Unlocking Innovation in Financial Services
3Pillar’s Financial Services Industry Lead, Rob Murray, joins us on The Innovation Engine podcast to share some of the latest insights he’s gleaned from serving 3Pillar clients across the Financial Services space.
Rob and Scott Varho dive deep into what it takes to successfully drive innovation in a tightly regulated industry like Financial Services, where many organizations feel handcuffed by the legacy software and systems that power their customer experiences. In this episode, we explore the myriad of opportunities and challenges that the rapidly evolving banking, insurance and broader Financial Services sector presents, and how institutions are navigating this ever-changing landscape.
Throughout the conversation, Rob sheds light on the pivotal role of innovation in shaping the future of banking. From the adoption of groundbreaking technologies like blockchain and artificial intelligence to strategic partnerships between traditional banks and FinTech startups, Rob provides a comprehensive overview of the forces driving change in the industry. He emphasizes the significance of customer-centricity and how banks are leveraging data, analytics, and technology to enhance user experience and meet the rising expectations of consumers in the digital age.
Rob candidly discusses the hurdles faced by many companies in the industry, including regulatory compliance, cybersecurity threats, and the integration of new technologies into legacy systems. He shares intriguing customer stories that encapsulate the art of the possible and highlights the importance of collaboration and mutual growth between established banks and emerging FinTech companies.
In addition to his work at 3Pillar, Rob has extensive experience in leading digital transformation for renowned banks such as Wells Fargo and Bank of America. He recently co-hosted our episode on Innovation by Design & Scaling Innovation, which featured a conversation with JPMorgan Chase’s Chief Design Officer, Sam Yen.
Tune in to this episode for a deep dive into the state of innovation in Financial Services, where Rob offers valuable insights, discusses future trends, and shares his vision for a more connected and customer-focused banking experience.
Listen to the Episode
Watch the Full Episode
You can tune in to the full episode via the YouTube embed below.
Episode Highlights
- Rob delves into the significance of innovation in the financial sector, discussing how it shapes competitiveness and meets the ever-evolving expectations of customers in the digital age.
- The potential and challenges of blockchain technology, highlighting their impact on trust distribution and the financial industry’s future.
- The shift towards a customer-centric approach in banking.
- The hurdles of digital transformation, including regulatory compliance, cybersecurity threats, and the integration of emerging technologies into legacy systems.
- Future trends and developments in banking, focusing on the integration of new technologies and the emergence of customer-focused business models.
Resources
- Connect with Rob Murray on LinkedIn
- Read: The Product Mindset by David H. DeWolf and Jessica S. Hall
- Read: Amp It Up by Frank Slootman
- Read: Banks and Fintech on Platform Economies by Paolo Sironi
About The Innovation Engine
Since 2014, 3Pillar has published The Innovation Engine, a podcast that sees a wide range of innovation experts come on to discuss topics that include technology, leadership, and company culture. You can download and subscribe to The Innovation Engine on Apple Podcasts. You can also tune in via the podcast’s home on Spotify to listen online, via Android or iOS, or on any device supporting a mobile browser.
