Brooke Ybarra and I dive into the intricacies of innovation and transformation within the banking industry in this episode. She is currently SVP of Innovation and Strategy at the American Bankers Association (ABA). Brooke shares her unique career journey, starting with the CIA, strategy consulting, a significant corporate role during the pandemic, and finally her impactful position at the ABA. We discuss how she has infused creativity and a forward-thinking mindset into the association, particularly focusing on how partnerships between banks and fintechs are evolving and the current state of innovation in banking.

Brooke emphasizes the importance of aligning technological advancements with customer needs and how banks can leverage external solutions to meet these needs effectively. We also touch on the challenges of infrastructure upgrades, the relevance of middleware, and the shift towards a more digitized banking environment. Furthermore, we explore the role of AI in banking, how banks can stay competitive with non-bank financial services, and ways to attract new talent into the banking industry. Brooke provides valuable insights on maintaining integrity, continuous learning, and embracing change. This episode is packed with productive thoughts and expert perspectives on how banks can navigate and thrive in the rapidly changing financial landscape.

Thanks to show sponsor, BankTech Ventures.

00:00 Preview

00:57 Intro

01:13 Sponsor

01:47 Guest Introduction: Brooke Ybarra

02:59 The Intersection of Banking and Technology

04:24 Current State of Innovation in Banking

05:50 Challenges and Opportunities for Banks

08:01 The Role of ABA in Banking Innovation

17:29 Diversifying Revenue Streams for Banks

22:10 Infrastructure Challenges in Banking

26:04 The Digital Transformation Imperative

28:38 Fraud Concerns in Digital Banking

29:49 The Importance of Online Presence

30:58 AI in Banking: Current State and Future Prospects

34:55 Customer Expectations and Personalization

37:26 Challenges in Data Infrastructure and Literacy

39:30 Finding the Right Technology Partners

41:11 Attracting Talent to the Banking Industry

44:10 Non-Bank Competition and Regulation

46:31 Brooke's Journey to the ABA

49:41 Brooke's Core Values

51:13 Brooke's Habits/Rituals

52:37 Advice for Early Professionals

54:48 Outro