Bankadelic: The colorful side of finance

Part sales science part art, mastering social media in a way that’s savvy and compliant for financial services institutions—and their customer-facing sales teams—involves much more than plopping up a Facebook page and calling it good. Doug Wilber, CEO of Denim Social, takes us through the steps that can help banks soar, even (or especially) in the midst of the COVID-19 pandemic. Also featured: The Ultimate Fintech Rap Battle between Chris Skinner (author of The Finanser blog) and MC Lou Carlozo of Bankadelic.

How would the women banking leaders of today encourage the female leaders of tomorrow? In the second of two parts, Bankadelic producer and Chicago-based entrepreneur Jennie Ellman interviews four gifted, successful leaders in banking. From upper left, clockwise: Jill Homan, president of DeepTarget; Kim Snyder, founder and CEO of KlariVis; Kathleen Craig, founder and CEO of HT Mobile Apps; and Lena McDearmind, COO and co-founder of Artis Technologies.

Women are leaders. Women are innovators. Women are doers. Yet the financial services world often overlooks--or even ignores, in favor of balance sheet obsession--how women bring exceptional abilities in listening, empathy and community building to the table. In the first of two parts, Bankadelic producer and Chicago-based entrepreneur Jennie Ellman interviews four gifted, successful leaders in banking. From upper left, clockwise: Jill Homan, president of DeepTarget; Kim Snyder, founder and CEO of KlariVis; Kathleen Craig, founder and CEO of HT Mobile Apps; and Lena McDearmind, COO and co-founder of Artis Technologies.

While financial organizations have always been asked to pivot with the times, these days it’s more of a limbo dance that demands unprecedented flexibility. At the heart of it all, banks have a call to trade in last year’s strategic plan for life in a very uncertain now. But they also have stories to tell about how they’ve gone the extra mile—or ten—to help customers in deep need. Marcie Bomberg, leader of the strategic advisory services area at Wipfli LLP, shares how banks can best adapt at a time when anxious customers are keeping their fingers crossed.

The financial services industry has been dogged by lip service and a shaky track record regarding race, racism and keeping the promises made to consumers and employees of color. This special episode devotes half an hour to examining facts and findings that frame the current debate—while sharing, for the first time on any news outlet or podcast, the stranger-than-fiction story behind the $20 bill—a counterfeit version of which George Floyd allegedly used the day a Minneapolis police officer killed him.

Chatbots were supposed to be a saving grace for financial institutions, but it didn’t take long for upset customers to discover that the bots often failed to answer the simplest of questions. They’ve made a mockery of customer experience”—instead multiplying aggravation, especially as people seek financial help during the COVID pandemic. The swashbuckling Lee Wetherington of Jack Henry & Associates puts the absurdity in perspective—complete with some nifty voice acting—and points the way forward for banks, credit unions and fintechs that want to do better by the people they serve.

For anyone who’s waited in a long teller line or sipped stale coffee in a crowded waiting area, account opening isn’t exactly a stroll in the park. Winning the online account opening game has become a key differentiator, and never more so than in this current age of sheltering in place. Patrick Sells, the Chief Innovation Officer of Quontic Bank, shares how his institution cracked to code to create an online account opening experience you can time with a stopwatch.

“Are banks rising to the challenge of the COVID pandemic?” It’s an obvious question but without an obvious answer. The reason: Nimble tech companies are stepping up to help consumers and businesses ahead of the best intentioned financial institutions. But with the trust factor in hand, banks can succeed with customers if--believe it--they show a willingness to experiment even as they go for small wins. Corey Gross, co-founder and CEO of Sensibill, explains how the global pandemic has revealed hopeful opportunity even in the face of tragedy.

For financial services leaders in the know, e-signatures offer many advantages, convenience and security among them. But as the coronavirus pandemic rages unabated, e-signatures now ensure business flows smoothly when branch visits and the like are an impossibility. Michael “Mike” Ball, VP of Markets & Strategy for IMM, explains how even as COVID-19 exacts an economic toll, the e-signature has assumed a positive role.

The science and art of fighting financial crime has come a long way over the last decade alone—and it had to, given that as much $2 trillion is laundered globally. The good news is that analytics artificial intelligence and machine learning are cutting down on the false positives and catching up to crooks. Jason Somrack, Chief of Graph Product and Strategy for Oracle Financial Crime and Compliance Management, talks us through how financial institutions can crack down on fraudsters by bolstering their tech toolkit.