Fintech Insider Podcast by 11:FS

Latest Episodes:

Ep215 – Cookies, Funny Money & What if Amazon Buys Capital One? Feb 20, 2017

Show notes

In this episode

Amazon is looking to buy Capital One, or so goes the rumour. It’s been predicted for a long time that Google, Apple, Facebook, and Amazon would get into financial services, but Amazon is the only one of those companies that specifically needs a payments facility in their core business. James Arscott, CCO of invstr, joins us to discuss this and other headlines, including bitcoin going from funny money to something legit in Japan.

We also talk to TrueLayer CEO Francesco Simoneschi on banks becoming software companies; to BBVA Open Innovation Manager Marisol Menendez about BBVA’s competition to find a new model for low interest rate banking; and BodeTree CEO Chris Myers about the three steps FinTechs need to take to survive.

News this week

Business Insider – Innovative app-only banks are doing something old fashioned — lending money – Link
The Telegraph – Co-op Bank puts itself up for sale as it braces for another ‘significant’ loss – Link
Level39 – L39 API member TrueLayer comes out of stealth; secures $1.3m funding –
Nikkei Asian Review – Japanese megabanks raise bets on fintech – Link
Finextra – BBVA seeks new model for low interest rate banking – Link
Telegraph – Pay as you speak: Santander revamps voice banking app – Link
Banking Technology – Amazon looking to buy Capital One? – Link
Finextra – Australian banks fight back over Apple Pay ‘fantasy’ claims – Link
International Business Times – Apple, Facebook and Amazon primed for PSD2 demolition of the card networks – Link
Forbes – 3 Steps Fintech Companies Need To Take In Order To Survive – Link
Medium – Get paid to read email from outside your network with a 21 profile – Link

Are you listening to this podcast while on a nice little jog? If so, woo-hoo! We hope we motivated you. Could we ask a favour in return? Please take a sec to review us on iTunes so more people can discover us. Thanks in advance! Love, FinTech Insider.

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Ep214 – Monzo: The First Truly Digital Bank Feb 17, 2017

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In this episode

When most banks are bribing people to join with £100 or a Rihanna CD, Monzo is doing the opposite: building a bank customers love, involving them in its development, and being so amazing the network blows up like Facebook. Monzo, the bank that broke Crowdcube, now has more than 100,000 customers. Next milestone: 1 million. Here’s how they’ll do it.

“We’re trying to build the first bank with real network effect. Skype is a great example. The more people you bring onto Skype, the more people you can call,” Tom says. “How did Instagram or Snapchat or Facebook grow? It wasn’t marketing. It was an amazing product with true network effect. We’re trying to learn those lessons. 85 or 90% of our new signups come through referral.”

Loving this podcast? Don’t keep it to yourself, tell a friend about FinTech Insider and help us create our own network effect. And while you have five minutes, go on and leave us a review on iTunes. You’ve been meaning to for a while – today’s the day

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Ep213 – Bank Business Models: The Last Bastion of Innovation Feb 15, 2017

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In this episode

Innovation isn’t having an app – it’s having a new business model. Yet for banks, business models are one of the hardest things to innovate around. We discuss what’s broken with traditional bank business models, and how to create new ones, with two people who know best: Tom Blomfield, CEO of Monzo, and Dora Ziambra, Head of Business Development at Azimo.

“For me, and many people in the industry, being a marketplace bank is the future,” Tom says. “It’s a customer interface that acts as a platform for all of your financial problems. So a single interface that gives you access to the Azimos and the Funding Circles and the Transferwises, with a delightful, one-click user experience, but still giving you the benefits of that choice and that customer service. So, sort of, looser recoupling around APIs.”

If you liked this interview, please review us on iTunes. To learn more about the team that brings you FinTech Insider, visit 11fs.co.uk.

Listener offer: for a 30% discount on Innovate Finance Global Summit tickets, register using the discount code FinTechInsider. The event will be held April 10-11 in London.

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Ep212 – News: Is FinTech Failing? Dodd-Frank. And Everything Goes Back to Cannabis. Feb 13, 2017

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In this episode

Is FinTech failing? We discuss this clickbait-y headline which made the rounds recently. We also talk to Lawrence Wintermeyer, CEO of Innovate Finance, to get insight on their latest report that says investment in UK FinTech startups dropped by 33.7% in 2016. Other news: WeChat to (see what we did there? James Lloyd, Asia-Pacific FinTech Leader at EY, about the 46 billion digital red packets WeChat users sent over Lunar New Year; and Anna Irrera, a journalist at Reuters, updates us on what’s happening with Dodd-Frank.

News this week

Tech City News – Investment in UK FinTech startups ‘drops by 33.7% in 2016′ – Link
The 2016 VC FinTech Investment Landscape by Innovate Finance Innovate Finance’s Global Summit is April 10-11 in London. FinTech Insider will be recording there, and FinTech Insider listeners get a 30% discount if they register for tickets using the discount code FinTechInsider.
Coin Telegraph – Switzerland Set to Ease Finance Regulations, Support Blockchain Innovation – Link
Reuters – WeChat Users Send 46 billion digital red packets over Lunar New Year – Link
technode – How Chinese Mobile Payments are Quietly Conquering the World – Link
Forbes – 3 Reasons Fintech Is Failing – Link
Wall Street Journal – Fintech Startups Want to Save One Key Page of Dodd-Frank – Link
Business Insider – 19 Laptops Containing Customer Information Have Been Stolen from FinTech Company GoCardless – Link
efinancial careers – Five Crazy Start-Up Ideas in FinTech now – Link
Finovate 2017 Winners

That’s all for now! If you like what you heard, please leave us a review on iTunes. To learn more about the team behind FinTech Insider, visit 11fs.co.uk.

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Ep211 – Token CEO Steve Kirsch Feb 10, 2017

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In this episode

Serial tech entrepreneur Steve Kirsch (@stkirsch) has founded seven companies and earned a name for himself as the inventor of the optical mouse. Today he’s CEO of Token, a global open API banking platform.

Steve says that, historically, banks have operated on limited hours. Central banks have similar systems to be compatible, which has led to architectures that are nowhere near as complex as doing real-time systems. But then internet came along and changed people’s expectations.

“Now banks sort of have to be open 24/7, and yet the underlying systems haven’t caught up with that,” Steve says. “And so the challenge is to create technology that can layer on top of the existing banking system that would enable people to have the level of service that they expect, and yet not disrupt things below the decks. It’s almost like putting a modern façade on top of an old cruise ship. That’s essentially what we’ve done. [If] we need more engine power, we call down through certain interfaces and say, ‘Can you do this service for us?’ and they say, ‘Yes, the answer is this.’ But as far as everybody on the top deck is concerned, it looks like they’re on a totally modern cruise ship.”

If you enjoy this interview, please leave us a review on iTunes. To find out more about the team behind FinTech Insider, visit 11fs.co.uk

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Ep210 – Rainmaking Summit: Show Me How to Innovate Feb 08, 2017

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In this episode

Liz Lumley, Managing Director of Thought Leadership at Rainmaking, says a woman approached her at one of their events recently and said, “I’m here because I get told all the time: You need to work with startups, and then no one tells me how.” The Rainmaking Summit was designed to give people like her the tools they need to make innovation happen. Straight talk. No bullshit. We sit down with key participants in London to get the lowdown.

“We need to move from ROI to R&D,” says Nektarios Liolios, CEO & Co-Founder, Startupbootcamp FinTech. “R&D implies failure. It implies experimentation, and just keep trying, keep trying until it works, right? Having been in the financial industry for nearly 20 years now, we don’t have that. There is no concept of building product, or doing anything, with an R&D mentality. Whereas any other industry has that.”

Guests

Liz Lumley, Managing Director of Thought Leadership, Rainmaking @LizLum
Will Bentinck, Head of Careers, Makers Academy @isoworg
Nektarios Liolios, CEO & Co-Founder, Startupbootcamp FinTech @nekliolios
Jennifer Rosen, Founder & CEO of JnR Communications

To learn more about the team behind FinTech Insider, visit us at 11fs.co.uk

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Ep209 – Should UK Prepare for FinTech Exodus?; China Tests Digital Currency Feb 06, 2017

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In this episode

How do I change my culture? And what the hell happens to all those bank fines?! Our guest Richard Peers, Director of Financial Services at Microsoft (@Peerster), joins us to discuss these hot issues as part of our weekly roundup of FinTech Insider News.

Digital DNA is radically different from legacy culture, and that needs to change, Richard says. To make digital transformation happen, technology is not enough. You have to have the right culture. It’s hearts and minds and empowering people. It’s not a quick fix, which many people are looking for.

Deutsche was recently fined over money laundering claims – but where the hell do these fines go and what’s the politics behind it? How can bitcoin prevent money laundering?

What are the new business models we need? Can we serve markets in new ways? Can we make money from data? It’s often a defensive conversation, it’s time for banks to go on the offense and look at open banking as a good thing, Richard says.

News this week

Telegraph – Fintech ‘boom’ risks fresh ‘bust’ if left unchecked, warns Carney – Link –
Scalable Capital – An open letter to Mark Carney on robo advice – Link
BBC – Deutsche Bank fined by regulators over money laundering claims – Link
Yahoo Finance – Neo and challenger bank customer base to grow by 50.6%, globally, by 2020 – Link
FT – The UK should prepare for an exodus of fintech experts – Link
Finextra – Chinese central bank tests digital currency system – Link
Acumin – Details come to light after Lloyds’ cyber attack – Link
BBC – Savings protection limit raised – Link
Finextra – CMA issues final order on open banking – Link
Telegraph – Which country is the most corrupt in the world – and where does Britain rank? – Link

Thanks for listening! Visit 11fs.co.uk to learn more about the team behind FinTech Insider.

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Ep207 – PFM: Don’t Call it a Comeback Feb 01, 2017

Show notes

In this episode

Is PFM dead? Invisible? Or has Personal Financial Management evolved from data-driven piecharts to something more useful?

Joining us for today’s deep dive on PFM and Digital Money Management are:

Frankie Woodhead, Director of Commercial & Channels at Barclays @FTWoodhead
Victor Trokoudes, Founder of Plum, the first Facebook bot for automated savings @vmtrok
Pau Velando, GM at Strands Finance @Pau4ir

“For us, it’s about taking information, and transforming that information to give relevant services at the right time,” Frankie says. “It’s very easy to say, ‘You’ve overdrawn, sorry.’ What we like to do is think a week ahead. Things like Netflix, which is generally a monthly subscription, comes in a certain way. What we’ve tried to do is second-guess if that payment is going to happen. Like, ‘FYI, your Netflix of £9.99 is due to come out in four days. You might need to think about doing something different about [your spending].”

“The old way to consume PFM was based on charts,” Pau says. “You’ve got the pie chart, you’ve got the bar chart, the trend line telling about how your categories were instead of mixing your expenses. Today, PFM is used to trigger banking processes, to trigger a loan, to trigger a credit card subscription, to trigger a savings goal, to move some money apart. The system is understanding how you are moving your money and how you are spending it. We’re talking about invisible PFM. Those mobile banking apps are powered by data. You don’t necessarily need to see it but it’s there.”

Thanks for listening! If you like what you heard, please subscribe to our podcast, and leave us a review on iTunes – this helps people discover us.

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Ep206 – Trump’s New Deal for Britain, Ant Financial Goes Global Jan 30, 2017

Show notes

In this episode

News, glorious news! We’ve switched up the format of the show in season 2. Every Monday, we’ll bring you FinTech Insider News, a show dedicated exclusively to the latest FinTech and financial services headlines. Wednesday features FinTech Insider Insights, where we’ll continue to bring on experts to discuss digital banking, new business models, APIs, and all the other areas that matter to our industry. And on Fridays, with FinTech Insider Interviews, we’ll continue to share the individual stories of people making the biggest impact in FinTech and financial services.

Guests

Frankie Woodhead, Director, Commercial & Channels at Barclays – @FTWoodhead
Alessandro Hatami, Managing Partner at The Pacemakers – @ahatami

News this week

The Telegraph – Donald Trump plans new deal for Britain – Link
Pascal Bouvier – The Passporting Gambit – Link
Pyments – MiSys aims to kill P2P lending / alternative lending – Link
Business Insider – Siemens partners with Scalable Capital – Link
Reuters – Tencent, Hillhouse Capital take stakes in Aviva Hong Kong – Link
Finextra – China’s Ant Financial goes global in bid for two billion users in 10 years – Link
Ant Financial – MoneyGram Agrees to Merge with Ant Financial – Link
The Register – Lloyds Bank outage: DDoS is prime suspect – Link
Hacker group claims responsibility for Lloyds with ransom demands – Link
Finextra – UK banks strike branch banking deal with Post Office – Link
CNBC – Deutsche Bank’s CEO says technology will be key to banking in the next five years – Link

We’d also like to welcome our new sponsors this year, LinkedIn and the Financial Times. We’re really excited about these new partnerships and taking FinTech Insider to the next level.

If you enjoyed this podcast, please take the time to review us on iTunes. Want to learn more about the hosts? Visit us on 11fs.co.uk

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Ep205 – Tandem CEO Ricky Knox and CCO Ruth Handcock Jan 27, 2017

Show notes

In this episode

Tandem CEO Ricky Knox says banking should feel effortless, as easy as listening to Spotify. He shares how Tandem is building this kind of digital bank, and how his previous startups, including Small World Financial Services and Azimo, led him to where he is today. Tandem is the second digital bank in the UK to get its banking license, and recently received a £35 million investment from House of Fraser.

“We really want to build banking as a service, or banking as a solution, in the same way that I now listen to Spotify,” Ricky says. “I don’t have a buying experience anymore…I can have music in every room. It should feel a little bit like that to do your banking. It shouldn’t be any effort.”

You’ll also hear from Chief Customer Officer Ruth Handcock, who says her job is listening to customers, then translating that into what Tandem is building.

Enjoy the episode! If you’re a fan of FinTech Insider, please review us on iTunes. This helps other people find us. To learn more about the team that brings you FinTech Insider, visit 11fs.co.uk

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