Fintech Insider Podcast by 11:FS

Latest Episodes:

323. News: They're coming for Monzo! May 20, 2019

Show notes

This week we have some great stories for you as Sarah and co-host Adam are joined by a couple of great guests :

Karen Kerrigan - COO of Seedrs
Romi Savova - CEO and founder of PensionBee
Iona Bain - blogger at Young Money as well as industry commentator, author and speaker

We kick off the episode by taking a look at the remedies for small businesses story. Nationwide Building Society, Investec Bank and The Co-operative Bank have been granted a total of 80 million pounds from the RBS Remedies Fund Pool B. The allocations are as follows: 50 million pounds to Nationwide, 15 million to Investec bank and 15 million for Co-operative bank. The panel discusses the three banks commitments for the money and if there is any significance in the fact that the money was largely given to incumbents? Why wasn't Monzo on the list? Maybe the government thinks that they already have everything sorted out?

Next up, we talk about Metro's big short! The bank faced a shareholder revolt when ISS recommended investors to reject Metro's pay report. Since the news, some branches had to face a "run" when rumours spread over WhatsApp that the bank was going to take control over its customer's assets and customers tried to take their cash out in pure panic. The panel discusses the damage social media rumours can have on a company and how the recent events could affect the reputation of the bank? To quote Sarah: Oh dear!

A Lady Godiva, a Commodore, Dosh, Dore or Lolly? What do you call your money? Do not miss the final news story of the episode with some hilarious slangs for money and the panel unveiling the country's number one term!

Other stories include:

HK banking licence wins
Brits don’t back banking tech
UK fintech investment keeps on growing
Silicon Valley’s newest stock exchange

All this and so much more on today's show.

Don't forget to subscribe so you never miss an episode, leave a review on iTunes and let us know your thoughts on the stories @FintechInsiders on Twitter where you can also ask the hosts questions, or email podcasts@11fs.com

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Adam Davis, Iona Bain, Karen Kerrigan, and Romi Savova.

Links:

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322. Insights: Are mortgages broken? May 17, 2019

Show notes

David and Jeff take a close look at mortgages, a painful process Jeff recently went through. Research shows that people who have gone through the process felt stressed, lost sleep, half of the couples rowed over the process and 1 in 10 couples stopped having sex! Furthermore, 1 in 10 sought GP help due to effects on mental health. What is broken here?

The duo is joined by a panel of fantastic guests to tell us more about the mortgages market, why some of these challenges exist and what changes are coming:

Maria Harris - Director of Intermediary Lending, Atom
Toril Steinmo - Head of Loans, DNB
Dan Hegarty - CEO, Habito
Vadim Toader - CEO, Proportunity

The panel discusses how applying for mortgages is one of the most stressful processes in our lives, as humans have integral anxiety about shelter for themselves and their family. The panel argues that the product is not built around the consumer's needs, but rather quite simple data made incredibly opaque. Vadim Toader explains the process like planning a wedding, you don't have any prior knowledge about the process, and hopefully, when you have done it once you don't have to think about it ever again.

Thoril Steinmo explains how the process is very different in Norway, and the panel asks, what is inhibiting the UK to have the same process as they do in Norway? Is there an urgent need for a clearer and more transparent language that customer actually understands?

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Daniel Hegarty, Jeff Tijssen, Maria Harris, Toril Steinmo, and Vadim Toader.

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Fintech Insider USA: New York Fintech Week (S1E1) May 15, 2019

Show notes

Welcome to this brand new show brought to you by 11:FS, Fintech Insider USA!

In this week's episode, Sam Maule is at Empire Startups’ New York Fintech Week Conference where he was invited to mingle with some of the brightest and the best from the New York fintech scene and was able to record some interviews with some of the top speakers of the conference!

We hope that you will enjoy these interviews, just as much as we have enjoyed recording them!

Our fantastic guests for today's episode are:

Alexa von Tobel, Founder and Managing Partner at Inspired Capital
Henrique Dubugras, CEO and founder of Brex
Rhian Horgan, CEO and Founder of Kindur
Mariquit Corcoran, MD at Barclays US

We kick off the episode by speaking to Alexa von Tobel about her entrepreneurial spirit, her new book Financially Forward and how having control over your wallet can help you take control over your life. Alexa also explains why being an entrepreneur is like being punched in the face every day (02.01).
Alexa's book Financially Forward is out and available on this link: https://www.amazon.com/Financially-Forward-Todays-Digital-Smarter-ebook/dp/B07GMSWGCG

Next up, we talk to Henrique Dubugras, CEO and founder of Brex who tells the story of how he built an online game at 12 years old, how starting a credit card company is actually quite complicated and how sometimes you just have to walk away (16.35).

Our next guest is Rhian Horgan, CEO and Founder of Kindur. Rhian talks about how the company are trying to help baby boomers with their retirement planning, an urgent matter as up to 10.000 baby boomers retire every day! Our last guest is Marquit Corcoran, MD at Barclays US. Sam and Marquit talk about the differences in the market between the US and the UK, how Barclays are hoping to be a household name in the US and the art of good communicational skills.

All this and so much more on today's show!

Don't forget to subscribe so you never miss an episode of this brand new series, leave a review on iTunes and let us know your thoughts on the stories @FintechInsiders on Twitter where you can also ask the hosts questions or email podcasts@11fs.com. Stay tuned for next episode of Fintech Insider US!

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Alexa von Tobel, Henrique Dubugras, Mariquit Corcoran , and Rhian Horgan.

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321. News: Everything takes money May 13, 2019

Show notes

This week we have some excellent stories for you as David and Simon are joined by a few fantastic guests:

Rebecca Duckworth, Chief Sales Officer at Quotevine Limited
Louis Sutton, Co-Founder & Director at The Grapevine and host of I, Fintech
Valentina Kristensen, Director of Growth and Comms at OakNorth
Ryan Edwards-Pritchard, Managing Director at Funding Options

We kick off the episode with Valentina making a big announcement regarding OakNorth entering the mortgage market. As mortgage processes can be considered overlooked and underserved, the discussion goes to whether or not this product could drive incumbents to change existing mortgage processes. OakNorth are hoping that by offering a bespoke customer-centric product, it will become a major player in the sector (03:16).

Next up, we talk about Lloyds’ disappointing Q1 results and the fierce competition in the mortgage market. The panel ask where growth is going to come from and how the market is going to change with new challenger banks coming up. Being the "least worst" of the big banks is no longer what is at stake, with new challenger banks delivering new efficient processes (14:36).

Also, our recurring guest Ryan Edwards-Pritchard at Funding Options has a big announcement to make!
More information about the announcement can be found here:
https://www.altfi.com/article/5335_funding-options-and-experian-bid-for-slice-of-rbs-775m-bank-competition-fund

Other stories include:

RBS Getting Back Into Payments Ten Years After It Unloaded Worldpay
Singapore may allow virtual banking licences after Hong Kong
ATMs are vanishing
SF bans cashless shops
The Art of Losing $1BN

All this and so much more on today's show.

This week's episode was produced by Laura Watkins, written by Dhanum Nursigadoo and edited by Alex Woodhouse.

Special Guests: Louis Sutton, Rebecca Duckworth, Ryan Edwards-Pritchard, and Valentina Kristensen.

Links:

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320. Interviews: Anthony Thomson, Founder of 86 400 May 10, 2019

Show notes

Anthony Thomson is Founder of 86 400, Atom Bank and Metro Bank.

Simon talks to Anthony about the Australian market and how he can apply the lessons he's learned from setting up UK challenger banks to Australia's financial sector, the differences between customer needs in the two countries and how to design a proposition for a brand new market.

The pair also discuss the atmosphere Australia's regulatory environment creates for challengers and how new market entrants can operate in an area where incumbents have such entrenched power. They also take a look at Anthony's previous challenger banks and what they've accomplished so far.

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guest: Anthony Thomson.

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319. News: I'm sorry, banks May 06, 2019

Show notes

This week we have some great stories for you as David and Simon are joined by a couple of great guests:

Samantha Bedford, Head of Innovation and New Ways of Working, CYBG
Freddie Villis, Google Account Manager: Finance at Snowdrop Solutions
Oscar Williams-Grut, Senior Correspondent at Yahoo Finance

We kick off the episode by taking a look at Central banks becoming the world's newest climate change activists. An open letter in support of climate change came from the Network for Greening the Financial System (the NGFS). Simon comments that customers are making eco-friendly choices all the time as shown by the growing presence of challenger banks (03:17).

You can read up on Simon's views around eco-friendly finance here.

Next up, we talk about Open Banking one year on. According to the OBIE, in addition to helping individuals with their finances, Open Banking is using technology to combat societal issues such as access to mortgages and debt advice, with benefits for the UK SME community also being perceived. Oscar remarks that Open Banking will only be a success when we're no longer talking about it (15:16).

We also have an interview with Chris Woolard, Director of strategy and competition on GFIN's first eight firms for its sandbox (25:55).

Other stories include:

GFIN’s first 8 firms
Snoop Dogg-backed 'try before you buy' payment firm sees sales jump
Women are less aware and trusting of challenger banks
Mastercard and Visa to slash inter-regional fees for tourist cards in EU
And finally, Man dissolves credit card to make contactless ring

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Chris Woolard, Freddie Villis, Oscar Williams-Grut, and Samantha Bedford.

Links:

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317. News: Nettles and dock leaves Apr 29, 2019

Show notes

This week we have some great stories for you as David and Simon are joined by a few great guests:

Hiroki Takeuchi, CEO of GoCardless
Solange Dive-Chamberlain, Head of Commercial Banking Strategy at LBG
Chris Maddern, Co-founder & CPO at Button, formerly of Venmo
Niall Cameron, Global Head of Corporate and Institutional Digital at HSBC

We kick off the episode by taking a look at Station F, could it be France’s F-You to London’s fintech hub? Opened in June 2017, Station F is the world’s largest startup incubator. Station F acts as a statement of ambition. France wants to become the number one country for tech in Europe. Hiroki notes that Paris is five years behind London in terms of fintech environment and David's not a huge fan of the name...(02:50)

We speak to Oscar Williams-Grut, who wrote the story, for a bit more insight (03:34).

Next up, we talk about the evolution of the US prepaid card ecosystem. There were 10.7 billion prepaid card transactions worth $290 billion in 2016, according to The Federal Reserve. Business Insider Intelligence expects that to grow to $396 billion by 2022. Solange notes that prepaid cards impact on the way people interact with money and each other - driving customer behaviour (13:15).

Other stories include:

N26’s Viennese whirl
Turning the Tide on business registrations
Stripe’s new SCA acquisition
Robinhood shoots for a banking charter
T-Mobile’s Take 2 on digital banking
And finally, The Germans hoard more gold than the Bundesbank

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Chris Maddern, Hiroki Takeuchi, Niall Cameron, and Solange Dive-Chamberlain.

Links:

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316. Insights: Customer infantstructure Apr 26, 2019

Show notes

Ross and Adam are taking a close look at financial literacy, how fintech is encouraging better money management from a young age and how pocket money apps are pushing forwards innovation. They're joined by a couple of experts in the space:

Louise Hill, COO of GoHenry
Will Carmichael, CEO of Rooster Money

The panel talks about the effects of activating customers early on in life, something banks have done really well with student accounts. They take a look at whether there's a responsibility to create educational tools within finance apps aimed at children, if psychological ‘nudges’ early enough in life can make someone far more financially literate as they grow older and what pressure, if any, there is from the regulator to increase financial literacy.

They also discuss the complexity of building a digital proposition for such a varied target market and whether the target audience is children or if it's really for the parents.

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Adam Davis, Louise Hill, and Will Carmichael.

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315. News: Tech for Tech’s Sake Apr 22, 2019

Show notes

This week we have some great stories for you as Sarah and Simon are joined by a couple of great guests:

Freddy Kelly, CEO and co-founder at Credit Kudos
Ben Gleisner, CEO and Co-founder at CoGo
Simon Vans-Colina, Engineer at Monzo

We kick off the episode by taking a look at US lenders preparing for a recession. U.S. online lenders such as LendingClub Corp, Kabbage Inc and Avant LLC are scrutinizing loan quality, securing long-term financing and cutting costs, as executives prepare for what they fear could be the sector’s first economic downturn. We hear from our Americas MD, Sam Maule for a US perspective (:).

Next up, we talk about RBS challenging the challengers with Bo. Despite buying NatWest almost 20 years ago RBS still uses different IT systems at the two banks. Bó, their new digital-only consumer bank in contrast, has been built in a little over a year on a completely new cloud-based system. It will launch to the public later this year. Sarah and Simon VC remark that if Bo are happy to be a companion bank account, the data can't be fully representatives of their customers' finances. Simon T thinks that profitability is at least a five year journey - is the importance of profit early on misguided? (:).

Other stories include:

N26 in trouble with German regulators over hypergrowth
86400 sign a partnership to offer home loans
Halifax rebrand gets slammed for copying Monzo and Starling
Ant Financial take on the Chinese healthcare market
Derek White waves goodbye to BBVA
Facebook calls time on P2P payments
And finally, Joe Lycett Impersonates RBS Boss to Get £8,000 Back to Scammed Customer

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Ben Gleisner, Freddy Kelly, and Simon Vans-Colina.

Links:

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314. Insights: Strong Customer Authentication Apr 19, 2019

Show notes

This week we take a look at something set to change payments for everybody as we talk about Strong Customer Authentication (SCA) Sarah is joined by some great guests to discuss the subject:

Nilixa Devlukia, Head of Regulatory at Open Banking
Olivier Godement, Product Manager at Stripe
Daniel Chatfield, Engineer at Monzo
Fred Liu, VP Identity and Risk Products at Visa

We kick off the episode by taking a look at what's driving the introduction of SCA and the theoretical benefits around it. The group explains what SCA is, who's responsible for its implementation and whether any existing SCA can work when SMS-based 2FA has been breached in the past.

There's a discussion around whether SCA actually allows or encourages innovation or if it's going to grind innovation to a halt. SCA has had a very fragmented introduction so the outlook isn't particularly clear and the panel discuss what the possible outcomes could be, including whether or not PIN Sentry tools may make a return.

They also examine how the payments and fintech ecosystem is preparing for SCA. There's little certainty around what SCA will actually look like and the panel discusses what solutions the people around the table are working on.

All this and so much more on today's show.

This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.

Special Guests: Daniel Chatfield, Fred Liu, Nilixa Devlukia, and Olivier Godement.

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