Bai Banking Strategies

Innovation in financial services sometimes overlooks the pressing needs of consumers who teeter on the edge of financial peril. Causes for trouble are many: staggering student loan debt, massive credit card balances and minuscule savings. Yet fintechs can make a major difference. To explain how, we'll chat with David Reiling, CEO of Sunrise Banks and author of the book "Fintech4GOOD."

Thanks to mobile technology and easy ecommerce, consumers find themselves in a new position of power where they compare their banking experience to other aspects of their effortless, seamless world. That poses a major quandary for financial institutions as they struggle to keep up, even as nimble fintechs enter the picture. Tyson Nargassans, CEO of Saylent Technologies, shares how banks can make the best use of data and technology to become increasingly invested--and relevant--in people's lives.

Pinning down the fine points of how banks can conduct themselves ethically--and establish best practices across the organization--has always been tricky. On this podcast, BAI's Byron Marshall and Jason Mencias share new findings and actionable insights from a BAI Banking Outlook survey that addresses the major challenges banks face surrounding risk, ethics, compliance and more.

Data can yield great value for banks and even more for customers. But so much hinges on defining the pain points account holders struggle with and how banks can best aggregate and leverage the data they have. What's more, data behemoths such as Google, Amazon and Facebook may arrive at the financial services winner's circle before banks do. But there is good news in terms of banking data blossoming into insight, shared on this podcast by Todd Barnhart, executive vice president, head of retail distribution for PNC Financial Services Group.

Not much thought is always given to exactly what puts the “community” in “community banking.” But the renaissance in arts, technology, culture and entrepreneurial spirit in Detroit goes hand in hand with financial services leadership. It also illustrates beautifully the role banks can play in shaping a modern urban comeback story. Chris McComish, chief banking officer, consumer and wealth management at Chemical Bank, talks about how his institution has worked to foster relationship-driven growth and prosperity, and offers insight into an upcoming merger with another midwestern bank.

For years, the banking industry has bandied about the word "innovation" until, ironically, it's become a tired cliche. What's more, the all-talk-no-action of "innovation theater" has taken center stage at too many financial institutions. Enter Amy Radin, who in "The Change Maker's Playbook" identifies winning innovation strategies from leaders who transcended the talk and took action. A BAI Global Innovation Awards judge, Radin shares from her years of experience the proven pathways to make innovation a company-value and driver of bottom line success.

Many metaphors describe the illusion of banking progress, from the "innovation petting zoo" to "innovation theater." It's one thing to buy your innovation team some hipster bowling shirts or put a ping-pong table in the break room—but quite another to overcome the caution and fear that keeps winning ideas from getting a robust tryout. In advance of co-leading the BAI Innovation Summit in October, Jason Henrichs of FinTech Forge talks about the technologies, mindsets and learning strategies that drive change and success in the digital age.

It’s called “authentic banking,” the call for financial institutions to join forces with customers and understand a host of crucial issues through their eyes, from financial literacy to nuisance fees. What’s more, authentic banking means more than just outstanding customer service. The thrust to practice and champion authentic banking brings with it a concerted attempt to act on the needs of consumers in what more resembles a mutual partnership. But the movement is gaining momentum, and here to explain it is Rick Calero, senior managing director, institutional client manager for TIAA.

What was once known simply as Human Resources is today calling itself talent management—and in 2019, the battle to attract, hire and retain talent is as fierce as any ion recent memory. It’s a job seeker’s market, and banks must work hard to counter an industry reputation of stodginess and stuffiness. But there are clear ways to succeed in the short term, and win the talent game in the long run. Here to share her strategies and insights, we’re joined by Janet Coletti, executive vice president Human Resources at for M&T Bank.

If you think regulators still have roadblocks up for de novo banks, guess again. A cooperative spirit between bankers and government authorities has emerged, clearing the way for faster approvals to help new financial institutions get down to business. The only obstacle at this point? Word hasn't yet spread enough for those with de novo dreams to move in the direction of decisive action. On this podcast, Mi Bank chairman /CEO Robb Farr, and senior vice president core technology Erin Tecker, talk about how they've set out to create a different business banking experience, and what it's like to take part in Detroit's comeback story.

On Episode 100, of the BAI Banking Strategies Podcast, BAI's Mark Riddle and Jason Mencias share key findings and takeaways from their latest quarterly business banking research. The business banking landscape is changing—rapidly—yet financial services organizations find themselves challenged to keep up. The disconnects are many, with some banks unaware of how their position and reputation amongst business customers have changed. The BAI Banking Outlook report sheds light on how banks can refine their overall strategy and gain a competitive edge.

Digital transformation. The term and the concept predate smartphones and widespread internet usage. Yet if it’s time to bring the idea up to date in an age of AI and machine learning, what does this mean for the financial services industry? And what's the best way to approach strategy even as the pace of transformation has turned into the financial services equivalent of a rocket launch? Kim Capps, chief operating office for Southern bank, shares how financial institutions and community banks in particular can keep up the unprecedented changes.

The cannabis industry carries with it tremendous potential and opportunities for merchants, suppliers and backers. But for banks, the sector isn't so clear cut. What's legal in a growing number of states remains illegal on the federal level, and that places financial institutions at a tricky intersection. Tony Repanich, president and chief operations officer for Shield Compliance, breaks down how banks can work within the industry to manage risk, comply with regulations and satisfy operational demands associated with the market.

Whether it benefits customers and employees on the front end or core systems on the back end, digital transformation is a top shelf to-do for banks in 2019. But it's not as though the imperative comes with easy-to-follow instructions where "tech gadget a" plugs into "tough problem b." Here to share her smart strategies this podcast, we have Kristiane Koontz, executive vice president, director of banking transformation at Zions Bancorporation.

The flipside of superior customer experience is a strong fraud program, even if it's not the sexiest thing for banks to promote. Still, you can't have the former without the latter, and getting the balance just right challenges even the most innovative financial institutions. Debbie Peace, co-founder and CEO of ACH Alert, gets to the heart of how the two forces work in tandem and win customer loyalty.

Despite a newfound fascination with customer engagement, banks know it's a constantly moving target that doesn't reward indecision or momentary distractions. It takes strong resolve and concentration to stay on top of it—and strategy that leverages all that data and high tech have to offer. Carrie Stapp, SVP of product management at Harland Clarke, sees the key to customer engagement as enabling the easy use of the products consumers value most. On this podcast, she discusses how banks can achieve this goal through a smart mix of personal interaction and harnessing valuable customer data.

Considering that smartphone apps are just a dozen years old, the technology has exploded far beyond anything Steve Jobs might've imagined when he unveiled the first iPhone. Now in 2019, the reality of mobile-centric banking has arrived, with Varo Money already delighting customers to the tune of 13,000-plus five star reviews on the App Store and Google Play. Colin Walsh, Varo's CEO and co-founder, describes the journey from blueprint to charter, and how Varo hopes to help millions of customers improve their financial lives.

Compliance has always presented a set of thorny challenges for banks, and at this point there's no going back to simpler times. Enter "regtech," a subset of fintech that aims to handle how regulations are met and requirements satisfied. But there is more: So far as customers are concerned, regtech helps financial institutions to become more transparent and trustworthy. Shiran Weitzman, CEO and co-founder of Shield FC, talks about the digital developments that have led us to this point, and how banks can harness all regtech has to offer to move themselves forward.

While the fight for tighter cybersecurity keeps financial institutions scrambling, it means much more than keeping firewalls strong and hackers out. Miscues with data can destroy customer trust, while the demand for high-tech talent has banks competing not just with each other but every other business sector as well. Sundeep Nehra of EY's financial services office practice draws on decades of experience to share how financial institutions can best handle a changing security landscape, win the talent war—and build modern systems to repel today's worst cyber threats.

Creating organic growth boils down to a seeming paradox: developing intelligent digital tech that meets customers where they live. BAI Global Innovation Awards judge Alex Sion of Citi's D10X program explains how financial institutions can apply the latest technology to rapid changes in family life and consumer behavioral patterns.