Migrating high-touch processes online securely and quickly Overcoming internal hurdles to digitization Prioritizing digital initiatives to drive operational efficiencies Panelist: Moin Moinuddin, Vice President of Engineering, Simple Finance Craig Schleicher, Senior Vice President and Head of Innovation, City National Bank Nathan Snell, Chief Innovation Officer, nCino Ben Soccorsy, Senior Vice President, Head of Digital Payments, WFVC, Wells Fargo Kelly Switt, Senior Director of Financial Services Strategy, Red Hat Stephen Welling, Executive Vice President & Director of Retail Banking , Cadence Bank [toggle title="TRANSCRIPT"] <div class="transcript-scroll-box"> 02:46Okay, thanks to everyone for joining this last session, digitizing manual processes how COVID-19 has changed financial services. Thanks to backblaze for sponsoring the session and now here is a brief message from them. 03:14 So right off the rip COVID-19 funnel consumers to digital channels, brick and mortar branches, paper applications and hand to hand transactions went from standard procedure to unseemly health risks almost overnight. Financial Services reacted by turning to new technologies like contactless payments, online loan applications and AI chatbot customer servicing. So let's talk about how permanent some of those changes might be. I brought a small army with me here to close out this event. I'm joined by Craig Schleicher, the SVP and head of innovation at City National Bank. Craig just joined us for a poll session. We have Steven welling, the Executive Vice President and Director of retail banking at cadence bank. We also have been supporting the SVP and head of digital payments and digital product management at Wells. Fargo, I have moinuddin, the VP of Engineering at simple finance, which is BBVA, his personal finance management and banking platform. I'm joined by Kelly swit, the Senior Director of Financial Services strategy at Red Hat. And finally, we have Nathan Snell the chief innovation officer and Sina. Thank you all for being here. Just a reminder to everyone watching to feel free to submit questions through the event platform, and we will do our best to answer them. So I gave everyone a brief interval, can we go around and maybe have everyone talk about their roles briefly, where you sit at your institution, and then follow that up with how your institutions have changed their processes to react to any increased digital volume. Steven, let's start with you. 04:45 Sure, thanks, Rick. So again, my name is Steven welling. I'm the director of retail banking for cadence bank. We're a $17 billion dollar commercial bank, headquartered in Atlanta, Georgia. I am personally in Birmingham, Alabama, but we span across the southeast. from Texas to Florida. Yeah, as far as processes, you know, we've we've had to change a ton just during the, the whole pandemic and, and move forward. So I know we're gonna talk about that a little bit in the future. 05:16 We will for sure. Let's go to Kelly, can you talk a little bit about your role of Red Hat, and then what you're seeing in terms of people changing processes to react to digital? 05:27 Absolutely, thanks for having me. So, prior to joining Red Hat, I actually spent about 17 years working in the industry and our red hat I helped to really drive what their go to market strategy looks like with their important digitization technology for financial services. What we're tending to see from many of our customers is a rapid growth of automation, whether it's from core it and the way that they manage themselves going from a ticket based system into an end to end automated system. Or even from the line of business and looking at how they really automate, what are kind of the core processes from the core banking applications to the digital channels that their customers interact with. 06:13 And I should note that Telly is being a little modest when she says she worked at the industry, she spent about 16 years of banks like Citi, HSBC, and Bank of America, if you've heard of them, Nathan, can you talk a little bit about your Rolodex, you know? And then you know, what you're saying and, you know, does tons of different stuff in terms of helping banks change their processes and what you're seeing from banking clients in terms of how they're reacting to increase digital lion? 06:39 Yeah, yeah, absolutely. And for those for those that may not be familiar with Encino. We have what we call a cloud based bank operating system that helps financial institutions really lend open accounts onboard new customers manage their portfolio across really all channels that's both online and in branch. So we're that's that's a lot of what we focus on for myself. Specifically, you haven't seen as Chief Innovation Officer, as you might suspect from the title, I spend a lot of time focusing on helping cultivate, you know, a really a culture of innovation and helping work with our customers on their innovation, as well as then spending time in areas like new product strategy and developments, working on our AI machine learning products and other things like that. I mean, in terms of the, you know, the transformation and what we've been seeing through COVID, I'd say mirrors a lot of what you know what Kelly said, where there's folks that say, tend to fall into two categories, those that are already kind of remote and sort of prepared with some cloud based solutions, but are taking this as an opportunity to really continue to kind of drive forward and take advantage right of this opportunity of being able to be more digital, and to try to take that forward even further. And then frankly, there are others that are looking at this and going Ooh, maybe we weren't necessarily as as best suited as we had hoped. And they're rapidly trying to stand up systems and really get themselves to a place where they can do remote work very effectively and, and really continue to serve their customers. Well. 07:59 Great. Well, we're happy hear more about that here in a bit. Craig, I know we just talked but can you talk a little bit about you know, your, your role, kind of what you're, you know what you're where you're positioned at the bank as an innovation team member, and what you're seeing in terms of process changes right now. 08:16 Sure. So city national has a broad range of banking solutions, covering commercial and business banking, as well as personal and private banking and wealth management. My team sits in our marketing and product and digital group, and crosses all of those business units. Half My time is working with our digital channels, Groupon, the strategy for our online and mobile banking platforms and what the roadmap looks for those. And then the other half is partnering with other teams like product strategies, Treasury in different parts of the bank to find new solutions to bring in to help grow and transform that business. So a lot of the things we're looking at are technology platforms and new kind of mechanisms for for bringing automation to scale those digital touch points. 09:06 Right? Then do you want to talk a little bit about where you sit at Wells Fargo, what you're responsible for? And then what you're seeing in terms of, you know, different processes in, you know, this increased digital volume that the banks are experiencing right now. 09:20 Sure. Well, thanks for having me, Rick. So at Wells, I lead our enterprise money movement and data sharing team. And we have been, like others have mentioned, really focused on accelerating the work that we had already had underway to enable customers to do more digitally than then based on the on the, on the pandemic. And the good news is, you know, we have been investing in this space for quite some time. And what really has changed is the speed at which we've had Roll out things like increased limits, you know, more convenience relative to digital for customers around depositing checks, etc. But I think the good news for us and I think for the industry is there's been a, there's been already a shift digital digital over over time that we've been clearly leading into, and this unfortunate set of circumstances has just forced us to accelerate the existing work we have in the backlog. on it, 10:31 one, can you talk a little bit about First of all, explain to people maybe what symbol is where it sits in relationship to BBVA your role there, your background? And then what simple is doing to react to the increase in digital volume, which is obviously simple is a completely digital platform already, but you know, what kind of I'm sure you guys are still doing some stuff to to react to these, you know, unprecedent 10:56 Thanks, Rick. Hello, everyone. My name is Maureen No Dean, I work as a VP of Engineering and Simple. Simple is a personal banking, budgeting application all digital was a startup that was acquired by BBVA. But we still continue to operate independently as a complete business unit focused on really advancing you know, banking online. And as Rick mentioned, COVID has definitely, you know, accelerated the transition to online. For us, what we have seen is really increase in traffic, increase in customer engagement and need to educate customers more specially with the stimulus money coming in. And you know, how it works. So a lot of customer content is what we focused on. And of course, as everybody else we also had to transition to working from home. With and luckily for simple has has been very easy because we always had a remote culture. And that made our life fairly simple. Not, you know, a no pun there, but made it very easy for us to really transition to work from home. 12:15 Great. Um, so Craig, I wanted to start by asking you a question. You know, you're in charge of a large banks innovation efforts. How have your priorities changed since the start of the pandemic? I know, we touched on a little bit of this during our poll session. But, you know, obviously, with the rapidly changing needs of consumers, I'm sure the innovation efforts are reacting in turn. So can you talk a little bit about that? 12:38 Yeah, I think really, the mandate for us has been to help the bank figure out how to do more with less. And that has a lot of implications for the topic we're focusing on today around automation and efficiency and using technology to streamline our operations. But it also really, is something we think about from our clients perspective. There's some big differences, you know, from the personal to the commercial business. But particularly in commercial banking, a lot of our clients are going through similar transformations and their businesses. And so the question is, how can we be a partner there to support them in those transformations. And really, we're seeing from cash flow forecasting to automation of AP and AR processes. They're just huge opportunities for us to help them simplify and take costs out of their business. So that's really one of the interesting areas for us is, is helping our clients follow that same do more with less approach. 13:37 You Ben and Stephen, as you know, you also work for big banks. Can you maybe Ben start and then Steven, follow up? Is that something that you're noticing? Are you noticing this trend around automation for everything, including with your clients, and how is the bank trying to react in turn, if that's the case? 13:56 Yeah, I'm happy to start um, You know, we are very focused on finding digital ways to engage with customers. You can call it automation, I think it's probably a broader the notion should be broadened to, I think also include convenience because I think customer preferences are evolving. And you know, an automated process or digital processes for many customers is the preferred process. And so it's not just about changing the way we do things. It's about meeting customer needs, which we are trying to stay laser focused on in everything we do. I you know, I would point to a couple things that as part of our response to the pandemic related to online mortgage deferral processes that we very quickly set up in response to, you know, the environment that we're all living through, obviously, moving quickly with digital application for the PPP lift lending government program is another example. So there are those types of things that yes, certainly an automated versus a non automated process in those in those types of examples is more efficient. But I think it also is more in line with what our customers expect and prefer. 15:21 Stephen did any follow up thoughts to that? I mean, obviously, you're very in tune with this as well. 15:27 Yeah, Rick, I think I'd say it's very similar to what Ben mentioned, you know, automation of the deferral process, PPP that all had to be stood up pretty much overnight. You know, I think for us, our priorities didn't really change from, we've always desired to have a frictionless environment, whether it be bricks and mortar or digital, really let the client choose which channel best fits then based on their current needs in the current day. So we're still laser focused on that and making sure if it's, you know, VR context center, or in a branch that the experience is always the same. We're also pretty geographically diverse. So we try to park a lot of our digital assets, even like our digital client advisors in the geography in which they serve. So versus, you know, calling and speak with somebody out of footprint or another state within our footprint. You can speak with somebody, or interact digitally with somebody within that specific geography. 16:22 antastic Kelly, I wanted to move on to Unix. You've spent so much of your career working with large incumbent banks before moving down to Red Hat. Can you talk a little bit about how an institution can begin tackling the conversion of these paper based processes and making those digital? 16:39 Yeah, absolutely. I think that one of the pieces that I would just highlight is that it can be a little bit daunting when you're really looking at look when we go to look at automating and how do we think about doing this? And what I've always had is kind of a strategy is really an outside in type of view. So where is the biggest pain that our customers have. And most likely, that's also where the biggest amount of manual pain exists for our associates as well. And really looking at how do we want to change that customer experience and that journey for them so it can be more automated. And once you kind of start with that type of philosophy, you really start to get into not only the ability to move from paper into a more automated process, but you start to hit into how do we improve our customer experience, improve Net Promoter Score, if you will, which is going to open up the door for potential revenue generation as well. 17:39 Nathan, I know that Encino does a lot in that realm as well. Can you talk a little bit about what you're seeing from from Bank clients in terms of going from paper based to to you know, more automated processes. It's not a simple process, but how do they go about them? 17:54 Yeah, I mean, I think 17:57 going from going from paper to digital or even in some Cases going from maybe a, you know, more legacy systems, you know, to call it a more upgraded system is something that we help our customers with quite often. And I think one of the biggest challenges that we see financial institutions face when making that conversion from that paper based process or that more legacy process is really being comfortable not replicating the process exactly as it is today. You know, and a lot of that goes to what Kelly was saying, if trying to shift the perspective. So it's very customer centric, because what can happen is when that process is going digital, there's really that temptation to keep what you know, and what we what we try to help, you know, help our customers with is not automating those inefficiencies, right. Because, you know, when you're, especially as you're moving from paper, and you're moving into a different paradigm, if you're bringing some of that product, too much of that process form, and you get into that situation where suddenly you're automating inefficiencies that existed before. They don't really have to be there quite in the same way. Because, you know, inherently right by bringing in new systems, you can begin to reimagine the process in much the way that the Kelly described. 18:57 antastic morning, I wanted to move on. Next, when you and I last spoke, it was March of certainly a different world. And we spoke a little bit about how simple was going to use consumer feedback through surveys, emails to better understand pain points and improve simple cx. Can you talk a little bit about how that panned out during the pandemic? I mean, obviously, that was a very interesting time, though, to try to lead into that. What have you learned? And what have you taken away from that? And just overall, How'd that go? 19:27 Yeah. So when we last spoke, I was literally just doing simple I think just about interesting 19:33 time started. Yeah, that 19:36 it's been six months. So I guess a much better position to talk about what we're doing. I mean, what what's happening, it's simple as we're transforming the company and culture. That's kind of where we're in. And that's why I was brought in and part of that effort is really change how we build software to more customer driven development. Right, which is we iterate very fast based on customer feedback, we have become a lot more data driven decision making. So we use analytics quite extensively. And when we launch a product or a feature, we get a lot of instrumentation data and immediately react based on that data. So that is, okay, this transformation is still working progress. But we are going towards that more and more and we are learning from our customers. So as a result, we launched couple of products recently, not too long ago, especially a, you know, simple personal loan that has been quite successful. And we launched a CDs product that has been quite successful as well. But some of our effort was thrown around just thrown at it through the interest rate, you know, changes that was not in our control. So again, we had to react quickly to see how do we handle you know, defaults and stuff like that and quickly act on That. So do as we are reacting based on data, we are changing in our customer experience through data. So that's kind of has been a journey. And pandemic has fundamentally accelerated our effort. I would not say it's shifted much because we've always been edited digital company. But what we learned is we needed to give more content to our customers. So we had to provide a lot of content to clarify customers, when the stimulus money is coming. How do you deal with it? How do you budgeted How do you help customer to get the money faster? And of course and also, how do you deal with increase in volume, you know, the volumes just skyrocketed. When the Fed started, you know, putting the money out the government started IRS started putting money through people's accounts. All of these things definitely forced us to rethink our strategy. Another area these are all good things I'd say the worst forced has this also led to a lot of fraud. Actually, the unemployment insurance fraud definitely has shown its ugly head. So we had to pivot and fight that fraud and mitigate the fraud as well. So this is how I would say, the journey has been so far. 22:15 Um, Ben and Craig and Steven, but I'll start with Ben. You know, I know that Wells Fargo obviously takes a lot of customer feedback as well. Can Can you talk a little bit about the role that customer feedback plays in product development? You know, how does it How does it you know, impact your conversion to digital and just want takeaways from from these customer feedback loops? 22:41 Well, we have, especially in our digital team, a long history of really creating our experiences based on customer feedback and listening to our customers needs. Um, you know, I think that we similar to mine in terms of the transformation, we're on a long term transformation as a, as a large institution to, to have digital be at the center of the way we interact with customers. I think the reason we're doing that is because that is the primary way that they choose to interact with us. And so we're responding to that as is sort of our culture in this team. In the company in general. Um, you know, I think through the pandemic, that we've seen significant behavior shifts associated to digital, because of obscenity, right? Things like things like, you know, over 100% increase in our mobile deposit. volume in the second quarter is an illustration that, you know, we're delivering the right kind of experience to our customers, through digital and they're having the opportunity to use it. to deposit those checks, the stimulus checks that came in in the second quarter through a means that's convenient. And I think that that's that's sort of an illustration of the types of things that over time we want to continue to invest in. Especially if you if one of the underlying assumptions through this conversation, I think more broadly in the industry is the notion that we're not going back and that this pandemic has reset a lot of the ways we think about everything we do for customers and and for our for business. 24:35 Frank, is that something you would agree with that there has this is sort of signaling maybe a more permanent shift, and that this new digital engagement might be here to stay? And is that something that resonates with you? 24:49 Yeah, absolutely. I think a lot of those changes are here to stay. And the piece that I think is an interesting distinction that is also tying us back to your question about the question And feedback, which we incorporate a lot of that into our design process is really that our clients have told us that part of what they love about the experience and banking, the city national is the bankers and the relationship managers and the experience of that personal service and knowing their business. And so when we think about where those shifts are headed, and what our client feedback is telling us, we're really investing not in diminishing or replacing our bankers but in providing tools that accentuate and enhance the experiences they can deliver. And so we think a lot about what are the interactions are the transactions Where are our people add value? And how do we drive our automation to have our people spend more time doing those things that they do best and allocate more of their day to understanding our client's business, making recommendations based on their needs and providing that level of service and less time on more of the transactional administrative type of function. So I think we're going to see continued shift to the digital channels, and that'll be long lasting. But it won't all be self service. A lot of it will be interacting in digital channels with a banker in the loop and human assistance and finding new ways to get that you have personally curated advice through digital channels. 26:20 Interesting, Steven, is this human digital approach that Craig's talking about something that resonates with with cadence bank? You know, obviously, as we shift the digital more and more things will probably become automated, but do you still see a human component in sort of using that that digital capability to augment what your bankers can do? Giving that human touch? 26:43 Absolutely, you've pretty much outlined our strategy. I mean, it's, you know, leveraging our great bankers, relationship managers, but then also having technology come in and assist with the day to day behaviors that clients just aren't as willing to come into a branch and do So a good example for us is during the pandemic week We heard from our clients through feedback. And then also the data pointed us in this direction is one of the activities they disliked the most especially to come in and do was a debit card dispute. So we automated that through mobile and the web where that can be done kind of self service online. But the same time, you know, open in a new relationship or a more complex transaction, like a business relationship, we take more of a self assisted approach where you can start the process online, but then we can really finish up and onboard using our human component in that personalized touch. 27:39 Interesting, but I want to talk to you because I know my colleagues and I have bothered you plenty of times about this about control tower, which allows Wells Fargo customers to control their cards, accounts payments, and perhaps most interestingly, data sharing with third parties. Can you talk about how customer interactions with control tower have changed? During the pandemic, 28:02 or so, for those who aren't aware control tower is a feature in our mobile, and all of our digital experiences, I should say, that enables customers to have transparency and control in a really simple interface over there, like you said right there, their card debit and credit cards, gives them visibility into their recurring subscriptions or payments, and then enables them to also manage their data sharing through through the agreements that we've already announced with third parties to share data through our secure data exchange API. We recently in the spirit of responding to just from the through the pandemic, but I think for a longer period of time since we launched it in the fourth quarter of 2018. Elevated a feature set related to managing digital wallets so that was a feature That was in control tower one level down and we brought it up in response to feedback we got from customers saying, hey, this enables me to really see where you know, there's my phone or my my watch a you know, an activated for payments and my debit and credit card and to be able to control those things. So now we've added kind of a fourth top level aspect of the of the product to respond to feedback from customers. And that was rolled out at the at the end of July to all customers. Um, you know, I think in the context of the pandemic, specifically, we had already observed from customers that the notion of seeing all their recurring payments and subscriptions in one place, provided a lot of value to them kind of the aha moment of like, I forgot I had that or I moved in this was really convenient way for me to track all of my recurring payments or subscriptions and I think as soon as possible summers go through economic challenges brought on by the pandemic. And a managing having visibility and in the opportunity to assess those kind of recurring payments and subscriptions is really powerful. Again, because customers are really facing, you know, facing a lot of some customer facing a lot of financial stress. So, we're seeing that, you know, that was already one of the most popular features of the product but but now, you're the pandemic that's, that's increased, increasingly popular. 30:35 Kelly and Nathan, with your unique perspective, working with lots of different clients, what are you noticing in terms of banks use of customer data changing? Are they using it more wisely? Are they figuring out ways to use data to recommend better products or provide better customer experiences? And if not, what what's sort of the the missing link there to make that a reality? We'll start with you Kelly and then moved to Nathan, I guess 31:01 That sounds great. So what I would say is that what we're entering into and kind of a new world for financial services, is that we have to start kind of designing for data, instead of designing for tac, and that's really for the it audience, if you will. And when you think about the value of why that needs to move that way is that in the past, it was about transactional processing, and how, how fast can I process a payment? How fast can I like, actually clear, a deposit into an account. And in the future, what we really need to be focused on is unlocking that data. And right now, I think that the banks are very early in that journey, because it's going to require them to rethink some of their applications and the way that they have designed things in order to really unlock that data in order to gain more insights. Right now they can do a great job of kind of looking at data that they have from a historical perspective, which will give them great insights into how to look at better risk modeling for whether it's fraud detection, or, you know, net credit losses, though when it comes to kind of the offer strategies, they it may still be somewhat static until they can move into an environment where data is really moving in real time that allows them to gain those types of insights in real time and design their systems to respond in that way. 32:31 Then, is that something you agree with this, this hold up on real time? And you know, if so, is there any way that that we can kind of work through that? 32:40 Yeah, I mean, I think, you know, we see it some in terms of the real time I think it depends on the use case. And I'd say what we've definitely been seeing is that there's there's an increased interest in data and the usage of data. And for us, that's it for us in particular, we've been spending a lot of time especially with our AI and machine learning based product with customers. And what I noticed is that as we start on, you know, call it more obvious use cases, you know, like a product recommendation, you know, not obvious because it's not helpful it certainly is but, you know, the sort of clear value drivers, you know, or even things like we have an automated spreading product right? So you can take tax returns or financial statements and we can flow them into the underwriting automatically is, you know, one sort of that that almost like first level of oae like this is real, this is helpful kind of hits and begins to be realized. It's almost like the art of the of the possible starts to emerge. And we begin to have conversations more and more with customers where they say, Well wait, you know, if you've got this financial statement information to the sorry, within the product cannot flow into our portfolio and into our portfolio analytics or a portfolio management whether that's in Encino or outside of Encino. And then they, you know, begin to get into things like early warning systems we're talking about is their automated forecasting or training that can happen and, you know, for us the, I'd say the excitement of it is very much where it is very much around, you know, beginning to realize more and more that the data that's already present in there, there A ton of value there. And it doesn't have to just be sort of the very transactional, you know, what did somebody pay for debit card data either it can be, you know, some of the some of that sort of previously previously seen as higher level data. But there's a tremendous amount of value both in automating what's in place today, like spreading and things like that. And even automating things like portfolio management that, you know, tend to take a lot of time and energy, but with all the data that's available today can actually become much more efficient. And to Craig's point earlier, can then lead relationship managers and others begin to continue to focus on how do they have a great relationship with their customer and spend not quite as much time on some of those transactional items 34:37 for the bankers in the room? You know, Ben Craig, Stephen wine, is that something that rings true with you? Is there a lot of high level data that you think could help the institution and get to the next level, I you know, whoever wants to jump in on that feel free. 34:51 I couldn't agree more. And I think Nathan earlier mentioned the paradigm shift of not automating the same process, I think beyond the paper to digital paradigm shift, we're also seeing a, a doc to data paradigm shift where we are seeing, there's no longer the need necessarily to have a stipulation or a contingency for the document that you use to request if you can plug directly into a data verification provider. So we're seeing a lot of changes to verification and authentication methodologies, to the data flow between all of those different systems. And then making sure to Kelly's point earlier that all of our data infrastructures set up for a reuse and portability and single source of truth across the organization. So it's a it's a major priority for us and it's really something that we're hoping will will unlock a lot of further efficiencies and and reduction of friction in the client experience. 35:54 And you want to get some of that. 35:57 I was just gonna wholeheartedly agree that Craig and actually I 36:01 Like mines, 36:03 like, like comment in terms of that the statement example is something we have worked on and are working on in terms of our both Fargo gateway as a as an API that is he said, Well, instead of someone requesting a PDF, it's just really the data elements that were that are needed to help the customer be what they're trying to do. So it's a big focus for us all. 36:29 You know, we're about to jump in. 36:32 I would just say that, you know, we're, we're starting to use more data, as Nathan mentioned, you know, just really to add value to the client experience. You know, there's a lot of insights that come from that. And, obviously, speed of delivery, like Craig mentioned, if you can cut down a couple days on a loan application or anything that used to take a long time, use the manual process in place that's, that's my experience. 36:56 Absolutely mine, you know, you're uniquely positioned sort of as a startup. That's House within a bigger bank umbrella? What are your thoughts on the use of data and the ability to help drive digital processes? 37:10 I think that's totally what Nathan was talking about. In fact, I would say, you know, there are a lot of other data available online that can be used to really create more better profile about customers, right? Not necessarily saying we use social media, but there's a lot of other data just somebody talked about, you know, directly verifying the identification data and other data. That way you don't even need a step process anymore. So we are certainly we use currently BBVA processes but our goal is to really, you know, use data to start making those decisions on our own. So we are on a journey and and I personally think that early next year or middle of next year, we should be able to make in accredited business decisions. Through data on a row. 38:03 What does I mean? 38:04 Sorry, go ahead, Nathan, I was just gonna jump in really quick, because this one brings up a great point of no with a lot with our more progressive customers and those that, you know, to Kelly's point of sort of already been ahead on that on that data journey. You know, they're they're thinking and asking us less questions about how to kind of use the data that they have today, although we still have those conversations, and they're getting more into, like, what sort of external third party data or sort of non bank data, if you will, that's, that's out there that can help accelerate different parts of the process? Because, you know, I think one brings up a great point of it sort of easy to I mean, the easiest data, right is the one that is arguably the one that you have that you can sort of control and organize, you know, but that's not the only data that's available. And in some cases, that may not be the most valuable data depending on what you're trying to accomplish to it to the organization. 38:46 This is just completely hypothetical. But what would some of that data be that that you guys are talking about the this available data that might not be within your own institution would this be public records, but this be obviously social media is kind of the one Then we mentioned but it seems like there's more than that. What are just some examples? 39:06 Like I mean, for us, it's really for example, address, right? address verification. Nowadays addresses are well, there are very plenty of providers that give the address so you don't need to go back and have them verify addresses. Right. That's one of the beginning point we're seeing another area that not necessarily outside data, but internal data we use is budgeting data we use budgeting quite a bit. And we can use the budgeting data to say see somebody is creditworthiness to give a loan or extended, you know, overdraft kind of things are much easier because now we know their budgeting, and their expenses and we know their bills, and it gives us much more better insight, which is not really truly a banking data per se. But what about their financial usage data? 39:57 Hmm. So since you have that line of sight into how their budgeting that provides you a better accurate measure to 40:03 to underwrite exactly, even if they don't bank with us, right? It's possible to bank somebody else, but because they use us budgeting, we know what their expenses look like. 40:14 Nathan Sorry, I didn't mean to cut you off with a few episodes. 40:17 I'm just gonna bring us another example of, you know, data that's, you know, when you first say it, you know, it doesn't necessarily make us make a lot of sense. But when you get into the use cases, desert, like weather data, for example. So, you know, the number of times, you know, if you think about portfolio management, where, you know, a name storm happens to come through or, you know, you get something strange that hit Salt Lake City that sort of like a hurricane, or whatever it may be, you know, the, the ability to have systems that can even pull in stuff like, you know, Yelp data to begin to evaluate businesses on reviews. You know, I think those are sort of examples of data that aren't necessarily commonly thought of, but when you think about it, say from a portfolio management standpoint, you know, the idea of being able to get an alert from a system that says, Oh, hey, by the way, there's a named storm that's about to hit Florida, and here's all of the collateral that's located from a real estate Same point in that area. And oh, by the way, you know, here's all say, maybe the flood sort of fluttered exceptions that hopefully you don't have, you know, here's what your risk looks like, right? So I think that's kind of an example of, you know, even being able to the idea of being able to blend external data that isn't even necessarily immediately obvious, with internal data to say, hey, the marriage of these two things can really help make a much more productive institution. 41:23 Interesting. Steve, I wanted to ask you, you have a pretty unique view with a big picture overview of the bank's retail network. You You guys have branches and Florida, Georgia, Alabama, more than that, obviously, but all over the South and I wanted to ask what processes from your big picture of you? Have you seen wouldn't in terms of the bank, moving processes to digitally what's become more digital during the pandemic, from your bird's eye view? 41:53 Yeah, Rick, as I mentioned, the opening and we've just had tons of initiatives that we're we're ready to have on the roadmap, quite honestly, it just During this environment we said let's accelerate them our clients are looking for more digital tools and with this amplify the timeline. So a couple of examples of E signature capabilities those are pretty much table stakes now you know, it's what clients expect digital appointment setting tools, both mobile friendly online. You know, we found our clients really were craving access to subject matter experts during the pandemic, it was one thing to get do the loan deferral online end to end, but then to be able to talk to a business banker about what that means for their business, how's it gonna impact their credit? How's it going to impact impact our ability to borrow in the future? So having that quick and easy access to a an expert, video tellers and digital bankers we've we're quadrupling our video teller capabilities. Just I mean, that's again, contactless it's what clients are looking for. And the ability to, you know, have extended hours because of the scale you can get through digital was a big initiative that again, is accelerated And then you know the last one we've all talked about really the end to end processes, sort of you can automate it from the beginning until the close of the business. You know, the deferral piece PTP automation origination, you know, you've got to have a good end to end origination tool right now as clients, when originate their new savings account on a Sunday not not wait till Monday when a branch is open. So those are a few examples. And I think internally too, we've had to shift our mindset. And we were traditionally we'd all come together in meetings face to face and talk about different projects that we have going on. So how do you migrate that to digital type project management, you still use an agile methodology and really keep everybody marching along as you should. So really external internally, we've had to alter a lot over the past six months. 43:49 You mentioned the word there that's become very commonplace, sort of the pendant which is contactless Kelly and Nathan again, I like to tap your knowledge on you know, all your Working with different banks. 44:03 How often are banks trying to go contactless and how? How can they get there? given what's available right now? I'll start with telling you, I guess. 44:11 I was actually gonna say I went first the last time. So I'm gonna let Nathan go first this time. Okay, 44:17 Nathan, you're on the spot. 44:19 Yeah, I mean, so when it comes to contact us, I mean, I think a lot of what, you know, Steve described, you know, we're, you know, we're seeing different aspects of that. I mean, to be honest, I think there's still there's still a lot to emerge there. You know, when we talk with our customers about it, and even when our in our in our services team gets engaged, you know, the first thing that we try to do is, is really drill in on kind of the persona on that who are focusing on because when you look at something like retail versus commercial, for example, you know, retail is, you know, everybody wants things faster, but retail is obviously geared towards being as fast as possible. So, the touchless experience for something a consumer based product is going to be a little bit different than that touches experience for a commercial based product. So, you know, a lot of the conversations that we're having Really trying to kind of segment that and talk about, you know, what's the what's the journey that we can create, you know, with the platform that we have today with our customers or even with our prospects, you know, to be able to create not just a contact, contactless experience, but a really good a trustworthy experience at the same time, and one that, again, on the retail side is very expedient. And one on the commercial side, you know, gets you more to like what I call the pizza tracker, right? Where it's going to take longer. So what you're trying to build as part of that trust is not just the contact list, it's not just the safety, but it's the visibility into what's actually going on through the process. So, you know, I think there's still things that we're seeing emerge, you know, with respect to that, I mean, some of it we see, pretty commonly what's been talked about so far like, you know, having a better customer experience both on the commercial side, which is less common before as well as on the consumer retail side. 45:47 Okay, totally an IRA. 45:51 So I'm with Nathan on on, it's still pretty early. And I think right now part of why it's, it's early when we talk about contactless and what else could be contactless Is that right now? I think that the industry is still very much looking at how can I make myself contactless so I'm the bank How do I make myself contactless instead of understanding like that journey of the customer. So in the world I you know, in the future I could envision where instead of just contactless payments mean that you don't have to swipe your your credit card or use your your Apple Pay, if you will, it would instead be done through what is much more of kind of an IoT type of fashion, where you're going to drive up to park your car and by just merely entering the gate into the parking lot. It automatically charges for the parking that's going to occur for your for you or where Amazon came out with something like this. So it's a it's still it's kind of here right now. We're instead of you having to swipe and pay at the pump. You actually Have the connection of your payment device into your physical car. And so when you show up at the pump, it automatically registers for for the payment. And so it's it's really kind of abstracting kind of the value in what we're used to doing with certain devices and start thinking about it instead as a kind of end to end journey. And how does a bank really start providing that level of service, which is going to come through new types of technology and becoming a little bit more open and regards to the way they think about delivering their services out to the market, some would call that open banking, others may call it creating a platform bank. It really depends on on where you're at in the world on how you kind of view, that type of banking, but that's more of what I see coming in the next five years. hopefully sooner is much more of kind of like ambiguous or ubiquitous Excuse me. Thank you. services that are really kind of offered at the point of connection and contact that the consumer has. Mm hmm. 48:08 Yeah, you open banking space is definitely interesting. We've been covering that pretty extensively. The CFPB put out a free anpr or I think it was called an MPI? Well, they're they put out a pre pre notice that they're going to make some kind of rulemaking the next year or so it sounds like so it'll be interesting to see what happens in the open banking space from a regulatory perspective section 1033. And Dodd Frank becomes you know, fully enacted into law will will definitely be keeping an eye out that CFM to see if Yeah, open banking and or platform, Becky, whatever you want to call it becomes more ubiquitous. I'm telling you mentioned something that that's not on my list of questions, but you reminded me of something that I heard last year at build. When we were doing this in person in Atlanta. David Becker, a first internet bank talked a little bit about the Internet of Things and how that can make a big difference in payments as well. And I believe the example he used was, you know, you're you're at your fridge and you realize you need milk or beer or whatever, and you just punch it into your fridge and buys it at the grocery store for you. That was a year ago, and I don't know how much of a change has happened since then. But does anyone here have any thoughts in terms of how much closer if at all we are to having a system where contactless payments doesn't just mean Apple Pay, but literally means kind of thinking purchase into existence on us? 49:36 I mean, I'm happy to jump in. I mean, I think in Kelly, you know, I think made a great point in talking through this. And I think the embedded finance, I mean is you know, whether, regardless of sort of open banking, the idea of embedded finance, and that becomes sort of just very much a part of everything that's going on. You know, I think, yeah, well, I haven't seen anything particularly like from my refrigerator, just punch in the stuff or near I yeah, that was Awesome. 50:03 I'd like too much beer. But yeah, 50:05 you know, but uh, but I do think I mean, if you look at a firm, for example, you know, the integration with Shopify, and even a lot of the buy now pay later, you know FinTech stuff that's going on. And I think we're starting to see a lot of emergence around around more embedding of, you know, financing activities happening in different ways. You know, we see another aspects of sort of the next generation of PFM apps, you know, with different companies that are going on there and sort of aggregate kind of new layers. But I think a lot of it goes into that embedded lending and lends itself to that, where we're seeing it, you know, online specifically now, but, but I totally agree with Kelly that I think, you know, online is what is one venue of it, but certainly as as contactless becomes, you know, better understood and in the right technologies in place, you know, experiencing it more, you know, in the physical realm versus the online realm. I'm the best way to describe it, I think is definitely on the horizon. 50:54 Yeah, right now, it's still very much still kind of a conceptual right, we can all think about these things, and we all want these things to occur. And we have, we're lucky enough to have experiences with the likes of Amazon and the way that they're changing some of the the whole shopping experience that makes us kind of have the realization of, of us being able to do it. Right. It is possible. I do think that some of the challenge that we have within the banking sector is just, you know, our willingness to kind of think beyond the walls of our organization on what is possible. There's still this fear of safety, soundness and security, especially around customers data to really kind of do that art of the possible. And so I think that we're getting there but it's probably going to take a little less, to use an old phrase that I had to use all the time, a little less time spent. Trying to run the bank and a whole lot more time and investment on how you build the bank. And how do you think about really connecting to the customers in a different way. I mean, by and large, our society, we almost forget that the banks are the unsung heroes of our daily lives. I think we take it for granted that, you know, when our when payday comes that the money just miraculously appears in our bank account. And forget about the fact that the entire value chain of getting the money from your employer all the way to your banking institution is completely orchestrated by the financial system, which are the banks. And so we owe a lot of credit to the way our life is to the banking industry. But at the same time, we have to find a way of how do we really modernize and innovate what is so important to our society in a way that still makes us feel secure and that we have Trust with the financial institutions that that run it. 53:07 And one last thought on that just I think there's so many pieces where we get hung up on talking about this only in the context of the next generation of consumer e commerce. And there's some complexities there just because of the broad range of retailers and participants in that ecosystem. I think we're seeing a lot faster adoption of IoT and in new financing mechanisms on the commercial side, particularly as you look at things like trade finance, Supply Chain Finance, there are a lot of really interesting opportunities to use IoT for managing inventory levels and automating debt covenant triggers and things of that nature. So I think that's one interesting area. And then the second aspect of it that I find really fascinating is around identity and authentication and access management. And that's something that has implications on tokenization, and IoT, but also is just some really interesting implications to how that's evolving in the core commercial banking space and managing the complexity of entitlement and access for a large corporate entity that has different users with different sets of permissions and role based permissioning and things like that. That's not anything new. But it is something where we're seeing the technology improving to become much more sophisticated in managing that and that concept of managing identity to those more complex multi party or multi entities are really some something where I see a lot of innovation happening and it's something that we're working closely with a lot of our clients on. 54:48 interesting background of the system, 54:50 I was just gonna add a lot of great points have been made. You know, Kelly, Kelly framed it well that our industry has really been Within the way that we've started with branches, and then went ATMs and online banking and mobile banking, you know, the way we've been pushing ourselves to think about the next way with things like control tower in our in our gateway and our API program, is the contextual banking. That's the that's the way we talk about it, which is, we have a history of you come to us, Ms. Customer, and then we provide you services. I think the future is we come to you and we give you the right information. At the right time, whether whether it's and I agree with Craig, we've been very focused on sort of retail point of sale or point of lending examples. It's much broader than that, in terms of we are custodians of your financial life. And so whatever piece of that is relevant in that point of, you know, in that context, we think the opportunity is for us to curate those. So that so that it's you know, it's convenient for you. I mean, I, we tell the team all the time, you know, for better or worse, our customers don't necessarily love interacting with financial services, it's part of their life. And they and and they do it. They love other types of apps and they spend a lot more time on those things. So we need to, we need to respect that and put things in the right context for them so they can get their, their the rest of their life moving in the way that they want. 56:27 Yeah, that's an interesting point, that embedded finance piece. So I wanted to ask, you know, there's probably some very important differences between what we're seeing when it comes to digitizing in the consumer processes versus those for commercial and SMB processes. Craig, I think you touched on this earlier, but I was wondering if anyone could touch on what are some of the biggest differences between these commercial processes, SMB processes, and retail processes and what's important, obviously, the PPP was kind of grabbed a lot of headlines, but what else are we noticing 57:03 So I'm sure Nathan has some interesting perspectives on this as well. But you know, one thing that jumps out to me is just, if you look at the complexity of of treasury management, operations and the nuance to the differences from industry to industry, even within commercial, there's huge variance in terms of, is it a capital intensive industry or a capital light industry? How long is their cash flow cycle? All of those aspects really change the the product and service mix that our clients need, as well as the aspects of their experience that that are most critical. And I think as we look into embedded finance and some of those concepts, a lot of there are a lot of parallels between the two. But the mechanisms by which we deliver embedded finance look very different. And so we're spending a lot of time with our treasury management services group thinking about what are some of the tools And solutions that our clients are using to manage their corporate finance function. And there are some of those that cut across industries. And then there's some of those that are very bespoke solutions. And they're used to manage the day to day operations of a business in an individual industry. And so we're trying to strike the right balance of what do you ask clients to do within our online business banking and treasury management platform versus what functionality do we want to deliver to them directly embedded in the tools and systems they use to manage and run their business? So it's a lot of the same concepts, but the magnitude of the execution and the complexity of some of those identity and entitlements pieces that I touched on earlier are what really make it a unique and a fun challenge on the commercial side? 58:48 When did you want to touch on that in terms of, you know, sort of that balancing act that Craig was talking about and you know, digitizing consumer processes and asking them you know, what do you have Have them versus, you know, other other channels they might go through. 59:05 Yeah, so I, we don't work in the commercial space whole lot. So I don't have that. And this consumer side, definitely, I think I see love potential and continue to, you know, change the processes to help consumers in terms of, you know, make decisions in terms of helping there and the user experience side. So, that is something that we are doing, and I continue to see that, you know, progress happening in that space. For example, right, we are looking at, you know, how do we customers really make decisions based on data based on behavior across the board. You know, what, one time it's not public or not product ideas is, is there is there value in customers getting data about what other people are doing with their budgets? Right, what kind of budget People are creating that has been successful that might help change consumer behavior. Right. So again, using other consumers data anonymized and helping, you know, peers make decisions in their own financial life. So those kinds of things are what we are looking 1:00:15 at. So we we're running pretty close to time here and I wanted to end with a wrap up question that all of you can weigh in on you know, obviously the six the past six months have seen a ton of digital shifting ton of things move online and just you know, a lot of changes in general of all those changes. What do you think will stay you know, if when we have sort of a return to normalcy, what what's going to have staying power? I'll start with Stephen and we'll just kind of go from that. 1:00:50 Yeah, I think we've all touched on this. Rick, I mean, the the day to day wrote, you know, basic transactions and behaviors. They're just not coming back. I mean, they're they've moved to other channels. I think you know, we've seen even with our customer base clients that told us two years ago, there's no way I'm doing mobile deposit, I prefer to come into the branch, guess what they've adopted mobile deposit, they love it now. So it was one of those things where, you know, they just need that catalyst to move them forward. And they told us now Hey, I'm not coming back, I still love you guys, I'll come back when I need to buy a new car or, you know, buy a new home or something like that. But the day to day stuffs just not not gonna come back in my opinion. 1:01:28 Like, is there anything that you think is, you know, here to stay? 1:01:36 I think, for us, it's the bar has been raised on experiences across the board. And we have to remember that banking is not the only industry that's made significant investments in digital transformation the last six months and so our clients benchmark us against the experiences they have in that re industry and that bar just continues to go higher and higher and we need to do everything we can not just to keep up but To get ahead of that. 1:02:03 Great, Ben, what do you think is gonna last? well beyond the pandemic, I know you're very in tune with us, given all the arms of the bank that you have an eye on. 1:02:13 You know, I think some of the discussion we had today about banks roles and helping customers manage their data in a complex set of interactions they have with multiple apps and other things, is something that this pandemic is transforming. It's not going back. So I think that really speaks to the under underlying role that we play in our in our customer customers and clients live that it's going to change. And to Craig's point, it's got it we got to accelerate our response to it because, you know, our customers are changing quickly. 1:02:49 Kelly, did you have any other thoughts on that? 1:02:53 I think they all have great thoughts, and I agree with all of them. I think the only other piece that I was Say that I noticed and even with myself, as we went through this lockdown and and continue to be a little bit in a different environment than we're used to is that do you think that consumers are going to start thinking a little bit differently about what financial health means and what that looks like, and how they're looking for the bank to really be the facilitator of that, that 360 view that they have of themselves may not necessarily be of what they have with the specific institution, but in general, like how do I really know what the health of, of my personal assets are, and how I move forward. And so I think that we're gonna still see a pretty large insurgent with that. And as we go into, you know, calendar year 2021, I would expect that we'll see. The industry spend far more time and energy in the wealth management space and what it means for Both the emerging wealth as well as the high net wealth. 1:04:05 Interesting. Nathan, what are your thoughts? We've already touched on this a bit, but any closing thoughts on permanent shifts when it comes to digital processes? 1:04:14 Yeah, I think the the one that I've maybe highlight just from, from what we've talked about so far as commercial, now, I think, not just from COVID. But part of what I think we can learn from PPP and or even seen as a result of the PvP activity is that, you know, for most institutions, you know, the PPP, you know, loans, the institutions or customers that are focused on bled into commercial, you know, so previously in a world where in many conversations, you know, that might have about the idea of, say, taking an online commercial application, it was like, Oh, that's, you know, that's crazy. Nobody's going to do that. But now we suddenly have, you know, hundreds of thousands of applications, right, that prove that people are in fact, you know, CFOs will go and go online and apply for, you know, kitchen every kind of commercial loan, but they'll apply for a commercial loan online, you know, and much To Greg's point on what Treasury looks like, and things like that, I think there's definitely a shift in expectation. And I think, the beginning of kind of an evolution of what commercial banking looks like. And I think an important point that too, is that maybe we've also learned from COVID. And it plays well with commercial banking that like, we need people, you know, so as much as we want things to be automated, and faster and all that it's true. It's so ultimately about relationships, and we need connections and everything else. So I think, to me, it's really I'm excited to see both how we can help our customers but also just as an industry, we know how commercial banking itself is going to continue to evolve. And I completely disagree with what's been said before about you know, retail, I feel like is a little bit more obvious is maybe unfair to say I think it's there's more discovery going on there. But to me, I think commercial evolutions can be really exciting. 1:05:47 antastic mine, you have the final say, what do you think is gonna be the lasting implications of this pandemic? I think no pressure, no pressure. 1:05:56 I think I'm slightly going to talk not pure bank. But more technology I think remote work is here to stay in my opinion, especially in technology. I don't think we're going to go back to hundred percent office, at least for a while. But I also think it has interesting impact on people are moving to parts of the country that are not known for, you know, high tech and high salary, like people are moving to South Dakota, Idaho, because now they can work from anywhere. So I wonder what economically that changes in those area? What what kind of growth, what kind of economic impact that will create, so it'd be really interesting to see 1:06:37 antastic Craig, we were just talking about that earlier during our live. Um, so what a great note to end the conference. Thank you all so much for being here. Craig, Ben, Steven Moines, Kelly, Nathan. It's really awesome to have you join us. This was so fun. I want to thank that base again for sponsoring the session. Now I'm going to turn it over to our CEO who's going to take us through some closing Marx. 1:07:02 Thank you, Rick. And thank you all so very, very much for being here. I want to thank the speakers in starting with this session but really across all the sessions during the conference really some some great insights and ideas that were shared. I want to thank the bill team, Rick and Bianca, and and really the whole bill team for all their hard work to bring this conference to you. So many references to automation over the last couple of days and as as such, I hope you'll all join us for our next event the banking automation summit, which will be November 910. Our featured speaker will be Ken Mayer, Chief Information Officer of digital channels and innovation at truist bank so you can check out details at Bank banking automation summit.com 1:08:01 We will see you there. We will see you at future bank innovation events. Once again thanks to all you for participating and stay safe. 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