Fintech Insider Podcast by 11:FS

Latest Episodes:

Ep225 – Rotten to the Core Banking Mar 15, 2017

Show notes

In this episode

Technology is failing banking. Bankers know what a great customer experience should look like, but they’re often prevented from delivering on that due to ancient legacy systems. And as long as they operate in a cobbled environment with 1,000 subsystems, they will never have a truly digital bank. Meaning they can’t compete with the banks that will win in the future. But don’t despair. Our guests discuss the steps to take to create a state-of-the-art core banking system that can deliver next-gen solutions.

Our guests

Mark Warrick, Director of Creative & Design at Thought Machine
Ben Robinson, Chief Strategy Officer at Temenos
Conor Fennelly, CEO at Leveris

“The nature of this problem is systemic, it’s not symptomatic,” Conor says. “Banks are not afraid to invest in their technology. In fact, they invest massively in technology. The real issue is that it’s not effective spend, and the real problem facing most CEOs or boardrooms in banks is the risk associated with making the move.

“Banks are not monolithic systems, they’re made up of hundreds of subsystems. If you want to make a change in those subsystems, you’ve got to regress your testing through the entire environment. That’s the reason why 80% of your cost is in running the bank, and only 20% can be in change. In fact, it’s probably more exaggerated than that. If you want to make a change, you’ve got to build an architecturally superior system.”

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Ep224 – Taking the Bull by the Horns Mar 13, 2017

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In this episode

Taking the bull by the horns. We absolutely loved the statue that Wall Street fund manager State Street installed as part of International Women’s Day. A bronze girl faces the bull of Wall Street as part of a campaign to encourage companies to put more women on their boards. FinTech Insider co-host Simon Taylor saw a second message in the symbolism: State Street will protect your money, standing up to the scary market without fear. Another best-in-class example of good marketing this week: the customer communications that came out of the FinTech firms’ outage. Monzo, Loot, and other companies got a thumbs up from customers for the transparent way they managed the issue. Hear all about this and more on this week’s FinTech Insider News.

Guests this week

Andra Sonea – Fellow at Anthemis Group
Jeff Tijssen – Head of FinTech & Digital Partnerships at Capco
Ali Paterson – Editor in Chief at Fintech Finance

In the news this week

City A.M. – More than half a dozen fintech firms hit by outage – Link
Coindesk – Dubai Claims title of world capital of blockchain and DLT link
Coin Desk – Texas lawmaker proposes constitutional right to own bitcoin – Link
Business Insider – The US government is defending its FinTech charter – Link
Reuters – Canadian regulator says open data essential to fintech – Link
FT – China overtakes eurozone as world’s biggest bank system – Link
Forbes – The effect of travel bans on FinTech – Link
Wired – UK banks fund £5m FinTech prize to build apps for small businesses – Link
Entrepreneur – How FinTech and payments innovations will disrupt global ecommerce – Link
Reuters – On Women’s Day eve, statue of girl stares down Wall Street bull – Link
Business Insider – The 9 best paying jobs in British FinTech Link

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Ep223 – WeChat Africa CEO Brett Loubser on the Power of the Platform Mar 09, 2017

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In this episode

As CEO of WeChat Africa, Brett Loubser’s role is to leverage the WeChat platform to the greatest extent possible in Africa. However, the market conditions in this continent are completely different from China. A focus on a chat app didn’t make sense for Africa, given the significant competitor products. Instead, Brett and his team focused on ‘the absolute power of the platform.’ In this episode of FinTech Insider, Brett shares great examples of how working with partner companies has proven to be such a great business model.

“Our first major push into showcasing the power and potential of WeChat as a platform was the launch of Cliff Central,” Brett says. “We worked with a very bright young chap by the name of Gareth Cliff, who is one of the biggest media personalities in South Africa. At the time, he was the most popular radio DJ on the biggest free-to-air radio station in the country. He was looking to launch something of his own, and so we launched a digital radio station along with him on our platform. And that worked incredibly well because, not only was there the obvious benefit of partnering up with somebody who had a huge personal brand in South Africa, but also the benefits of showcasing digital radio being delivered on a chat platform was stopping people in their tracks.”

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Ep222 – FinTech Out of Africa Mar 08, 2017

Show notes

In this episode

FinTech isn’t disrupting the financial industry in Africa – it’s building it across the continent. And because it’s being building without much legacy, by default it’s digital as a platform. In this episode of FinTech Insider Insights, we’ll shine a light on some great FinTech stories coming out of Africa, including approaches and ideas that incumbent institutions will find incredibly useful.

Our guests

Gerhard Coetzee, Lead Financial Sector Specialist at CGAP
Lesley-Ann Vaughan, M-PESA Co-Creator
Ron Webb, Director of Financial Services at Safaricom
Brett Loubser, CEO at WeChat Africa

“I’m extremely excited by how we’re going to see an increasing daily relevance of payments in people’s lives,” Ron says. “P2P transactions have been hugely important, and have been the bedrock of what M-PESA became. But you only send money P2P to your relatives, or people that you’re supporting, on a periodic basis. But you do merchant payments every single day – and many of them – and the increasing use of e-value in those day-to-day payments will increase daily relevance and create even more opportunity.”

11:FS blog posts mentioned in this podcast

Banking APIs Aren’t about Tech or Banking
11 Banks and FinTechs Doing APIs Better Than You

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Ep221 – Orange is the New Bank Mar 06, 2017

Show notes

In this episode

Is PSD2 an opportunity or a headache for banks? FinTech Insider News guest Ben Robinson says we’re still underestimating the magnitude of what the regulators are asking banks to do, “which is basically to put their inventory online. Asking banks to give up their transactional data is like asking Google to give up its metadata. You can see why banks wouldn’t want to.”

Also in the news, Monzo’s crowdfunding (and outage); our new favorite rap song; and Orange is the new bank.

Guests

Christopher Burniske, Blockchain Products Lead at ARK INVEST
Ben Robinson, Chief Strategy and Marketing Officer at Temenos

News this week

Finextra – EBA to relax controversial PSD2 authentication rules – Link
Finextra – Brits warm to mobile tap and pay – Link
Finextra – Singapore commuters can now tap-and-pay for their fares with Mastercard – Link
JP Morgan, Intel, Microsoft join Ethereum Blockchain Alliance Link
11FS – 11 things your CIO needs to know about blockchain today – Link
FT – Top bank executives required to vouch for cyber attack defenses – Link
Level39 – Yielders makes history: The first UK Shariah compliant Fintech company based at Level39 – Link
The Register – Telco Orange to open bank next month – Link
Finextra – Monzo blows past £2.5 million crowdfunding target – Link
Atlanta Constitution Journal – Rapper’s money saving advice goes viral – Link

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Ep220 – Blythe Masters on Blockchain’s Once in a Generation Opportunity Mar 03, 2017

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In this episode

Blythe Masters spent 27 years at JP Morgan in a variety of roles, including running the global commodities business, working in structured credit and fixed income markets, and serving asCFO of JP Morgan’s global investment bank. After leaving in 2014, she planned on taking a year off, but then blockchain caught her eye and she joined Digital Asset, where she’s CEO. In this interview, Blythe describes their technology as blockchain-inspired, explains what this means, and shares what Digital Asset is working on.

“This is a once in a generation opportunity to fundamentally change the way the financial market infrastructure works,” Blythe says, “and that is for the greater good of everybody.”

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Ep219 – CIO Special: How to Change Your Culture Mar 01, 2017

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In this episode

When it comes to innovation, can big, established banks compete with agile startups? Culture is the major barrier to digital transformation for larger organizations, so we talked to execs at the Global CIO Banking Summit to get their insight. Stay tuned for actionable examples on how to change your culture, how to measure this, and where to look for inspiration.

“At DBS, we gave up our training budget of sending executives to fancy business schools and have started putting them through hackathon experiences,” says Paul Cobban, COO, Technology & Operations at DBS Bank. “You take these guys and you give them three days of digital exposure, and then for two days they work with a real startup on a real problem. So you get the stodgy banker meets the 22-year-old coder, and the stodgy banker says, “Let me tell you how this is going to be,” and then the 22-year-old coder says, “I don’t think so,” and so you go through this storming, norming, performing cycle in about half an hour, and then they’re going to get on and do some real stuff.”

Guests

Mark de Munk, MD & CIO, International Wealth Management IT Solutions & Products at Credit Suisse
Ricardo Rola, EMEIA CIO at Itau BBA
Paul Cobban, COO, Technology & Operations at DBS Bank
Adrian Samareanu, Global CIO & VP, Operational Excellence at Volvo

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Ep218 – Robots Have Feelings, Too Feb 27, 2017

Show notes

In this episode

Bill Gates wants a robot tax to compensate for job losses; Liverpool launches its own local currency; Atom Bank hires will.i.am as a banking consultant; and more.

Guests

Alessandro Hatami, Managing Partner at The Pacemakers
Andra Sonea, Fellow at the Anthemis Group

News this week

Business Insider – Will.i.am is reportedly doing a deal with app-only bank Atom that could see the singer invest – Link
NYTimes – Silicon Valley tried to upend banks. Now it works with them. – Link
FT – The trouble with ‘free’ banking for challenger lenders – Link
Finextra – RBS to become fintech fund and high street outlet for challenger banks under HMT remedy – Link
Standard Digital – Banks take on M-Pesa with own money transfer service – Link
Bloomberg – Facebook Messenger now lets you send money with Transferwise – Link
PSFK – Liverpool receives its own digital currency – Link
Engadget – Bill Gates wants a robot tax to compensate for job losses – Link
Forbes – Why Ant Financial’s $200M investment In Kakao could disrupt South Korean FinTech – Link
Business Insider – Moneyfarm will likely see reasonable uptake of its products from Uber drivers – Link

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Ep217 – EY’s James Lloyd: China’s Not Just Mobile First – Often It’s Mobile Only Feb 24, 2017

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In this episode

We talk to James Lloyd about the incredible FinTech innovation and uptake happening not only in China, but across Asia. James is the Asia-Pacific FinTech Leader at EY, and our point of reference for most of the phenomenal stats coming out of the region. Did you know that during Chinese New Year – which is only 6 days – 46 billion transactions happened on WeChat alone? That’s 46 billion “red packets” – the money you send as gifts. 46 billion!

“In London, getting access to a bank account or a credit card or a basic investment or savings product is relatively straightforward,” James says. “In China, traditionally the banks have focused on supporting corporates and state-owned enterprises. So there has been this unmet need, this market gap, that the big technology players have really moved pretty aggressively to fill.”

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Ep216 – The First 5 Steps to Transform Your Bank Feb 22, 2017

Show notes

Our mantra is digital banking is only 1% finished, and people usually react in two ways to this. Either they believe banking has got miles to go when it comes to tech advancements, or they think digital is merely a way to distribute analogue products. At 11:FS, we believe we’ve got 99% to go, and we’re really excited about the future of banking. But how do we get there? At a recent event in Oulu, Finland, 11:FS CEO David Brear shared the first 5 steps to transform your bank. Watch the video.

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