The #1 global fintech radio show and podcast. Every week we explore the personalities, startups, innovators, and industry players driving disruption in financial services; from Incumbents to unicorns, and from the latest cutting edge technology to the people who are using it to help to create a more innovative, inclusive and healthy financial future.
Hot Takes from Fintech Xchange: Diving Right in with U.S. Bank and Fintech Nexus
Feb 20, 2025
In This Episode
In this episode we continue the series powered by U.S. Bank and recorded at the University of Utah’s Fintech Xchange. CAUTION: The episode is hot!
Breaking Banks’ Hot Takes host Jason Henrichs, regulars Alex Johnson (Fintech Takes) and Jason Mikula (Fintech Business Weekly) are joined by David Ness, U.S. Bank’s SVP Innovation, R&D and Peter Renton, Fintech Nexus, Chairman & Co-Founder. The newcomers jump right in, going straight for Fintech on Fire (#11 on a scale of 1 – 10), and comfortably deliver hot takes from the hot seats, recapping major themes from the event, and making predictions as to what 2025 brings to our industry. Plenty of insights are shared and there’s plenty for the risky spice-takers to tackle including BNPL (acronym for a popular industry term, of course, and also our new Burn Now Pay Later hot sauce). Two other clues as to what the group might have talked about….the RegTech Reaper and Stable Coin Scorch . Don’t worry, there’s plenty more where these came from!
Listen now on your favorite podcast platform!
It’s a hot conversation, worth being in the room for…to catch the visuals check it out on YouTube (@provokefm and while you are there, hit subscribe)!
Digital Banks and Founders Changing the World of Banking: bunq
Feb 13, 2025
In This Episode
This week we introduce you to a series profiling the digital banks and founders that are changing the world of banking. Focused on first hand accounts from founders all over the globe, the series chronicles the NeoBanking movement from the early days though to today, documenting the players building a new category of digital banking, reshaping the digital movement. Throughout our series we look at foundation stories, challenges each had, and the regulatory approach each took — a look at the pioneering history of the neo and challenger bank movement.
In this episode, Breaking Banks host Brett King connects with bunq’s Founder & CEO. Ali Niknam. bunq is based in The Netherlands, a small country doing big things. bunq, bank of The Free, offers mobile banking that makes life easy for every new chapter in one’s life, and for the digital nomad in everyone.
Born out of Ali’s interest in creating products that people like to use, bunq began in 2012 and its mobile app came out in 2015, all with the aim to help the world forward and do banking a little differently. bunq has brought lasting change to the European banking industry. Having built a product rooted in customer needs and wants, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest.
On a mission to build the first global neobank for digital nomads, bunq announced its bid to enter the US market (April 2023) by applying for a banking license.
It’s an intriguing story, not to be missed!
https://youtu.be/xflfJpM60NI?si=oKMhKcL13Q_eJM9s
Spotlight: Banker’s Bookshelf — Future Money
Jan 30, 2025
In This Episode
We are excited to introduce you to Provoke.fm‘s newest podcast….a-spinoff-of-a-spinoff of Breaking Banks. Bankers Bookshelf brings cutting edge banking and fintech research to life, sharing the stories and strategies behind financial innovation, bridging the gap between technology and finance — a perfect fit for the Breaking Banks family! Host Paolo Sironi, global research leader in banking and financial markets at IBM Institute for Business Value, is a trailblazer in fintech himself.
In this episode, Paolo connects with Ronit Ghose who runs the Future of Finance team in Citi’s thought leadership unit “Citi Global Insights”, and is the author of Future Money: Fintech, AI and Web 3.
The world of money is rapidly changing, but what does it all really mean? The duo discuss insights from the book with Ronit bringing technical topics to vivid life via narrative deep dives into selected founders and their companies. From London to Lagos, via Ahmedabad, Dubai, Hong Kong, Karachi and more, this episode pulls together the story of how money is changing in the internet era.
Banking Innovation: Journey and Insights from an Incumbent Bank
Jan 23, 2025
In This Episode
Getting digital right can be challenging for anyone –small banks, big banks, incumbents, challengers, you name it.
In this episode, Brett King meets up with Akbank’s Consumer Banking & Digital Solutions, EVP, Burcu Civelek Yuce to talk about Akbank and Akbank LAB, Akbank’s Innovation Lab. The discussion focuses on the incumbent bank ‘s digital engagement and excellence in collaborating and partnering with fintechs and big tech.
Turkey is the 18th largest country in the world in terms of population size, with Akbank one of the largest banks (77 years young) in Turkey. Akbank has nimbly undergone a smoothe digital transformation with the majority of its customers now coming through digital channels — be it new customer acquisition, servicing or sales.
Akbank LAB is the innovation center that coordinates Akbank’s pioneering fintech developments. Here, they study best working models and implement solutions to make the lives of Akbank’s customers easier. Fintech partnership and collaboration are key components of Akbank LAB’s success, with partners working hard to create value for their customers.
Akbank is embracing AI with Banking IQ, hyper personalized information on customers, and is actively reskilling employees to lead the way forward.
Listen to this engaging conversation to learn best practices relevant for all banks and financial institutions.
For further information: akbanklab.com or akbanklab@akbanklab.com
Chapter 1: Introduction – The Evolution of Incumbent Banks (00:00)
An introduction to the discussion on digital transformation in traditional banks. The host shares insights from a recent visit to Istanbul and the rapid changes observed in the Turkish banking sector.
Chapter 2: Akbank’s Digital Transformation and Growth (05:15)
EVP Bircu Sivilek shares key data on how Akbank has embraced digitalization, with significant growth in digital customer acquisition and engagement. The discussion covers the bank’s transformation into a digitally-led institution.
Chapter 3: Fintech Collaboration and Open Innovation (12:40)
How Akbank fosters partnerships with fintechs and big techs through Akbank Lab. The conversation explores how the bank accelerates innovation through strategic collaborations.
Chapter 4: AI-Driven Personalization in Banking (19:20)
A discussion on the role of artificial intelligence in banking, including how Akbank uses AI for hyper-personalized financial insights, enhancing the customer experience.
Chapter 5: Supporting SMEs with Fintech Innovations (26:30)
An exploration of how Akbank integrates fintech solutions to help small and medium enterprises (SMEs) manage their financial operations, including a successful partnership with a Spanish fintech.
Chapter 6: The Agile Approach to Product Development (32:45)
Comparing Akbank’s development process to digital-first banks like Nubank and Revolut. Insights into how Akbank has reduced time-to-market for new banking products.
Chapter 7: Modernizing Banking Infrastructure for Agility (39:10)
A deep dive into how Akbank rebuilt its technology stack from the ground up to support seamless fintech integrations and AI-powered banking services.
Chapter 8: The Future of Banking – AI, Generative Tech, and Digital Strategy (45:50)
How Akbank is positioning itself as a leader in AI-driven banking, with a focus on generative AI, customer experience, and further digital transformation in the next three to five years.
Chapter 9: The Transformation of Branch Banking (52:30)
How Akbank’s digital push has reshaped the role of physical branches, transitioning to a cash-light model with a stronger focus on customer advisory services.
Chapter 10: The Global Perspective and Final Thoughts (58:10)
Final reflections on Akbank’s innovation journey and how fintech partnerships will continue to shape the bank’s future. An invitation for fintechs to collaborate with Akbank Lab.
Suze Orman | Rethinking How People Save
Jan 16, 2025
In This Episode
What’s the key to financial security today? As technology and a shifting economy reshape how we save, spend, borrow, and plan for the future, mastering the art of money management is critical for achieving financial health. Listen as Jennifer Tescher, host of sister podcast Emerge Everywhere and Founder of the Financial Health Network, speaks with Suze Orman – personal finance expert, author, Emmy Award winner, and Co-Founder of workplace emergency savings platform SecureSave – about the critical role of savings and an important step companies can take to support employees’ financial success today.
Dedicated to improving financial health for all, especially the most vulnerable among us, Emerge Everywhere tackles the complex issues intersecting the financial well-being of people across America while exploring how to build an inclusive economy.
Chapter 1: Introduction and the Changing Landscape of Personal Finance (00:00)
A reflection on how financial habits have evolved over the past two decades, with a focus on new tools, technology, and the challenges people face today.
Chapter 2: The Disconnect Between the Economy and Everyday Americans (05:20)
Suze Orman discusses the stark difference between national economic indicators and individual financial realities, emphasizing that many Americans are still struggling despite a strong stock market.
Chapter 3: Lessons from the 2008 Financial Crisis and Beyond (12:10)
A look back at how financial behaviors changed after the Great Recession, the long-term effects of financial fear, and how past economic crises still impact people’s financial decisions today.
Chapter 4: The COVID-19 Effect: A False Sense of Security? (18:45)
Examining how government stimulus during the pandemic created short-term financial stability, only for many people to fall into debt when support was removed.
Chapter 5: Financial Behavior vs. Systemic Barriers (24:30)
The debate between personal financial responsibility and the role of systemic challenges, including inflation, job access, and government policies in shaping financial well-being.
Chapter 6: Educating the Next Generation on Money (31:15)
Suze Orman raises concerns about how young people are learning about personal finance, questioning whether influencers and social media platforms are reliable sources of financial education.
Chapter 7: The Importance of Emergency Savings (38:40)
A deep dive into SecureSave, Suze Orman’s initiative to help employees build emergency savings, and why she believes savings—not investing—should be the foundation of financial security.
Chapter 8: The Role of AI in Personal Finance (46:20)
Suze speculates on the future of AI-powered financial advisors, discussing both the potential benefits and risks of AI replacing human financial guidance.
Chapter 9: The Changing Face of Retirement and Aging (52:10)
A discussion on financial security for aging populations, including how women often outlive their partners and the financial struggles they face later in life.
Chapter 10: Closing Thoughts – Financial Security for All (58:30)
Suze Orman shares her final thoughts on how individuals and businesses can take action to improve financial stability, and the need for a more holistic approach to financial education.
Will 2025 Be A Stellar Year? Top Banking and Fintech Predictions
Jan 09, 2025
In This Episode
2024 is a wrap! Listen as industry leaders and fintech influencers share insights on the year that was before turning the lens forward to 2025. What will be hot in this new year?
Back by popular demand, Breaking Banks hosts Brett King and JP Nicols assemble banking industry leaders and fintech influencers to get their takes and predictions on what 2025 has in store for the banking industry.
Joining the discussion are Jim Marous (The Financial Brand, Banking Transformed), Ron Shevlin (Chief Research Officer, Cornerstone Advisors and Forbes Contributor), and Mary Wisniewski (Cornerstone Advisors, Money Isn’t Everything). Together, they explore critical topics shaping the industry, from fraud, risk, and efficiency to cutting-edge innovations like Agentic AI and LLMs, as well as developments in open banking, 1033, and the CFPB.
And what about the lingering impact of the Synapse story from 2024? Will 2025 bring a reckoning, or are brighter days ahead for the industry? Tune in for a lively and engaging conversation packed with expert insights and bold predictions.
The discussion opens with reflections on the major events of 2024, from economic shifts to major fintech and banking milestones. The panelists explore how the industry evolved and what lessons were learned.
Chapter 2: The Fintech Reckoning and Market Optimism (07:20)
The fallout from the Synapse failure and regulatory challenges dominated 2024. The discussion highlights how fintechs have adapted, and why, despite hurdles, optimism is growing for 2025.
Chapter 3: The Rise of AI in Banking (15:45)
AI took center stage in 2024, from fraud detection to customer service enhancements. The conversation explores how AI’s role in banking is expanding and what that means for both traditional banks and fintechs.
Chapter 4: The Global Perspective on Fintech Innovation (25:10)
While much of the conversation is U.S.-focused, the panel examines key developments worldwide, including digital banking growth in Latin America, China, and Africa.
Chapter 5: The Future of Open Banking and Regulation (32:40)
With Section 1033 and the CFPB’s evolving stance, the discussion turns to the state of open banking and data ownership. What are the regulatory barriers, and how will they impact fintech innovation?
Chapter 6: Agentic AI and Banking’s Next Transformation (41:00)
The emergence of AI-driven financial agents is set to reshape personal finance. The panel debates how AI could soon manage customer financial lives better than traditional advisors.
Chapter 7: The Fintech IPO Landscape and Market Predictions (50:30)
With Klarna and Chime considering IPOs, the panel speculates on the first big fintech public offering of 2025. They also discuss when the first AI fintech unicorn might emerge.
Chapter 8: The Future of Financial Services in a Digital-First World (58:10)
The conversation wraps up with a bold look at how fintech, AI, and regulatory shifts will shape the financial industry. Will 2025 truly be a stellar year for banking?
Trust, Value & What It Means To Be Digital in Banking
Dec 19, 2024
In This Episode
Regular listeners of Breaking Banks are likely familiar with the Killing It series, hosted by Jason Henrichs and Alex Johnson, where they explore candid stories of success, failure, and the pivotal and sometimes tough decisions that drive the journey from VCs to unicorns in the high stakes world of entrepreneurship. (If you’re not, check it out!)
In this episode, Brett King shifts gears with a “Starting It” theme, sitting down with industry veteran Anthony Thomson —an entrepreneur, marketer, speaker, author, and founder of Metro Bank, Atom, and 86 400. Metro Bank challenged traditional banking in the UK, while Atom and 86 400 brought innovation as neo-banks in different markets, with 86 400 later acquired by NAB (National Australia Bank) and then merged into UBank.
Join this enlightening discussion as Brett and Anthony dive into the unique missions and lessons behind each of these groundbreaking ventures. And who knows? You might even get a sneak peek at the next big breakthrough in the industry!
Chapter 1: (00:00) – Introduction and Setting the Scene
Brett King and Jason Henricks open the episode, reflecting on their history of exploring financial disruption. Special guest Anthony Thompson joins from Abu Dhabi, sharing memories of past debates on the future of banking.
Chapter 2: (03:45) – The Genesis of Metro Bank
Anthony recounts his journey from marketing in financial services to founding Metro Bank. The discussion highlights how Metro Bank disrupted traditional banking by focusing on customer-centric value and trust.
Chapter 3: (12:30) – Cognitive vs. Associative Trust in Banking
The hosts and guest delve into the dual dimensions of trust: competence versus intent. Anthony explains how Metro Bank leveraged customer-centric policies, like dog-friendly branches, to foster associative trust.
Chapter 4: (20:15) – The Shift to Digital Banking
Anthony reflects on the rise of digital banking, including his transition to founding Atom Bank. The conversation examines how mobile banking became the cornerstone of modern financial services.
Chapter 5: (28:50) – Building Atom Bank
The discussion explores Atom Bank’s founding principles, focusing on delivering a superior mobile experience and balancing liabilities with assets. Anthony contrasts Atom’s approach with competitors like Monzo and Starling.
Chapter 6: (40:00) – Lessons Learned and 86 400
Anthony describes his move to Australia to establish 86 400. He shares how lessons from Atom influenced his strategy, particularly the importance of engagement and transaction accounts.
Chapter 7: (51:30) – Challenges in Traditional Banking Transformation
The conversation shifts to why traditional banks struggle with digital transformation. Anthony and Brett critique cultural and regulatory hurdles faced by legacy institutions.
Chapter 8: (58:10) – The Role of Regulators in a Digital World
Anthony discusses how regulators worldwide are adapting to digital banking innovations, emphasizing the importance of competition and better consumer outcomes.
Chapter 9: (1:06:20) – Reflections and Future of Banking
Anthony shares his hopes for the future of banking, emphasizing customer-centricity as the industry’s ultimate goal. Brett and Anthony speculate on the next breakthrough, pointing to adjacencies and AI in banking.
Chapter 10: (1:12:50) – Closing Thoughts and Takeaways
The hosts summarize the key themes of the episode, including trust, customer value, and the evolution of banking. They close with a call to action for listeners to engage with the podcast and its community.
Reimagining Digital Banking: Varo Bank’s Vision for Financial Inclusion
Dec 12, 2024
This week, host Brett King sits down with Colin Walsh, Founder and CEO of Varo Bank, to explore the journey of building the first all-digital, FDIC-insured de novo bank in U.S. history. Designed to improve financial health and serve a diverse range of customers—from those with financial abundance to those facing economic hardship—Varo Bank is on a mission to create a banking experience that truly works for everyone.
With the unique distinction of being the first consumer fintech to be granted a bank charter in US history, Varo is redefining banking with innovative products tailored to modern consumers’ needs. From managing fraud and credit risk to building trust and leveraging a cutting-edge tech stack, they delve into the strategies that power Varo’s ability to stay agile and customer-focused. Whether it’s delivering accessible savings and lending solutions or tackling the challenges of financial inclusion, Varo Bank’s story is one of innovation and impact.
Tune in for a wide-ranging discussion on how Varo is using digital banking to create financial inclusion by addressing the real financial challenges that Americans face every day.
Chapter 1: (00:00) – Introduction and Varo Bank’s Unique Path
Brett King introduces the episode and welcomes Colin Walsh, founder and CEO of Varo Bank, to discuss their journey as the first pure-play digital bank with a de novo charter.
Chapter 2: (04:15) – Navigating Industry Challenges
Colin reflects on the pandemic’s impact, funding market changes, and navigating regulatory challenges while focusing on profitability and customer-centric innovation.
Chapter 3: (10:45) – The De Novo Advantage
A discussion on Varo’s strategic decision to pursue a de novo national bank charter, contrasting it with fintech sponsorship models and highlighting its benefits.
Chapter 4: (16:30) – Building a Competitive Tech Stack
Colin details Varo’s proprietary technology investments, including AI, machine learning, and the migration to React Native, ensuring agility and innovation in product offerings.
Chapter 5: (24:50) – Lending Innovation and Financial Inclusion
Varo’s approach to cash-flow-based lending and leveraging technology to responsibly serve non-prime, paycheck-to-paycheck consumers is explored in depth.
Chapter 6: (32:10) – Tackling Fraud with Technology
The team discusses how Varo combats sophisticated fraud through advanced tech and the advantages of being a technology-first bank in risk management.
Chapter 7: (37:40) – Scaling with Discipline
A look at Varo’s approach to disciplined customer acquisition, organic growth, and creating high lifetime value customers through deep engagement.
Chapter 8: (44:00) – The Future of Financial Inclusion
Colin explains Varo’s mission to become a financial operating system for underserved Americans and discusses innovations like embedded financial tools.
Chapter 9: (50:30) – IPO Plans and Market Consolidation
The conversation shifts to Varo’s long-term goals, including profitability milestones, potential IPO timelines, and strategic opportunities in a consolidating market.
Chapter 10: (58:15) – Looking Ahead
Colin previews upcoming initiatives, including a new app launch and partnerships, and emphasizes Varo’s role in addressing financial stress for customers.
A Digital Banking Revolution in SEA: GXBank and Mastercard
Dec 07, 2024
In This Episode
Southeast Asia’s fintech revolution is here, and GXBank is leading the charge. From its roots as a ride-hailing service to becoming Malaysia’s first digital bank, GXBank is transforming how Malaysians access and manage their money.
This week on Breaking Banks, host Brett King sat down with GXBank’s Chief Commercial Officer, Kaushik Chowdhury, and Mastercard’s Senior Vice President & Country Manager for Malaysia and Brunei, Beena Pothen. They discuss the incredible journey of GXBank, the partnership with Mastercard, and how the bank is reshaping financial inclusion in Southeast Asia.
GXBank, a subsidiary of GXS Bank Pte. Ltd. (a joint venture between Grab and Singtel), officially launched operations September 1, 2023, introducing its app two months later. In a year, the bank has amassed over 750,000 customers, offering innovative and personalized solutions to support financial resilience and inclusion. Learn how GXBank is making banking accessible to all Malaysians while setting a new standard for digital banking in the region.
Discover how Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem.
Brett King introduces the episode, focusing on digital banking trends in Southeast Asia with GXBank and Mastercard as key players.
Chapter 2: 03:30 – GXBank: Building a Digital Bank from Scratch
Kaushik Chowdhury discusses GXBank’s journey, from user research to creating a mobile-first digital bank in Malaysia.
Chapter 3: 10:15 – The Evolution of Banking in Southeast Asia
Bina Pothan highlights the rapid adoption of digital banking in Southeast Asia, driven by smartphones, internet access, and changing consumer expectations.
Chapter 4: 18:00 – Financial Inclusion through Digital Innovation
Exploring how GXBank and Mastercard aim to serve underserved and financially vulnerable populations across Malaysia and the region.
Chapter 5: 26:30 – Leveraging Partnerships for Success
Insights into GXBank’s partnership with Mastercard, enabling rapid launches and delivering impactful financial products to consumers.
Chapter 6: 34:45 – Payments Innovation and Embedded Finance
Examining GXBank’s focus on payment solutions, including QR systems, debit cards, and embedded banking experiences with Grab.
Chapter 7: 42:00 – Overcoming Challenges in Digital Banking
Kaushik discusses the challenges of building a digital bank, including hiring, partnerships, and balancing innovation with trust and security.
Chapter 8: 50:15 – Future Plans and Scaling Ambitions
GXBank outlines its roadmap, aiming for profitability and becoming a top bank in Malaysia by leveraging its ecosystem and customer-centric strategies.
Chapter 9: 57:30 – Key Takeaways and Final Reflections
Bina and Kaushik emphasize trust, utility, and collaboration as essential elements for succeeding in the digital banking revolution.
Decentralized AI & Financial Inclusion
Nov 27, 2024
In This Episode
Good leaders drive day-to-day results. Great leaders share visionary ideas and then inspire organizations and stakeholders to find a way to get there. In today’s second segment, Jennifer Tescher, host of sister podcast Emerge Everywhere, introduces this year’s Financial Health Visionary Award honoree, Brian Moynihan, Chair and CEO of Bank of America. The Visionary Award recognizes those who have shown unparalleled leadership in building a more inclusive financial system and empowering the next generation of leaders to innovate solutions that improve financial health for all. Listen to hear about Brian’s commitment to financial health and the upcoming headwinds and tailwinds impacting customers’ financial health.
But first, bestselling author Michael J Casey, the chairman of DAIS (Decentralized AI Society), senior advisor on MIT Media Lab’s Digital Currency initiative, and previous Chair of Consensus at CoinDesk, joins Brett to talk about the reality of decentralized and open source AI. The intersection of DeFi and DeAI appears to be a logical path if not for the hundreds of billions being invested in big tech efforts to create AGI. Is it possible to really make AI less centralized and still deliver the promise of a highly automated world? You’ll need to tune in to find out!
This week on Breaking Banks, host Brett King takes us to Shanghai for a riveting discussion with Jason Cao, CEO of Huawei's Global Financial Services competency. In this eye-opening episode, they uncover how China is shaping the future with AI—not as a mere tool for profit, but as core infrastructure driving the world's fastest-growing economy.
Discover why GenFi LLMs (Generational Financial Language Models) don’t exist yet—and what’s holding AI like ChatGPT back from transforming banking as we know it. Explore how China’s unique approach to technology infrastructure is setting them apart from the rest, helping them to create a Smart Economy of the Future.
Tune in for a conversation that could redefine the future of global finance and AI!
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introduction
Brett King and Jason Henricks introduce the episode, recorded in Shanghai, featuring Huawei's Jason Tsao discussing fintech innovations.
Chapter 2: 03:30 - Global Fintech Highlights: NewBank and Beyond
Exploring global fintech trends, including NewBank's growth and the technological strides of digital-first banks like WeBank.
Chapter 3: 10:45 - Huawei’s Vision for Smarter Finance
Jason Tsao shares insights into Huawei’s initiatives in digital finance, AI integration, and the transformation of customer experience in banking.
Chapter 4: 20:00 - Resilience in Financial Infrastructure
A discussion on the critical need for resilience in banking systems, addressing latency, zero downtime, and advanced fraud prevention technologies.
Chapter 5: 30:15 - AI-Driven Banking and Generative Finance
Exploring how Huawei collaborates with banks to leverage generative AI for efficiency, value creation, and customer-centric innovations.
Chapter 6: 40:00 - Digital Infrastructure in China: A Global Example
Highlighting China's advancements in digital payments, infrastructure, and regulatory approaches that drive a highly digital economy.
Chapter 7: 50:30 - Cloud Strategies for Financial Institutions
Examining the rise of hybrid cloud strategies and the pivotal role of cloud computing in transforming banking operations.
Chapter 8: 59:00 - The Future of Autonomous Finance
How AI and automation are shaping the next generation of financial services, inspired by China's digital transformation.
Chapter 9: 65:00 - Invitation to Explore the Future in China
Jason Tsao extends an invitation to global audiences to witness the rapid technological advancements in Shenzhen and across China.
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https://www.youtube.com/watch?v=bCqmVDiKms4
Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin?
Nov 14, 2024
In This Episode
Strong partnerships and value creation can make even solid companies better!
Serving over 80% of the top digital payment and neobank fintechs on the CNBC Global Fintech list, Mastercard takes a collaborative approach to innovation. By viewing fintechs as true partners—and bringing data insights, market expertise, and solutions to the table—Mastercard helps fintechs scale by unlocking new opportunities and driving smarter decisions for better outcomes.
In today’s episode, Brett King connects with Jenique McNaught, Mastercard’s Senior Principal, Advisors & Consulting Services, UK & Ireland, and Revolut’s Fiona Davies – Head of Growth UK, Ireland & Nordics. Together, they discuss important market dynamics and the trends they see in the regions they cover.
One big takeaway is how customers want to have a meaningful relationship with their financial services provider. Trust is more than just a cool factor, it is earned through a solid track record of picking the right partner and interacting with customers in their preferred manner. Everywhere, customers are embracing innovative fintech solutions that embrace convenience and meet their changing needs, with many consumers multi-banked.
The trio then dive into Mastercard and Revolut’s exciting partnership and spotlight Revolut’s incredible growth story.Marking a major milestone -- 50M customers in less than 10 years—Revolut is celebrating and sharing its success with “Revolutionaries,” a one-of-a-kind two-day experiential event for Revolut customers, highlighting revolutionary figures who have challenged norms and pushed boundaries.
Then, the latest on bitcoin...Bitcoin has seen a 42% increase in price in just the past month, lots of crypto is up. Listen as Brett King and Henri Arslanian, author, industry expert and speaker, share thoughts on the election impact on #bitcoin and #crypto markets.
Hear about this and more in this engaging and dynamic episode!
******************************************************************Interested in learning more about how Mastercard Services can help you innovate? Explore https://go.mastercardservices.com/fintech
For more about Revolut and the Revolutionaries:https://www.wired.com/sponsored/story/the-revolutionaries/
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introduction
Brett King introduces the episode, focusing on fintech innovation and Bitcoin's evolving role in financial markets.
Chapter 2: 02:45 - Mastercard and Revolut: Driving Fintech Growth
Exploration of Mastercard's partnership with Revolut, emphasizing their efforts in enabling fintech innovation and customer trust.
Chapter 3: 12:30 - Revolut’s Journey to 50 Million Customers
Fiona Davies shares Revolut's milestones, including the UK banking license and expansion into new markets.
Chapter 4: 20:15 - The Trust Equation in Fintech
Discussion on how fintechs like Revolut and Mastercard redefine trust in the digital financial ecosystem.
Chapter 5: 30:45 - Bitcoin’s Market Surge and U.S. Crypto Policy Shift
Analysis of Bitcoin's dramatic price increase and the implications of a new, crypto-friendly U.S. regulatory stance.
Chapter 6: 38:00 - Crypto Market Trends with Henry Aslanian
Henry Aslanian provides insights into the global crypto landscape, focusing on institutional adoption and M&A trends.
Chapter 7: 45:30 - Future of Digital Money and Smart Contracts
Speculations on the future of digital currencies, stablecoins, and AI's role in shaping autonomous financial marketplaces.
[53:00] Closing Thoughts and Fintech’s Future
Reflections on Revolut's impact, the role of partnerships like Mastercard, and the disruptive potential of fintech innovations.
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Bank-Fintech Partnerships, Open Banking and AI…oh my!
Nov 07, 2024
In This Episode
We kick off with a crossover segment featuring Fintech Takes host and fintech insider Alex Johnson, who joins Jason to break down major themes from Money20/20 2024. Together, they explore the hot topics shaping fintech right now: bank-fintech partnerships, Banking-as-a-Service (BaaS), open banking (1033), and the evolving role of AI.
Alex shares highlights from his on-stage interview with CFPB Director Rohit Chopra, where they discussed the finalized 1033 rule, the ongoing legal pushback from big banks, third-party risk management, and new BaaS standards aimed at creating more balanced partnerships. The duo also dives into the rapid-fire world of AI. Is it all just hype, or are we approaching real innovation? With regulation on the rise, there’s a lot for the industry to figure out—standards, safeguards, and perhaps even a looming digital divide.
Finally, Jason wraps things up with a lively chat with Mary Wisniewski, Editor-at-Large for Cornerstone Advisors. They discuss financial therapy, Mary’s perspective on the latest 1033 updates, and even squeeze in a bit of Texas Hill Country fun. Hit play and join us for a packed episode!
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Overview of Money 2020
Brett King introduces the episode, discussing highlights from Money 2020, including insights into fintech trends and key partnerships.
Chapter 2: 04:30 - Money 2020 Recap: Open Banking and 1033 Drama
A reflection on the regulatory and industry conversations around open banking and the CFPB's finalized 1033 rule.
Chapter 3: 12:15 - Bank-Fintech Partnerships: Collaboration and Challenges
Insights into third-party risk management, standard-setting challenges, and the evolving dynamics of bank-fintech partnerships.
Chapter 4: 20:45 - The AI Hype Cycle: Balancing Reality and Expectations
Exploring the current state of AI in financial services, separating meaningful use cases from overhyped promises.
Chapter 5: 29:00 - The Role of Regulators in Banking Innovation
A deep dive into regulatory implications for open banking, AI, and fintech partnerships, featuring insights from Director Chopra of the CFPB.
Chapter 6: 36:45 - The Digital Divide: Small vs. Large Banks
Analyzing how smaller banks face challenges in adopting open banking and AI, and the competitive advantages of larger institutions.
Chapter 7: 45:30 - Financial Therapy: Behavioral Insights and Spending Habits
A discussion on the emerging field of financial therapy and its applications for understanding consumer behavior.
Chapter 8: 52:00 - Platform vs. Point Solutions in AI
Examining the pros and cons of platforms versus point solutions in banking, with examples from the Glia conference.
Chapter 9: 59:30 - Looking Ahead: Open Banking as a Competitive Opportunity
Final thoughts on how banks can leverage open banking proactively rather than just complying with regulations.
Related Content:
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Episode 465: Balancing Friction and Fraud in the Global Economy
Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity
Special Episode - Finovate: Financial Insights & Breaking Banks Anniversary Trailer
https://youtu.be/ZPQWCMOHOWI
Shopify Finance: Fueling Merchant and Small Business Growth
Oct 31, 2024
In This Episode
How can merchants take control of their finances and fuel growth directly through their commerce platform? This week, Shopify unveils Shopify Finance, a powerful new hub that unifies financial tools for merchants directly within the Shopify admin and mobile app. In this episode of Breaking Banks, Brett King sits down with Vikram Anreddy, Head of Product, Financial Services for Shopify, to break down how Shopify Finance empowers merchants to manage their business, cash flow, and make strategic decisions on-the-go.
From Shopify Capital, offering flexible growth loans for merchants and lower costs for faster repayment, to Shopify Balance and Bill Pay for better cash management, Shopify Finance brings a comprehensive suite of tools to merchants. With Shopify Credit—a Visa card with 3% cashback on business purchases—and Shopify Tax for simplified tax compliance, this hub offers a complete view of financial health anytime, anywhere.
Good things in store!
********Define your career in fintech with a Masters of Science in Fintech, NYU SternTo learn more stern.nyu.edu/MSFT-BreakingBanks
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introduction
Brett King and Jason Henricks introduce the episode, highlighting the intersection of fintech and e-commerce with Shopify as the centerpiece.
Chapter 2: 03:15 - Meet Vikram Anredi: From Consulting to E-commerce Innovation
Vikram Anredi, Head of Product for Financial Services at Shopify, shares his career journey from engineering to building products that empower entrepreneurs and small business owners.
Chapter 3: 10:00 - Shopify’s Role in the Creator Economy
Discussion on how Shopify supports creators and influencers with easy-to-use tools for setting up merchandising stores and monetizing their online presence.
Chapter 4: 15:30 - Launch of Shopify Finance
Vikram explains Shopify Finance, a suite of financial services integrated within the Shopify platform, designed to simplify money management for merchants.
Chapter 5: 22:45 - Financial Barriers for SMBs and Shopify’s Solutions
An exploration of the difficulties small businesses face in accessing banking services and how Shopify Finance is addressing these challenges through tailored offerings like Shopify Balance and Shopify Capital.
Chapter 6: 30:20 - Embedded Finance: Credit and Risk Management
How Shopify uses its data and technology to offer customized credit solutions and manage risk, with examples of merchants scaling their businesses with Shopify Capital.
Chapter 7: 37:00 - Automating Complexity: Sales Tax and Bill Payments
Details on Shopify’s tools for automating complex tasks like sales tax management and bill payments, making operations seamless for merchants.
Chapter 8: 44:10 - AI and the Future of Shopify Finance
Discussion about the potential of AI to enhance financial services and support for merchants, including current tools like Sidekick and future plans for more AI-driven insights.
Chapter 9: 50:30 - The Platform Advantage in SME Banking
A reflection on the growing importance of platforms like Shopify in the SME banking space, where embedded finance offers a seamless experience compared to traditional banks.
Chapter 10: 58:00 - Closing Thoughts and Future Outlook
Final reflections on Shopify’s mission to empower merchants and the broader implications for the fintech and e-commerce ecosystem.
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FinTech tackling Investment Management
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Episode 567: What Fintech Means To Us: Celebrating 250 Episodes of Breaking Banks Europe
Oct 24, 2024
In This Episode
This week, we’re shining a spotlight on our sister podcast, Breaking Banks Europe, as they celebrate their 250th episode! Host Matteo Rizzi marks the milestone by reflecting on five incredible years and 500 unique guests. He’s joined by six of the show’s hosts for an engaging conversation on what fintech means to them, each summing up the past 15 years with a single word.
From culture (which shapes fintech’s future) to strategy (the key to success), and foresight (looking ahead at how fintech is evolving), these hosts dive deep into the industry. They also explore the possibilities found in challenges, the rollercoaster ride that is fintech, inclusion in emerging markets, and the crucial role of talent and upskilling.Join us as we celebrate the show’s favorite moments and raise a toast to five more years of exploring what fintech means. Don’t miss out!
Podcast Chapters:
Chapter 1: 0:00 - Celebrating the Journey
A retrospective on Breaking Banks Europe’s journey to 250 episodes, highlighting key milestones such as 500 unique guests over five years and the evolution of fintech.
Chapter 2: 5:30 - The Role of Corporate Culture
Matteo and Matthias Krohner discuss the critical impact of corporate culture in fintech, reflecting on its evolution since 2019 and changes prompted by the pandemic
Chapter 3: 15:20 - Strategy in Fintech
Paolo delves into the importance of strategy in the fintech world, exploring themes from the platform economy to AI advancements, and shares insights from his segment, The Banker's Bookshelf.
Chapter 4: 26:45 - The Future is Fintech
Roberto offers a perspective on the innovative potential of fintech, emphasizing blockchain, decentralized systems, and the evolving role of banks as software houses.
Chapter 5: 35:10 - Fintech for Good
Liz champions the social impact of fintech, focusing on its ability to create opportunities for the unbanked and its transformative potential in underserved markets.
Chapter 6: 44:00 - A Rollercoaster of Innovation
Don reflects on the ups and downs of the fintech industry, touching on rapid changes in payment systems and digital identities, and shares his optimism for future developments.
Chapter 7: 52:35 - Inclusion in Fintech
Francesca highlights inclusion as a core value of fintech, discussing ongoing initiatives to tackle financial exclusion and plans for the Inclusive Fintech Forum in Africa.
Chapter 8: 1:02:00 - Talent as a Catalyst
Matteo closes by emphasizing the importance of nurturing talent, particularly in emerging markets, and celebrates the team that brought Breaking Banks Europe to its milestone 250 episodes.
Read the entire transcript here.
Related Content:
Episode 564: AI Baseball
Episode 440: Innovation To Be Celebrated: No Slaps Allowed Fintech Awards!
Episode 200: Celebrating 4 Years of Breaking Banks Europe
Episode 354: Talents and Rebels
Episode 141: From Corporate to Entrepreneurship Life
https://www.youtube.com/watch?v=Bfu10WzZsx4
Episode 566: Gateway for Open Banking
Oct 16, 2024
In This Episode
This week cohosts Brett King and Jason Henrichs have a far reaching conversation, tapping into guest expertise on all things open banking and digital finance. John Pitts, Global Head of Policy at Plaid, Christy Sunquist, Head of Open Finance at Plaid, and Cameron Taylor, Chief Product Officer at Ninth Wave join Jason and Brett as they dive into topics from international open banking and the standards that we can expect out of open banking in the U.S., to how Plaid and Ninth Wave are partnering to assist financial institutions ahead of the rulemaking here in the States.
Plaid recently announced their Gateway Partner Program, which gives financial institutions a way to streamline their integrations ahead of open banking requirements, to make it easier for financial institutions to choose an approach that works for their unique needs as they enable open banking. Ninth Wave is Plaid’s inaugural partner for the Gateway Program, and will support financial institutions who want to simplify their API integrations while ensuring their customers have access to the thousands of apps and services in the Plaid network. Together, Plaid and Ninth Wave are solving open banking requirements for financial institutions who may be at varying stages of preparedness.
Hear about this and much more on this episode of Breaking Banks.
Podcast Chapters:
Chapter 1: 0:00 - Introduction
Title: Welcome to Gateway for Open BankingBrett King and Jason Henricks introduce the episode, highlighting the topic of open banking and featuring experts from Plaid and Ninth Wave.
Chapter 2: 2:15 - Lessons from Europe's Open Banking Journey
Title: What Six Years of Open Banking in Europe Taught UsA discussion of Europe’s open banking progress, challenges, and the implications for U.S. implementation, including lessons from the UK and EU.
Chapter 3: 10:45 - Industry-Led vs. Regulatory-Driven Models
Title: How the U.S. Open Banking Model Differs from EuropeExploration of how the U.S. approach, driven by industry collaboration, contrasts with the more prescriptive regulatory frameworks in Europe.
Chapter 4: 17:30 - Compliance Challenges for U.S. Financial Institutions
Title: The Road to Open Banking ComplianceInsights into how financial institutions in the U.S. are preparing for compliance, with a focus on challenges faced by smaller banks and credit unions.
Chapter 5: 26:15 - Strategic Benefits Beyond Compliance
Title: From Compliance to Competitive AdvantageDiscussion on how open banking can enhance customer experiences, reduce fraud, and position banks as digital leaders, rather than just meeting regulatory mandates.
Chapter 6: 35:40 - Partnerships Between Banks and Fintechs
Title: Building Bridges: Banks and Fintech CollaborationsHow partnerships like those between Plaid, Ninth Wave, and financial institutions are driving innovation and supporting open banking transitions.
Chapter 7: 44:25 - Data Control and Consumer Trust
Title: Consumer Data Rights and the Future of Open FinanceExploration of consumer data control, privacy, and the shift toward trust-driven ecosystems, emphasizing transparency and security.
Chapter 8: 52:10 - The Future of Open Banking
Title: What Open Banking Will Look Like in 10 YearsPredictions on the evolution of open banking into a seamless, integrated part of financial services, fostering trust and innovation across sectors.
Chapter 9: 1:00:45 - Closing Thoughts and Call to Action
Title: Get Ready for Open BankingFinal reflections from the hosts and guests, including advice for financial institutions on preparing for compliance and leveraging open banking for strategic growth.
Read the entire transcript here.
Related Content:
Episode 567: What Fintech Means To Us: Celebrating 250 Episodes of Breaking Banks Europe
Episode 564: AI Baseball
Episode 129: Breaking Payments: Open Banking Evolution
Episode 53: PensionTech,
Episode 565: Return to Normalcy? & Money’s Got Soul
Oct 10, 2024
In This Episode
The Fed just cut rates. The 50-basis point cut was welcome news for many financial institutions, but the pressures the industry faces are not going away. In fact, rate cuts may mask the underlying changes going on. In our first segment, Jason Henrichs connects with Lake Michigan Credit Union's EVP, Chief Lending and Experience Officer, Eric Burgoon and James White, General Manager, Banking at Total Expert talk about the future of banking. Customers are always in search of highest yield and the best terms. It's easier than ever to move money and customers have options. Institutions need to be reliable, relatable and credible. To do that institutions need an overarching organizational strategy and data to drive personalized products.
Where can you find everyone from the collective world of money? Vegas of course, October 27-30! To provide insight into Money 20/20 2024 and this year's money and fintech story, Chief Strategy Officer Scarlett Sieber and Zach Anderson Pettet, VP of Global Fintech Strategy, connect with Brett King to talk about the conference and the dynamics as they see it shaping financial services. Keynotes from industry experts and rising stars lead the agenda with sessions on open banking, AI, borderless payments, embedded finance, fraud, policy & regulation and of course, they've built in lots of fun...no spoiler alerts here! If you are headed to Vegas, join us for the Fintech Luminaires reception. You can apply for an invitation with this link: https://lu.ma/p0zcx7ki See you in Vegas!!
Podcast Chapters:
Chapter 1: 0:00 - Opening Thoughts – The Fed’s Impact and Financial Pressures
Brett King introduces the episode, discussing the recent Federal Reserve rate cuts and their implications on the financial industry. The conversation highlights challenges like deposit pressures and the need for financial institutions to adapt to consumer behavior changes.
Chapter 2: 5:15 - Competitive Pressures in Banking
Eric Burgoon and James White explore how banks and credit unions face growing competition for deposits. They discuss the shift toward high-yield savings products, consumer behavior, and how institutions can leverage technology to remain competitive.
Chapter 3: 18:45 - The Role of Relationship Banking in the Digital Age
The focus shifts to the importance of relationship banking. The discussion emphasizes balancing personal relationships with technological advancements to provide value to customers at scale.
Chapter 4: 29:10 - Leveraging AI and Data for Strategic Advantage
James White and Eric Burgoon discuss the integration of AI and data strategies in financial services. They highlight the necessity of reliable, relatable, and credible interactions and how AI can help scale personalized services.
Chapter 5: 40:35 - Culture and Organizational Strategy in Financial Institutions
The panel underscores the importance of strong organizational culture and disciplined technological adoption. They explore how credit unions like Lake Michigan Credit Union differentiate themselves by focusing on member-first principles.
Chapter 6: 52:00 - Money 2020 and the Evolution of Fintech Events
Scarlett Sieber and Zach Anderson-Pettett join to preview the Money 2020 conference in Las Vegas. They discuss the event’s focus on AI, embedded finance, and cross-border collaboration, as well as efforts to promote health and wellness during the event.
Chapter 7: 1:07:25 - Building a Global Fintech Community
The conversation expands on how Money 2020 fosters global collaboration and community. Scarlett and Zach share insights into agenda planning, content curation, and the broader impact of the conference on the fintech ecosystem.
Chapter 8: 1:20:00 - Closing Remarks – Future Trends and Takeaways
Brett wraps up the episode with final thoughts on the importance of forward-looking strategies in financial services and a preview of breaking news expected from Money 2020.
...
Episode 564: AI Baseball
Oct 03, 2024
In This Episode
AI is simultaneously taking over the world and disappointing in it’s ability to take over the world depending on the publication you read. No doubt we are in the first innings. Today Derek Higginbotham, CEO of First Electronic Bank, Matt Bochenek CEO of Avant and John Sun, CEO of Spring Labs, and Jason Henrichs talk about why everyone needs to be getting up to bat with AI, no matter the size of institution you work for.
Spring Labs AI Native Banking and Fintech conference is next week and has a powerhouse lineup. Register at conferences.springlabs.com and use code SpringLabsXBreakingBanks for a discount.
Podcast Chapters:
Chapter 1: 0:00 - Opening Pitch – AI and Its Hype Cycle
Brett King and Jason Henricks introduce the episode, framing AI as both transformative and overhyped. Guests discuss how AI adoption mirrors the rise of past technologies.
Chapter 2: 5:30 - Narrowing the Field – Strategic AI Use Cases
Derek Higginbotham, Matt Bocinek, and John Sun explore how financial institutions are narrowing down AI use cases, emphasizing incremental steps over broad adoption.
Chapter 3: 17:10 - Building Organizational AI Muscles
The discussion highlights how organizations can develop "AI muscles" by starting with small projects, learning from them, and ensuring flexibility for future applications.
Chapter 4: 27:45 - Data as the Foundation of AI Success
Panelists delve into the importance of robust data infrastructure, the challenges of siloed data in financial services, and how AI reshapes data-driven decision-making.
Chapter 5: 39:20 - Cultural Shifts and AI Adoption
The conversation shifts to cultural challenges in financial services, exploring how to transition from report-driven approaches to hypothesis-driven and data-informed decision-making.
Chapter 6: 50:05 - AI and Regulatory Compliance
The group discusses how AI is being integrated into regulatory compliance, emphasizing augmenting human capabilities rather than replacing them outright.
Chapter 7: 1:02:15 - Rethinking Processes with AI
A discussion on how AI compels institutions to rethink legacy processes, addressing “process debt” and identifying opportunities for deeper insights and efficiency.
Chapter 8: 1:15:30 - The Divide in AI Adoption
Panelists explore the implications of early vs. late AI adoption in financial services, predicting winners, losers, and the creation of an AI digital divide.
Chapter 9: 1:25:10 - Lessons for Financial AI Development
The episode concludes with key takeaways about the unique challenges of deploying AI in financial services and the need for specialized knowledge in regulated industries.
Read the entire transcript here.
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Episode 563: Spanning the Globe: Thai Tech and Saudi Arabia’s Barq
Sep 26, 2024
In This Episode
Globetrotter and Host Brett King shares banking news and investment conversations from around the world
We start today's podcast on banking with Brett's one on one discussion on tech in Thailand with Dr. Supachai Kid Parchariyanon. Dr. Kid is CEO and Co-Founder of consulting company Rise, and managing partner for SeaX Ventures, a Thai venture capital firm with presence in Silicon Valley. Rise’s company goal is to drive 1% of the GDP in Thailand as well as reduce 1% of carbon emissions in all of Southeast Asia. Earlier in his career, Dr. Kid was a key figure responsible for bringing the social media app Twitter (now known as X) to Thailand, it was a technical challenge, and one that had legal barriers as well. Later, he and his team were also able to code software for the Nokia phone, creating in his words a “Robin Hood-like app” for Thailand. He speaks to us today about the Thai tech scene, what's happening in fintech and the VC world, and specifically what's helping drive the Thai economy -- from fintech to health tourism to the Thai lifestyle movement and digital nomad visas, the conversation is wide-ranging as this small country slowly recovers from covid and faces demographic headwinds. With an aging society they are looking to attract new talent and people to the country, collaborate not compete and expand investment in deep tech, AI, agritech, medical, and tourism tech.
Then, from the 24 Fintech Conference in Saudi Arabia, Brett introduces us to Saudi Arabia's Barq, making headlines around the region and other parts of the world, as he sits down with its Chief Business Officer, Saad Almuhana. Barq is the newest and fastest growing private wallet and challenger bank in Saudi Arabia, the Middle East and potentially the world, having garnered 1.5M customers in 35 days -- having hit the amazing milestone of 1M customers in 21 days. In Saudi Arabia, younger people represent 70% of the population, tech savvy, mobile banking is very successful in the Kingdom with mobile penetration off the charts. Consumer appetite is high for help with finances in a quick manner. Remittance is a big part of Barq's offering, assuring customers that the optimal rail is selected at the right time for payment transactions. The journey started August 2024 with an EMI license (e-money), expansion plans are already in the works. In their second month, Barq is enhancing service offerings through multiple partnerships and hoping to hit 2M customers. If the evolution of the fintech is such, they have the option to upgrade to a full bank. It's an interesting and unique journey, one of incredible growth.
But......one last thing before you listen to the latest episode of our financial podcast,,,,you know what season it is? Not just pumpkin spice, it's conference season and there is a new show to add to your list. The AI-Native Banking & Fintech Conference is happening October 7 in Salt Lake City and Breaking Banks is proud to be a media partner. Our listeners get a 20% discount when they register at conference.springlabs.com and use the code SpringLabsXBreakingBanks. They have an outstanding set of speakers and this is not to be missed. Once again, you have the link http://conference.springlabs.com and the code is: SpringLabsXBreakingBanks, don't forget to claim your discount!
Podcast Chapters:
Chapter 1: 0:00 - Introduction – Exploring Thai Tech and Saudi Fintech
Brett King introduces the dual focus of this episode: the evolving Thai tech ecosystem and the rapid rise of Saudi Arabia's Barq.
Chapter 2: 3:15 - Thailand’s Economy and Demographic Challenges
Kid Pacharianon discusses Thailand's economic position in Southeast Asia, its aging population, and its recovery post-COVID.
Chapter 3: 12:40 - Thai Tech and Startup Landscape
The growth of Thai startups, the impact of corporate venture capital, and the success of initiatives like PromptPay and e-commerce.
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Sep 19, 2024
In This Episode
Warning: Extra spice added -- new sauces and participants!
The stream of consent orders against banks that offer BaaS continues. Fintech partner banks drew 1/3 of all formal enforcement orders by federal banking agencies in the 4th quarter of 2023, that's quite a bit when you consider that fintech partner banks only account for roughly 3% of all U.S. banks.
BaaS is here to stay -- it's a great way for community banks to grow, big banks are already on board and will do more, and entrepreneurs will want to continue to create better banking experiences which means they'll need to partner with banks.
Jason Henrichs brings you our latest Hot Takes with regulars Kiah Haslett, Bank Director; Alex Johnson, Fintech Takes; and Jason Mikula, Fintech Business Weekly, as they are joined by Barb MacLean, SVP, Head of Tech Operations & Implementation, Coastal Community Bank and Allen Denson, Partner, Litigation, Morgan, Lewis & Bockius, LLP. The flaming hot panel discusses why BaaS is facing regulatory headwinds, what banks should do, and how the North Star needs to be a BaaS solution that provides the optimal blend of technology and compliance, all while having some fun. From the stage of FinovateFall we bring you this episode of Breaking Banks.
Read the full transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Episode Overview
Hosts Brett King, Jason Henricks, and JP Nichols introduce this episode, recorded live at Finnovate, featuring hot takes on banking as a service (BaaS) and the regulatory challenges surrounding it.
Chapter 2: 03:45 - Turbulent 2024: What’s Burning?
The panel dives into the year's most challenging issues in banking and fintech, including broker deposit reclassification and cybersecurity breaches, setting the stage for a fiery discussion.
Chapter 3: 12:30 - Consumer Awareness: FDIC and Fintech Misunderstandings
Exploring whether consumers truly understand the risks when engaging with fintechs labeled as FDIC-insured and why traditional disclosures fail to inform effectively.
Chapter 4: 22:10 - Responsibility and Accountability in BaaS
Panelists debate how responsibility is allocated between banks and fintech program managers when issues arise, with differing views on splitting regulatory versus economic liability.
Chapter 5: 32:40 - Regulators and the Banking as a Service Landscape
A discussion of the evolving role of regulators in BaaS, from non-objection policies to potential frameworks for managing risk in fintech partnerships.
Chapter 6: 43:15 - Deposit Treatment: Old Rules, New Challenges
A deep dive into whether current deposit classification rules are fit for purpose in today’s fintech-driven banking environment, including the implications of reclassifying fintech deposits as brokered.
Chapter 7: 55:00 - FBO Accounts: An Aging Framework
The inefficiencies of the "for benefit of" (FBO) account structure and its limitations in a modern fintech ecosystem are dissected, with calls for innovation in banking frameworks.
Chapter 8: 01:05:30 - Banking Partner Standards: Who Should Participate?
Examining whether all banks should be allowed to partner with fintechs, considering the technical, regulatory, and operational complexities involved.
Chapter 9: 01:14:45 - Closing Thoughts and Audience Engagement
Final reflections on BaaS accountability and the role of regulators, along with opportunities for audience interaction and some lighthearted hot sauce giveaways.
Chapter 10: 01:18:00 - Outro and Credits
A wrap-up of the episode with producer credits, reminders to subscribe, and details on how to share and support Breaking Banks.
Related Content:
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Huawei Does Gen-Fi
Bank-Fintech Partnerships, Open Banking and AI...oh my!
A Digital Banking Revolution in SEA: GXBank and Mastercard
Shopify Finance: Fueling Merchant and Small Business Growth
In This Episode
It's a mashup between Breaking Banks and Dave and Dharm Demystify, a podcast that takes you on a journey through the ever evolving world of fintech and digital finance. In this episode triple hosts, Brett King, Dave Wallace and Dharmesh Mistry offer thought provoking discussion and insights, covering off the fintech movement and relevancy in this new state of banking. Integration is key in the new world order. Special shout out to JPMorgan Chase for all they are doing.
What will the banking experience look like in the future? When Q-Day comes there will be radical transparency, get those strategies in place.
Join the discussion, weigh in, share your thoughts and feedback!
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introductions
Brett King and Jason Henricks welcome Dave Wallace and Darmish Mystery of the Dave and Darm Demystify podcast for a special mashup episode.
Chapter 2: 03:30 - Defining Fintech: A Movement or a Moment?
The panel discusses the origins and evolving definition of fintech, debating whether it's a movement driven by technology or a transformative moment.
Chapter 3: 12:00 - The Future of Banking: AI-Driven Smart Economies
Exploring AI's potential to transform financial services, from agency-based payments to smart contracts, and what a "smart bank" might look like.
Chapter 4: 21:45 - Fintech Evolution: From Startups to Smart Banks
A deep dive into how fintech companies are reshaping the financial landscape and how traditional banks can adapt to compete in a tech-first world.
Chapter 5: 34:15 - The Impact of AI and Quantum on Financial Systems
Discussing the game-changing potential of quantum computing and AI in finance, including radical transparency and the looming "Q-Day."
Chapter 6: 45:40 - The Demise of Traditional Banking Products
How AI, cashlessness, and data-driven solutions are reshaping core banking products like credit cards and SME lending, with insights from global trends.
Chapter 7: 57:20 - Challenges for Legacy Banks: Innovate or Perish
Examining whether traditional banks can transition to a digital-first model, and the role of cloud, AI, and quantum in staying relevant.
Chapter 8: 01:06:00 - The Ethical and Existential Implications of AI
The group reflects on how AI will redefine humanity, consciousness, and what it means to be human in a rapidly changing world.
Chapter 9: 01:15:30 - Outro and Closing Thoughts
Final reflections from both podcasts, with insights into the future of banking, fintech, and technology, and a thank you to listeners.
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Episode 562: Hot Takes: Regulatory Headwinds for BaaS
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https://youtu.be/CxtFxiEE27Y
In This Episode
In this week's episode of Breaking Banks we bring you the next feature in our Killing It series as host Jason Henrichs connects with Ohad Samet, Co-Founder and CEO of TrueAccord. Several calls from unknown numbers and one unpleasant conversation about a forgotten credit card with a relatively small balance was the impetus for Ohad to reimagine the debt collection process and the genesis of TrueAccord. Prior experience as the Chief Risk Officer of Klarna, a European payments company, and experience with other start-ups in the area of risk and analytics served him well.
Development is an upward spiral and founding a company (companies actually) involves a lot of self-expression and is often less about the money and more about what you want to do. At some point, though, you may need to fire yourself.
Another candid and enlightening conversation in the series with relevance for all.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Episode Overview
The Breaking Banks team introduces the episode, diving into the journey of starting, scaling, and transforming companies with the founder of TrueML.
Chapter 2: 02:50 - From Klarna to TrueML: A Founder's Motivation
The guest recounts his early career successes, his departure from Klarna, and the personal and professional motivations behind starting TrueML.
Chapter 3: 08:20 - A Personal Problem Sparks Innovation
A forgotten credit card bill becomes the inspiration to reinvent debt collection, blending personal experience with professional insight.
Chapter 4: 13:45 - Building a Resilient Structure: Two Businesses in One
Insights into creating a dual-entity business structure for scalability, regulatory compliance, and innovation within TrueML.
Chapter 5: 20:10 - Letting Go: Redefining Leadership Roles
Exploring the challenges and personal growth required to delegate responsibilities and allow a company to grow beyond its founder's direct control.
Chapter 6: 27:30 - Reinvention and Identity in Leadership
The guest reflects on balancing personal identity with professional roles, highlighting lessons learned from multiple startup journeys.
Chapter 7: 33:50 - The Art of Firing Yourself
When and how to step back as a leader, with practical advice on hiring executives and knowing when it’s time to delegate or move on.
Chapter 8: 41:10 - The Evolution of TrueML: Reinventing Debt Collection
TrueML's role in transforming the debt collection industry, emphasizing technology, strategy, and long-term vision for impactful innovation.
Chapter 9: 47:15 - Final Thoughts: Leadership Lessons from the Journey
Key takeaways on leadership, scaling businesses, and staying grounded as a founder, with a look toward the future of TrueML.
Chapter 10: 50:00 - Outro and Credits
The Breaking Banks team wraps up the episode, thanking the guest and reminding listeners to engage with the show and share their thoughts.
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Episode 562: Hot Takes: Regulatory Headwinds for BaaS
https://youtu.be/Ev2DwaPJh-o
Episode 559: Hot Take: Brokered Deposits Join the Eras Tour
Aug 26, 2024
In This Episode
The FDIC recently issued a proposed rule change on how brokered deposits are treated. This isn't so much a proposed change but a rollback. A roll way back. Way back to 1989 when the original brokered deposit rule was written. As Jason Mikula points out, that's when Taylor Swift was born. Jason M, Alex Johnson, Kiah Haslett and Alex Barrage of Troutman Pepper have some hot takes with Jason Henrichs on how the business of banking has changed through the eras and the implications for the future. Also, the views expressed are those of the individuals and not their respective employers - the lawyers made us add that.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introduction
Brett King and Jason Henricks introduce the episode, featuring a panel discussion on the FDIC's proposed changes to broker deposit rules.
Chapter 2: 03:20 - Rolling Back to 1989: What’s Changing?
The panel explains the proposed rule changes, comparing them to the original 1989 statute and analyzing their relevance in today’s banking landscape.
Chapter 3: 09:50 - The Problem with Blanket Rules
A debate over whether the FDIC’s rollback is a necessary step or an overreaction, with a focus on the lack of modern data to support the changes.
Chapter 4: 17:35 - Are All Deposits Becoming Hot Money?
Discussing the impact of technology, consumer behavior, and open banking on the stickiness of deposits, making the case for nuanced regulation.
Chapter 5: 27:10 - Self-Brokered Deposits: A New Paradigm
Exploring the idea that modern consumers act as their own deposit brokers, reshaping how banks should approach liquidity and risk.
Chapter 6: 36:45 - Liquidity, Portability, and the Future of Deposits
Analyzing how innovations like FedNow and open banking could transform deposit flows, amplifying risks in ways the proposed rule doesn't address.
Chapter 7: 46:20 - The Regulatory Disconnect
Panelists highlight how regulators’ legacy frameworks may fail to capture emerging risks, from fintech partnerships to instantaneous deposit movement.
Chapter 8: 55:30 - Unintended Consequences of the Rule
The potential fallout of the rule for fintech partnerships, community banks, and consumer access to innovative banking solutions.
Chapter 9: 01:05:00 - Closing Thoughts and Calls to Action
The episode wraps up with reflections on the importance of public comments and industry collaboration to guide smarter regulatory decisions.
Related Content:
Episode 488: Deposits: Hot or Not
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Huawei Does Gen-Fi
Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection
Bank-Fintech Partnerships, Open Banking and AI...oh my!
https://youtu.be/yW6m7yCif-A
Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path
Aug 22, 2024
In This Episode
Opening doors to high-potential fintech startups that share a mission to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible has been a goal of Mastercard's with the founding of Start Path in 2014. Since its inception the program has helped over 430 startups in 57 countries.
With partnership in its DNA, Start Path is helping define how the company innovates for the future and creates meaningful, sustainable impact for society. Working with players large and small, Mastercard is helping fintechs push the boundaries of what's possible, to foster innovation, expand access and ensure trust. This symbiotic relationship helps the partners innovate at scale and, together, change the game for the wider commerce ecosystem.
In this episode, Brett King connects with Sabrina Tharani, SVP, Global Fintech Programs at Mastercard and Jordan Wright, Co-Founder & CEO of Atomic Financial, a leader in payroll and merchant connectivity solutions, and a member of the Mastercard Start Path Open Banking program. Listen as they discuss Start Path and how their commercial partnership is enabling consumers to automatically switch their direct deposits and update recurring bill payments. A secure, seamless online banking experience through Mastercard Open Banking, solutions delivered in partnership with Atomic, ultimately helping drive account primacy for financial institutions.
As fintechs look to build, launch and grow their business, Mastercard is helping drive smarter decisions for better outcomes across the payments ecosystem.
Interested in joining Mastercard Start Path? Click here to learn more about the programs and apply online.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Welcome and Introduction
Brett King introduces this MasterCard-supported episode, highlighting fintech innovation and partnerships reshaping financial services.
Chapter 2: 03:15 - The Global Pulse of Fintech Innovation
MasterCard's Sabrina Tarani discusses emerging fintech trends, the role of AI, data technology, and how consumer expectations are driving innovation.
Chapter 3: 08:30 - Meet Atomic Financial
Jordan Wright, CEO of Atomic Financial, shares insights on the company's mission to transform deposit switching, payments, and financial access.
Chapter 4: 15:40 - AI Agents and Radical Personalization
The panel explores the role of AI in finance, highlighting wallet-based approaches, smart agents, and real-world applications for personalized banking.
Chapter 5: 22:20 - Inside MasterCard's StartPath Program
Sabrina details the StartPath program’s mission, its global impact, and how it supports fintechs like Atomic to scale through partnerships and innovation.
Chapter 6: 30:10 - The Case for Bank-Fintech Collaboration
Why banks need fintech partnerships to stay competitive, including insights into how StartPath accelerates collaboration with speed and agility.
Chapter 7: 38:00 - Challenges and Opportunities in Fintech Partnerships
A candid discussion on overcoming hurdles in bank-fintech collaborations and the importance of aligning incentives for success.
Chapter 8: 45:30 - Scaling Success: Lessons from StartPath
Celebrating the achievements of StartPath, its impact on over 450 fintechs in 57 countries, and its contributions to global financial innovation.
Chapter 9: 52:00 - The Future of Finance
Closing reflections on the role of AI, open banking, and subscription management in shaping the next generation of financial services.
Chapter 10: 57:15 - Outro and Closing Thoughts
Final takeaways on fintech’s transformative potential, with resources to explore Atomic Financial and MasterCard’s StartPath program further.
Related Content:
A Digital Banking Revolution in SEA: GXBank and Mastercard
Fintech Visionaries and Revolutionaries & What's Up With Bitcoin?
...
Episode 557: The Power of Resilience
Aug 15, 2024
In This Episode
Consent orders are dropping with increasing frequency. Historically consent orders were viewed as failing grades. It's no surprise that bankers are a breed that don’t respond well to failing grades, it is the credit mentality around loss avoidance that leads to an overly developed risk-mitigation culture. Doing new things, by definition, requires taking on risk at some level.
In this episode, Jason Henrichs is joined by guests Gilles Gade, Founder & CEO, Cross River Bank, Phil Goldfeder, CEO, American Fintech Council, Clayton Mitchell, Managing Principal, Fintech, and Mandi Simpson, Partner, Accounting Advisory & Finance Transformation Leader at Crowe as they dive into the critical topic of organizational resilience for banks in the wake of receiving a regulatory consent order. Together they explore how financial institutions can not only comply with regulatory requirements but also use this challenge as an opportunity to strengthen their operations and culture.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction: Setting the Stage for Resilience
The episode opens with an overview of resilience in the financial world. Hosts introduce key topics, such as navigating regulatory pressures, innovation amid challenges, and how resilience shapes the future of financial services.
Chapter 2: 05:30 - Building Technology to Challenge the Status Quo
Gils Gade from CrossRiver Bank explains how outdated technology in banking inspired his vision for a tech-forward bank. The discussion dives into how CrossRiver built innovative solutions to replace legacy systems, ultimately serving fintech ecosystems better.
Chapter 3: 15:45 - Turning Challenges into Stepping Stones
The conversation explores CrossRiver’s encounters with regulatory consent orders and how they used these challenges as opportunities to strengthen compliance and innovate further. Gade emphasizes a philosophy of viewing stumbling blocks as stepping stones.
Chapter 4: 28:20 - Minimal Maturity Models for Risk and Compliance
Crow’s Mandy Simpson and Clayton Mitchell discuss strategies for balancing growth and risk in banking. They highlight the importance of incremental risk management and dialogue with regulators to build resilience.
Chapter 5: 38:15 - Resilience Through Consumer-Centric Design
The episode underscores how keeping customers at the center of decision-making helps banks build trust and resilience. CrossRiver’s efforts to address customer pain points through innovative tech and services are highlighted as a model.
Chapter 6: 47:10 - Collaboration: Banks, Fintechs, and Regulators
Phil Goldfeder from the American FinTech Council shares insights on collaboration between banks, fintechs, and regulators. The focus shifts to aligning regulatory practices with the fast-paced innovation demanded by customers.
Chapter 7: 57:45 - Overcoming Regulatory PTSD
A candid discussion on how consent orders can lead to "regulatory PTSD" within organizations. The panel explores strategies for fostering innovation while maintaining compliance.
Chapter 8: 1:08:30 - Preparing for the Future of Banking
The panel reflects on how banks can leverage their experiences to remain competitive and resilient. They emphasize the importance of innovation, risk management, and customer focus as the pillars of a sustainable banking model.
Chapter 9: 1:19:00 - Closing Thoughts: Resilience as a Journey
The episode concludes with a discussion on how resilience is not just about weathering challenges but thriving through them. The hosts summarize key takeaways and look ahead to the future of resilient banking.
Related Content:
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Episode 471: Can You Hear Me Now? Regulators Speak Up
Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection
Bank-Fintech Partnerships, Open Banking and AI...oh my!
Episode 556: Revolut’s UK News & It’s Tyme
Aug 08, 2024
In This Episode
Digital banking is reshaping market share. All the fastest growing banks these days are fintechs. After a three year battle, fintech challenger Revolut has provisionally secured a UK Banking License. With this, Revolut can now represent themselves as a bank, having the rights and obligations of a chartered financial institution in the UK. Revolut already had a license in the EU but the UK license could help with entry into the US. With 45M customers, revenue over $2B and profitable, they are making a mark for themselves. Listen as hosts Brett King and JP Nicols share their take on the news and implications for the industry.
Then, it's Tyme....TymeBank, South Africa's (and the African continent's) most successful challenger bank aimed at the lower income market. Listen as Co-Founder, Coen Jonker, speaks with Brett to share Tyme's origin story and progress. Tyme is challenging the notion of how neos might work in this space. It began with BaaS and several years later, 2019, TymeBank launched in South Africa (SA). Launching during CoVid taught Tyme (Take Your Money Everywhere) to build an anti-fragile business.One of three banks since 2000 to have been granted a SA banking license, TymeBank uses a phygital operating model to work towards it's goal of financial inclusion and democratizing access to banking. In 2022 they expanded to the Philippines, GoTyme, and now, Vietnam. Via digital kiosks for onboarding in physical retail stores -- you can open an account in 3 - 5 minutes and be issued a debit card -- they are building trust and educating customers, integrating banking into the shopping proposition. TymeBank is in it for the long game.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction: Breaking News in Fintech
The hosts introduce the episode with key updates: Revolut's provisional UK banking license and an exploration of TimeBank’s rapid growth.
Chapter 2: 03:15 - Revolut’s UK Banking License: A Game Changer
Revolut’s recent milestone is discussed, highlighting how the license impacts its global expansion strategy and positions it as a competitive force.
Chapter 3: 12:40 - Scaling Success: How Digital Banks are Outpacing Incumbents
An analysis of digital banks like Revolut and NewBank, comparing their customer acquisition strategies, scalability, and profitability to traditional banks.
Chapter 4: 24:30 - SME Banking and the Future of Commercial Services
The hosts discuss how digital banks are entering the SME sector, leveraging data to provide tailored services and disrupting traditional commercial banking.
Chapter 5: 33:45 - TimeBank’s Story: Building Financial Inclusion in Africa
TimeBank’s co-founder, Kuhn Yonker, shares the bank’s origin story, its mission to democratize access to banking, and its impressive growth in South Africa.
Chapter 6: 45:10 - The Hybrid Strategy: Digital Meets Physical
TimeBank’s unique approach of combining digital services with in-store kiosks is examined, showing how this model fosters trust and reduces acquisition costs.
Chapter 7: 55:20 - Expansion into Southeast Asia: TimeBank Goes Global
TimeBank’s entry into the Philippines and Vietnam is discussed, focusing on its strategy to replicate its African success in new, emerging markets.
Chapter 8: 1:05:30 - AI and the Next Frontier for Digital Banks
The role of AI in enhancing productivity, customer service, and personalized banking experiences at TimeBank is explored.
Chapter 9: 1:16:45 - Looking Ahead: What’s Next for Revolut and TimeBank?
The episode concludes with reflections on the future of digital banking, from Revolut’s growth trajectory to TimeBank’s upcoming capital raise and global aspirations.
Related Content:
Fintech Visionaries and Revolutionaries & What's Up With Bitcoin?
UK is "All In" for FinTech
Episode 124: Cross Border Payments: Revolut, Visa & Currencycloud
Huawei Does Gen-Fi
Episode 555: Killing It… Again. With Bill Harris
Aug 01, 2024
In This Episode
Another thrilling episode of Breaking Banks' special series Killing It!. Host Jason Henrichs connects with fintech superstar, dare we say fintech Olympian (Paris 2024!), Bill Harris, industry veteran, founder of 10+ tech and fintech companies, author, and current Founder & CEO of Evergreen Money. Together Jason and Bill look back at Bill's career to date, the different companies, the lessons learned and the tough calls made. Among those hard decisions, the need, at times, to avoid prolonging a failing venture and the need to conserve resources. It's a race to the finish where Bill shares details about his latest endeavor.
https://youtu.be/zh-rAm6t_DY
In This Episode
Integration is a team sport these days. There is a need for constant adaptation and innovation, it can be complex and expensive, a lack of standards in the U.S. has introduced a lot of competing standards and solutions challenging business and consumer adoption. Partnerships and tighter focus can be key to bringing down cost to exchange funds and complement the current payments system with $80 Trillion processed on the ACH system in 2023, $55 Trillion of it B2B payments. Listen as Brett King catches up with Dwolla's CEO, David Glaser and CTO, Skyler Nesheim. Dwolla was first featured on Breaking Banks back in 2013, they bring us up to date on the innovative interfaces that Dwolla offers to the US banking system and their ability to work with innovators of all sizes. It's an interesting discussion covering RTP payments, open banking, pay by bank, connections to the ACH Network and RTP Network for institutions of all sizes.
Then Jason Henrichs chats with veteran financial services executive, founder & CEO Sanjib Kalita, about fintech events from Money 20/20 to Fintech Meetup and beyond. From best practices to the need to create the right culture and maximize the value of content and improve ROT (Return on Time), differentiation is important as is contributing to greater knowledge. Are there too many events? It's a master class in events!
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction: Navigating Innovation in Fintech
The hosts kick off with an overview of the "Innovator's Dilemma" and introduce returning guests from Doala, discussing the evolution of fintech.
Chapter 2: 05:15 - Doala’s Evolution: From Startups to Enterprises
Doala’s CEO and CTO reflect on their journey, highlighting the company's shift from serving small businesses to becoming a payments infrastructure leader.
Chapter 3: 15:30 - Global Real-Time Payments: Lessons from PIX and UPI
A discussion on how countries like Brazil and India are leading real-time payments, compared to the U.S.’s slower adoption and the role of standards.
Chapter 4: 25:40 - Overcoming Legacy Challenges in Banking
Exploring how legacy systems create friction in innovation, and how fintechs like Doala provide solutions to modernize payment ecosystems.
Chapter 5: 35:20 - The Role of AI in Payments and Personalization
The conversation shifts to AI’s potential in payments, including personal assistants managing financial transactions and streamlining banking processes.
Chapter 6: 45:10 - Collaboration in Fintech: Banks, Platforms, and Ecosystems
The panel examines how fintechs, banks, and technology platforms collaborate to create scalable, integrated financial systems.
Chapter 7: 55:30 - Building a Future-Proof Bank in the Cloud
The episode highlights how cloud-native fintechs like Doala have a competitive edge, while legacy banks face significant hurdles in keeping up.
Chapter 8: 1:07:45 - Conferences and ROI: Fintech Events That Matter
The hosts discuss the importance of maximizing return on time at fintech events, sharing strategies to align conference participation with business goals.
Chapter 9: 1:17:20 - Closing Thoughts: Embracing Continuous Innovation
The episode wraps up with reflections on the necessity of constant innovation for survival in fintech and the banking ecosystem.
Related Content:
Episode 427: Reframing the Branch and the Industrialist Dilemma
Episode 565: Return to Normalcy? & Money's Got Soul
Episode 395: Banking on Fast Money
Special Episode - Finovate: Financial Insights & Breaking Banks Anniversary Trailer
Episode 216: Disruption Stories - The Challenges of Integrating Cryptocurrency into Traditional Financial Systems
https://youtu.be/PaD1IcU4NxU
Episode 553: The Secret of NIM
Jul 18, 2024
In This Episode
Deposits are the aqua vitae of banking, the water of life.
The very core of the traditional banking business model is gathering deposits at no to low-cost and lending the money back out at higher rates. Bankers used to reference the “3-6-3 Rule”: bring in deposits at 3%, make loans at 6%, and be out on the golf course by 3:00PM.
Money is the primary raw material in the business of banking. The difference between what financial institutions pay for that raw material is subtracted from what they earn from lending it out right at the very top of their income statements. That difference is net interest income, and it is the largest component of earnings for virtually every bank. As much as 95% or more for some.
Expressed as a ratio, the net interest margin or NIM is a key metric in measuring bank performance, and it’s been under considerable pressure lately. The traditional levers have been trying to lower deposit rates and raise loan rates, and hope you don’t lose too much volume. As the business has become more complex, so have the tools and strategies to reduce that pressure.
Today we get into some of the hidden levers that banks are using to add non-rate value, one focus is SBA lending. How new approaches and new technology is expanding the market for banks large and small, and also for fintechs; and how the secondary market is helping to improve liquidity and improve NIM. Joining host JP Nicols in this episode are Steve Tanzer and Joel Updegraff, both Managing Directors at Brean Capital.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction: The Lifeblood of Banking
The hosts introduce net interest margin (NIM) as a critical metric for bank performance and set the stage for a discussion on strategies to manage NIM pressures.
Chapter 2: 05:20 - SBA Lending: A Hidden Lever for Profitability
Steve Tanzer from Breen Capital explains the role of Small Business Administration (SBA) loans in enhancing bank liquidity, profitability, and risk management.
Chapter 3: 15:45 - Expanding Beyond Local Markets
The discussion shifts to how banks can diversify geographically and leverage national lending platforms while maintaining strong customer relationships.
Chapter 4: 25:30 - The SBA Secondary Market: Transforming Loan Portfolios
An overview of how the SBA’s secondary market enables banks to sell guaranteed portions of loans, generating fee income and freeing up capital for growth.
Chapter 5: 35:10 - Fintech Partnerships and Efficiency Gains
The panel explores how fintech and "Fintech Lite" solutions are streamlining SBA lending, boosting efficiency, and expanding credit access to underserved markets.
Chapter 6: 45:25 - Innovations Born from the Pandemic
Insights on how SBA modernized processes during COVID-19, including the shift from wet signatures to digital transactions, improving efficiency in loan settlement.
Chapter 7: 55:15 - Lessons from Leaders: Specialization and Technology
The hosts highlight examples like Live Oak Bank, showcasing how specialization in industry verticals and investment in technology yield competitive advantages.
Chapter 8: 1:05:30 - Getting Started with SBA Lending
Practical advice for banks new to SBA lending, including understanding the program’s economics, finding the right partners, and identifying growth opportunities.
Chapter 9: 1:15:40 - Non-Traditional Players in the SBA Space
The role of non-bank lenders and fintech innovations in reshaping the SBA landscape is examined, emphasizing their influence on efficiency and market dynamics.
Chapter 10: 1:25:10 - Closing Thoughts: The Future of NIM and SBA Lending
The episode wraps up with reflections on the evolving role of SBA programs and non-rate strategies in addressing NIM compression challenges.
Related Content:
Episode 340: Good Policy, Good Banking
Episode 560: Killing It: Ohad Samet on Reimagining Debt Collecti...
In This Episode
This Breaking Banks episode's Killing It guest went from software engineer to investment banker to founder of a community supporting the next generation of fintech founders to adviser then founder of the fintech team at Andreessen Horowitz (A16Z) and now solo venture fund founder in the fintech space investing at the angel, pre-seed and seed stage. Meet Rex Salisbury, founder Cambrian Ventures, backing early-stage companies, as he shares his journey and founder stories -- his path, motivation and the support that ultimately led him to being a solo fund founder after clearly being bitten by the fintech bug. He shares thoughts on putting talents and strengths to good use, creative destruction and how to think about failure to get you where you want and ought to be. In short, he's killing it!
https://youtu.be/v8MC6xGc_lo
Episode 551: This Spot Looks Soft
Jul 03, 2024
In This Episode
Soft landings are a topic of hot conversation these days. The go-go days where you can always raise another round are gone. The ecosystem is littered with companies with little product market fit, less revenue and even less runway. Many of these are looking for a soft spot to land. Unfortunately M&A is hard in the best of times and many fintechs are now looking to banks as a potential exit.
In the first half of today's show, Jason Zaler, partner at Oliver Wyman, joins Jason Henrichs to discuss Oliver Wyman's new report on bank fintech M&A. In the second half, Robert Antoniades, General Partner at Information Venture Partners, and Jason H talk about 3 decades of venture cycles and M&A more broadly including strategies for big banks, community banks, fintechs and even VCs.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Insights into Bank and Fintech Partnerships
Introductory thoughts on fintech struggles and the shifting landscape of bank-fintech partnerships.
Chapter 2: 00:12:45 - Bank-Fintech M&A Challenges and Opportunities
Exploring the difficulties banks face in acquiring fintechs and factors impacting M&A deals.
Chapter 3: 00:24:10 - Case Study: SoFi's Acquisition Strategy
A deep dive into SoFi's significant acquisitions, including Galileo and Technisys.
Chapter 4: 00:37:00 - Key Steps to Successful Integration Post-Acquisition
Outlining the playbook for integrating fintech acquisitions successfully.
Chapter 5: 00:45:15 - Navigating Regulatory Hurdles in M&A
Challenges fintechs and banks face in complying with emerging regulations.
Chapter 6: 01:00:30 - Venture Capital Trends and Market Outlook
Discussion on venture capital cycles, overfunded startups, and future fintech consolidation.
Chapter 7: 01:15:00 - Closing Thoughts on Fintech Consolidation
Predictions on soft landings, hard landings, and where fintechs are headed next.
Related Content:
Bank-Fintech Partnerships, Open Banking and AI...oh my!
Episode 31: Where Does the Money Go? - Corporate Venture Capital - The Challenges of Strategic Investing
Episode 553: The Secret of NIM
Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path
Episode 561: Demystifying Fintech: Insights on Banking's Future
https://youtu.be/1e5Vtj3fiEQ
Episode 550: Cease and Desist
Jun 27, 2024
In This Episode
Come for the expert views on how the Synapse bankruptcy has led to regulatory consent orders for three banks (so far), stay to find out what happens when two regulatory lawyers and a self-declared ‘bank nerd’ editor break down the issues and the lessons for the rest of the industry.
Matt Janiga from Trustly, Jesse Silverman from Troutman Pepper, and Kiah Haslett from Bank Director dive deep into what went wrong on the bank side, and what banks need to do to avoid a similar fate. Jesse has ideas for a better regulatory system, and says banks need to think beyond disclosures. Matt says banks need to step up their AML/BSA compliance systems and not try to do too much at once. Kiah gives a little history lesson and goes on a rant about how much of banks’ risk management systems are anything but. Everyone agrees with JP that banks keep stumbling over well-known issues, and that the risks of inaction are too big to ignore.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Introduction: The Fallout at Synapse and Evolve Bank
The hosts introduce the episode, setting the stage for the discussion on the Synapse collapse, Evolve Bank’s consent order, and broader fintech implications.
Chapter 2: 00:05:30 - Banking as a Service (BaaS): Growing Pains and Third-Party Risks
A look at the evolution of Banking as a Service, the role of middleware, and the challenges banks face in third-party risk management.
Chapter 3: 00:14:45 - The Synapse Saga: What Went Wrong?
Breaking down the Synapse bankruptcy, reconciliation issues, and the complex web of banks and fintechs involved in the debacle.
Chapter 4: 00:26:00 - The Regulatory Gaps: Whose Job Is It to Watch?
A discussion on the perceived regulatory gaps, the role of state regulators, and the absence of a unified oversight body for fintechs.
Chapter 5: 00:38:15 - Consent Orders: Patterns, Themes, and Lessons Learned
Analysis of recent consent orders issued to banks, recurring themes like AML, CIP, reconciliation, and what banks must address to stay compliant.
Chapter 6: 00:50:00 - Fintechs and Banks: Managing Risk, Partnerships, and Expectations
How fintechs and banks can work better together, focusing on due diligence, reconciliation processes, and board governance.
Chapter 7: 01:02:15 - State Regulation vs. Federal Solutions: Is a New License on the Horizon?
Exploring the potential for state regulators to create new license types for fintechs and why a federal framework might be needed.
Chapter 8: 01:12:30 - Advice for Banks Entering Fintech Partnerships
Practical advice for banks considering fintech partnerships: start small, evaluate processes, and ensure technology and compliance alignment.
Chapter 9: 01:20:00 - The Future of BaaS: From Crisis to Opportunity
A hopeful perspective on the future of Banking as a Service, predicting a “flight to quality” and stronger partnerships through better risk management.
Chapter 10:
Final reflections on the importance of effective risk management and why banks must embrace calculated risks to innovate and thrive.
Related Content:
Episode 551: This Spot Looks Soft
Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy
Bank-Fintech Partnerships, Open Banking and AI...oh my!
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Episode 557: The Power of Resilience
https://www.youtube.com/watch?v=NC4LF19DAfs
Episode 549: Bringing You The Best
Jun 20, 2024
In This Episode
It's a Breaking Banks and Finovate collab! Fresh off of FinovateSpring hosts JP Nicols, Greg Palmer and Brett King talk trends, takeaways and best of show; bringing the best to you in this episode. If you missed FinovateSpring, enjoy the recap and themes, and some of the best fintech innovations covering artificial intelligence, open banking, future payments, CX and more. With new market entrants and the loosening of capital, creativity is coming back into the ecosystem, and the bar is being raised, pushing everyone forward. We also introduce you to one of FinovateSpring's Best of Show winners, Maya Mikhailov, SAVVI AI, Founder & CEO. Meeting users where they are, SAVVI AI offers a powerful AI tool to unlock data and make finserv and fintech goal driven AI use cases easier, distilling data natively into excel, to offer insights for institutions on new product offerings to benefit customers and business.
In the coming weeks, tune into sister podcast Finovate for profiles, a deep dive and one-on-ones with all FinovateSpring 'Best of Show' winners: Bloom Credit, Remynt, Kobalt Labs, QuickFi, SAVVI AI, Cascading AI
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Introduction: Welcoming Greg Palmer and Finnovate Insights
The hosts introduce Greg Palmer from Finnovate, discussing his observations post-Finnovate Spring and setting the stage for the episode.
Chapter 2: 00:05:30 - The State of Fintech: Fresh Ideas and New Players
Exploring the influx of early-stage companies, Series A fintechs, and how creativity is driving a new wave of innovation in the ecosystem.
Chapter 3: 00:15:00 - The Innovation Cycle: Incumbents vs. Insurgents
Discussing the classic innovation cycle, venture capital trends, and how fintechs challenge incumbents to adapt or acquire.
Chapter 4: 00:24:45 - AI in Fintech: Who Will Win the Next Wave?
Highlighting AI’s role in shaping financial services, the incumbents’ challenges with legacy systems, and fintechs’ AI-friendly advantages.
Chapter 5: 00:35:30 - Best of Show Winners: The Highlights of Finnovate Spring
A brief overview of standout winners like Bloom Credit, Remit, and Savvy AI, and their innovative, customer-centric approaches.
Chapter 6: 00:45:15 - Meet Savvy AI: Democratizing AI for Banks
Maya Mikhailov shares Savvy AI’s mission to bring AI capabilities to banks through Excel, empowering them to use their existing data.
Chapter 7: 00:55:00 - Practical AI Use Cases: Start with What You Have
Discussing how banks can begin with deposit and transaction data to solve practical challenges like deposit growth, churn, and loan delinquency.
Chapter 8:
Reflections on the episode’s themes: AI as a tool for efficiency, solving everyday banking problems, and meeting customers where they are.
Related Content:
Life Before and After Social Distancing
Special Episode: Navigating the Crisis
AI is coming to help!
A.I.- Ally Or Foe
Bioplausible Artificial Intelligence
https://www.youtube.com/watch?v=LZUWot-48E8
Episode 548: Killing It: And then Paying It Forward
Jun 13, 2024
In This Episode
Jake Gibson, former investment banker, entrepreneur / co-founder NerdWallet, angel investor, now VC founder Better Tomorrow Ventures, who crossed career paths with host Jason Henrichs 10+ years ago, have an honest discussion about the twists and turns of co-founding a boot-strapping start-up particularly when you are young, on to something and quickly have to figure everything out. After years of hard work and being all-in, tough decisions needed to be made as NerdWallet continued to grow quickly. Jake knew it was time to move on, but so hard to do. The arrival of twins and focus on strengths, honesty, lessons learned, and giving advice to others in similar situations, helped Jake figure his calling and path forward, and has enabled him to keep many 'cards in his wallet'.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Introduction: Reinvention and Identity
Setting the stage for Jake Gibson's journey, from Wall Street to co-founding NerdWallet, angel investing, and ultimately venture capital.
Chapter 2: 00:04:30 - From Wall Street to Silicon Valley: The First Reinvention
Jake shares his transition from a successful trading desk role at J.P. Morgan to joining Tim Chen on the early journey of NerdWallet.
Chapter 3: 00:12:00 - Bootstrapping NerdWallet: The Rocky Early Days
Insights into the early challenges of building NerdWallet, the struggles of SEO, and how Google’s algorithm updates became a turning point.
Chapter 4: 00:22:45 - Growth Pains: Scaling Beyond Founders’ Capabilities
The tough lessons in scaling NerdWallet, managing people, and navigating layoffs, despite the company’s upward revenue trajectory.
Chapter 5: 00:35:00 - Leaving NerdWallet: Letting Go of Identity
Jake opens up about the emotional difficulty of leaving NerdWallet, redefining his sense of self, and taking time to decompress.
Chapter 6: 00:45:30 - Angel Investing: Paying It Forward
The next phase for Jake—mentoring and investing in startups, building a network, and finding fulfillment through helping others succeed.
Chapter 7: 00:52:00 - Commitment Issues: From Angel to VC with Better Tomorrow Ventures
How Jake partnered with Sheel Mohnot, overcame hesitations, and co-founded Better Tomorrow Ventures (BTV) to support fintech innovation.
Chapter 8: 01:05:30 - Facing Failure and Luck: Lessons for Founders
Candid advice on preparing for potential failure, embracing identity shifts, and recognizing that success often requires persistence and luck.
Chapter 9: 01:15:00 - Closing Reflections: The Founder’s Mentality
Jake’s thoughts on unreasonable optimism, self-awareness, and how founders should approach reinvention and uncertainty.
Related Content:
Episode 44: Where Does The Money Go? - Angel Investing
Episode 451: AWS Bets Big on Black and Women Founders & Harmonizing Taxes
Episode 550: Cease and Desist
Identities Merging
Episode 551: This Spot Looks Soft
https://youtu.be/aQnekFgirVU
Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy
Jun 06, 2024
In This Episode
There's more to episode 543 -- Killing It: The Story Behind the Synapse Story -- right here! The Synapse saga continues but we make it easy to stay current and benefit from expert analysis as host Jason Henrichs unpacks the latest news with Jason Mikula, publisher of Fintech Business Weekly. The two are watching the topic closely, offering insight into what it all means, from a Chapter 11 Trustee, to new account and financial resilience concerns, FDIC insurance disclosure, challenges and regulation not to mention potential risks and implications for banking and fintech. A takeaway from it all, the importance of regulation in promoting responsible innovation.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Introduction: A Slow-Moving Disaster
Hosts Jason Henrichs and Jason Mikula set the stage for the ongoing Synapse-Evolve-Lineage saga, describing the magnitude and impact.
Chapter 2: 00:05:30 - The Missing Millions: Ledger Integrity Crisis
Analyzing the $50 million shortfall between Synapse and Evolve, the flawed ledger issues, and how the situation spiraled over time.
Chapter 3: 00:14:00 - How Did This Happen? The Role of Boards and Fintechs
Exploring Synapse’s board oversight, fintech clients’ reactions, and questions about operational resilience and business continuity.
Chapter 4: 00:22:00 - The Complexity of Banking Ledgers
Discussing why ledgers are so complex, how ACH and settlement flows add layers of difficulty, and why banks failed to catch the discrepancies.
Chapter 5: 00:30:45 - FDIC Insurance Clarification: A Regulatory Surprise
Examining the FDIC’s stance on insurance limitations and the lack of clear communication to consumers regarding fintech-held deposits.
Chapter 6: 00:40:00 - Regulatory Gaps and Fintech Accountability
Comparing U.S. regulatory gaps to Europe’s EMI licenses, and how the lack of supervision exacerbated fintech risks.
Chapter 7: 00:50:15 - Tourists on BaaS Island: Banks and Fintech Missteps
Highlighting the dangers of underprepared banks and fintech players entering the complex world of Banking-as-a-Service (BaaS).
Chapter 8: 00:58:30 - The Fallout: Long-Term Implications for BaaS and Fintech
Assessing how this saga will impact future bank-fintech partnerships, regulatory oversight, and the fintech innovation landscape.
Chapter 9: 01:08:00 - Lessons Learned: Regulation, Boards, and Responsible Innovation
Reflecting on the importance of regulation, investor accountability, and building robust systems to prevent future crises.
Related Content:
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Episode 70: Women's Economic Empowerment TechSprint & Conference
Episode 464: Second Wave BaaS & “Deep Tech”
Episode 550: Cease and Desist
Episode 559: Hot Take: Brokered Deposits Join the Eras Tour
https://youtu.be/JrbIignFP64
Episode 546: Are FBO’s Bad News?
May 30, 2024
In This Episode
In this episode Jason Henrichs and Kiah Haslett, Bank Director's Banking and Fintech Editor riff on FBO (For Benefit Of) accounts, implications for banks, banking as a service and the future of fintech.
Then, Jason connects with Paul Davis, Founder, The Bank Slate about fintech partnerships, future landscape, consent orders and AI in banking.
https://youtu.be/403ajB3n9mo
Episode 545: Buzzword Bingo
May 23, 2024
In This Episode
In this episode Brett King catches up with Ali Paterson, Editor-in-Chief, FF News about ... fintech and banking!
Having been part of the architecture, or rather furniture, of the industry for many years, these two leaders, writers and influencers look at fintech -- through rearview mirrors and what's on the road ahead -- in a lighthearted discussion from respective vantage points. There are standout moments (does anyone remember the literal payments race?), personalities, culture, and some favorite stories.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00:00 - Introduction: A Decade of Fintech Chronicles
Brett King and Ali Patterson introduce the episode, sharing stories about their long-standing relationship and Ali's role in fintech journalism.
Chapter 2: 00:05:30 - Founding FF News: From Future Banking to Buzzword Bingo
Ali discusses his early days in fintech reporting, founding FF News at Finnovate London 2015, and covering industry-shaping events.
Chapter 3: 00:14:00 - Capturing History: Starling, Revolut, and the Early Challenger Banks
Memorable moments with fintech pioneers like Anne Boden and Nick Storonsky, highlighting how Starling and Revolut emerged from humble beginnings.
Chapter 4: 00:22:15 - Stories of Success and Collapse: Loot and Wirecard
A look back at the rise and fall of standout fintechs like Loot and Wirecard, and the lessons they provide for the industry.
Chapter 5: 00:30:45 - Fintech Media: The Secret to Longevity and Client Trust
Ali shares how FF News thrives through resilience, client relationships, and unconventional solutions to deliver value.
Chapter 6: 00:40:30 - Buzzword Bingo and the Evolving Media Landscape
How fintech media has shifted to focus on targeted engagement over vanity metrics, including strategies for TikTok and content delivery.
Chapter 7: 00:48:15 - Emerging Markets: The Caribbean as Fintech’s Next Wave
Discussion on the Caribbean as an untapped fintech hub, with opportunities for challenger banks and financial innovation.
Chapter 8: 00:55:00 - The Payments Race: Innovation, Community, and Crazy Logistics
Ali recounts the entertaining and logistically challenging Payments Race events that highlighted global payments evolution.
Chapter 9: 01:05:00 - Best and Worst Interviews: From Will.I.Am to Frank Abagnale Jr.
Ali shares stories of his most memorable interviews, including thought-provoking conversations with fintech leaders and unexpected challenges.
Chapter 10: 01:12:00 - Advice for Fintech Founders: Be Unique and Recognizable
Tips for fintech entrepreneurs on creating impactful stories, standing out in media, and building a strong, unique brand presence.
Related Content:
Episode 144: Metaverse Deep Dive - Decoding the Buzzword
Episode 561: Demystifying Fintech: Insights on Banking's Future
Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy
Fintech Visionaries and Revolutionaries & What's Up With Bitcoin?
Huawei Does Gen-Fi
https://youtu.be/MEpeF1Wp2uY
Episode 544: LatAm Fintech and Payments Boom
May 16, 2024
In This Episode
Brett King connects with industry leaders and influencers Joao Bezerra Leite, 2W Ecobank and former CTO, Banco Itau, and Bruno Diniz, fintech advisor, author, professor, speaker and top 10 influencer in Ibero America for another engaging episode of Breaking Banks about the fintech / payments boom in Brazil and Latin America. The trio focus on several success stories to include Pix pay; NuBank, the reasons NuBank has been so successful; Creditas, and other companies to watch. Can these successes be replicated elsewhere? How might the market react if / when NuBank becomes the largest market cap bank in LatAm? These are just some of the questions the industry veterans tackle in this episode.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction and Overview
The hosts introduce the episode and highlight the focus on Latin America's fintech landscape, with a special emphasis on Brazil. They welcome experts Bruno Diniz and João Bezerra Letty to discuss fintech innovations, payments, and regulations shaping the region.
Chapter 2: 03:45 - Nubank: The Rise of a Challenger
A deep dive into Nubank's meteoric growth, achieving 100 million customers, and its strategies that revolutionized the Brazilian banking sector. Discussion includes user experience, regulatory support, and its positioning as a mobile-first digital bank.
Chapter 3: 15:20 - Brazil’s Regulatory Innovation
João Bezerra Letty outlines the role of Brazil’s Central Bank in creating an enabling environment for fintech innovation, including key regulations like payment institution guidelines and the success of PIX, the instant payments platform.
Chapter 4: 23:30 - PIX and Payment Innovations
Discussion about PIX’s massive adoption in Brazil and its role in redefining payment systems. The conversation compares PIX's success to the slow adoption of FedNow in the United States.
Chapter 5: 32:10 - Beyond Nubank: Emerging Fintech Leaders
Exploration of other notable fintechs in Brazil, including Creditas and Cloudwalk, highlighting their innovative approaches to digital lending, DeFi, and payment systems.
Chapter 6: 40:50 - Market Challenges and Opportunities
The challenges traditional banks face in adapting to a digital-first economy and the opportunities for fintechs to address underserved segments. Discussion includes embedded finance and AI’s role in the ecosystem.
Chapter 7: 48:00 - The Future of Latin American Fintech
The experts discuss Brazil’s leadership in fintech innovation, the potential for exportable fintech models, and the next steps in tokenized economies and AI integration.
Chapter 8: 54:30 - Closing Thoughts and Resources
Final reflections on the future of fintech in Latin America, how listeners can stay updated on industry trends, and expert resources shared by the guests.
Related Content:
Episode 126 - Breaking Payments: Keys to success in hyper-growth companies
Episode 494: Regional Spotlights: South Africa & LatAm Making Strides
Episode 233: The Bankers' Bookshelf - AI revolution: productivity boom and beyond
Episode 210: Disruption Stories: Regenerative Finance
Episode 554: Innovator's Dilemma & ROI / ROT
https://youtu.be/0sMFejq_TQk
Episode 543: Killing It: The Story Behind the Synapse Story
May 09, 2024
In This Episode
It's another engaging episode from Breaking Banks' new series, Killing It. Host Jason Henrichs shares a candid conversation with Sankaet Pathak, Synapse CEO and Co-Founder, about Synapse's just completed, very public bankruptcy and acquisition that came with highly opinionated social media commentary. Listen as Sankaet shares his personal story as well as a behind the scenes narrative of Synapse's journey, the challenges faced, and what ultimately brought him to the decision to kill Synapse as a stand-alone entity. Sequencing is important.
Read the entire transcript here.
Podcast Content:
Chapter 1: 00:00 - Introduction and Synapse’s Chapter 11 Journey
The hosts introduce the episode, diving into Synapse’s public bankruptcy and acquisition by TabaPay. Sankat Pathak, Synapse’s founder and CEO, joins to share insights on the process and misconceptions surrounding the events.
Chapter 2: 05:15 - The Misunderstood Narrative
Pathak clarifies the misconceptions about Synapse's journey, emphasizing the deliberate decision for Chapter 11 to enable a strategic asset acquisition.
Chapter 3: 12:30 - Missed Opportunities and Strategic Shifts
Discussion on the $100 million term sheet veto and the strategic move to acquire a bank charter, highlighting the internal disagreements that sealed Synapse’s fate.
Chapter 4: 20:45 - Lessons in Building and Scaling
Pathak reflects on Synapse's growth journey, the challenges of creating a middleware-focused company, and lessons learned about culture, market selection, and business scaling.
Chapter 5: 28:40 - Banking as a Service: Challenges and Future Directions
In-depth exploration of the complexities of banking-as-a-service models, the role of FBO accounts, and predictions for the evolution of the BaaS ecosystem in the next five years.
Chapter 6: 38:10 - Regulation, Culture, and Market Dynamics
Discussion on the role of regulation in shaping financial services, differences between tech and bank cultures, and how these elements influence business success.
Chapter 7: 47:20 - The Future of Banking and Fintech Models
Speculation on the future interplay between banks and fintechs, including trends toward fintechs acquiring bank charters and banks adapting to technological DNA.
Chapter 8: 55:00 - Closing Reflections and What’s Next for Pathak
Pathak shares his personal takeaways, his future plans, and how the lessons from Synapse’s journey will shape his next endeavors.
Related Content:
Episode 474: Ringing Out 2022: What did we get right? What did we miss?
Tech’s Role in the Shut In
Episode 55: Jim Marous
Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy
Episode 140: Let's Talk Culture
https://youtu.be/tkIwAiaI2dA
Full Show Transcription
[00:00:00] Welcome to Breaking Banks. The number one. Killing it. Killing it.
There's often a story behind this story. The explosion of social media, private Slack and WhatsApp groups, newsletters, make it difficult not only to decipher fact, but even put together a cohesive story. Synapse is just completing a very public bankruptcy and acquisition with highly opinionated social media commentary.
Sankat Pathak, Synapse's founder and CEO, joins me on this episode to share his side of the story and the journey that brought him to the decision to kill Synapse as a standalone entity.
Well, thanks for agreeing to have a difficult if not painful conversation about the last chapters of Synapse's journey as a standalone entity. [00:01:00] Building in public is hard and, you know, finding a soft landing is admirable and difficult enough without public commentary. I guess I should be thankful Twitter didn't have the reach and vitriol in 2014 when we like tried to crash land, you know, Perk Street, same maneuver.
I sometimes tell people it's like, we landed the plane. People were definitely on fire. But no one died, right? Um, I'm going to start with,
Episode 542: Pay by Bank Poised for Growth in the U.S.
May 02, 2024
In This Episode
Pay by bank is gaining momentum in the U.S., it's a natural evolution of how we pay with funds from our bank accounts. What will it take to get more people to use it and what about readiness for different use cases? Listen as host Brett King, Eric Sager, Plaid's COO and Trevor Nies, Adyen's SVP, Global Head of Digital discuss the state of pay by bank, what is driving it in the U.S., the value it delivers, the next segments to adopt, and how key challenges are being overcome to make it good for consumers and for businesses. Will we start seeing pay-by-bank in everyday e-commerce experiences? Listen to our latest episode of Breaking Banks to find out!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction and Global Payment Trends
The hosts introduce the episode and explore the growing momentum of pay-by-bank systems worldwide, focusing on their adoption in emerging markets like Brazil and India.
Chapter 2: [05:20] Meet the Guests and U.S. Market Overview
Eric Sager from Plaid and Trevor Neece from Adyen discuss their roles and share insights into the complexities and opportunities in the U.S. payments ecosystem.
Chapter 3: [12:40] Lessons from Emerging Markets
Exploration of real-time payments systems such as PIX in Brazil and UPI in India. Insights into how these systems could shape the future of payments in the U.S. and Europe.
Chapter 4: [22:15] The Growing Appeal of Pay by Bank
Deep dive into the benefits of pay-by-bank for consumers and merchants, including lower costs, reduced churn, and access to underserved populations.
Chapter 5: [30:50] The Partnership Between Plaid and Adyen
Details on the strategic collaboration between Plaid and Adyen, its objectives, and how it simplifies merchant integration while offering value to consumers.
Chapter 6: [39:30] Overcoming Adoption Barriers
Discussion on the challenges of implementing pay-by-bank in the U.S., including consumer trust, branding, and incentives, and how to drive adoption across generations.
Chapter 7: [48:10] AI and the Future of Payments
Speculation on how AI will transform payments, from contextual credit to automated personal finance management, and its potential integration with pay-by-bank systems.
Chapter 8: [55:50] Wrapping Up and Future Outlook
Guests reflect on the potential for pay-by-bank to reshape the payments landscape, their plans for the partnership, and their excitement for the future.
Related Content:
Episode 83: The future of payments and the disappearing "point of sale"
Episode 548: Killing It: And then Paying It Forward
Episode 129: Breaking Payments: Open Banking Evolution
Episode 562: Hot Takes: Regulatory Headwinds for BaaS
Shopify Finance: Fueling Merchant and Small Business Growth
https://youtu.be/HDybRTh0mmE
Episode 541: Get in the Game with Embedded Banking
Apr 25, 2024
In This Episode
Embedded banking is reshaping the industry for those with the right approach. To succeed, banks of all sizes will need a strategy, tools, and technology.
Listen as host Brett King connects with Booshan Rengachari, CEO of Finzly, pioneering provider of modern money movement systems to financial institutions, as they uncover the opportunities and keys to success in embedded banking.
Attract more corporate banking customers with new advanced features, learn how to handle KYC & KYCC compliance for fintech partnerships, and how open APIs, virtual accounts and ISO 20022 nativity enable embedded banking.
In This Episode
Todays’ Breaking Banks spotlights sister podcast Finovate, featuring host Greg Palmer’s recent interviews on the Future of Real-Time Payments with The Clearing House's, Jim Colassano, SVP Product Development & Strategy and a new report on Cost of Living, Lending and Insights from Tink with Jack Spiers, Banking & Lending Director, UK & Ireland.
Finovate Spring is around the corner, May 21 - 23, 2024 in San Francisco, CA. Check it out!
https://www.youtube.com/watch?v=1yIeYTZbXpQ
Episode 539: Reflecting on AI’s Risks and Rewards
Apr 11, 2024
In This Episode
This week on Breaking Banks, we feature an episode from sister podcast EMERGE Everywhere.
Is artificial intelligence the key to providing personalized financial advice for all? While companies like Credit Karma are tapping into AI’s vast potential to help customers manage their money, the technology also raises weighty questions about how to use it responsibly. In this episode, Jennifer Tescher, host of EMERGE Everywhere speaks with Credit Karma CEO Ken Lin about how the company has embedded AI into its solutions, the biggest opportunities and challenges right now, and what an AI-enabled future might look like.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction: AI in Financial Services
The hosts introduce the episode, highlighting discussions with Ken Lin, CEO of Credit Karma, about the transformative impact of AI on financial advice.
Chapter 2: [05:10] Credit Karma’s Journey and AI Evolution
Ken Lin shares the origins of Credit Karma, its integration into Intuit, and the company’s innovative approach to leveraging AI for personalized financial tools.
Chapter 3: [14:20] Generative AI vs. Machine Learning
Exploration of the differences between machine learning and generative AI, emphasizing AI's ability to deliver tailored, conversational financial advice.
Chapter 4: [22:50] Real-World Applications of Generative AI
Ken Lin discusses the top use cases of generative AI on the Credit Karma platform, focusing on addressing consumers' top financial questions with tailored insights.
Chapter 5: [33:15] The Promise of AI-Driven Financial Assistance
Discussion on AI’s potential to transform financial advice into actionable steps, aiming to reduce tedium and empower financial mobility for users.
Chapter 6: [42:00] Tackling Trust and AI Hallucinations
Addressing concerns around AI accuracy, bias, and "hallucinations" in financial advice, and the steps Credit Karma takes to ensure reliable guidance.
Chapter 7: [50:30] The Bottom 20%: Addressing Financial Exclusion
Ken Lin reflects on how AI can benefit underserved populations by increasing financial inclusion and providing equitable access to services.
Chapter 8: [58:00] Governance and the Future of AI
The episode explores the importance of AI governance, ethical considerations, and the long-term impact of AI on financial systems and societal equity.
Related Content:
FinTech Opening Investment Space
Will Financial Advisers Be Replaced By Crowd, How Does Tech Change GenYs Plan Investment & Saving?
Episode 189: Disruption Stories: Generative AI for Investments
AI is coming to help!
A.I.- Ally Or Foe
Episode 538: Money Isn’t Everything
Apr 04, 2024
In this Episode
This week, Jason Henrich connects with Mary Wisniewski to talk about her new podcast, Money Isn't Everything, which will explore unconventional ideas and strategies within the financial services sector. In her biweekly podcast Mary will tap into her passion for uncovering counterintuitive concepts, sharing stories and looking at complexities, gaps and opportunities in our market with focus on the role banks and credit unions play in driving and improving outcomes,
The first episode of Money Isn't Everything airs 4/18, catch it on Apple, Spotify or the Cornerstone Advisors website.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction and Welcome
The hosts introduce the episode, highlighting the theme of money's role beyond financial value. Special guest Mary Wisniewski previews her new podcast, Money Isn't Everything.
Chapter 2: [03:50] The Philosophy Behind "Money Isn't Everything"
Mary Wisniewski shares the inspiration and objectives for her new podcast, emphasizing how financial institutions can address broader human needs.
Chapter 3: [10:20] Challenges in Financial Literacy and Behavior Change
Discussion about the failures of traditional financial literacy efforts and how understanding erratic cash flow can improve outcomes for underserved populations.
Chapter 4: [18:30] Gamification and Nudges in Financial Services
Exploration of gamification and behavioral nudges, their effectiveness, and ethical considerations for banks and fintechs aiming to improve financial habits.
Chapter 5: [26:40] Aligning Incentives in Banking and Startups
Jason Henricks reflects on the challenges of creating consumer-aligned incentives in financial products, sharing insights from his experience with Perk Street.
Chapter 6: [35:15] Addressing Mental Health and Financial Stress
Highlighting the intersection of mental health and money, the hosts discuss the emotional toll of financial stress and its implications for financial services.
Chapter 7: [43:00] The Role of Creativity and Innovation in Finance
Mary shares personal anecdotes and ideas for fostering innovation in financial services, particularly for addressing volatile incomes and debt reduction.
Chapter 8: [50:25] Looking Ahead: Themes for "Money Isn't Everything"
Preview of topics Mary plans to explore on her podcast, including AI, bold experiments in finance, and revisiting lessons from past economic cycles.
Chapter 9: [57:00] Closing Thoughts and Call to Action
Final reflections on the episode's themes, the significance of money in our lives, and details on how to follow Money Isn't Everything when it launches.
Related Content:
Episode 127 - Unconventional Saving Products
Special Episode: Digital Love in the Time of COVID
Episode 93: Talent Infrastructure
Episode 170: MONEY UNDER 20 - “SM” in the new “FS”
Episode 551: This Spot Looks Soft
https://youtu.be/3PsqPUDBmO8
Episode 537: Socially Responsible Credit & Social Currency
Mar 28, 2024
In This Episode
Giving credit when credit is due is always appreciated and a good thing to do. In this case, it is also a solid base for a fintech, one that is socially responsible and financially inclusive. Meet Kashable's Co-Founder and CEO, Einat Steklov, as she speaks with host Brett King about Kashable making its mark in financial services with low cost loans for employees, those with low or no credit scores. With its data models and ability to create new risk profiles and open up access to credit, Kashable underwrites consumers for unsecured loans based to a large extent on employment information. With Kashable's ability to offer access to low cost credit, economic mobility, as an employee benefit with easy repayment -- embedded financing -- everyone benefits.
Then, Breaking Banks is delighted to introduce Social Currency, Provoke.fm's latest podcast powered by Sunrise Banks that will introduce you to some of the most innovative changemakers in finance, tech and ESG, and how they are dismantling barriers and reshaping their industries for a more inclusive, equitable and sustainable future. Spotlighting those at the forefront of positive change through social entrepreneurship, Social Currency unveils the stories behind the revolution that is propelling us toward a world where everyone has equitable access to opportunities. In the first episode, Ahead of the Curve, Strategic Foresight, Tyler Seydel, Chief FinTech Officer at Sunrise Banks and co-host Eric Schurr, Chief Strategy Officer, Sunrise Banks and certified practitioner in strategic foresight, get into just that, Strategic Foresight, how organization can solve market opportunity challenges using provocative questions to look at future challenges in new ways, reimaging opportunities. A planning oriented discipline related to futures studies, you'll be surprised as new tools and this new way of future thinking begins to infiltrate projects and everyday work.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction and Purpose
The hosts introduce the episode, exploring themes of socially responsible credit and the role of social currency in fostering equitable financial systems.
Chapter 2: [03:40] Cashable: Redefining Credit with Employment Data
Interview with Inet Steklov, founder of Cashable, discussing their innovative approach to using employment data for credit underwriting and financial inclusion.
Chapter 3: [15:20] The Flaws of Traditional Credit Scoring
The conversation dives into the limitations of traditional credit scores and how alternative credit models can expand financial access for underserved populations.
Chapter 4: [23:50] Embedded Financing in the Workplace
Insights into Cashable’s partnerships with employers to offer low-cost credit as an employee benefit, promoting financial wellness and reducing stress.
Chapter 5: [32:30] Regulating Fintech and Alternative Lending
Discussion on navigating the regulatory landscape for fintechs and how Cashable collaborates with state and federal regulators to ensure compliance.
Chapter 6: [40:45] Social Currency Podcast: Exploring ESG and Equity
Introduction of the new Social Currency Podcast, focusing on ESG principles, diversity, and the intersection of technology and social equity.
Chapter 7: [48:15] The Role of Foresight in Financial Innovation
Eric Schorr, a certified foresight practitioner, shares insights on trendspotting, strategic planning, and creating a more inclusive financial future.
Chapter 8: [57:30] Closing Reflections and Future Vision
Final thoughts on the importance of financial inclusion, the value of foresight in planning, and actionable steps for building a better financial system.
Related Content:
Social Means Global
Episode 161: Breaking Carbon - Impact as an Economic Driver
Episode 15: Can we trust banks to use AI responsibly?
Making Financial Engagement Social: Frank Eliason
Episode 536: Breaking the Future
Mar 21, 2024
In This Episode
SXSW is a safari to the future according to Todder Moning, Lead Futurist at U.S. Bank. But, as Mike Bechtell, Chief Futurist at Deloitte, pointed out in his Fintech House fireside last year: futurists are always wrong.
Why attempt to predict the future if you are likely to be wrong?
This year Todder and Eric Schurr, Chief Strategy Officer at Sunrise Banks and host of the Social Currency podcast at Provoke.fm, have a fireside chat with Dara Tarkowski, Founder of Actuate Law and host of the Tech on Reg podcast, about which rules to break and which to keep when thinking about the future. From large bank to small, both use the tools of Foresight to gain a competitive advantage when thinking about a future, even when it is likely wrong. Listen in to learn how to break out of your current mindset and preconceptions, including Todder's favorite: Future Safaris.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction and Live from South by Southwest
The hosts set the stage for this live recording at the Alloy Labs Fintech House, introducing foresight as a critical tool for navigating the future.
Chapter 2: [03:50] What is Foresight?
Guests Tod Moning and Eric Scherr explain the practice of foresight, its methodologies, and its role in helping organizations navigate uncertainty and plan for multiple futures.
Chapter 3: [12:30] Applying Foresight in Financial Services
Discussion on how foresight is implemented within financial institutions, balancing innovation with the industry's focus on safety, risk management, and compliance.
Chapter 4: [21:40] The Role of Regulators in Foresight
Exploration of whether regulators can or should engage in foresight, and how proactive planning could help address systemic risks and foster innovation.
Chapter 5: [30:20] Signals and Trends Shaping the Future
Guests highlight key signals and trends in technology, ESG, and societal changes, with a focus on how these factors impact financial services.
Chapter 6: [41:15] AI and the Future of Decision-Making
Discussion on the role of generative AI in foresight, its potential to support scenario building, and its limitations in predicting the unknown.
Chapter 7: [50:40] Crafting Preferred Futures
Eric and Tod emphasize the human-centric nature of foresight and the importance of defining and striving for preferred futures through deliberate actions.
Chapter 8: [59:30] Closing Reflections on Foresight's Value
Final thoughts on why foresight is essential for financial institutions and individuals, encouraging proactive engagement with the forces shaping our world.
Related Content:
Tech On Reg
Episode 559: Hot Take: Brokered Deposits Join the Eras Tour
Episode 241: The Bankers' Bookshelf - Why Machines Will Never Rule the World: Artificial Intelligence without Fear
Home
Episode 538: Money Isn't Everything
https://youtu.be/VJ5OvH-f-00
Episode 535: Money of the Future
Mar 14, 2024
In This Episode
What happens when two financial futurists get together? They chat about money of the future and related topics worthy of debate.
This week, host Brett King connects with Chris Skinner, author, influencer, The Finanser blogger, and advisor to leading organizations, governments and firms across the world to talk about Chris' new book, Intelligent Money, due out this summer. Lots of great banter and thought provoking discussion as they look at cross border payments, smart wallets / super wallets that act as an agent on your behalf, embedded intelligent financial services and payments, and of course AI, to name just a few of the topics they get into. What's your vision for Main Street 2034? Is the need for growth at the heart of some of our problems? Enjoy the debate!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome to Breaking Banks
Hosts Brett King and Jason Henricks introduce the show and discuss its mission to explore innovations in financial services. They welcome regular guest Chris Skinner, a leading fintech thinker.
Chapter 2: [04:30] The Evolution of Payments
Chris Skinner and Brett King discuss the future of payments, predicting the rise of AI-driven "super wallets" and the eventual obsolescence of traditional financial tools like credit cards and cash.
Chapter 3: [12:45] Centralized vs. Decentralized Systems
A deep dive into centralized and decentralized finance structures, touching on the friction between cryptocurrencies, stablecoins, and central bank digital currencies.
Chapter 4: [20:15] The Future of Identity and Security
The conversation turns to digital identities and their role in payments, healthcare, and government services. The hosts debate the feasibility of self-sovereign identity models.
Chapter 5: [30:00] Borderless Finance and Migration
Chris Skinner examines the intersection of global finance, migration, and technology, highlighting how digital wallets empower displaced populations and digital nomads alike.
Chapter 6: [40:10] AI and the Changing Face of Banking
The discussion shifts to how AI reshapes banking, turning institutions into algorithmic entities. Trust, the role of branches, and the generational shift in financial behavior are analyzed.
Chapter 7: [50:00] The Ethics and Economics of AI
A philosophical debate on AI's impact on jobs, universal basic income (UBI), and the potential for capitalism to adapt to a world dominated by automation.
Chapter 8: [01:00:15] Reimagining Money and Society
Brett and Chris speculate about new economic systems and the role of technology in creating equitable and sustainable societies, touching on ideas like techno-socialism.
Chapter 9: [01:10:00] Preview of Chris Skinner's New Book
Chris shares insights from his upcoming book Intelligent Money, which explores embedded AI in finance and its transformative potential.
Chapter 10: [01:15:30] Closing Thoughts and Future Episodes
The hosts wrap up with reflections on the discussion and preview future episodes of Breaking Banks and their collaborative podcast Beyond Banking.
Related Content:
Episode 238: The Bankers' Bookshelf: Intelligent Money
Digital Wallets: Exploding Or Blowing Up?
Bitcoin: Hope or Hype?
Are Mobile Wallets On The Horizon Or Somewhere Over The Rainbow?
Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection
https://youtu.be/DC03x1pySWg
Episode 534: Space, AI, Climate and Beyond Banking
Mar 07, 2024
In This Episode
What's your legacy? Host Brett King connects with the 695th Lord Mayor of London, Michael Mainelli, who is the first American born Lord Mayor of London. A scientist, economist and accountant, as well as a self-proclaimed space junkie who studied aerospace at Harvard (fun fact his father was at one time involved with the Apollo capsule for Boeing), the Lord Mayor shares some of the key initiatives that will keep him busy during his mayoralty -- climate change, space debris removal, a smart economy networks project, and most importantly that London is a partner when it comes to solving global problems, it is a solutions center for technology, science, engineering and finance.
Then, a new podcast Beyond Banking by CBD Talks! from the Commercial Bank of Dubai. Beyond Banking by CBD Talks! delves into trends that drive the UAE, middle east, and global economies. In the first episodes host Brett King has welcomed phenomenal guests, and covered topics from climate and sustainability to unicorns and the future of money and banking, while spotlighting leaders shaping financial services and the UAE, Frank Bisignano, CEO, Fiserv and Her Excellency Raja Al Mazrouei. Learn about the UAE and other regions by downloading Beyond Banking by CBD Talks! via Amazon, Apple, or Spotify. From digitization to decarbonization, through the evolution of AI, and the advent of smart economies, listen as we foster conversations Beyond Banking, with an eye towards the future. https://podcasts.apple.com/us/podcast/beyond-banking-by-cbd-talks/id1711240163
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Introduction
Brett King and Jason Henricks open the show, highlighting the Breaking Banks tradition of exploring innovation and introducing their guest, Michael Mainelli, the 695th Lord Mayor of London.
Chapter 2: [05:30] The Role of the Lord Mayor
Michael Mainelli reflects on his journey to becoming Lord Mayor, the responsibilities of the position, and the legacy of this historic role.
Chapter 3: [12:00] Space: A Personal and Global Perspective
Michael shares insights on his background in aerospace, his father’s work on Apollo, and how space exploration connects with global sustainability goals.
Chapter 4: [20:00] AI, Ethics, and Smart Economies
A deep dive into the role of AI in building smart economies, the ethical considerations, and the intersection of finance, technology, and global problem-solving.
Chapter 5: [30:45] Climate Change and Financial Solutions
The discussion shifts to climate finance, carbon markets, and how London plays a role in creating sustainable solutions to the global climate crisis.
Chapter 6: [40:00] Space Junk and Sustainability in Orbit
Michael introduces innovative approaches to solving the growing issue of space debris, including insurance bonds and technologies for debris removal.
Chapter 7: [50:00] London as a Hub for Global Collaboration
Exploring London’s reputation as a center for finance, science, and technology, and its potential to foster international collaboration on pressing global challenges.
Chapter 8: [01:00:00] Looking Ahead: Challenges and Opportunities
Michael outlines his vision for London’s future and the broader role of highly autonomous economies, post-scarcity economics, and evolving societal values.
Chapter 9: [01:10:30] Beyond Banking and Closing Remarks
The hosts reflect on the episode, preview the "Beyond Banking" podcast series, and share how listeners can engage with Breaking Banks and Michael Mainelli.
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https://youtu.be/G_jql0YSqE4
Episode 533: Killing It! Acceptance As The Fastest Path Forward
Feb 29, 2024
In This Episode
In this next episode of our special series, Killing It!, hosts Jason Henrichs and Alex Johnson sit down with Matt Harris, current coach, consultant, advisor and Bloom Credit (credit data solutions) co-founder. Starting a company is hard, at any age, Matt was 22 when he began his journey. It's not just having an idea for your startup, financial backing, energy and good people around you, as most know, it's all the hurdles and discoveries of everything you need to fix and do, that affects your idea, along the way. The journey, and roller coaster, comes with lots of stressors and takes its toll. It can be difficult to step away or step aside. How do you process? How do you separate your identity from the company after investing so much of yourself in it.
The founding journey is hard but doesn't have to be. Accept what is. 'Failure' (whatever that may mean, and it's different for everyone) is not the end of the story. This candid discussion is a master class for startup founders; coaching founders, rather than just investing in their businesses, has become an impactful and authentic way for Matt to make even more change in the world.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Introduction
Brett King introduces the theme of the episode, featuring Matt Harris of Bloom Credit, discussing the entrepreneurial journey and mental health.
Chapter 2: [05:00] The Origins of Bloom Credit
Matt Harris shares how Bloom Credit started, its mission to tackle credit report inaccuracies, and the challenges of building a fintech infrastructure company.
Chapter 3: [15:30] The Emotional Toll of Startup Life
A deep dive into the psychological and physical impact of entrepreneurship, as Matt reveals his diagnosis of complex PTSD and its root causes.
Chapter 4: [25:45] Decoupling Identity from Work
Matt discusses the struggle of separating personal identity from his role as a founder, and the difficult decision to step away from Bloom Credit.
Chapter 5: [35:20] The Transition Year
Matt describes the year-long process of transitioning out of his CEO role, finding a new leader for Bloom Credit, and preparing for life beyond the startup.
Chapter 6: [45:00] Healing and Rebuilding
Insights into Matt’s recovery process, including movement therapy, breathing exercises, and the importance of restoring a sense of safety to his nervous system.
Chapter 7: [55:10] Coaching Founders: A New Path
Matt explains his transition to coaching, addressing mental health and productivity challenges for founders while helping them build sustainable practices.
Chapter 8: [01:05:30] Addressing Hustle Culture
A critique of grind culture, with Matt presenting evidence-backed strategies for improving productivity by working smarter, not harder.
Chapter 9: [01:15:00] The Importance of Acceptance
Matt reflects on the power of acceptance in overcoming failure and navigating the ups and downs of entrepreneurial life.
Chapter 10: [01:25:00] Closing Thoughts
The hosts wrap up with key takeaways from Matt’s journey and advice for founders facing similar struggles, emphasizing resilience and self-awareness.
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https://youtu.be/4_FzT8ff0Ms
Episode 532: M&A and AOBA 2024
Feb 22, 2024
In This Episode
This week host Jason Henrichs hears about all that he unfortunately missed at Bank Director's annual AOBA (Acquire Or Be Acquired) conference for bank senior leadership from Bank Director rock stars and conference session and track leaders, Emily McCormick, VP of Editorial & Research and Kiah Haslett, Banking & Fintech Editor. They cover it all from banking sector challenges, innovations, and market outlook to enthusiasm for balance sheets (yes!), deposits, and necessity of tech adoption for growth and the future.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Overview
The hosts introduce the episode, highlighting its focus on the Acquire or Be Acquired (AOBA) conference and trends shaping the banking industry.
Chapter 2: [05:15] Vibes from AOBA 2024
Discussion with Emily McCormick and Kia Haslett about the optimistic yet cautious atmosphere at the conference and key insights from industry leaders.
Chapter 3: [15:30] The Quest for Deposits
An exploration of the challenges banks face in attracting and retaining deposits, including the evolving importance of balance sheet strategies.
Chapter 4: [25:50] Technology Adoption as Mandatory
How digital transformation has shifted from optional to essential for banks, with practical strategies for prioritizing tech investments.
Chapter 5: [35:40] Talent and Leadership in Banking
The ongoing challenges of succession planning, talent retention, and the skillsets needed for leadership in a tech-driven banking environment.
Chapter 6: [45:15] The State of Bank M&A
Insights into why M&A activity has slowed, including the impact of balance sheet considerations, unrealized losses, and pricing challenges.
Chapter 7: [55:00] The Role of AI in Banking’s Future
How artificial intelligence is addressing efficiency and operational challenges, and its practical applications for modern banks.
Chapter 8: [01:05:30] Closing Reflections on AOBA 2024
The hosts reflect on the conference's themes, including the necessity of proactive decision-making and the importance of aligning leadership with industry trends.
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https://www.youtube.com/watch?v=lBBVrehJ3Yg
Episode 531: Killing It: A Simple Journey and Lending Without Bias
Feb 15, 2024
In This Episode
You heard it here last week, a new series from Breaking Banks, 'Killing It' with co hosts Jason Henrichs and Alex Johnson, Fintech Takes. In this first episode we feature a candid discussion with Shamir Karkal, Alliance for Innovation Regulation, Co-founder and CEO of Sila, formerly Co-founder of Simple (BankSimple), America's first neobank which operated 2009 - 2021. A FinTech pioneer, he shares learnings, successes, failures and some of the tough decisions made along his 'simple' journey while reflecting on what it means for him today.
Then, Brett King connects with DIVINE, Victor D. Lombard, CEO & Founder, Solvent with tag line, The Future is Freedom. You may remember DIVINE from 2022 when we interviewed him about a venture with AWS' Impact Accelerator. Today he is joined by Brent Chandler, CEO and Eric Lapin, President of FormFree to talk about their new partnership aligned around their missions to empower underserved demographics. The focus is lending, specifically the mortgage space, with new products to help underserved individuals get access to credit and a new two-sided marketplace, FormFree Exchange, connecting lenders and borrowers -- helping credit invisibles get loans and institutions to lend without bias. Tech for good, who doesn't love that!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Overview
The hosts introduce the episode, featuring Shamir Karkal of Simple and discussions on lending innovations with FormFree and Solve It.
Chapter 2: [05:00] The Simple Story: Lessons in Fintech Pioneering
Shamir Karkal shares the history of Simple, from founding to acquisition, revealing insights into the challenges and tough decisions faced.
Chapter 3: [20:15] Navigating Tough Choices: The Reality of Exit Decisions
A candid exploration of Simple’s decision to sell to BBVA, balancing financial viability, employee impact, and mission-driven goals.
Chapter 4: [35:00] Beyond Simple: Building Platforms and New Ventures
Shamir reflects on the post-acquisition journey, launching platforms at BBVA, and transitioning to new entrepreneurial projects.
Chapter 5: [50:00] FormFree and the Evolution of Lending
Brent Chandler and Eric Lappin discuss FormFree’s mission to transform lending through data-driven insights and bias-free decision-making.
Chapter 6: [01:05:30] Solving Financial Inequality with Solve It
Divine shares his journey from incarceration to tech entrepreneurship, partnering with FormFree to empower underserved communities.
Chapter 7: [01:15:45] The Role of AI in Inclusive Lending
The discussion delves into AI-powered data models and tokenization for financial identity, revolutionizing access to credit for the underbanked.
Chapter 8: [01:30:00] Closing Reflections and Next Steps
The hosts reflect on key themes of resilience and innovation, offering a glimpse into what’s next for the guests and the fintech space.
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https://youtu.be/xhY6_rHjU4g
Episode 530: Killing It & Investing in the Next Frontier
Feb 08, 2024
In This Episode
Drumroll...it's a new series from Breaking Banks, Killing It, candid discussions with entrepreneurs sharing lessons, failures, successes and some of the tough decisions they had to make. From VCs to unicorns, it's a high stakes game with high rates of failure. Not everything goes up and to the right, and success looks different for everyone -- you can grind away and do all you are supposed to do, and get to the point that you have to deliver terrible news to your cofounder and employees who believed in you. There are lots of stories from awesome people who have been knocked to the mat multiple times and gotten back up. It's not uncommon, but how do you bounce back and what does it take to walk away from it. Listen as hosts Jason Henrichs and Alex Johnson bring these stories to life.
Then, investing in the next frontier, we turn to Greg Palmer, host of sister podcast Finovate as he speaks with Tamara Steffens, Managing Director, Thomson Reuters Ventures, about her perspectives on what’s on tap for fintech and the funding ecosystem this year. Enjoy the show!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and New Series Introduction
The hosts introduce the "Killing It" series, focused on candid entrepreneurial stories, and preview insights into fintech investments with Tamara Stephens.
Chapter 2: [05:15] Killing It: Lessons in Resilience
A conversation with Alex Johnson about the emotional challenges of failure in entrepreneurship and the journey of rediscovering identity and purpose.
Chapter 3: [20:30] The Weight of Responsibility in Startups
Exploring the unique pressures founders face, including decision-making, downsizing, and the emotional toll of living with those choices.
Chapter 3: [35:00] The Value of Relationships in Entrepreneurship
A deep dive into how trust and relationships can influence future ventures, even after a business fails or pivots.
Chapter 4: [50:15] Investing in Fintech: A Venture Capitalist’s Perspective
Tamara Stephens of Thomson Reuters Ventures discusses trends, the importance of product-market fit, and the state of fintech funding in 2024.
Chapter 5: [01:05:30] The Rise of AI and Bootstrapping in Fintech
Tamara highlights the impact of artificial intelligence in tax and compliance and the renewed focus on bootstrapped startups amid funding challenges.
Chapter 6: [01:20:00] Predictions and Opportunities for Fintech in 2024
A look at the future of fintech, focusing on resilience, profitability, and emerging areas like cross-border payments and AI-driven compliance tools.
Chapter 7: [01:30:00] Closing Thoughts
Reflections on entrepreneurship, the challenges of fintech innovation, and the need to balance ambition with realistic, sustainable growth strategies.
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https://youtu.be/2mcKIL3PNnE
Episode 529: Is 2024 the Year That BaaS Goes Boom?
Feb 01, 2024
In This Episode
Does BaaS go boom, and other predictions and projections for the year. Listen as host Jason Henrichs connects with hot takers Alex Johnson, Fintech Expert & Workweek Creator and Jason Mikula, Managing Director, Fintech Business Weekly about what they've been seeing and what they hope to see in our industry. For those that like analysis they jump into the current state of BaaS, theories on implications for the rest of the year not to mention any projections they think they might need a mulligan for and which are proving true!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Overview
The hosts introduce the topic of Banking-as-a-Service (BaaS) and the question of whether 2024 will be a pivotal year for its evolution.
Chapter 2: [05:30] Predictions and Mulligans
Jason and Alex revisit their 2024 predictions, discussing early developments in BaaS and debating which forecasts might already need revising.
Chapter 3: [15:45] BaaS: A Subsidy for Banks?
The panel examines how venture capital has underpinned BaaS models, questioning its long-term sustainability and the role of banks in this ecosystem.
Chapter 4: [30:00] The Regulation Dilemma
Regulatory hurdles and network effects within BaaS are dissected, emphasizing the challenges banks face in balancing compliance with scalability.
Chapter 5: [45:15] Redefining the Customer Relationship
Exploring the misalignment between middleware platforms, fintechs, and banks, the discussion centers on rethinking BaaS economic models.
Chapter 6: [01:00:00] Economics of BaaS in 2024
The conversation shifts to the financial realities of BaaS providers, unprofitable fintechs, and the broader fintech funding environment.
Chapter 7: [01:15:00] IPOs, M&A, and What Comes Next
Analyzing potential exit strategies for fintech companies, including IPOs and M&A, with reflections on past trends and 2024 expectations.
Chapter 8: [01:30:00] Future of BaaS and Fintech Innovation
Closing thoughts on how innovation, regulation, and business realities will shape the future of BaaS and fintech partnerships in 2024.
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Episode 533: Killing It! Acceptance As The Fastest Path Forward
https://www.youtube.com/watch?v=PoYKt1b0Zo0
Episode 528: Money in the 21st Century
Jan 25, 2024
In This Episode
This week on Breaking Banks, Money in the 21st Century, a special episode from sister podcast Breaking Banks Asia Pacific. Listen as Breaking Banks Asia Pacific host Charis Palmer sits down with economist and professor of economics Richard Holden to chat about his new book: Money in the 21st Century and why he believes that the US Fed needs to get going with a 'Fedcoin'. They also cover the global economics of #crypto #cbdcs #mobilemoney and #cheapmoney, and how we’ll all transact in our future cashless world. Enjoy the episode!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome to Breaking Banks
The hosts introduce economist Richard Holden and his new book, Money in the 21st Century, exploring the future of money and payments.
Chapter 2: [05:30] Three Key Trends in Global Money
Richard discusses how low interest rates, mobile money, and cryptocurrencies are reshaping how we transact globally.
Chapter 3: [15:15] The Case for a Fed Coin
Richard makes a compelling argument for the U.S. to create a digital currency, emphasizing its necessity in a race against China and private digital currencies.
Chapter 4: [25:45] The Phasing Out of Cash
Examining the inevitability of a cashless future, Richard outlines a phased approach for governments to reduce reliance on physical currency.
Chapter 5: [35:30] CBDCs and Financial Inclusion
A discussion on how central bank digital currencies can address issues of financial inclusion, particularly for the unbanked in developing economies.
Chapter 6: [45:15] Private vs. Public Currencies
Exploring the tension between decentralized cryptocurrencies and government-controlled CBDCs, with insights into their potential coexistence.
Chapter 7: [55:45] China's Digital Currency Strategy
Richard evaluates China's rapid progress in developing the ECNY and its implications for global monetary dominance.
Chapter 8: [01:05:30] Global Financial Blocks and Collaboration
A look at the role of regional financial blocks like Enbridge in shaping international money transfers and blockchain-based systems.
Chapter 9: [01:15:00] Future Roles of IMF and World Bank
Closing thoughts on how international institutions might adapt to a world dominated by central bank digital currencies.
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https://youtu.be/q0uNPddxiDo
Episode 527: Return to Reality?
Jan 18, 2024
In This Episode
Excitement over new technologies, new capabilities, new business models, and new companies often turns to hype, but what goes up, must come down. We seem to be working through hype cycles faster and faster, but what’s on the other side is rarely a return to the status quo. In this episode, Simon Taylor, Fintech Brainfood, Jim Marous, The Financial Brand and Theo Lau, Unconventional Ventures join hosts Brett King and JP Nicols to share insights and debate what upward and downward forces will most impact fintech and banking in the next 12 months, and what that new reality looks like.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Introduction
Brett King and Jason Henricks introduce the episode, set the stage for the 2024 outlook discussion, and highlight the themes of hype cycles and industry realities.
Chapter 2: [03:15] Hype Cycles and Disruption
J.P. Nichols discusses the acceleration of hype cycles in fintech, the trough of disillusionment, and how technologies like AI are impacting the space.
Chapter 3: [10:45] Traditional Banking's Challenges
Jim Maroos explores the pressures on traditional banks, deposit flight, and the stark differences in how fintech challengers like Monzo and Nubank are gaining ground globally.
Chapter 4: [20:10] Emerging Markets vs. Developed Markets
The panel compares fintech growth in emerging markets like Brazil with developed markets, highlighting the unique opportunities and obstacles each faces.
Chapter 5: [32:30] AI's Dual-Edged Sword
Theo Lau and others delve into the risks and opportunities of AI in financial services, from fraud mitigation to ethical dilemmas like deepfake scams.
Chapter 6: [45:20] Generative AI and Regulation
Brett King and Simon Taylor discuss the slow progress in generative AI applications for banking, legal challenges, and regulatory frameworks worldwide.
Chapter 7: [55:00] Venture Capital and Fintech Evolution
The conversation shifts to the fintech funding landscape, the implications of down rounds, and how AI integration presents new opportunities for startups.
Chapter 8: [01:07:15] The Wallet as a Super Tool
Brett King outlines the rise of the "super wallet," integrating identity, health, and financial data, and its transformative potential for consumer behavior.
Chapter 9: [01:20:30] The Future of Personalization in Fintech
The panel explores how AI is driving hyper-personalization, reshaping customer experiences, and embedding financial services into everyday life.
Chapter 10: [01:30:00] Closing Thoughts and Predictions
The hosts summarize key takeaways, speculate on potential black swans in fintech, and discuss how regulation and geopolitics may shape the future.
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Episode 526: Investment in an Age Where Climate is Disrupting the Planet
Jan 11, 2024
In This Episode
2023 was the hottest year on record in terms of temperature. ESG, sustainability, clean tech / green tech and corporate responsibility have been hot topics. Are we at war with climate? This week we feature Brett King's recent sit down in Bangkok, Thailand with former banker, fintech investor and now venture capitalist, Paul Ark, with The Radical Fund, an early-stage VC fund investing in founders who are delivering climate resilience for Southeast Asia. Where are investment dollars going? Climate mitigation (how to prevent the world from getting warmer) and climate adaptation (dealing with a warmer world) and what it means for infrastructure resilience and food insecurity, to name some areas of concern, are top of mind. Climate is a complex systemic issue and requires a buffet of technologies to address, improve and help us reclaim our environment. It's an enlightening conversation with The Futurists!
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Setting the Stage
Brett King introduces the episode and shares the significance of discussing climate disruption and sustainable investment strategies.
Chapter 2: [03:00] A Journey Through Asia and Venture Capital
Brett and guest Paul Ark discuss his background in Asia, his work at Apple, and his transition to venture capital with a focus on sustainability.
Chapter 3: [15:45] Southeast Asia's Economic Growth and Stability
Paul reflects on Southeast Asia's delayed economic growth trajectory and its current potential for sustainable development investments.
Chapter 4: [28:20] Forecasting the Future: From Apple Retail to Clean Tech
A look at how Paul's experiences in Apple retail informed his methodology for evaluating long-term opportunities in climate and green tech ventures.
Chapter 5: [40:15] Mitigation vs. Adaptation in Climate Investment
Paul explains the global focus on climate mitigation, the underinvestment in adaptation, and the need for more balanced funding strategies.
Chapter 6: [55:30] The "Pearl Harbor Moment" for Climate Action
The hosts debate what will trigger a global mobilization for climate efforts, comparing climate change's urgency to wartime efforts.
Chapter 7: [01:10:00] Climate Tech and the Future of Humanity
Exploring potential technologies like geoengineering, regenerative agriculture, and circular economies to counteract climate challenges.
Chapter 8: [01:25:00] Radical Solutions for a Sustainable Future
Paul shares insights into his Radical Fund's mission to promote inclusive climate solutions, particularly integrating gender perspectives.
Chapter 9: [01:40:30] Optimism Amidst Challenges
Closing with hope, Brett and Paul discuss how technological innovation and collective action can pave the way for a brighter future.
Chapter 10: [01:55:00] Outro and How to Stay Connected
Brett wraps up the episode with information on how listeners can follow Paul Ark and learn more about the Radical Fund.
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https://youtu.be/o2C0X1E8oEw
Episode 525: Attention Hacking
Jan 04, 2024
In This Episode
Should you increase your social media savviness to sell products? With digital acquisition reshaping financial services it's certainly something to think about for your organization's benefit. In this episode, host Brett King speaks with Dr. Robin Kiera, Founder and CEO, Digitalscouting about his book, Attention Hacking: The Power of Social Media Selling in Insurance and Finance. Listen as Dr. Kiera delves into the topic and shares industry examples, opportunities and his belief that you need to position yourself and your organization as influencers among your target market.
The premise is simple, you need to be where your customer is.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Introduction
Brett King introduces the episode and welcomes Robin Kira, author of Attention Hacking, to discuss the role of social media in finance and insurance.
Chapter 2: [05:30] The Decline of Bank Branches
Brett and Robin explore how the shift to digital banking is reshaping the financial industry and the implications for branch-based models.
Chapter 3: [15:45] Why Insurance Lags in Digital Adoption
Robin highlights the challenges of digital transformation in insurance, including regulatory hurdles, product complexity, and consumer reluctance.
Chapter 4: [28:20] Social Media's Role in Financial Services
A discussion on how financial institutions struggle with social media, why some succeed, and the importance of cultural adaptation in the digital age.
Chapter 5: [40:15] Strategies for Social Media Success
Robin shares key insights and actionable tips from his book on how companies can effectively leverage social media to connect with customers.
Chapter 6: [55:00] The Power of Short-Form Video
The conversation shifts to the dominance of short-form video platforms like TikTok and best practices for creating impactful content.
Chapter 7: [01:10:00] Ethical Considerations in Social Media Marketing
Brett and Robin address the ethical dilemmas of aggressive marketing tactics, transparency, and the importance of playing the long game in building trust.
Chapter 7: [01:25:30] Future of Corporate Responsibility
The duo speculates on how social and environmental responsibility will become critical for businesses in a rapidly changing world.
Chapter 8: [01:35:00] Closing Thoughts and Resources
Brett wraps up the episode with information on Robin's book, Attention Hacking, and how listeners can connect with Robin for more insights.
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https://www.youtube.com/watch?v=1uGvauRU2s4
Episode 524: Identity
Dec 28, 2023
In This Episode
Identity, and the future of it, continues to be a hot topic as digital adoption increases in all aspects of our lives. When you are verifying your identity, you want to do it with as little friction as possible and expect it to be fast, secure and compliant. In this episode, host JP Nicols speaks with Incode Technologies' Domingo Guerra, EVP of Trust, and industry veteran with a strong background in cybersecurity and data privacy, about the latest innovations in verifying identity. User expectations are bigger than ever. Positive user experiences and biometric acceptance can make what once seemed scary less so, but are all biometrics created equal?
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome and Introduction
Brett King and J.P. Nichols introduce the episode, welcoming Domingo Guerra from ENCODE to discuss identity verification and fraud prevention.
Chapter 2: [03:45] The Evolution of Biometrics
Domingo explains how biometrics have shifted from being perceived as futuristic to a mainstream method of secure authentication.
Chapter 3: [12:30] AI's Role in Identity Verification
A look at how AI enhances identity verification processes, speeds up fraud detection, and keeps pace with evolving attacker tactics.
Chapter 4: [22:00] Battling Fraud in a Digital Age
The discussion delves into synthetic identities, deepfakes, and the arms race between fraudsters and security technologies.
Chapter 5: [32:15] Building a Global Identity Network
Domingo shares ENCODE's vision of an "identity bureau," enabling privacy-preserving collaboration across financial institutions.
Chapter 6: [42:40] Beyond KYC: KYB and KYE
Domingo outlines the shift from traditional Know Your Customer (KYC) practices to Know Your Business (KYB) and Know Your Employee (KYE) models.
Chapter 7: [51:20] Industry Lessons and Applications
Insights from various industries, including gaming, gig economy, and social media, on identity verification and fraud management.
Chapter 8: [01:02:15] Privacy vs. Surveillance
A critical discussion on balancing user consent and privacy with the growing capabilities of biometric and identity technologies.
Chapter 9: [01:15:30] The Future of Digital Identity
Domingo envisions a world where reusable digital IDs reduce fraud, enhance convenience, and empower user ownership of personal data.
Chapter 10: [01:28:00] Closing Thoughts and Resources
Brett wraps up the episode with information on ENCODE's services and Domingo Guerra's insights into the future of identity verification.
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Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity
https://youtu.be/pDr66sLB8Jw
Episode 523: New Landscapes in Innovation from the Land of Fire and Ice
Dec 21, 2023
In This Episode
Iceland is a small country doing big things in fintech, but also in healthtech, renewable energy, gaming, and the ocean-based blue economy. Few countries fared worse during the 2008 global economic crisis, which had a profound impact on the country’s financial system, currency, and overall economy. The economy gradually recovered, and by the 2010s, Iceland experienced steady economic growth. Today Iceland has a high standard of living. Its citizens enjoy access to quality healthcare and education with a relatively low level of income inequality, and it is the global leader in diversity, equity, and inclusion. JP Nicols visited Reykjavik to meet with some of the people innovating to drive these outcomes, including the country’s First Lady who is proud of her country’s achievements, yet declares that “good enough, is not good enough”.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Welcome to Iceland
Brett King introduces the episode from Reykjavik, highlighting the TCI Global Conference and the unique challenges and opportunities in Iceland.
Chapter 2: [05:20] Iceland’s Innovation Story
A historical perspective on Iceland’s evolution from cod fishing to a diversified economy driven by innovation in the blue economy and beyond.
Chapter 3: [15:45] Lessons from the 2008 Crisis
Reflections on how the financial collapse reshaped Iceland’s banking system, fostering resilience and growth in fintech innovation.
Chapter 4: [25:10] The Fintech Cluster at Groska
A deep dive into Reykjavik’s fintech hub, featuring Gunnlaugur Jónsson’s insights on fostering collaboration in Iceland’s small but vibrant ecosystem.
Chapter 5: [38:20] Blockchain Innovation in Iceland
Sven Valfoss discusses Monerium's pioneering efforts in issuing fiat on blockchain and bridging the gap between Web3 and traditional finance.
Chapter 6: [50:45] Combating Financial Crime with AI
Insights from Lucidity on how generative AI and privacy-enhancing technologies are revolutionizing anti-money laundering and fraud detection.
Chapter 7: [01:05:30] Health Tech Meets the Blue Economy
Exploring innovative health tech solutions like Kerasys, Iceland’s first unicorn, and its groundbreaking use of fish skin in medical applications.
Chapter 8: [01:18:10] Diversity and Inclusion in Icelandic Tech
Highlighting initiatives like the Nordic Women in Tech Awards and the innovative DEI platforms of Pay Analytics and Alda.
Chapter 9: [01:32:00] Bridging Gaps and Building Futures
Reflections on Iceland’s role as a bridge between industries, cultures, and geographies, creating a global model for innovation and collaboration.
Chapter 10: [01:45:00] Closing Notes from the Land of Fire and Ice
Brett shares final thoughts on Iceland’s unique spirit of collaboration and innovation, and his experience with Icelandic culture and hospitality.
Related Content:
Fintech: Mission Diversity
Disruptive HealthTech
Episode 227: Fintech4Good - Diversity and Gender Equality in Business at G20
Healthtech -- Innovative Treatment for Opioid Addiction
Episode 441: The Three Trillion Dollar Economic Opportunity Hiding in Plain Sight
https://www.youtube.com/watch?v=atOEvLoB8dQ
Episode 522: The Next Era of Banking
Dec 14, 2023
In This Episode
Does financial services ever have an off-season? Is now the time to update your playbook? . Today, host JP Nicols tackles a few of these questions and then speaks with James Anderson, Paze's Managing Director, about a new launch on track for early next year. Paze is a new digital bank wallet from Early Warning Services, the fintech company that brought us Zelle several years ago and is owned by some of the largest banks in the US. A completely separate venture focused on e-commerce payments, Paze no doubt benefits from learnings in creating Zelle.
The US payments world is complicated, Paze aims to be ubiquitous on both consumer and merchant sides, the piece in the middle connecting financial institutions, providing better outcomes, and making purchases more convenient and secure. Launching with more than 1,000 banks, Paze is 100% online payments focused, offered by participating banks and credit unions, built to simplify and secure checkout by tokenizing credit and debit card numbers so users never have to enter card data, usernames or remember passwords. A new product, a new year and the next era of banking just around the corner.
Read the entire transcript here.
Podcast Content:
Chapter 1: [00:00] Introduction: Setting the Stage
Brett King introduces the episode's focus on the evolution of digital banking and the competitive dynamics between incumbents and insurgents.
Chapter 2: [05:30] The Challenges of Digital Wallets
Brett and James Anderson discuss the fragmented digital wallet landscape and the persistent issues in online payments.
Chapter 3: [15:20] Introducing Paze: A Bank-Led Digital Wallet
James outlines the goals of Paze, a digital wallet initiative from Early Warning Services, focusing on security, convenience, and ubiquity.
Chapter 4: [25:40] Learning from Zelle
Insights from Zelle’s success in peer-to-peer payments and how it shapes the strategy for Paze’s rollout.
Chapter 5: [35:10] Collaboration with Merchants
Exploring how Paze plans to bridge the gap between financial institutions and merchants to reduce cart abandonment and enhance user experience.
Chapter 6: [48:25] Tackling Fraud in E-Commerce
Paze’s unique approach to fraud prevention using tokenization, cryptograms, and bank-verified data.
Chapter 7: [58:15] Building Ubiquity in Payments
The challenges and strategies for achieving widespread adoption among consumers, merchants, and financial institutions.
Chapter 8: [01:10:50] Roadmap to 2024
Updates on the phased rollout of Paze, including pilot programs and partnerships with financial institutions.
Chapter 9: [01:20:30] The Broader Vision for Banking
Reflections on how innovations like Paze signify the shift toward customer-centric and secure digital banking experiences.
Chapter 10: [01:30:45] Closing Remarks
Brett wraps up with key takeaways on the future of digital payments and the role of collaboration in shaping the next era of banking.
Related Content:
Special Episode - Breaking Payments Kick-Off
Episode 337: Winners and Losers in a Post-Pandemic World
Episode 524: Identity
Digital Wallets: Exploding Or Blowing Up?
Are Mobile Wallets On The Horizon Or Somewhere Over The Rainbow?
https://www.youtube.com/watch?v=mJYx8wG_5fs
Episode 521: Fintech Visionaries Reimagining the Future: UAE & Informed Credit Decisions
Dec 07, 2023
In This Episode
This week we begin our episode with the third in our special series on fintech visionaries reimagining the future of finance. Brett King is joined by Jayesh Patel, CEO of Wio Bank, and Thomas Kuncheria, EEMEA Senior Vice President for Advisors Client Services at Mastercard. Wio, the UAE's first platform bank with a mission to transform banking in its region, is focusing on three core capabilities -- digital banking applications, embedded finance and BaaS. Through partnership with Mastercard, Wio is helping customers thrive in this digital world, offering personalized features and seamlessly integrated services with a goal to make banking simple, transparent and secure, offering customers access to tools to manage their finances effortlessly and at lower cost than other alternatives. It's another interesting piece in the series spotlighting the benefits of partnership and empowering partners to disrupt and revolutionize.
Then, are non-traditional loan underwriting criteria -- i.e. market, environmental, community data -- important when painting a picture of a SMB loan applicant? JP Nicols speaks with serial entrepreneur Ron Benegbi, Founder & CEO of Uplinq Financial Technologies who believes so, and whose latest venture, a global credit assessment platform for SMB lenders, has built, in part taking a page from his own personal story. a platform to empower lenders to distill different kinds of data and information for credit decisioning that might enable SMB lenders to approve and manage risk on loans that they might have otherwise declined based on traditional loan underwriting criteria.
https://youtu.be/ikalSI19V6A
Episode 520: New Perspectives: Rise Up & Amplify and B2C Aids B2B
Nov 30, 2023
In This Episode
Opening Minds and changing legacy behaviors can be challenging. This week JP Nicols connects with Jim Perry, Senior Strategist, Market Insights about new perspectives young cohorts bring to money in the digital age, not just in practice but in ways the industry can better align its leadership with today's general demographics. Rechanneling, retooling and meeting customers where they are today, to better represent our ecosystem, across the entire spectrum, can make for a more engaged workforce and help financial institutions stay relevant. By setting the bar where it needs to be, bringing value through DEI and sharing different perspectives, financial institutions can also increase stickiness in customer relationships.
Then, JP continues the thread of new perspectives and ways of doing things in his recent conversation with Brandon Spear, CEO, TreviPay. When it comes to trade credit for business customers, and the associated complexity that is inherent in the B2B space with multiple stakeholders, applying some B2C principles to B2B can make for a better payment experience, easing and expediting business across geographies, systems and risk profiles.
https://www.youtube.com/watch?v=J2lxAgRFtVU
Episode 519: Fintech Turkeys and Banking Thanks
Nov 22, 2023
In This Episode
Want to wow your family over the holidays with your fintech and banking knowledge? We offer a helpful primer for Thanksgiving table conversations as Breaking Banks' Jason Henrichs gathers with industry notables and friends Kiah Haslett, Bank Director; Alex Johnson. Fintech Takes; Jason Mikula, Fintech Business Weekly; and Mary Wisniewski, Cornerstone Advisors to talk banking turkey, give thanks, and share the nerd things they'll be talking about around their dinner tables.
Happy Thanksgiving from Breaking Banks!
Episode 518: Gigantic Data Puzzles: Open Banking US & Cannabis Banking — Spicy Hot!
Nov 16, 2023
In This Episode
Regulators are bringing it, market pressures are adding to it and Jason Henrichs and Alex Johnson are jumping right in on Open Banking US with the Ghost Pepper hot sauce. Listen as the dynamic duo decipher the proposed 1033 ruling from CFPB, what it means for financial institutions and consumers, who owns transaction data, how it can be used, and how the sharing of data lakes would enable mutual relationships and better financial decisions. Efforts are underway to bring clarity to the market and while Open Banking US applies to financial institutions, it will also affect big tech with all the data and information they have on us (i.e. Amazon and Apple), and anyone who offers a credit card and digital wallet. How does BNPL fit into the mix? It's another hot take from Breaking Banks.
Then, JP Nicols interviews Kevin Hart, CEO of Green Check, about the challenges for banks and credit unions to compliantly and profitably serve cannabis-related businesses (CRBs). Cannabis is legal in nearly half the states, so CRBs have lots of dollars looking for a home, and are popping up in more and more locations. Cannabis is not legal at the federal level, so banking these businesses involves understanding sticky details in licensing requirements, state guidelines, and state specific programs the require extensive monitoring.
https://youtu.be/ukr4LtdM-dM
Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity
Nov 09, 2023
In This Episode
This week join Brett King as he discusses the latest research from a newly released study on expectations vs reality in financial services. It's an enlightening conversation with DeAndre Jones, Chief Client Officer, FIS Banking Solutions and John Stuckey, Senior Director, Product, FIS Retail Solutions exploring the priorities of consumers when choosing financial services providers, the priorities of financial services executives in where they are investing for future innovation, and the points of alignment and misalignment between the two populations.
Then we learn how Clear is expanding beyond the airport and into fintech, just to be 'clear' airports are where they proved out their thesis around secure identity and what it does to unlock experiences, now they are bringing learnings into the digital space. Digital identity is a hot topic, and financial services is a great space in which to play. It's an interesting segment with host JP Nicols and Derek Gottfrid, Chief Product Officer, there's definitely a 'clear' opportunity (sorry, couldn't resist) in financial services.
Enjoy the episode!
https://youtu.be/6bl5fC-cBMc
Episode 516: Open Banking: Forging Ahead With Data & Themes from M20/20 ’23
Nov 02, 2023
In This Episode
Join Jason Henrichs as he speaks with Matt Wilcox, President, Digital Payments and Data Aggregation, Fiserv; Raja Chakravorti, Universal Access Lead, Plaid and Aly Yarris, Financial Access, Partnerships at Plaid about Open Banking today, how banks might want to approach it. Our guests give a quick lay of the land in digital finance right now, talking about data, data sharing and privacy, ownership, the importance of secure connectivity, access points and APIs, Addressing growing consumer demand to access their financial information when, where and how they want, Fiserv and Plaid recently announced an agreement to enable secure connectivity to allow consumers to do just that -- share their financial information with the third-party financial apps and services of their choice working with established connections and key infrastructure. It's an informative segment with relevancy for banks of all sizes.
Then JP Nicols connects with Scarlett Sieber, Chief Strategy & Growth Officer at M20/20 to talk about themes and highlights from this year's gathering. The duo, and the event, cover a wide range of topics from AI (no surprise!) to RegTech,specifically Open or Connected Banking under the CFPBs 1033, Digital Wallets and Small Business Payments while touching upon keynotes and fireside chats with Regulators, ex-Regulators and Senators. Another epic event!
Be sure to move this episode to the top of your list!
https://youtu.be/0Q17TGMhl10
Episode 515: Fintech Visionaries Reimagining The Future of Finance; Part 2 Latam & then Payments in Kazakhstan
Oct 26, 2023
In This Episode
This week we feature the second of a three part series focusing on fintech visionaries reimagining the future of finance. In today's first segment, Brett King and JP Nicols are joined by Solana Cozzo, Head of Mastercard Advisors Business Development for Latin America and the Caribbean, and Mariana Franza, Chief Operating Officer at Ualá. Ualá, an Argentine fintech company, partnered with Mastercard to offer users an innovative and integrated digital experience with convenient and lower-cost services than other alternatives. Argentina has a large unbanked and underbanked population, and Uala has quite a story to tell with 5.5 million customers in 5 years and the ability to meet customers where they are and how they want to engage. It's another interesting segment in the series spotlighting the benefits of partnership and empowering partners to disrupt, revolutionize and grow with agility and speed where there is need. Smart decisions with positive outcomes.
Then we travel with Brett to Kazakhstan, the ninth largest country in the world, to hear from one of their fintechs, Wooppay, and its Chief Compliance Officer, Yuliya Salekhova about what Wooppay is doing to drive innovation forward in the country. The first in mobile financial services in Kazakhstan, Wooppay has an unique place and story. Listen as Brett and Yuliya discuss Wooppay's wallet ecosystem and the future of payments.
Innovators from around the world reimagining the world of finance
https://www.youtube.com/watch?v=dFXypoFG4Ww
Episode 514: By Popular Demand, Hot Takes: Fintech on Fire
Oct 19, 2023
In This Episode
It's Fintech on Fire, and more Hot Takes from MX's Money Experience Summit in Las Vegas. This episode features three bold panelists eager to tackle hot questions and even hotter wings! For every question and hot take, our panelists Mary Wisniewski, Editor-at-Large, Cornerstone Advisors; Neff Hudson, Trusted Leader in Transformation Change, Castle Hills Consulting, retired USAA veteran (pun intended); and Wes Hummel, CTO, MX will join host, moderator and spice aficionado Jason Henrichs in eating progressively spicier chicken wings. The discussion is hot and the sauces bring out some honest and entertaining reactions. It's another Hot Takes hot session as they look to the future and work up to MXtreme's secret sauce!
https://youtu.be/ymHut7J6cIc
Episode 513: Stablecoins Going Mainstream
Oct 12, 2023
In This Episode
In this week's episode of Breaking Banks, Brett King engages in an informative and dynamic discussion with Jonathan Anastasia, EVP, Crypto & Security Innovation, Mastercard and Mike Coscetta, Head of Revenue at Paxos Trust Company about why financial leaders should be investing in blockchain now. It's a watershed moment for stablecoins and an opportunity to extend the benefits of blockchain technology to the realm of traditional finance and everyday transactions while ensuring integrity and security for customers. The trio cover it all -- the state of the market today, the volatility, regulatory outlook and crackdown, international trends vs that in the US, growth in crypto in LATAM & other regions -- and then dive in to their partnership, Crypto Source, sharing their vision for crypto in banking, what it means for the industry and how easy it is for banks to turn on, safely and compliantly, while being in control. With banks unlocking crypto, what does it mean for the future of finance? Listen to find out, now's the time!
https://www.youtube.com/watch?v=fK1pUXA_2Nw
Episode 512: Future of Money
Oct 05, 2023
In This Episode
Jennifer Sertl, Founder Agility3R, hosts a dynamic panel at SIBOS 2023 with the dream team of Dr. Leda Glyptis, #LedaWrites; Tom Zschach, CIO, SWIFT; and Brett King, certainly no introduction needed here!, sitting in the panelists seats for Innotribe's Future of Money. We're in the midst of a transition, money historically has been the universal medium of exchange, a unit that signifies worth. As we venture deeper into the 21st century, the notion has been broadened and reshaped with tech advances, decentralized finance and other digital assets changing the concept of money and challenging the essence of value exchange. This transition extends to how value is perceived, created and distributed. It's the last of its class ... next year it's the Future of Value!
https://youtu.be/r7dNA12VmyA
Episode 511: Fintech Visionaries Reimagining The Future of Finance & Hot Takes: Fintech on Fire
Sep 28, 2023
In This Episode
This week we feature the first of a three part series focusing on fintech visionaries reimagining the future of finance. In the first segment host Brett King connects with Mariam Ogunbambi, Chief Client Officer at Engine by Starling, the technology arm of Starling Bank and Bronwyn Francis, SVP, Advisors Business Development, Mastercard. Starling Bank, as many of you know, is Britain’s first digital bank, a true fintech success story. Engine is the platform that powers Starling and is now being provided to banks globally as a Software-as-a-Service solution to help them innovate, digitally transform or launch new digital offerings in their own markets, offering the opportunity to keep up with the pace of change and chance to replicate some of the Starling Bank magic. It's an interesting first segment in this special series!
Then, it's time for some more Hot Takes! This time, Fintech on Fire live from MX's Money Experience Summit in Las Vegas. We have three bold panelists eager to tackle hot questions and even hotter wings. For every question and hot take, our panelists Mary Wisniewski, Neff Hudson and Wes Hummel will join Jason Henrichs in eating progressively spicier chicken wings. These hot sauces are guaranteed to bring out some honest and entertaining reactions. It's another Hot Takes hot session!
https://youtu.be/c2rTN9sQiCY
Episode 510: Future of Money and Web3
Sep 21, 2023
In This Episode
This week we start with a special segment as we head to SIBOS 2023 in Toronto and prepare for a panel discussion for the Future of Money. We look back over 10 years, pulling clips from prior Future of Money panels, the flagship session for SWIFT Innotribe for many years. Next week we will bring you the highlights from this year's Future of Money panel. It's a two-parter, so stay tuned! Spoiler alert: as we look back there wasn't much that the various panelists got wrong, in some cases the timing was off, but in most they were spot-on as they discussed the digitization of the banking sector and the explosion of banking through the world.
Then host Brett King connects with award-winning author and tech investor Alex Tapscott to discuss Alex's new book Web3: Charting the Internet's Next Economic and Cultural Frontier. Referred to as an essential introduction and guide to navigating the next internet revolution, the book and discussion covers everything from the metaverse and NFTs to DAOs, decentralized finance, and self-sovereign identity. The Web and the Internet are entering a new age where individuals own their own identities and can securely trade assets like money, securities, intellectual property and art peer to peer. Web3 promises to shake up business, it is the internet's new frontier.
Enjoy the episode!
https://youtu.be/MlrixyFaD2w
Episode 509: Making A Difference: Roger That and Discovery Fund
Sep 14, 2023
In This Episode
It is always exciting when one can do good by combining personal experience, knowledge, need and work to create something for the benefit of many. This is exactly what Citizens Bank of Edmond President and CEO Jill Castilla did with Roger (think military term indicating message received). Listen as Jill and Jason Henrichs discuss how the bank launched a digital bank for military recruits -- entry-level recruits many of whom enter basic training without bank accounts. The lack of an account can delay training start date and a recruit's first paycheck, and financial stability, predatory lending and financial literacy can be threats to military readiness. It's a fascinating success story.
Then, as it is FinovateFall, we feature a Finovate conversation between 'MC' Greg Palmer and Elizabeth McCloskey, TruStage Ventures, where they cover the fintech funding landscape specific to Credit Unions and DEI Initiatives.
https://youtu.be/8G7zuQFBzj0
Episode 508: When Does a Fintech Become a Bank
Sep 07, 2023
In This Episode
When does a fintech become what they set out to disrupt?
Is it when they start offering bank-like products?
Get a banking license?
Is it when they go all-in and buy an actual bank?
In this episode sister pod, Breaking Banks Asia Pacific, asks whether this is good, bad, or something else for competition. The Asian Banker founder Emmanuel Daniel says fintechs struggle to maintain their innovative edge when they get sucked into the bid to become a bank, and Wise’s Surendra Chaplot believes you can be bank-like and still forge a path that is sensitive to customer needs. What do you think?
https://youtu.be/onpSzYTTCM8
Episode 507: Innovation, Disruption and Geopolitcal Risk
Aug 31, 2023
In This Episode
This week FinovateFall Master of Ceremonies Greg Palmer and host of Provoke.fm's Finovate podcast gives a taste of things to come as he shares two conversations with FinovateFall keynoters Luke Williams, NYU Stern School of Business Professor and Author of Disrupt, and Manas Chawla, Founder of London Politica. No spoiler alerts here, so you'll need to listen to the episode and come to FinovateFall NYC September 11 -13th to hear Luke talk about Disrupt and Innovation, and Manas talk about Geopolitical Risk and Gray Rhinos.
https://youtu.be/eg34z-Cfizc
Episode 506: Fintech Running Just as Fast As It Can
Aug 24, 2023
In This Episode
John Pitts, head of Policy at Plaid, and Jason Henrichs were recently talking about open finance and the Interagency Guidance on Third Party Due Diligence -- no doubt these are hot topics in your house like they are in ours -- and the idea to record some Hot Takes came to life. In the time it took to ship out Breaking Banks hot sauce, the Federal Reserve Bank decided to do its own hot take and create a supervision program for “Novel Activities.” Jonah Crane, partner at Klaros Group, former regulator in residence at the Fintech Innovation Lab and longtime regulator at the US Department of Treasury joined in on the fun and Dara Tarkowsi, partner at Actuate Law and host of Provoke.fm's Tech on Reg podcast accepted the challenge to co-host with Jason for the first half.
Then, if that wasn’t hot enough, in the second half, Frank Rotman, co-founder of QED Investors, 5x Forbes Midas Touch investor and Jason talk about building in the upcycle vs. building in the now cycle. Frank brings the heat and great insights!
https://youtu.be/hHK1Ey_v7OA
Episode 505: Women in Fintech: Leaning in on The Metaverse & Climate Change
Aug 17, 2023
In This Episode
The Metaverse Economy: How Finance Professionals Can Make Sense of Web3 is Arun Krishnakumar and Theo Lau's new book. Listen as Brett King connects with Theo Lau, frequent guest and Founder, Unconventional Ventures. The metaverse is evolving, the way the metaverse is now, is not close to where it will be. The book is designed to equip fintech professionals with an in-depth understanding of the emergent economic models in the Metaverse and across Web3, and also understand the risks associated with the Metaverse and help these professionals prepare for what lies ahead in this immersive environment. The concept of community in the metaverse is important, we don't want to leave people behind.
Then Brett and Jason Henrichs shift the subject to talk about recent fires in Greece (sadly we can also add Maui to the list), the Impact of these fires and the EU response to climate change with author and influencer Dr. Leda Glyptis. July 2023 just scattered the record for the hottest month, per NASA, since 1880. There is no denying that climate change is here. Some of these extreme events are naturally occurring, others man-made, but the number and extent of these occurrences is increasing and there are concerns of irreversible desertification.
Banks and regulators need to be front and center, and take more of a stance. In natural disasters the financial system sometimes breaks down -- financial inclusion and financial access are concerns. Major systemic banks in Europe are asking themselves the hard questions, not just taking superficial steps. The cost for these extreme weather events is growing exponentially, economics are in play. Covid made people realize there are no boundaries, it's everyone's problem. Climate change also doesn't stop at borders, a similar degree of focus and urgency is needed. Will Europe lead?
https://youtu.be/scHsKDRFP2Y
Episode 504: What’s Up With VC Investments
Aug 10, 2023
In This Episode
Rising interest rates caught many by surprise. We saw some banks fail, Fintech venture funding dropped 50% year over year. IPOs were pulled. M&A for banks and fintechs are in limbo.
Many say this is nothing short of an innovation nuclear winter unlike anything we've seen before. For others, this state of the world seemed vaguely familiar before a decade plus of Zero Interest Rate Policies. Except, it isn't just a reversion to the mean. There are many structural differences from 2008 and 2000 before that. It feels familiar, but are we really entering the Twilight Zone of Fintech? Is it a dystopian future or will there be an unexpected twist?
Listen as Jason Henrichs hosts another HOT (yes, we added some spice!) episode with Rahul Baig, Managing Director, Head of Venture Capital Coverage at Wells Fargo, Sarah Hinkfuss, Partner at Bain Capital Ventures, and Amias Gerety, Partner at QED investors. There was plenty of hot sauce to go with the Hot Takes and debates. Amias even shares his secret recipe for the homemade sauce he was sipping.
https://youtu.be/tpM_UJx_9Tc
Episode 503: Snark Tank Explained & Biometric Payments
Aug 03, 2023
In This Episode
This week Brett King and JP Nicols are joined by the infamous Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Forbes' Author of Fintech Snark Tank. Listen as they talk about Ron’s latest Forbes articles that have created some buzz! From The Checking Account War Is Over (And The Fintechs Have Won) to The Banking Crisis Has Only Just Begun, they have lots to discuss before they get into what banks need — is it Innovation or is it Invention or Just Growth?
Then Greg Palmer host of Provoke.fm's Finovate podcast begins his FinovateSpring Best of Show winner spotlight series with a conversation on the future of biometric payments with Deepak Jain, Founder & CEO, Wink. Additional best of show interviews can be found on provoke.fm/show/finovate
https://www.youtube.com/watch?v=-XZUToGk7Q0
In This Episode
Welcome to this week's episode of Breaking Banks where we feature pieces from cohosts and Provoke.fm sister podcasts NextGen Banker and Tech on Reg.
First, David Reiling, host of NextGen Banker, interviews Sheel Mohnot cofounder of Better Tomorrow Ventures, discussing Sheel's first foray into the fintech world with a non-profit and why he’s dedicated his career to making the consumer experience better. Spoiler alert, they also talk about his recent viral wedding in the Taco Bell metaverse.
Then we shift to Biometric Signatures: The Digital Dotted Line, and Dara Tarkowski’s conversation with Matthew Gibson Co-Founder of Syngrafii. From virtual signing rooms to remote pens and more, they cover the digitization and compliance of signatures and the changed landscape of biometric signature capabilities.
https://www.youtube.com/watch?v=fIg9avTcTS0
Episode 501: A Financially Safer World & Fintech4Good
Jul 20, 2023
In This Episode
Live from Guatemala, Brett connects with execs from Plus TI at the Monitor Plus Conference to talk about financial crime and how AI, data sharing, real-time monitoring and the balance of human and machine learning can prevent fraud, boost bank business and benefit customers.
Then, close to 90% of the world’s carbon emissions come from coastal and marine ecosystems, but there is ambiguity on how exactly to measure, manage and take advantage of its protection towards the creation of credits. In this segment from Breaking Banks Europe, host Roberto Capodieci connects with Cerulean Ventures Co-Founder, Jahed Momand. Listen as they talk carbon credits and dive into unlocking the blue carbon credits marketplace.
https://youtu.be/RdumATIhnNY
Episode 500: Celebrating 10 Years of Breaking Banks
Jul 13, 2023
In This Episode
Today we feature a special anniversary episode of Breaking Banks with hosts Brett King, Jason Henrichs and JP Nicols looking back over 10 years and 500 episodes of Breaking Banks. Listen as the team reflects on highlights and their favorite moments, throughout you’ll hear from some special guests and hosts. Thank you to our loyal listeners for helping to make us the #1 global fintech podcast. Here’s to 500 more and continuing to chronicle fintech innovation around the globe. Cheers!
https://www.youtube.com/watch?v=ZoQf1UNN4ac
In This Episode
Next week is the 500th episode of Breaking Banks. Every week since 2013 we've been featuring the innovators, players and personalities working towards a more innovative and inclusive financial future. We received so many comments on this special milestone we feature several in the second half of today's show. Be sure to tune in next week, as you do every week!, as hosts Brett King, Jason Henrichs and JP Nicols cover industry changes, highlights and their favorite moments over the past 10 years.
But first we start this episode by featuring sister podcast Finovate's interview on better understanding the competitive landscape with Financial Insights.
https://youtu.be/Uqn3BCRUK0c
Special Episode — Back By Popular Demand: Fintech’s Getting Spicy
Jun 29, 2023
In This Episode
Host Jason Henrichs gets spicy, and sheds a few tears, with industry experts Alex Johnson, Creator, Fintech Takes and Amy Radin, Author and Executive Advisor to Enterprises and ScaleUps in this episode of Breaking Banks.
The wings are spicy and so is the conversation as they cover current economic challenges, the crypto meltdown, BNPL, value creation, down rounds for neobanks, and everything next! This episode is HOT!
https://youtu.be/YaFNv_XR4hU
Episode 498: Meet Breaking Chains Crypto
Jun 15, 2023
In This Episode
Meet Breaking Chains Crypto, a new podcast In the Breaking Banks/Provoke.fm family of podcasts that is hosted by Yield App. BreakingChains Crypto covers the news, rumors and developments in Crypto, DeFi, Web3 and what makes the industry tick. Breaking Chainsbrings an insiders perspective on the true secrets and developments, what really makes a difference in the industry, and how the most exciting coins, tokens and verticals to emerge from the industry will change the world.
In this episode, Rhys and Lucas Kiely, Yield App’s Head of Web3 and CIO, along with Ajit Tripathi, strategic advisor at Polygon Labs, discuss the current landscape and share reasons why they think the battle of the L2s is only just starting, how Chat GPT – whileincredibly useful – has striking similarities to a Big 4 consultant, and why South Korea has shown evidence that it is fertile ground forproducing some notable degens.
https://youtu.be/nijGlwHrWto
Episode 497: Highlights From Finovate Spring & Spotlight: KakaoBank
Jun 08, 2023
In This Episode
This week it's a Breaking Banks and FInovate podcast mashup as fintech luminaries opine on Finovate Spring (San Francisco). Listen as respective hosts Brett King and Greg Palmer, also VP and Director of Fintech Strategy, The Finovate Group dish with Mary Wisniewski, Editor at Large, Cornerstone Advisors; Alex Jimenez, Managing Principal, Financial Services Consulting; Theodora Lau, Founder, Unconventional Ventures and Deva Annamalai, Founder/CEO of RightFrame Consulting, a Bespoke Fintech Payments Consulting firm, and talk trends, highlights, surprises, opportunities and make a few predictions along the way.
Then Brett speaks with KakaoBank CEO Daniel Yun. KakaoBank, a South Korean neobank, is one of the most successful challenger banks out there today. Started in 2017 with a small team and through joint venture, it had 1 million customers within its first few days. Today, KakaoBank has 26 million customers and is one of the most profitable challenger banks globally. There's much to celebrate as it looks to the future and ways to innovate, expand and continue its success.
https://www.youtube.com/watch?v=6vIgzqN13Sc
Episode 496: Leaders and Leadership
Jun 01, 2023
In This Episode
With 80% of Americans never defaulting on a loan but less than half having a prime credit score, today we spotlight an episode of sister podcast and NextGen Banker host David Reiling's conversation with accidental banker and Leaders in Lending host, Jeff Keltner, also SVP Business Development at Upstart as they talk about using AI or predictive algorithms to improve access to affordable credit with less risk to banks, and how this technology uses larger sets of data to help understand the real risk. Tech doing its magic and continuing to make an impact.
Then we turn to another Provoke.fm podcast and Finovate host Greg Palmer's conversation with Jacqueline Baker, author, podcast host and leadership consultant, about her recent book, The Unexpected Leader: Discovering the Leader Within You. To lead it's imperative to see yourself as a leader right out of the gate. There are of course always headwinds, but everyone can be a leader, and with four levels of leadership there are many opportunities. Interestingly many of the best leaders are those that have leadership thrust upon them. You may be our next great leader! Enjoy the episode!
https://www.youtube.com/watch?v=gQkLUwOrblc
Episode 495: Legal implications of AI
May 25, 2023
In This Episode
Society has grown more complex and polarized, with this comes an increased likelihood of complicated disputes. How is the legal industry evolving to deal with a hyper connected society? Dr. Cain Elliott, Head Legal Futurist, Filevine and advisor to chatbot and generative AI platforms connects with The Futurists hosts Robert Tercek and Brian Solis to delve into the legal issues around AI, not only regulatory but inside corporations with respect to how AI should be managed. With the profession digitizing to move faster and operate more efficiently, AI will have a significant impact from automation of legal functions to smart contracts. Listen as they cover the broken business model of legal services, the political and regulatory barriers to change and the transformative potential of legal tech.
https://www.youtube.com/watch?v=HsZJAdYNBII
Episode 494: Regional Spotlights: South Africa & LatAm Making Strides
May 18, 2023
In This Episode
This episode begins with a special Breaking Banks mashup as Brett King and Breaking Banks Europe's Matteo Rizzi connect with Andres Perez, Co-Founder and Director, Fintech Association of South Africa, a young non-profit born from the race to digitization, not a battle between banks and fintechs. The three year old association is dedicated to promoting and supporting the growth and development of fintech in South Africa, and is enjoying nice traction. A population of 43 million, South Africa is in a unique position with 96% of its population financially included. Recent investments and strong support indicate that there's opportunity to be had in South Africa's unique ecosystem. Finasa.org.za is helping champion responsible innovation, and the ability to make more of an impact through collaboration. while developing and upholding best practices and standards that prioritize consumer needs and data privacy.
Then Brett turns the focus to LatAm with a model problem that will be increasingly looked at around the world as he speaks with Yoel Gavlovski, CEO and Co-Founder, QUASH.ai, a Miami-based startup and Fintech Americas winner that is focused on an alternative approach for credit scoring and lending targeted to emerging economies. For financial institutions seeking to increase credit origination to the underserved who have thin credit files, or low to no credit reference information, Quash.ai is finding different ways to get more information on clients, transforming data and using advanced analytics to turn these clients into low risk creditworthy borrowers. Prediction as a Service, adding capacity for FI's for better lending, using large learning models, has increased inclusion for many who would previously have been rejected. How's this for a stat: in performance analysis, since implementation, 20% of the people who previously would have been rejected, have now been included with no added risk to the lending institutions.
https://youtu.be/3IPFWvk2QRA
Episode 493: It’s All About Relationships!
May 11, 2023
In This Episode
Relationships are important, in all aspects of life. The nature of relationships is changing -- trust is a big factor in any relationship. Just like with partnerships one needs to be reliable, consistent, relatable, and credible, and there needs to be interest from all parties. In this episode, Brennan Andrews, Marketing Director, Dart Bank and James White, General Manager, Banking, Total Expert speak with Jason Henrichs about relationships in banking. They touch upon how during this downturn banks may need to rely on things like relationship lending & pricing to keep customers loyal. What is old is new again. Banks need to get back to building strong relationships with their customers, a solid relationship can be a competitive advantage and knowing your customer makes it easier to provide personalized financial wellness. It's time to be proactive and predictive, unlocking the power of data to rethink value and how best to deliver it. It's back to basics and competing on more than just rate. Personalization, if wrong can be worse than doing nothing, it all comes down to solid relationships!
Then, vendors can be great partners, an opportunity for financial institutions is the optimization of these relationships. In our second half, Jason connects with Cyrene Wilke, Horicon Bank's CIO and Patricks Sells, True Digital Co-Founder on the topic of vendor selection and partnerships. You may be surprised to hear that success is not always about picking the right partner, sometimes it's as simple as progress over perfection as no one benefits from analysis paralysis. Traction is good. Risk and compliance do of course factor into vendor selection. Banks need to be innovative, but aware of the rules. You can do great things but need to do it in a safe manner. The number of vendors banks work with, transactionally and symbiotically, adds to complexity, but the network effect can be beneficial as banks aim for best in breed and look to approach things from different perspectives. Relationships are key and banks also need to collaborate and learn from each other. It's a delicate dance.
https://youtu.be/opww89WAXic
Episode 492: London Bridges & VC Now
May 04, 2023
In This Episode
This special episode of Breaking Banks begins with a mashup interview with the new Lord Mayor of London, Nicholas Lyons, Brett King and Emerge Everywhere host Jennifer Tescher. The Lord Mayor of London is the mayor of the City of London and the leader of the City of London Corporation, a municipal governing body covering the historic center of London and the location of much of the United Kingdom's financial sector. As ambassador for the UK's Financial & Professional Services, and accorded precedence over all individuals except the sovereign, he retains traditional powers, rights and privileges, and some ceremonial duties. Look for the Lord Mayor of London at the coronation of King Charles III.
As a top global financial center, The Lord Mayor of London wants to help companies grow, scale, and stay in London and the UK. With London's fintech success, he's focusing on tech innovation across the board -- green tech, biotech, life sciences, renewable tech -- encouraging start-ups and looking to create more investment from the UK system as well as access to funding. He's thinking 30 years ahead, framing options for the growth economy, and looking at the painful divide in society and widening gap in numeracy, financial literacy and financial inclusion -- initiatives he's working hard to address in his mayoralty. Part of the answer lies in fintech, with London all about building bridges and partnerships.
Then Brett continues the investment theme with a conversation with Alex Sion, Managing Director, Motive Partners, mentor of hundreds of start-ups and lecturer on innovation, fintech and digital strategy having co-founded a neobank himself and having led innovation efforts at Citi and JP Morgan Chase. They discuss current challenges for banking and what has happened in the startup world particularly in fintech where Silicon Valley Bank was a big supporter and validator, and what the next chapter looks like. It’s all things fintech from a VC perspective.
https://www.youtube.com/watch?v=sGptCgG_dWs
Episode 491: Connections: Open Payments for Urban Transportation & FaaS
Apr 27, 2023
In This Episode
How many closed loop city transit cards do you have lying around? If you are a traveller you have lots of these souvenirs as every city has its own transit card or way of doing things, Can open payments and better payment systems improve public transportation and bring the unbanked into the financial ecosystem? Aaron Klein, Senior Fellow, Policy Director, Center for Regulation and Markets, Brookings Institute, not to mention former US Senate Committee on Banking, Housing, and Urban Affairs, and US Dept of the Treasury, and Gillian Gillett, Program Manager, California Integrated Mobility, California Dept of Transportation (CADOT) think so. Listen as they share latest research and interesting insights, to include California's adoption of new payment rails for urban transport, with host Brett King. The faster the payment, the faster we move, with implications for EVs and business. Digital inclusion remains important as is reforming how we charge for micropayments.
Our connect theme continues as we look at Fintech as a Service (FaaS) and Brett catches up with NayaOne, CEO, Karan Jain, former Westpac exec. NayaOne is helping transform how banks bring new products to market. They need only 'Connect Once' as the platform enables FI's, fintechs, regulators, and industry bodies to collaborate with a pre-vetted fintech marketplace. A 2020 PwC global study showed that 75% of banks are investing in developing a more customer-focused business model by collaborating with fintechs. Banks want these partnerships, but not everyone realizes innovation the same way. Banks need to be fintech friendly and ready. Culture is important and action needs to match words if banks want to be at the leading edge and make an impact for their customers.
https://youtu.be/Ens-lMdv0AQ
Episode 490: What’s Next for Software-led Payments & Go Big or Go Home
Apr 20, 2023
In This Episode
Today's episode checks in on the embedded finance story, how software platforms are embedding payments and financial services into their software offerings. Listen as Brett King speaks with Becky Kopplin, Payment Strategist and Product Leader at Qualis Partners and Matt Downs, Group President, Worldpay for Platforms, FIS about what software-led, embedded payments are and how they compare with other integrated payment models. The trio cover the difference between embedded finance and embedded payments and how they affect banks, how cloud business management platforms make deeper payment workflows so attractive and where trends will take us next. The ability to offer embedded payments in context and at the moment when you need it, making it as easy as possible are key elements of success (and experience), and will help banks become increasingly more relevant in this digital age.
Brett closes by interviewing New York Times best-selling author Diana Kander about her latest book, Go Big or Go Home. In today's hyper competitive and rapidly changing world, to succeed Kander and co-author Tucker Trotter suggest creating memorable experiences to help you land business and to ensure you are not instantly forgettable and regretfully mediocre. Whether a start up, established brand, or something in between, thoughts will be provoked.
For more information, visit FISglobal.com/WorldpayPlatforms
https://youtu.be/mCt9_hHH71o
https://youtu.be/fPKlZzjEln0
Episode 489: Artificial Intelligence Can Create Real Liabilities for Leaders & Can ChatGPT Speak Bank
Apr 13, 2023
In This Episode
Artificial intelligence offers both risks and rewards for business leaders. On the one hand, AI has the potential to improve business operations, increase efficiency, reduce costs, and drive innovation. AI can be used to automate repetitive tasks, analyze vast amounts of data, and provide valuable insights that can inform strategic decision-making.
However, there are also risks associated with AI, such as the potential for biased or inaccurate decision-making, the possibility of job displacement, and concerns around data privacy and security. Leaders must carefully consider these risks and rewards when implementing AI in their organizations and ensure that appropriate safeguards are in place to mitigate potential negative impacts.
Is there more to it than that? After all, that introduction was actually written by the AI-powered chatbot called ChatGPT, so maybe it had some built-in bias.
To dig deeper host JP Nicols speaks with a human, Al Cowger, who is an attorney and author of the book One Nation Under Algorithms: The Threats of Algorithms and AI to Civil Rights, Legal Remedies, and American Jurisprudence.
Al has a new article coming out in a technology journal at Case Western Reserve University entitled Corporate Fiduciary Duty in the Age of Algorithms, where he looks at the growing use of algorithms and artificial intelligence and the potential threats and new liabilities they may create for business managers and board members.
In our second half, the promise of conversational AI has so far been a disappointing series of chatbots helping banks reduce cost but doing little to inspire customers or improve the service experience. Can ChatGPT help the sector do better? Breaking Banks Asia Pacific hosts Rachel Williamson and Simon Spencer, resident AI expert, tackle the subject, ask ChatGPT, and offer a use case of a Singapore-based insurtech firm that is using big data and AI to help deliver their products.
https://www.youtube.com/watch?v=NFoeHC1uD40
Episode 487: Finding Your Feet On Ground That’s Constantly Shifting: The 2023 Global Innovation Report
Mar 31, 2023
In This Episode
No matter your sector, innovation is transforming the financial world. The impact is hitting fast and hard. At times, innovation may seem like a nice to have, especially in an uncertain market environment, but it’s clear that innovation is having a significant impact on businesses around the world.
In today's episode of Breaking Banks, host Brett King speaks with Melissa Cullen, Global Head of Strategy, Product and Commercialization at FIS Banking Solutions; and Tony Warren, Global Head of Strategy and Solutions Management at FIS Capital Markets Solutions about findings from FIS' 2023 Global Innovation Report. Listen as they discuss what the world's leading financial institutions and companies think about Embedded Finance, ESG and DeFi, as well as implications of Generative AI.
Innovations are appearing faster than ever. With so much disruption -- and opportunity -- the industry must be all the more agile to turn the change to their advantage.
Shownotes: The full report can be accessed here: www.fisglobal.com/global-innovation-report
https://www.youtube.com/watch?v=tEwKBgI3R94
Episode 488: Deposits: Hot or Not
Mar 29, 2023
In This Episode
It's another spicy episode of Breaking Banks featuring Jason Henrichs and custom hot sauce fans Kiah Haslett, Managing Editor, Bank Director and Alex Johnson, Creator, Fintech Takes. The three are back at it and always game for taste testing and discussing hot issues in financial services. Along with the sauce, we offer an entire episode onDeposits. Are they hot or not!? Every bank wants and needs deposits, there are several types of deposits, some riskier than others. Banks need to update deposit strategies and determine their value proposition. With tech making it easy to move deposits, and every bank competing for them, lack of strategy can be dangerous. Deposit strategy and betas are coming up in discussion around SVB andSilvergate...deposit strategy, it’s something every institution needs to think about.
Enjoy the deep dive!
https://youtu.be/UdSvwdzgNYM
Episode 486: The Future as Seen at SXSW & Successful Strides in Financial Inclusion
Mar 23, 2023
In This Episode
Today's special episode of Breaking Banks comes to you live from Fintech House @SXSW. Listen as guest host Dara Tarkowski, Managing Partner, Actuate Law and host of Breaking Banks' sister podcast Tech on Reg speaks with Mike Bechtel, Chief Futurist at Deloitte Consulting and David Reiling, Chairman and CEO, Sunrise Banks; Author, Fintech for Good; and host of Provoke.fm's NextGen Banker. These are wild times, it helps to have a futurist with a background in anthropology to put things in perspective. Where are the opportunities in evolving technology, what's hype and nonsense? At times we are so busy wondering if we can do something, that we don't always think if we should. Intentionality and mindfulness are good things, and mild chaos is where opportunity lies, where niches and new angles can be discovered.
In 2013 there were 2.7 billion unbanked people in the world. Today the number stands at 1.3 billion. Huge strides have been made in the last decade vs. the last hundred years. Listen as Brett King connects with Kosta Peric, Deputy Director, Financial Services for the Poor, Bill and Melinda Gates Foundation in the second half of the show. It's important for everyone to be part of the economy -- an economy that includes everyone benefits everyone. Listen as they discuss global advances in banking and payments, digital public infrastructure, and the importance of mobile wallets and identity. Game changing innovation at work!
https://www.youtube.com/watch?v=WBUr4DJKdRs
Episode 485: Canaries in the Banking Coal Mine?
Mar 13, 2023
The banking industry is entering a perilous new phase, and new developments are happening quickly so we’re dropping this episode early. The second largest bank failure in history came suddenly with Silicon Valley Bank being shut down by regulators on March 10. This comes just two days after Silvergate bank announced it was closing “voluntarily”.
Joining our resident recovering banker and host JP Nicols are Kiah Haslett, managing editor at Bank Director, and John Maxfield principal at Maxfield on Banks, who has written extensively on the history of banking and bank failures. They examine where this all fits in the history of bank closures, why it happened, and where the risks and opportunities are from here. John argues that while scarcity is the primary constraint in most industries, for banking it’s abundance. Was a decade and a half of low to zero interest rates too much of a good thing? What’s the role of Fed interest rate hikes?
JP and John debate if banks being too boring is riskier than being too “innovative”, Kiah muses about the role of faster money movement, and she’s ready for more hot wings after all of these hot takes, but we’ll save that for a show that Jason hosts.
https://www.youtube.com/watch?v=whKMyNynkBI
Episode 484: FinHealth: All About Fresh
Mar 09, 2023
Financial health is a composite of an individual's financial life, whether they are spending, saving, borrowing and planning in ways that enable them to be resilient and pursue opportunities.
In today's episode we look at finhealth from a different angle. Listen as Jason Henrichs speaks with two leaders bringing financial health, financial services and healthcare, to the next level. MA-based, non-profit, About Fresh and its Co-Founder and CEO, Josh Trautwein and Jennifer Tescher, President and CEO, Financial Health Network and host of Provoke.fm's Emerge Everywhere. Cool things are happening at the intersection of fintech, healthcare and food accessibility all with the goal to provide better health outcomes for everyone. Today we spotlight About Fresh's Fresh Connect, a platform that enables healthcare providers to connect patients to the food they need to be healthy. With the help of a debit card, doctors prescribe free fruits and vegetables. Once enrolled in the program, the debit card enables the patient to purchase produce and healthy items at stores, farmers markets, mobile marts and online where they already shop. HIPAA compliant, the system recognizes eligible healthy foods at checkout, covering the cost. This tech enabled food prescription program is helping to transform patient care, improve health outcomes -- healthcare teams can measure impact via frictionless payment technology --and provide access to healthy foods, overcoming challenges of food deserts and even branch deserts. Good things are happening in FinHealth!
https://youtu.be/CV9poQ5iS4o
Episode 483: Sneak Peek Finovate Europe
Mar 02, 2023
This week on Breaking Banks we feature sister podcast Breaking Banks Europe as they take a sneak peek at Finovate Europe, March 14th and 15th in London. As with other Finovate conferences, get your votes ready! There will be demos aplenty, listen to learn about this year’s enhancements, stellar all-star panels, conference sustainability efforts and different networking opportunities, startup booster and… “HOT OR NOT?”
Curious? Breaking Banks Europe host Francesca Aliverti connects with Greg Palmer, VP and Master of Ceremonies, Finovate conferences, not to mention provoke.fm’s Finovate podcast host, and Theodora Lau, Unconventional Ventures, who started her speaking career several years back on the stage at Finovate. Make plans to attend in London....if we don't see you there, make sure to listen here!
https://youtu.be/-Zp2-qmw4Mg
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