Bad Data Sells, Better Data Serves

Jim Marous:
Hello, and welcome to Banking Transformed Solutions, a new podcast series that provides financial institutions insights into marketplace solutions that can help organizations with their digital banking transformation. I'm your host, Jim Marous, founder and CEO of The Digital Banking Report and co-publisher of The Financial Brand.

Jim Marous:
More than ever in the past, data and applied analytics is being used to transform business models and create more personalized streamlined experiences tailored to the needs and preferences of consumers and businesses alike. To compete in the future, the banks and credit unions must be at the center of a good data ecosphere, serving as trusted data custodians proving real-time value to consumers every day. More importantly, financial institutions must give control back to the customer so that they can choose when to give up their data and for what purpose.

Jim Marous:
In this episode, Hossein Rahnama, CEO and co-founder of the Toronto-based company Flybits, discusses how data can make relationships stronger by keeping data secure and using data responsibly on the customer's behalf.

Jim Marous:
Welcome to the show today, Hossein. First off, I want to welcome you for the second time to The Banking Transformed Podcast. You were our fourth guest on the podcast where you discussed how contextual data can transform banking experiences. The mission of Flybits, and really of our podcast, has withstood the test of time. We both know now more than ever that data, analytics, creative thinking, and technology can come together to solve business problems while at the same time addressing customer needs. Hossein, before we get started, can you provide a short background around both your career and the mission of Flybits?

Hossein Rahnama:
Yes. First of all, thanks again, Jim. Great to be with you again. For sure, a lot of things have changed since COVID started, but I'm glad that we are here again together talking. Just as a quick background on myself, I'm a computer scientist. I have a PhD in computer science and AI. I spun off Flybits from a research lab about seven years ago with a focus of building tools so that non-data science experts and non-AI experts can build these types of predictive and personalized capabilities at scale.

Hossein Rahnama:
I did not have a background in the financial industry, but when I looked at banks, I was like, "Wow, look at all of the data sets that are available in these organizations. At the same time, look at how many millions of customers they have. It's a perfect place to prove our technology and thinking on the power of data." I have a great set of team members and executive team helping me to scale Flybits, and we are working mostly with financial institutions around the globe.

Jim Marous:
In doing my research for this podcast today, I came across an open letter that you made to Canada's top national newspaper, The Globe and Mail. In it, you talk about the promise of the data age, when data is protected, organized, secured, and delivered through the right channels it can power work for us, relieving stress, fostering connections, and improving lives. What prompted you to deliver this basically a rallying cry to the industry?

Hossein Rahnama:
I was looking at many large organizations in terms of how they treat and use data. Their view is that, "Hey, let's have this big repository. Let's call them data lakes. Let's put everything there, secure it, and sometimes even without the permission of the user, mine it and model it and then push things to the user." Now, the good thing is regulation is now preventing that in many areas, especially in Europe with GDPR and new directives that is coming up. Consumers are becoming more aware of their data rights, and also, banks are looking at big tech firms that, "Hey, look how personalized and predictive these consumer channels are. How can we use that on our own digital channels?"

Hossein Rahnama:
Bringing those three things together really prompted us to say, "Hey, when you think about open banking, when you think about the ownership of the data by the user, when you think about the privacy preservation of the data, you need to look at data differently." Last time that we talked, most banks were thinking about AI, and what we discussed was that AI without data is meaningless. Now that you have all of these data assets, how do you control it? How do you manage it? How do you respect your users' privacy and really turn that in to value?

Hossein Rahnama:
The article that I wrote was focused on open banking not as a restriction but as a very big opportunity for banks because by really using the trust factor that they have with their end users and with a focus experiential design, they can not even compete with the big tech, but they can also introduce some very new business models in which privacy is a key design element of them.

Jim Marous:
It's interesting because over the last 18 months when we were all secluded in our own little cocoons, consumers became and businesses became more aware than ever of the power digital interactions, digital engagement, digital purchasing, proactive solutions, things like this. How have you seen the landscape change with regards to the consumer view of how data is being used and what is new and evolved in the role of the banks?

Hossein Rahnama:
If you think about five years ago, illiteracy around data ownership, data rights, ethics on using data, governance of data, these were terms that mostly were used in academia. Now, we have large set of customers that are aware of what happened with Cambridge Analytica. They are worried how big social media firms are using their Facebook and they are like, "Hey, I don't want that to happen anymore." At the same time, if you think about the relationship between an end user and their financial institution, their bank, there is an element of trust there, so we thought if we can bring these together, there will be a way for data to still be shared as a catalyst of generating value, but through a very different paradigm.

Hossein Rahnama:
The paradigm will be not misusing someone's data, but really bring value and with that sense of trust convincing them to share that data with you in exchange of [inaudible 00:06:52]. That's what's happening now. Consumers are way more literate about the power of their data, as data of a new asset class in which they can generate value out of it. I think the ecosystem is ready for absorbing new capabilities that can turn that data into a catalyst of impact.

Jim Marous:
You know, it's interesting. We mentioned on the first podcast we had about contextual data and the value. When we look at what has happened over the last 18 months, we have a number of consumers that are using Instacart to buy groceries, but learning that as Instacart is used more frequently, it starts to make assumptions about your frequency of purchase and uses contextual data to say, "We can take some of that load off you and save you time." Netflix does this with movies. Amazon does it extraordinarily well, not as much predicting what you want to buy next as prompting you if they see something that hasn't worked in the past and also looking to say, "How can we work going forward in building a better way to engage in a way that really transfers value?"

Jim Marous:
When banks are becoming more involved in the lives of consumers, on one hand, they want their bank to know them, look out for them, and reward them. Yet, as you mentioned, they also value privacy and security. What is the trade-off between privacy and service?

Hossein Rahnama:
Well, there shouldn't be a trade-off and I'll answer that question by first giving you two examples, and I will give you a comparison on how you built this example five years ago and how you build it now with privacy preservation in mind. We have a very large bank that is using Flybits for their lending unit, so when they understand the propensity of the customer if he or she is looking to purchase a home, they deliver pre-approved mortgage offer using Flybits. As part of that package, they provide a utility company as a preferred partner, they provide a moving company as a preferred service, and they also provide a preferred cable service. If you think about a moving experience, all of these are provided by the bank on the banking channel to an end user.

Hossein Rahnama:
Now, the question is, "Well, how can you bring a telecom carrier, a utility company, and a bank together to provide these set of aggregated services to the user?" In the old days, there had to be a business-to-business relationship between these organizations to agree on legal contracts, to store the data, and use that to provide services to the user. We now do that without the centrality of the data. The user is in the center giving permissions to all of these entities to share certain attributes about their data, what type of cable provider they want to work with, what type of service they look for, and without co-locating the data, we process these recommendations and we remove all of the data from any storage points across those organizations.

Hossein Rahnama:
In order to do that, you need to have algorithmic capabilities that respects the privacy of the data. You need to have a significant focus on the design and the user experience so the user becomes more comfortable sharing the data and understands that transparency. Then, you build recommendation services that is not just about the rate of your mortgage or the term of your mortgage, but it's about the moving experience. That hopefully gives you an example on how we do it.

Jim Marous:
You just brought up an actual very specific solution. When you're engaged with financial institutions, do you have to have an all-or-nothing engagement? Or do you actually do it on potentially at times on a project or a product-level basis where you can get engaged to the degree of a financial institution wants or solutions to be based on your data sets?

Hossein Rahnama:
This is what we learned at Flybits. If you think about a platform company like Flybits and compare Flybits with many large incumbents, the way they used to sell their platform was you got to buy this multimillion-dollar monolithic platform. Then, you need to bring a system integrator to put it in place, and then you go bring a consultant to help you with the user cases. We cannot grow as a company like that, so what we did, although we have a very sophisticated platform, we started to modularize recommendations on top of that and sold to a business owner the head of cards, the head of insurance, the head of fraud. Now, they are much closer to the business metrics. They procure it and they can go to the market very quickly.

Hossein Rahnama:
There are these types of modularities that we created on top of our platform that is not just about the platform itself, but it's about that specific ROI that we bring to a business owner in a bank that is tied back to a set of KPIs.

Jim Marous:
That's interesting because I talk quite a bit about partnering with a solution provider to help you get to places faster, easier, and with more sophistication. What you're actually saying is not only can you do it fast, but you can do it in a way that virtually any organization could partner with you, any size organization. If they're looking for a specific solution, you can help them get there, and I would imagine just by the nature of the beast, be able to get there quicker than they would have been able to get there by themselves or if they bought an overarching platform, correct?

Hossein Rahnama:
Absolutely, and I think that's the lesson that we learned at Flybits in which at the end of the day, you have to solve a pain point. AI, remember three years ago, board members, CEOs, "We got to procure AI," and then the question became, "Why? To do what? To solve what problem?" If you look at the problem from an outside-in point of view to say, "I want to fix this problem. I want to predict the needs of my customers while their privacy's protect. I want to interconnect my card unit to the lending unit."

Hossein Rahnama:
We have an example that let's say when you get a mortgage, anything you buy let's say at a Home Depot will be five times the point on your credit card. Well, in the old days, you had to have your IT department involved. They had to build a very kind of snowflake type of a solution for you. With Flybits, it's just a matter of dragging and dropping some data points and then launching this service within a matter of days rather than months, so-

Jim Marous:
Boy, that's exciting-

Hossein Rahnama:
... understanding-

Jim Marous:
... yeah.

Hossein Rahnama:
... that in a holistic view, you need to have technological and algorithmic excellence. You need to bring privacy people from early, early days, and you have to have a very strong focus on user experience and user centrality all as part of one unified strategy, not in disjointed silos.

Jim Marous:
It's interesting. I mean, what we discussed here, you sound like you're selling and helping financial institutions really get to the promised land in bits and pieces that help build the case study as you go along, but we both know banks are sitting on mounds of data and they realize how this data can be used to improve decision-making customer experiences. That said, our research continues to find that the vast majority of financial institutions rank themselves extremely low on data and analytics maturity. Why haven't banks and financial institutions in general been able to turn data into valuable customer insights easier? What challenges do you see as you go out there and you're selling your services? What holds organizations back from moving forward?

Hossein Rahnama:
When you look at the data dynamics in a bank, you can really categorize them into three buckets. First one is the CIO office, the chief information or the chief technology officer. At the end of the day, the mandate of this unit is to keep the data in, keep it secure, making sure that it's complying with regulation. Now, recently, since about four or five years ago, you have the chief digital officer, which is about, "How do I bring this data out? How do I make the most of it?" Usually, there is sometimes a healthy friction between these two individuals, and recently these days you have the chief data officer, which is supposed to play a horizontal role across the bank.

Hossein Rahnama:
In order for the data dynamics to work well in a bank, these three entities, these three individuals, should work very closely together as one unit. This is why challenger banks, digital banks can move way faster than old banks because digital is just the fabric of this bank. In many large banks, digital and IT are separate organizations, so that has to change the organizational view of data. When they do that, then I think they need to change the way they treat data. The way they treat day, if you think of most CIOs, they're like, "Let's centralize the data. Let's create a lake. Let's put all of the data in one location." That is dangerous. Anytime you co-locate assets, irrespective of how strong your encryptions or encryption keys are, it is just a matter of time.

Hossein Rahnama:
Well, you need to think about a very different paradigm. Decentralize the data. Instead of moving the data, ask questions from the data. When you get the answer, process and remove. That is a perfect algorithmic alignment with what open banking is advocating for. Then, you need to bring design folks because now in the new paradigm in which the data is owned by the user and you need their permission, the importance of design and user experience and UX is as important as data strategy.

Hossein Rahnama:
When these things come together that the bank is like, "Well, in order for me to get that data, my experience should be so valuable and I have to have strong consent management with transparency for the data to come in," all of these can become the skeleton for a new data strategy. The assets are there. The data sets are there. How you leverage them requires a more holistic view between design, privacy, regulation, explainability, auditability, all part of one unified strategy.

Jim Marous:
You're referencing the fact that don't just use it for marketing, that basically the distribution and democratization of data throughout the organization becomes key to success. I mean, we've talked about it in other podcasts the value of potentially saving the applied analytics, the what's next? Sharing it with let's say branch employees so they can engage with customers, to share with different units of the financial institution so they can apply it their ways.

Jim Marous:
Really, I would imagine that the organizations you've seen the most success with are those that have really spread the use of the data across the organization. How do you help financial institutions do this? Obviously, you've gone down this path many more times than the financial institution that's going down it for the first time. How do you help organizations really apply data broader than in a narrow use of the data?

Hossein Rahnama:
First, we give them a set of tools that allows them to really make the most of their data without expecting them to remove their existing infrastructures. A lot of the incumbents or incumbent platforms in the market, their view is that, "Hey, I can help you with your data strategy, but first, you need to gut out everything you have, put my stuff in, and then the magic will happen." Don't do that. The fact that you have a lot of legacy systems is actually good for your bank because it keeps your infrastructure secure. You can have mainframes, you can have CRMs, you can have customer management tools. Perfect, keep them. Invest in an abstraction layer in which these systems can talk to each other. That's one of the design patterns that we use at Flybits helping essentially the CIO's office to benefit from this.

Hossein Rahnama:
Then, the question is, "Okay, now that the data assets are ready, folks in marketing, folks in digital channels are not necessarily coders and developers. What types of tools do we need to give them so they can benefit from this data at scale?" That's another layer of the platform that we have. The most recent thing that we have done at Flybits which is very unique is that we templatize these data assets into experiences. For example, we have templates for anything to do for cards. We have templates for anything to do with insurance, for wealth, for more offers.

Hossein Rahnama:
If you remember early days of the internet, you had to code your HTML page and then you start to see these authoring tools. Our view about data science and AI is exactly that. Pick up a template for mortgage renewal, feed your data assets, put consent management, go live with that. That approach is really helping our customers to shrink their launches from a year to 18 months to about two to three months now, which is a very strong metric for us to measure.

Jim Marous:
Well, it's interesting as I've been meeting recently face to face with bankers, and the challenges that they feel the most is, number one, they have so much on their table. There's so much to do. Number two, the importance of getting those quick wins in the marketplace to be able to substantiate additional investments is key, and you said it, that really I can't engage with a company that is going to take 18, 24 months to get me where I want to go.

Jim Marous:
In many cases, I can't fix my data to be given to you. I'm assuming from what you said that it doesn't matter how what I'll call ugly my data is as a financial institution. You can help use it anyway because you've used it from different organizations that have the same... Well, I'm not going to call it dirty data if the data is good, but different silos and all of the different ways it's constructed usually worked around this, so I wouldn't say it's a turnkey solution, but in many ways it is, isn't it?

Hossein Rahnama:
You raised a very good point. What I'm seeing in the industry is that you have vendors that their job is that they just come and clean the data, and then they say, "Hey, now that your data is clean, I can help you to build these types of capability." My view is that that's not needed anymore. There are software engineering paradigms that allows you to containerize the data, making sure that they are all talking the same way with the same data contracts, and then you don't need to go through these massive cleansing professional services which takes years. Every time you have a new data, you got to do that again. You got to think about that.

Hossein Rahnama:
Then, you have vendors that their view of data, I call these PFM companies, they are like, "Yeah, bank, give me all of the data. I crunch it every night so that the customer tomorrow can see whether their bill is due or they overspent on coffee." It's not needed. The good thing about open banking, the good thing about confidential computing and Edge computing is that all of that can happen locally on the user's phone. You don't have to spend millions and millions of cloud cycles to do that.

Hossein Rahnama:
When you look at these paradigm shifts and not necessarily worry about the buzzwords of technicalities or Blockchain or Edge computing or confidential computing, if you understand the philosophy of putting these together to create a transaction fabric, a transaction medium, then you will gain a lot of acceleration from the value you generate for the customers, the KPIs that you can commit to. I think that shift of mindset is happening now, as it happened with AI. How many... For a lack of a better term, I call these AI charlatans we saw in the past 10 years that, "Hey, hey, AI," but why? What element of AI?

Hossein Rahnama:
I think the same phenomenon will happen. I was in Davos about a year and a half ago talking to banking executives. The ones that really resonated with me are bank CEOs that are not just looking at the bank as, "Hey, I want to increase my assets under management." I really liked the CEOs who said, "Hey, the new asset class is data. I'm also measuring my bank with data under management." If that data can be shared to create economic value, in my point of view that's the bank of the future.

Jim Marous:
Speaking of the bank of the future, we're really talking about a paradigm shift in banking right now. What is the future business model of banks as you see it?

Hossein Rahnama:
For sure, they will maintain their existing business model, it's just that when it comes to competition and market share, it's just moving the needles. I think the ones who will have exponential growth are the ones that can position the bank as a hub of ecosystem building using data. We call it data alliances in Flybits, and you're helping four major banks around the world to build that. The data alliances that... Think about how you used to build business in the past. "I am building a financial technology firm. I'm building a retail firm. I'm building a travel industry." That's going to go away. You put the bank in the middle, you bring the rest of the verticals around that, and you use the bank to share data between them based on the permission and the consent of the user.

Hossein Rahnama:
I have seen that banks are now helping universities to share academic transcripts using their rails. Their rails were used for payments in the past. Now, it's being used for other types of data assets. I have seen banks sharing data between telecom carriers, supermarkets, telecom agencies, and airlines based on the permission of the user. The user will go and say, "Hey, I like bank to help me to reduce my electricity bill." Perfect, they are asking the bank to do it for them. I think the banks of the future are the ones that can figure out this physics, this dynamics of data by positioning the bank in a much broader ecosystem, and then leverage that with their corporate partners, especially their corporate partners.

Jim Marous:
You see really the banking industry potentially being in charge of the consumer identity? That they'd be the holder of the identity, but still the control of it would still be with the consumer, correct?

Hossein Rahnama:
Absolutely, and that's the new transaction medium that I talked about. If you even think about technologies like Blockchain and forget about the cryptocurrency for a minute, that distributed, decentralized way of managing and handling data combined with capabilities like Edge computing will really position the banks to be that trust hub, not just for the users, but also as a conduit between consumers and the rest of the business ecosystem.

Jim Marous:
When it comes to competing with competing banks and Fintechs and big tech firms, what upper hand do legacy banks and credit unions have in this new open marketplace?

Hossein Rahnama:
Jim, on that note there are different views, and I'll share my personal views. It may be wrong or right, but I think that the notion of digital banks and challenger banks competing directly with big banks is not happening. Banks taught it's the case, it's not the case. I think a number of large banks that I talk to now, they actually look at these digital banks as a partner because they see that, "Yeah, the Millennial really likes this digital bank for day-to-day payments, but they want to use me to transfer assets from the primary bank to their spending bank let's say using a Mastercard debit or Visa debit." It's very expensive for these digital banks to compete end to end with big, large banks. I don't think that's going to happen.

Hossein Rahnama:
Most of these digital banks are robo-advisors. They are not making money. They are coming up with these land grab ideas to say, "Let's go get 5 million users, 10 million users, and then we will monetize that." A bank cannot do that and I think many successful banks that I have seen, they are actually partnering with these digital banks. Then, the question is, who can form a better ecosystem between a digital bank, retailers, merchants, travel partners, and a large bank? It is very unlikely that someone moves all of their life's assets and investment assets to a digital bank. Usually, there is this symbiotic relationship happening between the primary bank and the digital bank.

Jim Marous:
Ernst & Young just came out with this study around trust in banking and they found that many Fintech firms have a higher level of trust than commercial banks and credit unions have, and actually that the traditional financial service industry has actually dropped in trust compared to the other competitors. I'm hearing from you that this may be a function of these other organizations being able to use data insights more on behalf of the consumer, which builds trust just like in Amazon, and that was the example that you gave.

Jim Marous:
Really, I think as your rebuttal to the Fintechs and big techs is that if organizations can use data and applied analytics better and can build relations where we're really finding solutions on the consumer's behalf, we can regain that trusted advantage we've had in the past, can't we?

Hossein Rahnama:
Absolutely. Even in the United States, look at the role of co-ops decades ago that they represented the rights of their members to the rest of the society. I think the same thing will happen with data. You have this notion of data custodians or data exchanges that you have a group of trusted members come together and that entity, that exchange, will represent the rights against the rest of the ecosystem. That is a very powerful thing to use. You can use it for increase the wellness of communities.

Hossein Rahnama:
We have a project now in the U.S. that we use local bank branches as hyperlocal data storage for that community. We don't store the data in a big Amazon cloud. It's just for that community using the branch. We then use that data to understand the well-being of that community. We help K-12 students to connect it to tutors in that community, and then, we compare one community versus the other to see which one is doing better.

Hossein Rahnama:
Now, imagine if you are successful with that, we use the bank branch in which its purpose, it's completely changing. We are using that as a community hub, as a data hub, and now we can go to the government and say, "Hey, based on which community's doing better, maybe you can have an incentive for them. Maybe you can reduce taxes for them." That is, in my point of view, how data and banks will come together and will really demonstrate that the bank of the future will really allow people to live a better life rather than, "Okay, it's just about lending money or borrowing money."

Jim Marous:
Finally, let's take an example here. Let's say a financial institution reached out to you and they bring you in really... They get on a virtual call, whichever way it may be, to talk to you about, "How do we start? Where's our starting point to build some kind of partnership that shows the value of the engagement?" Where do you suggest that banks and credit unions start with they worked with you or another data provider? What should be the first thing they do?

Hossein Rahnama:
Start very small. Do not embark on these multimillion-dollar projects that will take years to build. If you look at what COVID did, because it was a terrible thing, but what it did was that it accelerated the digital transformation projects of banks from years to months. Now, that really allows the banks to focus on niche areas, focus on small... You don't have to have all of the data assets to start. Focus on the core strength of your bank. You may be an alternative lender. Focus on that. You may be very strong in cards, loyalty, and rewards. Focus on that. Use that as a nucleus of differentiation. Build these capabilities around that and then augment towards the interface later.

Hossein Rahnama:
What I have seen in most digital transformation projects, although everyone came up with these utopian ideas for the future, they realize 90% of that budget will go into managing IT complexities and those use cases-

Jim Marous:
That are already built in. It's complexities that, by the way, I got to pay it no matter if I'm here or not here because it's legacy information.

Hossein Rahnama:
Yeah, exactly. So focus on the core strength of your financial organization. Build these layers that we talked about, bring it to the market, and then add to that. It's the basic principle of strong product management. It's the basic principle of how you disrupt your competitors, but you got to figure out, "What is that core niche area that I'm going to build these capabilities around?"

Jim Marous:
Hossein, I really appreciate talking to you again. It's always intriguing because you break it down into the parts and I think you talk along the line of what I've been talking about for years, that we spent... In many cases, some institutions spent three to four years to decide what mobile banking vendor to partner with. Many companies took even longer on CRM services trying to get what they felt would be the best scenario. The reality in today's market, speed is of utmost importance, and the ability to put some stake in the ground and say, "We have achieved something today," or two months from now. It's much more important than saying, "We're going to build something that's going to take three years," because by the time you build it, it's going to be outdated anyway.

Jim Marous:
I think what's interesting about Flybits is that it's very clear that you can use data in any format and any way it's delivered to you from the financial institution and you're going to find the solution given obviously benefits Flybits as well as the financial institution. We're going to find a solution that's going to bring the greatest amount of value in the least amount of time to prove the overall concept of what we're doing. Again, thank you very much, but before we get off the podcast today, how do people get ahold of you?

Hossein Rahnama:
They can send me an email at hossein, my first name, H-O-S-S-E-I-N, @flybits.com. They can also go on our website, flybits.com, and there is a form that they can fill and would love to hear from your audience.

Jim Marous:
Well, also, I would have to put a plug in for The Financial Brand. You've also authored some articles for The Financial Brand, so if you want to hear more about his perspectives, you can either go to The Financial Brand, and you can go to the Flybits website, which has a number... a lot of content for you to read and really gives you a perspective on how Flybits used the financial services industry and the opportunities in the marketplace. Thanks again, Hossein.

Hossein Rahnama:
Thanks, Jim. Thanks for having me.

Jim Marous:
You know, it's great to revisit with somebody who I visited with in the past, and it was amazing how many memories came back when I talked to Hossein because I remember how the discussion around contextual data and application of opportunities for financial institutions was so intriguing to me. I also love the way they break down the problem into manageable pieces that organizations can partner with immediately. That's the key right now. We can build these big monstrosities of solutions, or we can find those solutions that are going to help fund future solutions.

Jim Marous:
Thanks for listening to Banking Transformed Solutions, just announced as a Communicator Award of Excellent winner for Outstanding Branded Series by The Academy of Interactive and Visual Arts. If you enjoyed today's interview, please be sure to follow the show on your favorite podcast app. We would love a review of our show. Also, be sure to catch my recent articles on The Financial Brand and the research we're doing for The Digital Banking Report.

Jim Marous:
This has been a production of Evergreen Podcasts. A special thank you to our Producer, Leo Longbrake, Audio Engineer Sean Rowe Hoffman, and Video Producer Will Pritts. I'm your host, Jim Marous. Until next time, realize that we have the power to transform banking for the betterment of the customer.