Mandatory Listening appeared first on 11:FS. Special Guest: Ghela Boskovich.

In this episode We’re very excited about the launch of Clear Bank, the first clearing bank to be authorized in the UK for nearly 250 years. There’s been a lot of business model innovation at the front end – we’ve seen apps doing more convenient FX, more convenient remittance, we’ve even seen peer-to-peer payments, but nobody’s really attacked the rails. “This is where I’m super excited to see FinTech go. This is a proper, proper geek moment,” says guest Sarah Kocianski, Senior Research Analyst, FinTech, at Business Insider Intelligence. “There has been a lot of interesting stuff on personal finance management, consumer banks – that’s happened already – but for any kind of change to happen in the wider financial services ecosystem, those back ends have got to be updated. They’ve got to be upgraded. They’ve got to be using Cloud and API. That’s why this story really, really excites me. Because I think now we’ve got that key piece of the infrastructure. We can start to see movement. They’re not just looking to serve FinTechs. They’re going to try and serve the big guys, too. You can speed up your processes. You can innovate more easily if you connect with these guys.” Our guests Alexander Ball, Managing Fintech Consultant at ING News this week Finextra – Innovate Finance launches ambassador programme – Link City A.M. – House of Fraser owner Sanpower pulls investment in digital challenger bank Tandem – Link Bloomberg – Ant Financial said considering higher offer for MoneyGram – Link Business Insider – French officials are in London again wooing fintech and finance firms to Paris post-Brexit – Link Forbes – Digital disruption has arrived in FinTech – Link City A.M. FinTech startup and challenger bank Revolut’s launching an Amazon Prime-style subscription for banking – Link banking technology – Bank of England teams with Ripple for cross-border payments – Link Reuters – Goldman building robo-adviser to give investment advice to the masses – Link Bank Innovation – Watson tools are coming to FinTech developers – Link  ZDNet – Westpac Keyboard launches through Facebook, Twitter – Link  BBC – Mountain man: The bank boss who reached the top aged 33 – Link Enjoying FinTech Insider? Share with someone you love. Or at least with someone you want to impress. Also, please leave us a review on iTunes – you’ll make our week! The post Ep230 – A Proper FinTech Geek Moment appeared first on 11:FS.

Our Guest Luvleen Sidhu is the Chief Strategy Officer & Co-Founder of the BankMobile Foundation. She's been recognized in the industry, including being named one of Bank Innovation’s Top 10 ‘Innovators to Watch’ worldwide in 2016; the Lehigh Valley Business Women of Influence - Woman to Watch Honoree in 2016; a winner of New York Business Journal's Women of Influence Awards in 2016; one of Auto Finance News’ ‘10 Executives to Watch in Auto Finance’ in 2015; and one of Bank Innovation’s ‘2015 Innovators to Watch.’ She holds an MBA from The Wharton School and a Bachelor of Arts Degree in Government from Harvard. Here are the highlights of our conversation with our guest: Luvleen shares how her desire to have a positive impact to the society drove her to find ways to explore means of doing so. Government is a good vehicle to serve as a catalyst to change but she later found out that a combination of business and exponential growth in technology can positivity impact -- from local to global – people’s lives. She had always been drawn to leadership roles and this was the start on how this father-daughter duo disrupted the mobile banking industry. Learning how working in Lehman Brothers and her exposure in Wharton stirred up the entrepreneurial bug in her. Business school had provided Luvleen exposure in case study methods analyzing how start-ups address unmet needs and this inspired and started her entrepreneurial journey. From a corporate job in investment banking to financial services consulting, Luvleen took the leap to working full time in BankMobile and was successful. She shares how they did this by starting with the non-subjective things such as looking at the market and their current behavior like interacting with their banks via mobile; identifying the opportunities the current banking model; and instituting the BOYB concept to grow and scale exponentially. Luvleen shares it is good to have a goal in mind work towards that goal but it is also essential to have the flexibility to pivot and experiment. From testers and concepts, she mentions that they got to their first milestones through marketing innovations such as digital advertising, word of mouth, PR and content development. About her book, ‘Why Can’t Banks Be As Easy As Uber?’, her motivation in getting it out and how it is an extension of her passion to get the community to be aware of the gaps in the current system and how they can look forward to a more futuristic banking. About their College BankMobilist Program, a nationwide campus ambassador program where they run workshops and seminars to educate students to make the best financial decisions in their lives. Luvleen shares details on this program which is a means of how to spread financial education across America and an extension of her passion to the education realm. How mobile has allowed them to scale, enable their mission and improve banking experience through things like biometrics and geolocation. Their main focus in BankMobile: make banking as effortless as possible and add value to consumers moment by moment by utilizing what technologies are out there to proactively identify the current market hurdles for banking to be more than just money management to help people in a day-to-day basis. How the elections impact the mobile banking market and Luvleen’s hopes in the coming administration. The things she is excited about in the future of mobile banking with the technology that we have in our fingertips which is untapped by the banking industry. Rapid Fire Questions What is your definition of innovation? Innovation has two components: First, the product should be more affordable, easier to use, has a model that should be sustainable and overall, should be a better product than one that currently exists in the market. And, no matter how good a product is, if you do not have customer acquisition and retention strategy, it does not matter at the end of the day. Your innovation has to have these to be a disruptor. Would you put more emphasis on the idea or the execution? How would you weigh each of them and why? The ideal situation is that you have a good idea and execute well but no one has ever been successful with a great idea and lousy execution. I think a mediocre idea with excellent execution will lead to great success so I would say 80%-85% execution, 15%-20% idea. What is your biggest learning lesson on your journey so far? It comes down to always having a clear vision on where you want to go then have a strategy in achieving this vision. But my biggest learning is that you should be open to the fact that that strategy and vision should be open to change and you have to be flexible and open-minded because without this, you can lose an opportunity of where you want to go. What is your favorite business book? The Third Wave by Steve Case What is your favorite digital resource? TechCrunch Engadget Tech section of the New York Times What is your favorite app and why? WeeChat What is the coolest thing that you are working on right now that you want everyone to know about? We are rolling out the next innovation of the BankMobile app coming out on December 8th with the most exponentially better user experience that I’m so excited in bringing to the market.

Dominic Venturo, CIO of US Bank Visiting Dominic Venturo is a little like walking onto a James Bond movie set during the Q gadget briefing scene. There is a wonderful "wow" factor in encountering the most fascinating new technologies in banking. The title "CIO" used to mean Chief Information Officer. It still does, of course, but today that "I" increasingly stands for another word too:  innovation. Dominic Venturo, the Chief Innovation Officer of U.S. Bank, reflects a growing trend of banks assigning specialized leaders to spearhead their work in innovative technology. U.S. Bank actually took this step long ago. As we learned in Episode 12 with CEO Richard Davis, this is the country's fifth largest bank, and its focus on innovation caused them to name Dominic for this role eight years ago. In fact, he was such an early user of Twitter that he got the extremely cool handle @innov8tr (be sure to follow him on Twitter - he's one of my favorites). I always love hearing the backgrounds of our podcast guests, and especially noticing how they break down between people with financial backgrounds, and people with anything but.  Dominic is a career banker with 16 years at U.S. Bank and 26 years overall in financial services product development and management, commercial risk management, commercial lending and sales management. He talked with me about how he's complemented that background with a wide mix of the other skills. He has 25 people, including many who, as he says, probably "spent a lot of time in the principal's office." In our conversation, he talks about how to make these trouble-makers highly productive and more broadly about the "art" of making great innovation happen inside a big company.  There's a lot of conventional advice about that challenge, including the need to wall-off the innovators. Dominic agrees with that, and also emphasizes that innovation must be a full-time job - he thinks it's delusional to imagine that part-time people will somehow stay on top of today's tech trends by catching up on their reading backlog after hours. At the same time, he talks a lot about how to keep innovation focused on the practical. One key, he says, is that "innovation loves constraints." Another is not to start with an abstract white board session, dreaming up brilliant solutions in search of problems, but rather to focus on finding the real problems that need to be solved - especially problems impacting the customer. When you do that, your bank will usually want them, even if implementation is going to take some work. At the same time, though, the practical focus has to be balanced with imagination and vision. Dominic's group tries to look 3-5 years ahead in thinking about the bank's operations, and at how people are behaving differently and doing jobs differently. They brainstorm trends and find the insights that will reshape markets and technologies. One key to getting this balance right is to set up new kinds of success metrics. Dominic discusses the dissonance between bank cultures built to keep risks and failures extremely low, versus innovation that requires trying a lot of things that will fail.  Financial companies need new ways to keep score. Our conversation also covered the downside risks that innovation creates for consumers; his thoughts on how regulation impacts innovation; and his advice on how to keep up with technology change. As I mentioned in my year-end wrap up, I always advise bankers to attend some fintech conferences. Dominic shares his list of favorites, including Finovate, Bank Innovation, and SXSW (I'll see you there this year, and also check out my end-of-year interview with Chuck Harris of Netspend for my own list of suggestions, including Emerge). We also got Dominic's recommendations for fintech trend-watching: Wall Street Journal Personal Tech, TechCrunch, and qz.com. And last but not least, again, I recommend following him on Twitter for cutting edge insight on tech trends, mixed with humor, such as on much needed respites from the content overload. Dominic's background: A few highlights on Dominic's background. He is frequently featured as a keynote speaker at industry conferences and has been recognized by Bank Innovation as a Top Innovator in Financial Services (#3, 2013), Bank Systems & Technology as one of "Elite 8" CIOs (2012), Twin Cities Business Magazine as one of "200 Minnesotans You Should Know" (2011), "Bank Technology News as "Mobile Banker of the Year" (2011) and as "Top 10 Innovator" (2009) and by Paybefore Magazine as a "Top 5 Innovator" (2011). He also serves on the board of directors of the Minnesota Community and Technical College Foundation. He earned a bachelor's degree in finance from Oregon State University and is a graduate of the Pacific Coast Banking School at the University of Washington Graduate School of Banking. The Q Factor: In our discussion, Dominic shares examples of innovation successes at U.S. Bank, including "advances in mobile payments, voice bio-metrics, tokenization and integrated mobile and web commerce solutions." As often happens, though, I found that our discussion got even more interesting after we turned off the microphone. He showed me an amazing product demo that's still embargoed but that really wowed me. And we talked about the Internet of Things. And then, he admired my iPhone 6s - we met just after they came out, and I'd gotten one before he did. He started talking about the Live Photo tool, which he described as "Harry Potter feature."  As often happens with me, I had a cool feature on my phone without even realizing it. So we recorded a little bonus feature as he showed me how to make a photo animation that looks a bit like the living portraits in Harry Potter's world. These are fun, as is my Google Photo tool dreaming up little animations for me using the photos I've taken. If you have Live Photo and don't know how to use it, here it is.  Enjoy my conversation with Dominic Venturo. If you enjoy our work to bring together thought provoking ideas and people please consider a contribution to support the site. Support the podcast Please subscribe to the podcast by opening your favorite podcast app and searching for "Jo Ann Barefoot", or in iTunes.