Digital Banking Podcast

Community financial institutions are no longer competing with just each other. In an increasingly all-digital world, they’re competing with every other app and service that facilitates some sort of financial transaction. If these institutions don’t innovate to stay ahead of the curve, they risk losing relevance – especially with younger generations.

In this episode of the The Digital Banking Podcast, host Josh DeTar welcomed Benjamin Maxim, Chief of Digital Strategy & Innovation at Michigan State University Federal Credit Union (MSUFCU). Ben explained why community financial institutions must innovate and what the process of adopting new ideas looks like. The two also discussed how these institutions can use vendors and their offerings; how they decide whether to build, buy, or partner; and how they select partners.

Collaboration and cooperation in the face of competition. It’s a concept that both financial institutions and fintechs must embrace to survive. In this episode of The Digital Banking Podcast, host Josh DeTar was joined by Danny Payne of Jack Henry. The two discussed how competing fintechs can share a common forum and learn from each other to meet their users' specific needs.

Payne and DeTar also discussed digital transformation and the challenges community financial institutions face in approaching it. Payne explained why community FIs suffer from “conversion aversion” and how they can overcome it. 

It’s easy to think of banking as a numbers industry. After all, that’s what a dollar is: a numerical representation of buying power. However, as our guest in this episode of The Digital Banking Podcast made clear, banking is really a people industry. It’s people working at financial institutions helping the people who bank there to better their financial lives.

In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Kareem Refaay, the managing director of The London Institute of Banking & Finance. Refaay explored the similarities and differences between banking and finance in Europe and the U.S. He and DeTar discussed digital transformation, financial inclusion, and why problems with managing money should be defined as a disease.

The reason it’s so hard to define digital transformation is because it means – or should mean – something different to every financial institution. In other words, the finish line may be the same for everyone, but the starting line will always be different. Sometimes simply adding a new layer of technology will work. Other times, you’ll need to step back and consider completely reengineering a process based on the availability of new technology. The key is to always be mindful of your accountholders’ needs and focus on creating the best possible experience for them.

In this episode of The Digital Banking Podcast, Blip Labs CEO Michael Bank explained what digital transformation in banking should look like. Bank and host Josh DeTar discussed the idea of having an aggregated financial picture, new ideas and expectations of the "younger guard," and why automation is so important. 

There are many ways for financial institutions to communicate with their accountholders in the digital age. With so many options, it’s easy mistake quantity for quality. Effective communication is still a matter of listening mindfully to the people you serve and intelligently providing them with the information that’s pertinent to them. The only thing that’s changed is how that’s accomplished.

In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Gregg Hammerman, the CEO of Larky. The two discussed the banking world and the challenges digital transformation has brought to financial institutions. They talked about sales as a service, how to communicate with customers in the right way, and how to choose a communication channel.

During his 30+ years marketing technology of all sorts, Don MacDonald worked for Intel, Qualcomm, Fiserv, and MX. As a result, the insights he shared on this episode of The Digital Banking Podcast are beyond valuable as they help banking professionals mitigate fear and embrace change. 

MacDonald shared Andy Grove's philosophy and how it shaped his thinking, the lessons he learned from bees and believes could benefit everyone, and how taking the customer-first approach and providing a personalized experience while leveraging technology and data is the future of FIs.

Do financial institutions still need branches? Is digital transformation more of a cultural shift than a technological shift? According to one industry insider, the answer to both questions is no.

In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Ron Shevlin, the Chief Research Officer at Cornerstone Advisors. Shevlin and DeTar explored the world of fintech and tech trends in banking. They also discussed the digital transformation of FIs and what's going on in banking in this context.

In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Brett Wooden, the SVP of Innovation at FTSI. They talked about the benefits of integrating AI into banking technology, the importance of thinking outside the box, and why you need to create a seamless and convenient digital experience for your accountholders. 

Fintechs are no longer the enemy. They’re gradually moving into the role of trusted technology partner. The sooner you recognize and accept that, the better off your financial institution will be.

In this episode of The Digital Banking Podcast, ASA founder Landon Glenn and host Josh DeTar discussed digital transformation and the vast number of fintech launches in recent years. They discuss the danger these companies present to traditional FIs, but also the challenges fintechs face when coming to the market.  

Glenn also explained the terms open banking and collaborative banking, and shared how they benefit traditional FIs and fintechs alike. Finally, he explained why creating opportunities for all is the right path forward in the finance space.