In this episode of the Banking on Digital Growth Podcast, Derik sits down with Jeffrey Kendall, CEO of Nymbus, to explore the future of AI-powered banking. The conversation starts with a simple question: Why can’t AI help manage personal finances yet?

From there, Derik and Jeffrey unpack how AI agents can transform customer support inside financial institutions and help users analyze spending, automate financial workflows, and even conduct financial transactions.

They also explore the bigger picture: Will banks embed AI into their own apps, or will customers increasingly interact with banks through ChatGPT, Claude, and other AI platforms? If you’re thinking about AI, banking, digital transformation, or what the future of customer experience looks like, this episode is packed with insights.

Timestamps:
00:00 Introduction and why Derik started looking for AI banking tools
02:00 What an MCP server is (and why it matters)
05:30 APIs vs. MCP servers explained
08:00 Why current banking apps frustrate AI workflows
11:00 Could ChatGPT become your next banking app?
15:00 Why AI-powered banking experiences are inevitable
18:00 Power users vs. mainstream AI adoption
21:00 Why many financial institutions are falling behind on AI
25:00 Vendor lock-in and the AI challenge for banks
29:00 How AI is transforming software development
33:00 Why technology alone isn’t a differentiator anymore
36:00 Internal AI use cases at Nymbus (call centers, support, operations)
42:00 The future of AI-powered customer banking experiences
46:00 Open banking, AI, and what regulation could look like
50:00 Embedded AI vs. ChatGPT as the banking interface
55:00 Where Nymbus is taking MCP next
58:00 Why differentiation matters more than technology
01:03:00 Community banking, niches, and competitive advantage
01:09:00 Jeffrey’s advice for bank and credit union leaders on AI
01:12:00 Final thoughts and wrap-up

Hosted on Ausha. See ausha.co/privacy-policy for more information.