Embrace change, take risks, and disrupt yourself

Hosted by top 5 banking and fintech influencer, Jim Marous, Banking Transformed highlights the challenges facing the banking industry. Featuring some of the top minds in business, this podcast explores how financial institutions can prepare for the future of banking.

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The Need to Create Differentiated Digital Banking Experiences

Capco recently published research offering insights into how banks can modernize their digital banking experience to include the personalization customers expect and prefer.

The study finds that regardless of age, over 70% of customers rank personalization as highly important to their banking experience. The study not only delves into how to engage customers initially, but also how to retain customers going forward by building unique and innovative digital features with a personal touch.

We are joined on the Banking Transformed podcast by Lane Martin, Partner and Head of U.S. Banking and Payments at Capco. He discusses the challenges firms face in putting a digital strategy in place, and the path to an effective and attractive digital platform.

This episode of Banking Transformed Solutions is sponsored by Capco

Capco is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivaled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management and insurance.

To access the research paper, visit here

Jim Marous:
Hello, and welcome to another Banking Transformed Solutions podcast. I'm your host, Jim Marous, owner and CEO of the Digital Bank Report, and co-publisher of The Financial Brand. Capco recently published a survey-driven study, offering insights into how banks can modernize their digital banking experiences to include the personalization consumers seem to expect and prefer.

Jim Marous:
The study finds that regardless of age, over 70% of consumers ranked personalization as highly important to their banking experience. The study not only delves into how to engage consumers initially, but also how to retain them going forward, building out unique and innovative digital features with a personal touch.

Jim Marous:
We are joined today by Lane Martin, partner and head of US Banking & Payments at Capco. He discusses the challenges firms face in putting a digital strategy in place, and the path to an effective and attractive digital platform.

Jim Marous:
The pandemic opened the eyes of the consumer to what is possible with digital engagement. Firms like Amazon, Netflix, Instacart, and other progressive digital-first organizations showed consumers the power of personalization, and the importance of simplicity and speed. Capco recently did research finding that consumers not only want personalized experiences, but are willing to pay for innovative digital banking features that differentiate those experiences.

Jim Marous:
In many cases, there isn't a necessity to build a completely new product, as much as improving current solutions for a consumer expecting more from their financial institution. So Lane, in your digital banking survey, what types of business strategies can be informed by your findings?

Lane Martin:
Well, excellent question, Jim, and thanks for having me today. I've been a fan of the podcast, and I'm now thrilled to be on it, joining you live. So the big themes that we're seeing, they really revolve around three major things. One is around monetization. So when we think about banks in general, there's always a reluctance to introduce something that's new in terms of fees, how to manage it. Is that going to cause more attrition? Already, I'm watching my attrition heavily.

Lane Martin:
Resilience would be another one. So when we think about the fact that as a bank, we offer products to customers, what's going to keep them there? How are they staying informed long-term, with respect to the products that we offer? And then ultimately, differentiation, which I think is really the next level of where banks need to go long-term, as commoditization is always thrown around, rate pressure and the interest rate environment, the way it is now, what are banks doing that's different from one another? And the long-term viability of some of the players in the market is really going to be driven by how they can differentiate. So those are three major items.

Lane Martin:
Putting some numbers to that, Jim. So monetization, what we've seen, roughly a quarter of customers are willing to pay. That's an eye-opening stat to a lot of people. When we think about deploying features that actually could be monetized, a quarter of what we asked, customers literally said they'd be willing to pay. So that doesn't mean that we should start charging for everything. But the survey that we set up was pushing towards features that we thought customers may want.

Lane Martin:
And that's one of the big things here too, is that when we think about delivering products and services in banking, we got to stop looking backwards to think about product development. We have to be looking forward. Where everything's moving, and making sure that the features that are out there are moving towards the way that things are turning, which often means that you're not just thinking about how to best monetize a checking product, or to show somebody a balance. Things of that nature.

Jim Marous:
Well, it seems like personalized product offerings are the key to ensuring success in not only digital banking, but really every industry. Why is the personalization of the experiences so important now, and how can banks best position themselves as they migrate towards more digital adoption?

Lane Martin:
I think the personalization trend has just been catapulted by what's happening around us in banking. And that's not a new theme. I know there's all the conference events that have been talking about that for years. But I think the digitization of everything around us has created that requirement for banks that participate in your most intimate data sets, are slow to react and slow to provide advice, that creates frustration for customers.

Lane Martin:
With respect to knowing probably more about themselves, then there's the wife or spouse level, and then there's your bank, really. And so when we think about the availability of data, and then the availability to provision it towards things which coincide with using bank data, like making purchases, there should be a natural correlation of analytics that can help you be better.

Lane Martin:
And so we've seen a lot of firms spinning up as a result of that dynamic, around the PFM space, how to make financial decisions, how to provide digitized coaching. A lot of concepts like that are out in market. So I think that customers expect it, and they also scratch their heads as to why is it so hard? I mean, they don't have to go through the pain that you and I have been through, through our careers, of looking at the different stove pipes and, oh, well, it used to be lucrative to offer commercial products as totally separate products than consumer products. And small business fits in between. And so how do we sort all that out?

Lane Martin:
The customer doesn't care about that complexity. And there are certainly tools on the market that can help with that. So I think that that's what's pushing the drive for personalization. And some banks are pushing the needle on creating the right infrastructure and culture to bring these products to market. And when customers hear about that, and when they can see it on somebody else's app or phone, then that creates the, "Where's my bank in this construct? Why are we not there?" which is accelerating this transformation across our industry.

Jim Marous:
Well, I mean, it's interesting, Lane. As you mentioned, the concept of personalization, or one-to-one marketing, is not a new theme. In fact, The One to One Future, by Don Peppers and Martha Rogers, is probably I think, two-and-a-half or three decades old. So we've been talking about this forever.

Jim Marous:
Also, all the research the digital banking report also shows that financial institutions know the importance of personalization. So there's no lack of awareness of the need for it, but there's obstacles, because it's not happening. I mean, my personal bank may notify me by name, but they show no indication of actually knowing what I currently have with them, how I use it, or who I am as a customer. So what are the obstacles that you see, as banks try to move towards more personalization, and try to move from talking about it, to actually doing it?

Lane Martin:
Well, Tim I'm offended that you're not impressed by a templated email with your name up front. I mean, that's driving industry right there, with respect to innovation.

Jim Marous:
And three paragraphs of disclaimers afterwards, to make sure they didn't get a... It's that risk avoidance mentality too, some of it.

Lane Martin:
Yeah, absolutely. Well, I think if we look at the investments that have been made by banks over the past 10 years, we think about the concept of data lakes and just the push to centralize all this data, capture everything. We're going to create the best data lake that's out there and has ever existed. Okay, well, what are you going to do with it? Once you've captured it, what is it that you're actually going to practically do with it for the customer?

Lane Martin:
That's where things are falling down. Because in banking, the legacy cultures that exist between IT and the business, and the practicalities of delivering product to a customer-base within just an overall slower-paced, more bureaucratic structure for the larger players out there, is an element that is constrained innovation.

Lane Martin:
And when we think about making things faster and more practical, we're actually coming from a customer's perspective to deliver products and services intentionally, which means starting with research, starting with hyper segmentation around what products are most apt for the customer segment that you're targeting, because that's who you want to be as a bank.

Lane Martin:
There's a lot more prominence of that work taking place now than was. And therefore, the concept of prototyping, the concept of sprint development, the concept of involving customers in the deployment of products to the field, is becoming much more commonplace within the leaders. And they are pivoting the way that product is actually provisioned to the market. Meaning, they're hiring people who think differently. They're hiring product engineers. They're committing to sprinting through a modern delivery construct, and they're decomposing the huge silos between business and IT, forcing them to work together, for lack of a better word, or more encouraging them to do so. And they're involving customers in the process.

Lane Martin:
Just doing those simplistic things is actually creating incredible yield for the products that are coming out. I think that we still, as an industry, face that dynamic that I talked to earlier about the mousetrap in itself, and the products that are offered from a core perspective are still very basic. And that's where we see the emergence of banking as a service, and open banking coming to help fill that. And how can a bank participate in new product development, beyond what it does today?

Lane Martin:
That's where things are going, because if they don't, not all customers want to default to originating a savings account at the end of the day. That's only so gratifying. So we're really encouraging our clients to push with respect to that. If you're going to offer a savings account, what are the loyalty schemes that you can bring forward in that savings account, to actually truly be differentiated, or tie into the merchant community that you know your customer is transacting with, long-term? Things like that. Tactics like that, that are going to push the envelope around what a banking product is, just generally speaking.

Jim Marous:
Well, it's interesting. We've been talking a little bit more recently on the podcast about having a disruptor, or a challenger mindset. And really, what that takes into account as the fact that number one, you need to use partners. You can't do it all internally. And using partners, like Capco and other organizations, to build these fast iterations of innovation and new products, services, new financial basis, new business plans overall, it's important. So building partnerships.

Jim Marous:
Number two, realizing that your data doesn't have to be perfect, and that almost every solution provider now knows more than ever, how to use data that may not look perfect. And most importantly, try to provide the guidance through your partnerships that can move you to the next step quickly. I mean, iteration of innovation is so important.

Jim Marous:
At Capco, do you find that most of the relations are built this way, that you're working with a lot of different organizations around the periphery, from core providers to people that specialize in specific issues within the digital banking world, anything from new account opening to deploying payment services, that you really work with organizations to try to make it so that it's the best mix of partnerships?

Lane Martin:
We do, for sure. And I think the IT infrastructure is getting more reasonable to work with one another across these platforms intentionally, for that to happen. The ecosystem-driven approach to delivering products is going to be, if not now, table stakes, it will be in the future. And you see it from the big box providers, the FinTech community, which has emerged very strongly in this concept of, "I'm going to do one part of the life cycle. And I'm going to do it incredibly well. And I'm going to sit it on top of a bunch of different things that you may have as a bank, but also be viable in a shorter timeframe," is really resonating with customers.

Lane Martin:
And so it's important for the IT and business teams to actually decompose, when they look at how they interact with customers, what are those logical assets that are there, that can be used to manage the process more holistically, but also to draw upon unique strengths and vulnerabilities of what exist in the current spot for that place?

Lane Martin:
So if we're thinking about account origination, for instance, speed in origination, safety in origination, capturing that data for applicability, for cross-channel usage, but also for effectiveness for dealing with the customer, it's part of the intentional design here. What we don't want to do is set up and modernize things that are just so driven to be precisely something that therefore, you create a reliance on staying that way for a long time.

Lane Martin:
So the intentionality of the design across the life cycle is really important. And we find that customers that are relying on old, big box technology to keep up with all of the different upgrades that can happen over time, that they're quickly falling behind. They're realizing it, and they're looking for alternatives.

Jim Marous:
So sometimes this is about an iteration of a current product, or even innovation of a new product. So beyond simply personalizing experiences, we are also discussing more and more about development of new products and services, both internally and through open banking relationships.

Jim Marous:
What are some of the primary challenges that you believe banks have to consider as they expanded their product offerings, and overall, their digital brand?

Lane Martin:
So one, I think is just committing to a product development methodology that's inclusive of a broad set of partners. So when we think about that whole dynamic around being able to manage your own existing IT assets, and to make them better over time, just to what we were discussing, there's going to be a point in time which you're going to want to rely on a partner to plug into this, to bring in an asset.

Lane Martin:
So how do you develop, basically that modern delivery cadence, where you can bring a vendor in and say, "This is how we develop product," and have them intersect with the time it takes to do sprint development, to deploy new features, and have them tested by users in a period of time that can actually be understandable by the partner, and also deployable by the bank's IT staff and business staff? I think that that's one of the biggest things here.

Lane Martin:
And some of the leaders that we've had the privilege of working with, are really creating that sort of mechanism that's easily understood. It works across IT in business. You've got a backlog of features. You've got ecosystem partners that fit into that backlog. You've got a timeline that's taking place to actually modernize functions. So that everybody can work in a context where it's being controlled by the air traffic controller, but actually be developed in a way where you can show your executive team the progress of the features that you've deployed over time.

Lane Martin:
And so I think when we think about it, Jim, getting that right, getting how do I create that mousetrap to actually provision products and services quickly, and on a repeatable base, is a huge accelerator in the market.

Jim Marous:
It's interesting, because really, what you're talking about is you're working with organizations that have really embraced the thought that they've got to change. They've got to embrace a brand new way of doing business, because heck, I've been in banking 40 years, and for a good part of those years in the banking world, we didn't have to worry about that much innovation. And if we did innovation, it was like introducing something brand new, big that took years to develop.

Jim Marous:
Well, we proved that PPP loans, that we can work at the speed of digital and that we can develop things really quickly. But what's interesting is beyond simply developing brand new products, you mentioned the ability to develop features and benefits that customers are even willing to pay for. So what are some of the digital banking features that your research found that customers would pay for?

Lane Martin:
Yeah. So some of the top ones, Jim, the first would be just personalized training. Meaning, I behave like this with my bank. I spend this much money on these sorts of things. What does someone like me spend on these things? And how am I doing, comparative to my peers? And what should I be doing differently? How should I view using a credit card in a practical sense, with respect to a debit card?

Lane Martin:
Some of these just basic concepts are now very trainable, in order to offset fees that are being paid by customers and they realize it. So help train me to be smarter, with respect to my financial matters, is the number one thing that popped across our research, which is interesting because they will pay for that.

Lane Martin:
Right now, banks aren't thinking that I should be committed to developing a learning-based platform to help clients be well-informed, but also be paid for doing so. It's always, "Let's just have them be well-informed, because we're good corporate citizens." But the other dynamic around subscription-based pricing, the other IT and service providers that you work with in your life, are charging for those things. And it's what's driving the innovation in those segments.

Lane Martin:
You can call it a chicken and an egg, but our research is actually saying, "Let's not debate it. Let's just go do it. Let's just go take a stand and make a push for it, and have the revenue offset the development efforts intentionally." So I said training is one. Alerts. So just simple alert functionality. I'm about to incur a charge. My balance dropped to this level, and it's under these thresholds.

Lane Martin:
Some of these things are very basic and customers want them, which shows you that the unified digital experience across our industry just isn't there yet, with some of these table stakes features. Some of these features exist, but the onboarding process for customers is so clunky that they don't know that those features exist, and that they can get that anyway, out of their providers. And then the third would be stop limits. So let's make sure that we don't hit the red. Stop my transaction before it happens, so I don't incur a fee. Things like that.

Jim Marous:
Well, it's interesting, because this is really a change in thinking, because gosh, financial institutions just love to give away things for free. And yet, we found it's probably almost, not quite a decade, but quite a while ago, that Regions Bank and US Bank, with regards to their mobile check deposit capture, realized, "We can scale this. We can say, 'If you want your money immediately, it's going to cost you $3.'" I'm just picking a number. I don't exactly remember what the dynamics were. If you wanted it in two days, well, it cost you $2. But if you'll wait three days, it'll be free.

Jim Marous:
In much the same way, you have the decision whether to go to the ATM from another financial institution to get your money from your bank, or you can go a little bit further and get it from your bank. And consumers are used to paying the value proposition, and accordingly. So really, when we find out about the ways to do this, there's a lot of lost revenue opportunities.

Jim Marous:
And this is going to be important when you get to open banking too, because as you build relationships and services outside your internal ecosystem, you have the ability to actually charge consumers for some of these benefits, as you've mentioned. So it'll be interesting to see where we go, because again, the legacy bank mentality is, "I don't want to charge for anything," because your competitors may do it for free. And I don't hear of any examples where US Bank or a Regions Bank lost customers, because of their value pricing.

Lane Martin:
Absolutely. And another dynamic in that is just transparency, and making it a transparent process through the UI, so that customers realize that what they're getting indeed is a benefit, with respect to accelerated access to funds. So therefore, if you're transparent about your pricing that is required to provision that service, then it's an exchange of value here.

Lane Martin:
So a lot of times, it's just that approach to actually being transparent about your fee structure, and why there would be a fee for this. We worked with one bank that was incredibly focused on the language that they used to be as simplistic as possible, with respect to understanding fees. We're not going to shy away from fees, because given our interest rate environment, we need them to provide the modern and innovative features that our customers are seeking. But we're going to do it in a way there's absolute transparency all the time. And we're going to do it in their language. So there's a push for that.

Lane Martin:
The interest rate environment is very different right now, than it has been for decades for banks. And at the same time, the banks are facing this modernization edict that's out there. You will modernize, if you're going to keep your customers. I mean, some of the data back to the survey, 53% of millennials and 42% of Gen Z have switched banks in the past two years. I mean, that's a staggering. And do we know if it's full-fledged switch, or if it's origination from the switch, and what a millennial considers their bank to be a switch, whether that's a DDA, direct deposit change, or whether that's the fact that they opened the Chime account for the mobile app? That's to be explored further, but all of the banks that have invested in the five-minute account opening are getting new customers, as long as there's a value prop that coincides with that, like interest.

Jim Marous:
On that subject of switching, we found in research that we've done, that while consumers may not be actually closing existing banking relationships, they're definitely expanding the number of providers and types of providers they're using, impacting loyalty. Do you believe that there's a bigger threat from consumers switching banks, or simply from consumers that are fragmenting the relationships, and making it so while the account maybe didn't close, this consumer has five new relationships that they didn't have before?

Jim Marous:
I mean, you talked about the millennials, and I look at my son and go, if you really peel back the layers on what his primary financial institution is right now, it's probably Venmo, because he has a Venmo debit card. He has a relationship with Venmo. Yes, he still has his legacy banking relationship, but that's simply a transfer. He holds his deposits there, but now he's starting to hold this deposit in Venmo as well. Do you think there's a bigger concern about consumers fragmenting, or switching, or both?

Lane Martin:
Well, I think fragmentation is a bigger concern in the near term, because it's removing the asset base from your typical accounts to justify their cost, because it's easier to onboard a person into a high yield savings bank in five minutes, that's going to get much more personally rewarded from moving their larger asset base there, while you, as the entity that provisions all the infrastructure for their transaction accounts, and are not taking as much advantage of the larger wallet share as a result of that other neobank that took your high yield savings customer assets, the fragmentation's there.

Lane Martin:
So I think that right now, what we're finding is that the neobanks are starting with that hook, to actually pull customers over for a very particular reason. If you look at Brex, or you look at the PurePoint Financials of the world, or even Marcus products that are out there, they're starting intentionally with a product. And then they're building out, "Okay, now, how can I command more wallet share from that?"

Lane Martin:
And what they have as an asset in these times, goes back to our conversation about the FinTech ecosystem. It's that if they want to onboard and offer bill pay, if they want to onboard and offer access to real-time payments network, there's a select set of FinTech providers that can provide that quickly, which will allow them to have more wallet share long-term.

Lane Martin:
And so I do think that fragmentation is happening to a large degree, but I also think that it's going to ultimately lead to full-term wallet share for these customers, because every one of these FinTechs that we're talking about is starting small. They're expanding to actually get more of that wallet share, and even looking beyond banking.

Lane Martin:
A lot of them look to wealth management, and go up market with respect to the customer base. But are planting the flag to say, "Come try me. I'm differentiated. The UI experience is going to be better than what your bank offers. Look at how we use your data. Look at how we make it simple for you." And once you're there, they're going to push the turn the dial to create more of a yield for your relationship.

Jim Marous:
Well, it's interesting, your research, which by the way, is excellent on what you did. We've talked about the need for personalization. We talked about the need for actually monetizing the aspects. We talked about switching. But another part of your research also talked about the importance of finding ways to humanize the digital experience.

Jim Marous:
Where actually, beyond simply making it easier for the consumer, in some cases, the consumer still wants some level of humanization. Be it chatbots, or be it texting, or be it through some type of interaction, facial or verbal communication. Can you talk a little bit about what your research did find about how important this was to the overall relationship?

Lane Martin:
Oh, absolutely. And I think it's interesting to look at this from the private banking realm, down to the digital banking realm, as being a continuum. So when we think about assets growing over time, and the customers that fit within the asset basis, based off how they're segmented, you're going to see a desire for more hands-on support, the higher the asset base is.

Lane Martin:
So the research shows that people want people involved in their banking. They don't want to necessarily just rely upon training and algorithm. And as fast and inaccurate as an algorithm could be in early stages, will lead to people just deflecting from it. And then calling a call center with more heat behind what they've said, because they've tried your technology out and it didn't work.

Lane Martin:
And so I think we're finding that our customers that are rolling out these trials, with respect to the servicing encounter, are being very intentional around the products to which those align. If it's a larger, more sophisticated product that's out there, they're going to want the white glove treatment and support, and to not have to do self-service to actually move that product forward.

Lane Martin:
And so the research will show that while private banking is somewhat of the echelon for provisioning these products and services, that some of the digital tactics just aren't there yet, to actually fall into that.

Jim Marous:
Well, it's interesting too, you talk about the need to iterate over time, and that the knowledge only gets better with time. You look at what is now, I believe over a two-year lead that Bank of America has with their voice banking, with Erica. And it's interesting, because they keep on expanding the services. They keep on expanding the capabilities. And it's all built on previous histories and integrations. And what is interesting is this could be with chatbots. It could be with humans actually following up on an onboarding solution.

Jim Marous:
But really, we have to think beyond simply making it easier, because the problem is most financial institutions will keep on looking for efficiencies, before they're going to be looking at effectiveness. I mean, I look at the way we use to sell the need for ATMs, or online banking, and then digital banking. And it was all about, we can save money. Well, that wasn't really putting the consumer first, as much as we positioned it as such.

Jim Marous:
But really, when you're talking about the humanization, and as you mentioned in the research about these different ways to humanize experience, even a chatbot is a humanized way, and texting is humanized. This is going to be an important next level of digitalization, isn't it?

Lane Martin:
Absolutely, it will be. And I mean, you can tell those who win the service awards by providing some solutions to support the customer as an individual, the way that they want to live and transact with the bank. So having done a refi, as well as many other million people last year, with respect to the rates, the fact that I could have a text relationship with the person on the other end of it, regardless of where I was within the digital banking application, and knew that when I sent a text to the person, I wasn't starting over, we were just continuing the dialogue, that had huge benefit.

Lane Martin:
And you could take that company, and compare it to a much larger bank and what they offer with respect to their CRM. And the feature of having somebody correspond on a text message, for me, was incredibly valuable. Versus the bigger bank that has the more sophisticated approach, that doesn't tie into that customer's desire for where they are in life, is missing. It's missing the mark. So they're investing in a bunch of infrastructure that actually isn't going to result in their loan closing, as opposed to thinking through, "What's the quickest way that I could actually align connectivity to this customer in a way that makes sense for them?"

Lane Martin:
And use journeys. You talk a lot on your podcasts around the importance of journeys. The customer's experience through origination and servicing events. All of that can be modeled out to find what's the lowest common denominator, with respect to assets that we should deploy? And how quickly should we deploy them, in order to improve experience? So providing text service is one simple way to increase the applicability of some products that are offered, without having to overinvest in that case.

Jim Marous:
Well, it's interesting. Your research bore 23 pages, and I'll really focus on where to invest to modernize digital banking. And a question I often get, and I usually know what the answer is going to be, but it's an important dynamic, is given the scope of what needs to be done and what can be done, is personalization and customization of digital banking only possible for the largest financial institutions? Or can many of these initiatives be implemented by financial institutions of any size, or even smaller organizations?

Lane Martin:
Absolutely, they can be. And so it isn't just for the big players alone. And that's where we're helping de novo institutions stand themselves up from the start, on the latest technology infrastructure that exists throughout what these FinTechs offer. And that gives them a leg up to be able to start anew. And if your institution is small enough that you should be considering that strategy anyway, and then converting your existing small customer base onto a net new platform, to say, "Today, welcome to the new bank. And here it is." A lot of people fear that everything's going to fall apart when you do that.

Lane Martin:
Some institutions are small enough that that's a calculated risk worth taking. The cost of IT infrastructure and what's available today, versus the days gone by, is just a staggering back tier concept around business case. It's a quick business case to make. And the commoditization of the product set and the customers, and even what we're seeing in the acquisition realm, where smaller banks are having to decide digitize or die, that plays into it.

Lane Martin:
There's a path to digitization, where you can own your future and that you have to invest in it. Or there's a path to actually concede, and move over to another FI to work more in a way where you're letting them take advantage of the infrastructure that they have, and you migrate your customer base to them.

Lane Martin:
We're seeing both of those paths very heavily in the market. And I think it's just one of those dynamics around the digitization realm that's happening in our industry. And the cost of digitization is hard for our clients, because it's not just creating apps, products. It's creating compliant apps and products. And how do you weave in compliance within something that moves so quickly? Legacy clients need to be trained on how to do that. And it's not that simple.

Jim Marous:
When you talk about scaling, that's where partnerships come in. You have the ability to work with a partner to say, "How do I prioritize my investments? Where do I start? Where do I get the biggest return, with the lowest level of investment, to get more investment dedicated going forward?" And this is available to all organizations. And really, what we're talking about is building better experiences.

Jim Marous:
Not just going digital, but doing it in a way that actually improves the experience to the degree where a consumer is going to want to access your app, work with you more frequently, and actually use you as the hub of a financial relationship, as opposed to a spoke. So Lane, finally, how do listeners get a copy of this very interesting research that you've done at Capco?

Lane Martin:
So they can go ahead and send an email to Melody Callaway, which is [email protected] And she maintains our research inventory, and we can get you a copy. And also, there's going to be, if you visit capco.com, our research is posted. So you can go there to retrieve it. Two different ways.

Jim Marous:
And actually, I think what we're going to end up doing, I think we're going to actually have a link as part of the podcast notes. So however you access this podcast, I believe we're going to also have a link to it. I really encourage our listeners to get a copy of this research, because as we're getting into planning season, and even beyond the planning season, it's more important than ever to get a grip on what is possible, what the marketplace is saying. Because this is consumer research, not of other institutions, but of actually consumers saying, "Here's what we want." And it's certainly going to help you prioritize.

Jim Marous:
Lane, really appreciate you being on the show today. Would love to have you back sometime in the future.

Lane Martin:
Yeah, great being with you, Jim. Thanks so much.

Jim Marous:
Thanks a lot. Thanks for listening to the Banking Transformed Solutions podcast, a new banking podcast that focuses on innovative solutions for financial institutions. We'd like to thank Capco, the sponsor of today's show.

Jim Marous:
If you're a solution provider wanting to discuss how you can help bankers and credit union's executives solve a major marketplace challenge, drop me an email. We're keen to help.

Jim Marous:
This has been a production of Evergreen Podcasts. A special thank you to our producer, Leah Longbrake, audio engineer, Sean Rule-Hoffman, and video producer, Will Pritts. I'm your host, Jim Marous. Until next time, remember consumers want you to know them, understand them, and reward them on a precise basis every day, with each interaction.

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