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Episode 18 of Banking Reinvented is a thought-provoking discussion on the transformative power of AI in the banking sector.
In this episode, Tim Rutten hosts a live panel session during ENGAGE Amsterdam 2024, joined by Henning Soller, Partner at McKinsey, and Marcus Martinez, Industry Advisor at Microsoft. Together, they discuss the current state of AI adoption and how it’s reshaping the banking industry, as well as potential paths forward.
Tune in to learn from industry experts and get insights into the broader implications of AI technology across the financial sector.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Henning Soller
-> Marcus Martinez
Step into the future of finance -> Check out our content hub
Learn more about ENGAGE -> Check out our events page
(06:06) - Introduction of the panel session
(07:33) - Introduction of guests Henning Soller and Marcus Martinez
(08:29) - AI adoption statistics in banking
(11:51) - The power of generative AI
(21:46) - Barriers to AI adoption: regulatory, governance, and internal challenges
(27:43) - AI’s impact on jobs
(34:16) - AI’s impact on the customer experience
(42:50) - The importance of generative AI literacy
(45:17) - Final thoughts from both Henning and Marcus on AI in banking
(50:33) - Panel session wrap-up
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Episode 17 of Banking Reinvented takes a deep dive into the current and future state of business banking, focusing on how banks can better serve businesses of all sizes.
In this episode, host Tim Rutten is joined by Jarno van Hurne, VP of Business Banking at Backbase. The conversation centers on the challenges business banks face, from competition from neobanks and fintechs, cost to serve, technology challenges and the unmet needs of specific client segments like SMEs.
Tune in to learn how delivering personalized services with the right mix of digital, human touch and AI-enabled advice can help business banks better serve their customers, in a more efficient way.
Curious to find out more about customer-centric banking?Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Jarno van Hurne
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast(01:42) - Insight of the week about innovation at Revolut
(07:27) - Challenges in business banking and neglecting SMEs
(12:45) - The importance of serving sole proprietors and small businesses
(16:06) - Scaling services for different business segments
(22:00) - Creating smooth business banking experiences
(30:15) - The future of business banking with AI and automation
(36:40) - Why business banking must evolve
(38:31) - Key takeaways
(42:30) - Episode wrap-up
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Saknas det avsnitt?
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Episode 16 of the ‘Banking Reinvented’ podcast explores how the Banking Industry Architecture Network (BIAN) is transforming the future of banking with a standardized framework to modernize IT infrastructures.
Host Tim Rutten welcomes Hans Tesselaar, Executive Director at BIAN, and Roland Booijen, GM of Ecosystems at Backbase. They explore how BIAN is driving innovation through industry-wide collaboration and standardized APIs, helping banks shift from legacy systems to agile architectures.
Learn more about the evolution of banking standards, the importance of interoperability, and the benefits of using open-source models to innovate in the banking industry.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Roland Booijen
-> Hans Tesselaar
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(01:25) - The origin and mission of BIAN
(05:30) - Roland discusses Backbase’s use of BIAN standards
(09:10) - How BIAN is reshaping the future of banking with standardized APIs
(16:02) - Discussion on interoperability and composable architectures in banking
(33:17) - Case study of ABSA Bank’s implementation of BIAN models
(34:58) - UnionBank of the Philippines case study on digitizing loan approvals
(39:04) - AI’s role in modernizing banking operations
(42:00) - Key takeaways
(45:49) - Episode wrap-up
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In episode 15 of the ‘Banking Reinvented’ podcast, the conversation moves beyond the AI hype to highlight its transformative impact on the banking industry.
Tim Rutten is once again joined by Backbase CTO Thomas Fuss to explore the current AI landscape and its real-world applications. They discuss AI’s ability to drive efficiency in banking operations, especially in customer service, risk management, and fraud prevention.
Tune in to learn how AI’s accessibility and ecosystem maturity today allow for deeper integration and greater value creation in banking.
Curious to find out more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Thomas Fuss
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(01:28) - Discussion on Klarna’s move to use AI to cut costs and optimize ops
(04:22) - Going beyond the AI hype and its actual impact on businesses
(07:48) - AI’s acceleration due to open ecosystems and tech advancements
(10:29) - How AI improves efficiency in banking, starting with chatbots
(13:32) - Exploring the future of personalized, AI-driven financial services
(16:03) - Combining AI-driven insights with human intervention in banking
(20:01) - Microsoft’s AI-powered customer service call analysis
(26:21) - Key takeaways
(29:12) - Episode wrap-up
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Episode 14 of the ‘Banking Reinvented’ podcast provides valuable insights into the evolving role of data as it continues to shape the future of banking.
This time, Thomas Fuss joins host Tim Rutten, CTO of Backbase, to talk about how data is essential for banks, as they shift from transactional institutions to delivering personalized and proactive services.
Discover the key challenges banks face with legacy systems, the potential of data-driven insights, and the importance of adopting a progressive approach to data management.
Curious to find out more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Thomas Fuss
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast(03:14) - Thomas Fuss’s journey in digital banking, ING, and Payconiq
(07:51) - The rise of neobanks like Monzo and the effect on traditional banking
(13:49) - Challenges posed by legacy systems in using data
(16:02) - Adopting a progressive approach to data management in banks
(20:18) - How data-driven insights improve customer experience and engagement
(25:42) - The importance of democratizing data across banking organizations
(27:35) - Key takeaways
(32:51) - Episode wrap-up
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Episode 13 of ‘Banking Reinvented’ explores how banks can achieve sustainable growth by using an anchor platform.
Once again, Tim Rutten is joined by Backbase Founder/CEO Jouk Pleiter, and together they discuss the key decisions leadership teams face when simplifying IT and modernizing customer journeys for growth. They emphasize the need for a unified platform to increase efficiency and improve the customer experience.
Discover how banks can compete with digital-first challengers like Revolut and how they can challenge the status quo to adopt a transformative mindset in their banking operations.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
Step into the future of finance -> Check out our content hub
Timestamps:
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(01:40) - Banking innovations in emerging markets
(02:45) - Using a platform to drive growth in banking
(04:20) - Leadership decisions in simplifying IT systems for growth
(06:16) - The importance of agility and unified platforms in optimizing sales and service
(10:02) - Balancing digital solutions and human interactions in modern banking
(12:26) - How platforms like Uber and Netflix are models for banking
(16:00) - The need for a paradigm shift and simplification in banking operations
(20:28) - Key takeaways
(23:23) - Episode wrap-up -
Episode 12 of Banking Reinvented explores a key dilemma that many financial institutions are facing: choosing between buying ready-made technology solutions or building bespoke systems in-house.
Together, Tim Rutten and Backbase CEO Jouk Pleiter discuss the evolution of this decision from an "either/or" choice to a more integrated "buy-plus-build" strategy. They highlight how organizations can use pre-built platforms while still customizing components to maximize efficiency and differentiation.
Tune in to explore the economics, trade-offs, and long-term value of both approaches in order to modernize progressively and avoid technical debt.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
Step into the future of finance -> Check out our content hub
Timestamps:
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(02:41) - Overview of the traditional buy vs. build trade-offs
(03:40) - The limitations and inefficiencies of the traditional buy and build models
(05:55) - The advantages of buying technology solutions
(08:53) - The risks and challenges of building in-house
(10:00) - The benefits of verticalized platforms for banking
(12:00) - How progressive modernization can help banks avoid technical debt
(14:20) - The role of AI in potentially accelerating the build process
(18:30) - The importance of orchestration in differentiating customer experiences
(20:30) - Key takeaways
(24:24) - Episode wrapup
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Episode 11 of ‘Banking Reinvented’ offers insights into the critical role that polyglot architecture plays in modernizing your banking systems.
This time, Tim Rutten is joined by Marco Santarelli, VP of Channels at Backbase, to discuss the complexities of a modern banking architecture, the importance of choosing the right technology, and the risks of fragmented systems.
Tune in to explore how your bank can adopt a more flexible and composable architecture that supports incremental modernization.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Marco Santarelli
Step into the future of finance -> Check out our content hub
Timestamps:
(00:00) - Welcome to the ‘Banking Reinvented’ podcast(03:38) - Introduction to polyglot architectures
(06:03) - Comparing traditional and polyglot architectures
(12:04) - How a polyglot architecture affects front-end and mobile development
(19:24) - Trade-offs of a polyglot architecture
(25:31) - Modernizing progressively with a platform-based approach
(29:00) - AI and Python driving the adoption of polyglot architecture
(32:38) - Key takeaways
(36:04) - Episode wrap-up
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Episode 10 of the Banking Reinvented podcast highlights one of the most critical and complex issues in banking today: integrations.
Tim Rutten welcomes a new guest, Roland Booijen, General Manager of Ecosystems at Backbase. Together, they discuss how financial institutions can optimize their digital operations by addressing the challenges of integrating various banking systems and fintech solutions.
Discover why banks are spending up to 70% of their IT budgets on integrations, and learn how adopting modern, cloud-native solutions can reduce these costs while boosting agility and innovation.
Curious to find out more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Roland Booijen
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(03:13) - Market dip and lack of engagement from banking apps
(05:01) - Defining integration complexity in banking
(06:58) - Hidden costs and challenges
(08:55) - Banking systems that require integration(16:03) - Integration strategies and tools (ESBs & iPaaS
(20:24) - The rise of vertical iPaaS solutions
(25:41) - Unified data models in banking
(27:56) - Key takeaways
(32:14) - Episode wrap-up
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Episode 9 of the ‘Banking Reinvented’ podcast covers how your bank can improve customer acquisition, activation, engagement, and retention to build stronger, more profitable relationships.
Together, Tim Rutten and Karan Oberoi discuss strategies for driving top-line growth, plus best practices to help you get there. They also explain how you can initiate the organizational change that will contribute to this growth.
Tune in to learn how your bank can boost efficiency and customer satisfaction with modernized internal processes and technology.
Curious to find out more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Karan Oberoi
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(00:34) - Revolut acquiring a UK banking license
(03:04) - Exploring top line vs. bottom line strategies for growth
(06:37) - Importance of modernizing from inside out
(11:08) - Role of ambitious leadership and clear goals
(16:47) - Improving the onboarding and activation experience
(21:09) - Increasing customer engagement
(24:54) - Using AI and data for customer retention
(27:40) - Key takeaways
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Episode 8 of ‘Banking Reinvented’ shares insights into the transformative potential of artificial intelligence (AI) in the banking industry.
In this episode, Tim Rutten is joined by Chris Shayan, the new head of AI at Backbase. Together, they discuss the accessibility and practical application of AI in banking, providing real-life examples for retail banking, business banking, and beyond.
Tune in to learn more about the shift from expensive, limited AI use cases to more widespread, cost-effective applications in the banking sector.
Curious to find out more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
-> Chris Shayan
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(00:44) - Meet the new Head of AI at Backbase
(05:17) - JP Morgan’s AI implementation
(09:25) - AI in the banking industry
(12:55) - Real-life examples of AI in banking
(18:11) - Cost and accessibility of AI
(21:12) - Future of AI in banking
(23:00) - AI’s role in different banking sectors
(35:55) - Key takeaways
(38:12) - Episode wrap-up
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Episode 7 of ‘Banking Reinvented’ explores how the best-of-suite philosophy can transform your banking operations, helping you create seamless customer experiences.
This time around, Tim Rutten is joined by Karan Oberoi, Chief Product Officer at Backbase, to share insights into this transformative concept. Together, they explain how to unify your diverse banking functions into a single and cohesive, integrated platform.
Tune in to get insights into how your bank can transition from fragmented systems to a unified platform that enhances both operational efficiency and customer experiences.
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
Step into the future of finance -> Check out our content hub
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(01:11) - Banking industry highlights
(02:41) - Understanding the best-of-suite philosophy
(05:27) - Challenges with the inside-out approach
(09:26) - Benefits of the best-of-suite approach
(14:30) - Future-proofing with a unified data model
(18:25) - Market trends and industry adoption
(22:21) - Key takeaways
(24:35) - Episode wrap-up
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A composable platform architecture can help your bank create a more efficient, agile, and customer-centric environment.
In episode 6 of 'Banking Reinvented,' Tim Rutten and Jouk Pleiter explain the differences between a composable architecture and a monolithic one. They also discuss the critical components of a composable platform fabric, such as identity management, process orchestration, and data synchronization.
Tune in to learn more about composable banking and how it can help your bank drive business value and innovation.
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(00:37) - AI integration in banking
(04:02) - Components of a composable architecture
(07:25) - Benefits of a composable architecture
(09:12) - Challenges and strategies for implementing
(15:00) - Omnichannel banking logic
(18:32) - The composable platform fabric at Backbase
(25:18) - Biggest lesson on architectural redesigns
(27:29) - Key takeaways
(32:58) - Episode wrap-up
Curious to find out more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
Step into the future of finance -> Check out our content hub
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Episode 5 of 'Banking Reinvented' explores how banks can progressively modernize their legacy tech.
Tim Rutten and Jouk Pleiter discuss three key banking modernization strategies: the segment-based, journey-based, and headless approaches to updating banking systems. They highlight the importance of having a clear business case and ROI for modernization efforts.
Tune in to find out which approach best suits your bank and to discover practical steps for implementing these strategies.
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(00:43) - A view on the Apple WWDC event
(04:29) - Modernization strategies
(05:00) - Segment-based modernization
(06:00) - Journey-based modernization
(07:00) - Headless approach to modernization
(07:41) - Scope of modernization approaches
(15:53) - Practical implementation insights
(24:27) - Key takeaways
(26:19) - Episode wrap-up
Curious to know more about customer-centric banking? Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim Rutten
Step into the future of finance -> Check out our content hub
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Episode 4 of ‘Banking Reinvented’ delves into reimagining banks’ operating models.
Typically, banks revolve around a core system, encompassing back-office, mid-office, and front-office layers. However, this internal focus lacks customer-centricity. Tim Rutten and Jouk Pleiter tackle the imperative task of modernizing traditional banks’ operating models in this discussion. They highlight the pitfalls of the inside-out model and propose transitioning to an outside-in approach.
Tune in to grasp how banking operating models are pivotal in fostering differentiation and driving revenue growth.
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(01:27) - Traditional banking operating models
(06:05) - Shifting to an outside-in approach
(09:04) - Reallocating investments and reducing waste
(10:19) - The role of technology in banking transformations
(17:25) - Key takeaways
(19:05) - Parallels between banking and e-commerce
(20:58) - Episode wrap-upCurious to know more about customer-centric banking?
Follow us on LinkedIn:
-> Backbase
-> Jouk Pleiter
-> Tim RuttenStep into the future of finance -> Check out our content hub
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70% of banks are not succeeding in implementing their digital strategies. How can banks break down and simplify their journey towards digital transformation?
In this episode of 'Banking Reinvented', Tim Rutten and Jouk Pleiter discuss what banks should focus on: adopting a modular, composable IT infrastructure. They tackle the build vs. buy debate and discuss all the strategic considerations banks should take into account to not get bogged down by black and white options.
Catch our latest episode to learn how to drive successful digital transformation with modernized banking IT systems.
(00:00) - Introduction
(02:10) - What is “decomposing complexity?”
(07:56) - Day-to-day decomposing complexity
(10:04) - Modular business capabilities
(12:20) - Build vs. buy debate
(14:30) - Progressive modernization
(17:00) - Horizontal vs. vertical modernization
(21:49) - Greenfield vs brownfield approaches
(24:03) - Key takeaways
(29:39) - The importance of executive leadership
(30:07) - Episode wrap-up
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Business models such as value flywheels can have transformative power in the banking industry and can help create momentum for digital transformation.
In this episode of ‘Banking Reinvented’, Tim Rutten and Jouk Pleiter discuss how the Backbase flywheel can drive both technological and business improvements in banking. By placing composable banking at the core of a bank’s business model, one can generate a positive loop. This helps reduce technical debt, simplify IT landscapes, and optimize customer journeys, while allowing for the reallocation of budgets towards innovation and differentiation.
Join us to learn how banks can grow into technology-centric organizations and drive lasting change.
(00:00) - Introduction
(03:56) - Explaining the flywheel concept
(05:54) - Technology and business flywheels
(09:39) - Integrating IT and business flywheels
(12:34) - Banks as technology firms
(16:05) - Strategic intent and execution
(20:30) - Key takeaways
(22:12) - Commitment to transformation
(23:03) - Episode wrap up
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In this episode, Tim Rutten and Jouk Pleiter, CEO and Founder at Backbase, discuss how banks can expedite customer centricity. They describe and tackle the challenges banks face with legacy systems, and talk about the necessity for progressive modernization to remain competitive.
Tune in to explore how financial institutions can re-architect banking around the customer. And discover the actionable steps to make this transformation a reality.
(00:00) - Welcome to the ‘Banking Reinvented’ podcast
(02:48) - Defining engagement banking(06:24) - Challenges for traditional banks
(08:48) - The paradigm shift in banking
(12:31) - Evolution of Backbase
(16:10) - Engagement Banking vs. digital banking
(20:39) - Key takeaways
(22:02) - Importance of the Engagement Banking model
(23:27) - Episode wrap-up
