35 Burst results for "Fintech"
Tracking Growth Marketing in 2021
"Gonna be talking about growth marketing day. All kinds of really important subjects obviously was fintech as focused jonathan. You're up here but you're muted. Because twitter likes to annoy people that way. John are you there i am. Hello danny how are you good. We're getting people through this tunnel one next. We're going to get marianne set up here in just a second but in the meantime i'm going to introduce our speaker today. So jonathan metric is the chief growth officer at portage ventures or advises a global portfolio with companies including wealth simple in canada albert in the us and clark in germany previously. He was the chief marketing officer of policy. Genius when the largest intertek marketplace's leading a division of forty plus growth marketers in scaling revenue. Kennex over three years jonathan. Welcome thank you thank you very much. It's great to be here and excited to be on this new pop pharmacist by twitter spaces. Hang out so. I'm excited to see kind of how this goes and great to chat with you to today but growth and fintech absolutely. Well i will say it's gone from alpha to beta at this point. It was pretty janke the first few times we did this. Maybe two three months ago. And i think the android app is now working at doesn't crash every five minutes. Good started when you think about growth and twenty twenty one i i to me growth has been the uber story of the entire year in every company is growing. The marketing channels are getting congested. Cat costs are going up on almost every pay channel. It's more competitive than ever on organic. What are you thinking about these days when it comes to growth in two thousand twenty one. Yeah i mean. I think you you hit the nail on the head there right and i think you know if we dial it back a little bit to the beginning of cova. I think there was a bit of a pause on you. Know is the sky falling. Are we going to be growing all right. And i think you know a couple of months after that in twenty twenty we saw immediate rebound with folks just kind of shifting attention to online direct ways of buying products that weren't necessarily in person direct to consumer. And you know. I think growth really road that way right and when i think of gross you know i think it's more around folks who are looking at driving revenue for their business and that can involve marketing can involve product and Components performance marketing.
OnlyFans Walks Back Adult Content Ban for October
"The thing that we were going to talk about today which seemed to change. The day is this whole only fans kerfuffle and at least a start because it's in the critter economy realm it's in the fintech realm it's in like legacy banking systems. It's culture it's it's it's weird. It's feels like it's a seminal moment get it. it's it's it's very weird. It's very weird. But yes i got your. That's what happens when i'm gone her week anyways. So what's what's what's your take on this brian. There are so many stories recently. I said this today where i feel like we don't really know what's going on behind the scenes and we're only seeing like the the surface you know like even like you know the the china stuff china tech stuff. There's no way for us to know over here. What's really going on behind the scenes there. you know. The the recent every platform decided at the same time. They wanted to protect the kids. I think we we got to the bottom of that one. There's because it was the theory about mastercard at least cutting off no no daddy but the other thing was that the eu. And i actually had just. This is making some rolls. Some some changes. That's what i think is yes.
NFL Stars Score Big in Silicon Valley
"Terry whether there any particular reasons player seemed drawn to tech. I mean how did they come into this. Meeting what happened was a trump williams introduced to a venture capitalist name reclined. thomas rudy is help navigate. Numerous for athletes Successful in in attack including nba star andrei etc from the golden state warriors. Kind of led out of curiosity to his teammate. All world player steph curry who now is investing in plenty of startups in social media apps and up in the like in the nab rubbed off on them when they recruited kevin durant who had joined the words of years ago and now he's invested in in companies including a tesla post mates his own bencher company. Now where he's had programs on on. Espn plus in alike. So it just kind of like it just seemed like it'd be an overflow and i'm really surprised at that football players here particularly forty niners play in. Silicon valley weren't engaged in that. I think that is like changed with trent game. Ball in one in invest in wearables. Fintech in the like. And he got his teammate. Fred warner involved. And now they've gotten they're kind of like part of their team involved in a maybe looking into investing your money post post during their career because nfl players crews on average about three or four years and so the dot is. Hey you wanna invest your money might consider tech
Upstart Announces Second Quarter 2021 Results
"Just went public in December there now out with earnings in a full year forecast, which topped analyst estimates Shares of the Fintech company reacting positively at one point up 15% Now 17%. After hours almost 18% for more on the report and the future of Fintech. I'm joined by upstart CEO Dave Gerard, who just joined us after the company's earnings call Dave look investors like what they see. What do you think they're reacting to their All right. Thanks. So, Yeah. I mean, it's the combination of super fast growth combined with profits. I mean, fintech companies are known for growth, much lesser known for profit, So when you can put those two things together, I think people get excited. So you're not just a lending company. But you know, the key feature is artificial intelligence and how you're integrating that into the process. Talk to us about how companies are leveraging this technology. Yeah, sure. So we operate and not as a bank or lender, but as a partner to banks to let them use AI technology to originate credit. And that really means more accurate models that will unbalance approved more people at lower loss rates. And so it's It's just something When you put it together, it pretty dramatically increases or improves access to credit for consumers. But it also helps banks have more inclusive and more profitable lending programs. That's kind of the heart of AI as it's applied to lending Traditional lenders keeping up with the technology. And how do you know which ones are and which ones aren't Well, it's a good question. I mean, it's really hard to compare lenders and in the results of of lending is sometimes it takes a while to play out. So it's a little hard for the world to actually, you know, completely grasp what's real and what's not, because there's a lot of buzz words flying around for sure, but ultimately, you know, a strong business ends up in the growth. It ends up in the profits in the things that we've the ways we've measured businesses ad infinitum, and I think, ultimately that's what we're demonstrating here.
Kathy Ireland, Supermodel and Entrepreneur, on Her Business 'Kathy Ireland Worldwide'
"An amazing career. As one of the top models in the world that's how you came to prominence. You're a woman of faith and now you have a huge business how to even describe it. You know kathy ireland worldwide kind of says it right there but you're you're into so many things. Let's just talk about that for a minute. Because i'm fascinated with this this you eric so grateful. I work with incredible team are remembers members. We've been together over thirty years. We've got our millennials than our jin z's but as far as how we would describe it we've been compared to mini conglomerate berkshire hathaway on a much much much much smaller valuation. Warren buffett is someone And i frequently will compete in newspaper tossing competitions. We both had paper routes his kids for the opening of the way shareholders meetings in that. We started with a single pair of socks. When i was pregnant aging model at my kitchen table and now our company encompasses everything from lighting to furniture dash in entertainment publishing. Children's it's fintech. it's great. We love what we do and me get to work with amazing people and serving credible
Tokenisation of Assets and Potential Implications for Financial Markets
"Iota. Welcome to injure blogs. Could you please give our listeners. A quick introduction on yourself. Hey thank you very much for the invited. Sa- great pleasure to be here today and to participate to the ensure block series of discussions. I do hope today's is an interesting one and then informative one for your listeners. And let me just also mentioned that i i personally admire your rebalance airs project and i find it an extremely worthwhile and timely project so kudos for that in terms of my personal background. I've started my career as an investment banker. in london. i worked for the desk of merrill lynch for my analyst years and citigroup for my associate years and then i switched to the policy space and joined the oecd where spent the past almost nine years now working for the committee on financial markets Over the past couple of years of the committee has set up a working level group on an informal setting. it's the expert group on financial digitalization and comprises representatives of central banks finance ministries treasuries and other financial authorities or varsity eight always de members. And this group looks into fintech related matters in financial markets and their policy implications including the area of blockchain in finance. So this is a bit of my background and let me just also give the usual disclaimer. That's of i express here. Today are my own views.
Bitcoin Mining With North America's Largest Miner
"Our guys bang bang. Got fred here. Thank you so much for doing this. Thank you great to be here absolute. Let's get started with marathon in kind of your background. So marathon is one of the largest. Bitcoin miners in north america. What did you do before you on the board and then became the see you so twenty. Five plus years running technology companies across a variety of sectors. Fintech was a big one. Matter of fact my first programming job was at a bank so grew up really understanding the friction. The financial markets was had the good fortune taking some companies public. Doing a lot of a and then switch to the dark side became a private equity managing partner and did leveraged buyouts tech companies and then started advising really large funds and tech companies. I had known the ceo. Marathon merrick former ceo now executive chairman for many years socially or kids grew up together and i joined the board in two thousand eighteen. Really that help him with kind of the transition to bitcoin. Mining and blockchain always been fascinated by blockchain. I think it's a great leveler. If you look at kind of how the internet developed and brought kind of the democratization of information i think people exposing data on the blockchain is going to change. How businesses operate imagine companies like salesforce. Who effectively hold your crm data hostage. If all that data around the block chain not only could use salesforce taxes and gained benefit from it. But you could use other applications. I think there's just a were so early in this blockchain development. Bitcoin cryptocurrencies. Just one part of it. I'm a big believer in the bitcoin. Blockchain foundation for financial institutions very secure fully decentralized network. You know you can say other things about ethier. Money has some great benefits. But it's still is less decentralized than the bitcoin blockchain and there's just so much you can do so. I was very excited at the opportunity to step into more of an operating a marathon. And i think now's the time where you'll see. The miners become more professional. Companies were real enterprises. If you just look at the build out plans most of us have you know. We'll be billion dollar revenue companies within the next year and a half to two years and those become big companies and they need to be run in a proper way with good
Why Savant Systems' Acquisition of GE Lighting is the Future of High-End Smart Home
"Across all industries and the data that is associated with these technological solutions sets us on the path to global scaling an unimaginable business growth. Which is the best way for me to introduce my colleague and my friend betty. Davita betty is a global executive with expertise in digital transformation and consumer financial services. Betty is currently the chief business officer and member of the board for finn. Connector a technology company which connects digital platforms and solutions and financial services companies via an api platform to accelerate digital transformation and open banking. Betty is also the founder of bet. Deb solutions a fintech advisory practice where she works with emerging companies on strategy value creation partnerships and the path to global warming previously. Betty served as the chief commercial officer of digital payments labs at for mastercard and prior to that that he held various leadership positions at city. Which is where we work together. Welcome betty thank you betty as the first question. I'm certain our audiences would be interested in your perspective of the digital transformation. That's taking place today in financial services we'd love to hear what are you seeing in the market and what business problems are being solved with these continuously evolving technologies. That's it's a loaded question. And i'll try to answer at At a couple of kind of macro levels and then try and get a bit into What we're seeing in different regions around the world. I mean at the macro level. It's clear that financial institutions can't continue to develop everything here right the notion of proprietary developmenh is just. It's not sustainable from the standpoint of the speed and velocity by which they need to turnaround new solutions. They've got a competitive landscape of thousands of been tax in stored ops that are entering the market and providing services at a level that You know consumers. Sme's incorporates see in their everyday transactions. And so there's so much friction that's been taken out of the equation with many of the digital giants and these new solutions. Banks can't continue to
Stack Overflow Sold to Tech Investor Prosus for $1.8 Billion
"Stack. Overflow says it will be acquired by process a european tech giant and ten cents largest shareholder for one point eight billion dollars quoting the wall street journal based in new york closely held stack overflow operates a question and answer website used by software developers and other types of workers such as financial professionals and marketers who increasingly need coding skills. It attracts more than one. Hundred million visitors monthly. The company says process. One of europe's most valuable tech companies is best known as the largest shareholder in chinese internet video gaming giant tencent holdings listed in amsterdam process. Signaled its appetite for deal making. When it sold a small portion of its equity stake in tencent in april for fourteen point six billion dollars the stack overflow deal ranks among prices biggest ever acquisitions process invest globally across a range of online platforms focused on areas such as food delivery classifieds and fintech it also maintains a more than two hundred billion dollar holding in tencent processes parent company. Nascar's acquired the tencent stake in two thousand one for thirty four million dollars. The stack overflow deal is processes i outright acquisition in the educational space purses already owned stakes in two educational tech companies. You to me and code academy servicing companies. It is set to make an investment in skills soft. A publisher of training software used by businesses as part of that firms plan to merge with special purpose acquisition company churchill capital corp. and list in new york and quote.
PayPal Will Let Customers Withdraw Crypto
"Pal to allow withdrawals. Here's one thing that's great to see become normalized. When many of the first set of traditional fintech apps and services got into bitcoin crypto. They blocked the ability for users. To withdraw their crypto is of course pretty directly contradicts. The self sovereign does that drive this market. This has now started to shift robinhood reasonably made the switch to allow users to withdraw and yesterday pay pal committed to this as well speaking consensus yesterday. A pay pal exact said quote we want to make it as open as possible and we wanna give choice to our consumers something that will let them pay in any way they want to pay. They wanna bring their crypto to us so they can use it in commerce and we want them to be able to take the crypto. They acquired with us and take it to the destination of their choice to me. This is a clear example of community values and social pressures shaping. The nature of services. So big win for the home team here.
Crypto's Awful Weekend
"In the world crypto currencies. It really was anything but quiet a selloff that was still keeping. The market's attention on friday lengthened into the weekend with bitcoin around thirty two thousand five hundred ish on sunday ethereal itself saw its own coin fall to around nineteen over the same timeframe now since then things have gotten better with bitcoin rebounding to around thirty seven thousand five hundred and ether to around Two thousand three hundred fifty and keep in mind that you know you're going to hear this an hour after i vented coordinates if those numbers change. Don't bite me. It's just that's cryptos go anyways. Both coins remained far far below the all-time highs they set very recently a force. Bitcoin spiked sixty four thousand and either cracked about forty three hundred before losing more than half its value. So it's been rough you know it was a rough weekend. Why do we care well. We care because the crypto focus portion of the venture capital world is not getting smaller overtime. There's more and more capital into these companies. It seems and also kind of critically the number of companies both startup and mature in general the generate. At least some real news from bitcoin and the the broader crypto world is going up. That means we're talking about robin hood not just coin base and square not just blockchain dot com. That sort of thing. The increasing horizontal nece essentially fintech means that the number of companies with at least a toe in the crypto market is larger than ever and as we know that trading volumes in the crypto market to follow price changes seen such sharp declines is not good for more companies than you probably think now in response to what i just said. Coined based stock of is up. Three percent pre-market trading. So you know twenty twenty. one things. Don't make sense take everything the grain of salt
Are NFTs an Opportunity for the Financial Industry?
"We will be discussing. Nf teas are there for the financial industry. Or not and i'm very pleased to welcome charles carrigan partner and global head of fintech at the law firm. Cms charles welcome to insure blocks. Could you please give listeners it. Quick introduction on yourself facts related. I'm happy to be here. So i'm a lawyer at an international law firm and i spent my days wrestling with the challenge of war. New technologies. main for the industry's outlines. What and what. I talk about our clients. That's very broad range from financial institutions that have been around for hundreds of years. Three fintechs crypt type firms blockchain protocols looking around full hundreds of days since sometimes less than that so this is interesting because whilst you know whether they're a established company for hundreds of years or affectively a startup do all how some of the common challenges but i piece from podcast. I'm sure they also have different cultural challenges when it comes with technology. Is that something that sits within the remnant of of your of your job in terms of addressing. Yeah and we see in lots of different ways and the most obvious is probably the way that firms engaged with us and so at often with we're talking about a regulated industries here the financial market security insurance finance banking generally these regulated products that regulated firms and so they've got relationships regulators. They've got magazine issues. In some cases leading with a that's not the case with a lot of the new businesses
NYDIG Partners With FIS to Offer Bitcoin via Hundreds of Banks
"Bitcoin in your bank account fintech firm f. Fis is partnering with digital asset manager. Dick to bring about an industry first customers at hundreds of us banks will be able to purchase hoddle or sell bitcoin directly within their bank account without having to go through an exchange such as coin base or payment obligation like paypal ni- dig will handle custody insecurity. The program has already enrolled hundreds of smaller institutions as reported by cnbc night big is in discussions with several of the larger banks in the us. About bringing them into the program. Morgan stanley and goldman sachs have already announced that they will offer bitcoin funds to their high net worth clients with j. p. morgan repeatedly mulling a similar product. Perhaps the decision of smaller banks to train front run. Bitcoin adoption for the everyday customer will pressure the larger institutions to follow suit for their retail customers
Are Banks Getting Nervous About Competition From DeFi?
"What's going on guys. It is thursday may sixth and today we are asking whether banks are getting nervous about competition from defy first step however. Let's do the brief. I on the brief today makoto. Lebron is the latest company to add bitcoin to its balance sheet. This is a massive latin-american e commerce and fintech company. You may remember them for being one of the founding members of the libra association and then leaving that association a few months later. It's a company that is based in argentina but listed on nasdaq they announce as part of their q one reporting the they had added seven point. Eight million dollars worth of bitcoin to their balance sheet now in some ways. This isn't that surprising. Ricardo libra has a long history of interaction with bitcoin. In two thousand fifteen the integrated. Bitcoin is a payment option on their makoto. Pago platform just last week. The company announced a real estate platform exclusively for properties available for sale and bitcoin launching with seventy five initial properties. Some on twitter pointed out that a latin american company investing in bitcoin to protect itself from currency devaluation was even more poignant than some of its american counterparts given how frequently bouts of inflation have destroyed savers in places like mocatta libraries home of argentina and speaking of latin american unicorns. The mexico based crypto exchange. Bit so has just raised a new round of funding that values at two point. Two billion dollars making it. The first latin american crypto unicorn. Next up on the brief today a digital has bought bit go for one point two billion dollars one of the key things. We've been watching here at the break. Down is crypto emanate. Emanate can tell us a lot about wearing. Industry is when times are tough as a survival strategy for companies that might otherwise go under when times are good as often. Something very different. This time around. There are two broad categories. I'm seeing. I is a joining of forces not because one party is at risk of dying but because together they see more chance to win important category
Interview With Geoffrey Horrell From Refinitiv
"Welcome back listeners to humane podcast today. Bring to you jeff horrible. Who's the head of refinitiv labs from london. Within the london stock exchange group jeff and i have connected through refinitiv. Refinitiv is a global player in data. Api's and the alternative data space many of our listeners. Know that i'm very big. In both the fintech and the data space. I've actually attended with refinitiv their developer days in new york city as well as the open source strategy form where they participated with open source data science technology. Jeff thanks so much for joining us on the show. Thanks david great to be here while. I'm really excited to hear about where refinitiv is today. I know there's a lot of exciting changes in twenty twenty one. Can you t up for our audience. Where refinitiv is today. Refinitiv labs and your growth with the london stock exchange group. Yeah it's very interesting time. What you're seeing now is. We have refinitiv which was a global provider of data and workflow solutions. And as you said. Api and somebody really little reach developer community who wanted to get more data into their applications and drive you know their strategies within wealth management investment management your trading of risk these all these different sectors that were serving and then i guess there was an opportunity to come together with the london stock exchange group where the add an extra dimension to that data and workflow business where obviously people familiar with the london stock exchange running a venue so companies listed on the exchange trading on an exchange and a great demand for people to see. How can i access not just equity market like stock exchange group but also the fixed income trading market which actually refinitiv provides and fx trading marketplace which refinitiv provided slow. You can see these different elements come together. And then that's on the research your trade with the data trade on the market with those solutions
From Ride-Hailing to Fintech: Grab's Journey in the Fast Lane
"Fact fever is heating up to a brand new level here. Grab holdings asia's biggest. Ride hailing and food. Delivery company is looking to go public a merger valued nearly forty billion dollars now. This would be the world's largest back deal ever completed and a major milestone for the frenzy that has swept financial markets the move also means guys grabs valuation has more than doubled in just eighteen months. Have a listen to anthony towns on squawk box earlier. We category leader in ride hailing in food delivery and in mobile payments. And you're talking about a hundred eighty billion addressable market here. Now when you think about how we've grown We've really grown and grown sustainably guys. Here's how i see it growth growth everywhere and not a prophet to be seen as anthony. Ten laid out. This is not the uber of asia. It's ride sharing. Its food delivery and key here. This is also a significant fintech company that works with regulators in singapore and beyond if the fact john that it's not even profitable and isn't expected to be so until twenty twenty three even though it's a so called super app begs the question that i know we ask often here as can the gig economy ever be profitable and i'm talking not adjusted dot profitability net income. Not that lhasa. I don't care about profits with this not yet not yet. I mean in. You know this new job better than others we were. We were in singapore almost a couple years ago. I remember meeting with anthony tan more than five years ago over in new york and really what they are is so much. More than ride hailing food delivery. The really are that kind of almost china style app of everything in your pocket. Leading the way to more digital commerce and particularly post pandemic as more and more businesses especially local ones need to move digital and that links into the you know the tourism economy all of that carl opening up the possibility for fresh modes suspending grab has an opportunity certainly in southeast asia which is under penetrated when it comes to technology and commerce to really be a big part of the infrastructure there.
From Ride-Hailing to Fintech: Grab's Journey in the Fast Lane
"Fact fever is heating up to a brand new level here. Grab holdings asia's biggest. Ride hailing and food. Delivery company is looking to go public a merger valued nearly forty billion dollars now. This would be the world's largest back deal ever completed and a major milestone for the frenzy that has swept financial markets the move also means guys grabs valuation has more than doubled in just eighteen months. Have a listen to anthony towns on squawk box earlier. We category leader in ride hailing in food delivery and in mobile payments. And you're talking about a hundred eighty billion addressable market here. Now when you think about how we've grown We've really grown and grown sustainably
China slaps Alibaba with $2.8 billion fine in anti-monopoly probe
"Slapped a record $2.8 billion fine on Alibaba Group holding and this is after an anti monopoly probe found Alibaba abused its market dominance. Beijing remains intent on reining in its Internet and Fintech giants. It's said to be scrutinizing other parts of billionaire founder Jack Moss empire.
"fintech" Discussed on FinTech Insider
"Is the fact that everyone is working from home? And not not just your organization other organizations, so there's no possibility that context or information is lost through some people being in an office, and some not, and when we switched back to some people being partially in an office is, it's not the same as everyone being forced to be at. The moment every bit of information is going through slack. It's going through email because it has to. But as soon as you start having face to face meetings where people are talking on the outside part of the company isn't there than it's? It's not gonNA be as efficient. Say That I definitely think it's it's. It's about assumption to just kind of think that you know this hybrid model just work without. Any investing time in how you structure it this really interesting sort of. Feedback from a number of companies who say that the remote staff who were remote before in that level like? Connectivity and engagement with the rest of the company improve so they've really enjoyed everybody being remote, because it's put everybody on the same level. And then there were people who loved the office who hastiness and just sort of not failing it at all. I'm guessing certain habits that make international communication really good, so you have to get better writing things down. You have to get better at sort of sharing the risks, and would and things like that and have been some examples of innovation, cabbage, accepting P. P P loan squad during the same I mean marina from the US perspective you spoke by loads of things are doing. At. Freddie you're involved in something that happened over the weekend when nobody was in the same room. That was quite innovative, right? Yes. To us this story. It's in the show notes. Which I did I'd put recording, we Night I saw A. Really interesting was this by. Osama says if like. Ever being especially you the kind of way dynamic. The creates one of the things we've seen is like. More social life coming into the office, more sort of blended in a healthy way. At. those things don't overlap unhealthy way. and we were chatting with The guys at frontiers. And through kind of a long twitter debate with yourself Simon And Jamie and Simon Funds Kalina up formulating an idea coin so a month to a guy to help the government in that administration of potential remedies for people that are self employed to all the were. Fooling between the gap of fulltime employed on. A small business where they they can apply for grants and remedies in light of current avars and say we had this idea to build a tool to but allow. Those individuals to really quickly validate the the potential loss of income, will the the shop to their income and generate a sort of a form of collateral that would allow them to to kind of get assistance, either through a government scheme or private scheme or whatever it may be. The kind of interesting thing about it was that it formed really quickly a bunch of people from the Fintech. Community Govan and again people that. Two point knew each other. Before and and would were linked through the London fintech ecosystem got together and build this tool every weekend and sort of rolled out, so it was something that. I'll give. It wouldn't have happened. Wheeled at the offices normal. Strange Times create strange things to happen surely, but we've also seen. A number of organizations expanded internationally I'm so revelatory moving into more markets on another organization. It's been really really thinking about not enough time for him, and and shipping kind of capabilities at a race of notes I wonder how much the international nationalization and the link between different Fintech hubs is is going to start to really help companies who've established something in one market. Move somewhere else because your net. You've seen some folks. Come in Singapore, but you've also seen Singapore for export what it does around. Around the world indeed urine. You're part of that journey. Do you think the hubs can have an element of connectivity? I know much treasury looking at something cold bridges. I think it was cold and a lot of other initiatives like that. The Sea has something called Jason I'm the Global Financial Innovation Network which I'm going to have to say. There are nothing like a Jason Baby because they just make me say they hold a gun to my head every time now I'm kidding. You could get them as a new sponsor of the show if you say that every time, right? So. But I think Freddie's point is a really good point. What happened was Freddie. Did some great innovation with people who already knew each other? and. I think hubs have been amazing for that so. To mention something. In November of two thousand and nineteen, sixty thousand people came to a convention center near the airport in Singapore and the amount of different people that were there and different companies and Humana connections that were made with people from London new. Europe. Africa or many many different places was extraordinary, and we were able to connect, so we. We actually have clients in America. We have an office is in San Fran New York London Johannesburg. We have clients out in the middle. East, but a lot of this was created because we met people I'm. One of my colleagues Walk Hijja says is Beautiful Kale's. Really like this concept that fintech is a bunch of people who want to do something amazing, but it's pretty chaotic. I. Think we can all agree the stop. World is more chaotic than corporate world, but I think the hub idea of every so often putting all the people together. Creates the ability so I think it's transported, but maybe two marinas point is well. What happens if you're? What if you go to new companies? WHO started during covert? Are they ever GonNa Connect? How do they connect? If there's no hub, no conference, no get together, so we will met companies in our journey that we can connect with, but what if you took to brand new companies who started in April of this year in two different locations I would they gonna? Meet each other if we don't have the hub. He has I'm going to play devil's advocate because his phone on I don't disagree If you're familiar with get lab, I'm the one of the famous old remote companies so that the policies everything is remote, they help but but everything is remote and they're all projects that are entirely remote sort of quite successfully, but I wonder how much of that could be you know regulates activity. I think it's fair. Question I'm going to change gays slightly because I'm kind of interested. To Marina made point about increasing ATM limits you made a point bound getting access to cash. Cash is something that's still really important for the financially excluded. But how much is that going to be an option in the future? And how much do you think the doesn't? Incumbents fintech conversation to be had here about the ability to give somebody an end to end digital service everything from on unbolting to pay utility supplies to get engaged work. Is the customer going to expect that more in the future? Do you think cash is GONNA decline in use? have been sort of steadily. We're going to see a sharp drop off all. Still something that's going to be. We're just going to snap right back to normal and the incumbent of got all the deposits at the moment and the fintech salsa despair. Or how does that play out? I think that the use of cash is actually declining in the sense of people are more used to hang things digitally. Sharing bills with each other without having to actually transfer cash between each other and I do think going back one of the things that they will look for their Fintech is really to be more than just their bank, or be more than just a single offering an really they're looking for. The. Bank or the financial institution of the fintech to provide more a marketplace of different services that will help them, and so they will look for a more a bigger role for the fantastic place. And just switching gears back for a minute on the right on the side of how you could have different geographic index. I mean one of the. One.
"fintech" Discussed on FinTech Insider
"I'M GONNA ask the question. Freddie FINTECH hubs dead. Urine you're North Yorkshire Roy Now? FINTECH! SUBS must be dead. Healthcare engineers work remote. They must be dead right, Friday. I mean give North Yorkshire Visit Fintech, but that's probably A. A conversation, a different different show I'm I. Think it still an engagement point. It doesn't have to be sort of physical as we've already talked about. Being in London. Doesn't necessarily mean being in London all the time and. We just had the to your fourth point on the full problems of How the regulates is plays a crucial role. For us being so close to to the regulator, and so she needed innovative regulator, the FCA is really valuable, and and we do pop over to uh to start foot and see them quite regularly and now obviously have plenty of zoom cools and things like that say. It still a kind of collection of entities that is brought together geographically that makes it in tech hub. There are certain things that. Somewhat eroded you. You could say in you know as as people what more remotely an prove that works. You occupy late today to one of your other sort of prongs of the the hub talent is now more broadly available to us because if we can get on board with the idea that we don't need to be in the same place them, we, we can hire the best people, no matter where they are and get great from an indeed, you know they're at least five or six people working in business. Business, now that I'm yet to meet, because they've been been hired during the the lockdown, so I think it does give us some expensive I I still think Fintech hubs exist in an it's a collection of resources that make exist, and the fact that we call. It is probably less relevant more the fact that you know it's. It's a commonality between those people. It's a network. It's a venture capital network. It's talent medical. They things. Yes, it's all of those things in combination I think it's an interesting point Freddie that. The the regulates are like point about confidence. a lot of the UK I. Think did originally walls have the chancellor and the prime minister stunned up and say this is level it's. I kind of the six around that being a physical space in the house of all of the banks, really started change the compensation, and then some of the innovative policy that Kinda came up around the the sort of A. Licensed with restrictions that the Bank of England and the Pale Ray grunted to the challenge of banks, which we're now seeing translated by the hubs into the virtual banking licence, this kind of of the thing which actually has higher capital requirements in the license with restrictions, which all old, these little not nuances kind of make a different, but they they force you to domicile somewhat they force you to have legal entity at least somewhere. Some of your talent can be elsewhere, but there's something about physical geography net, isn't it? Like it's an interesting point of thirty nine, so we're based in Singapore. We have one what we now have to. Both about a year ago, we wanted to one employee in. We wanted to open Europe and we wanted to start in the UK. So where do we put? That person will thirty nine. We spoke couple of talking events. We made sure he put his bamboo Hoodie. Leaflets on every table when every walk around came from different banks. We were there so i. You know we Seoul London as a hub and Freddie I'm sure north. Yorkshire is a beautiful, but if I put my my guy in North Yorkshire, would he have had the same visibility and an and I think this idea. The in the last three months work from home has worked. Am I not such a believer? Worked that we could do it, but what? What? Why is it? Why is London Singapore? It's because it's a collective of people as Freddie, said a community who talk and come up with ideas like you sit in the cafe of levels thirty nine. And it like Fintech right. It feels like fintech whether it really is not I'm not sure and I'm not saying what from whom doesn't work. We get things done, but is it a hobby? I'm a strong believer. The you know if you for a foreign firm to open in a new country, the essence of a hub. I would say still essential. As interesting it! How much of that is the physical space? And how much of that is the sense of community, and how much of that sense of community has has kind of? Bled over into working from home. I've spoken to a lot of fintech slightly. Who said that productivity is actually increased rather than decreased. And that may be can only work. Because there were already the relationships that were in place that formed in person, but the of productivity spike, and you can see that in outputs and outcomes. Those businesses are having so there is something about this balanced. That becomes quite interesting to to to to what you spoke to earlier, but but if productivity increases, can we. We measure. How has innovation done a we? You innovate when a group of people randomly talk in an office with different ideas and you overhear an idea. It's very hard to tell in this three or four month period of COVID has innovation increase or decrease in I don't know the answer, but I'm a strong believer. That innovation is accidental, not planned over Zukile. Interesting what about the US perspective? I would agree with what Mitt has said. I think in many ways what has worked over this three or four month period. It'll be interesting to see whether it can be done on a sustained basis and I also think I agree with that. A lot of reasons were working well together is because of relationships that formed when we were physically working together, and so it will be interesting to see if you completely stay virtual. Can you still do the same culture as your on boarding? People who've never physically met each other suv never physically worked together menu. You often talk about the. Cooler con conversations at the Water Cooler or conversations when you're getting coffee, and that's when people meet, they form these informal relationships that actually then sometimes lead to the kernels of innovation as people talk together I. Think one of the things you find the hubs. Is that also? You get concentrations of different talent pools, and I think that's also what has driven the hubs up in Silicon. Valley, it's the concentration of the engineers and the design people that you may not find as much and other physical locations. Freddie. I I was just GonNa. Say to be clear. I I love being in the office to discuss. I feel like I'm I've suddenly Scott. On the side an argument that won't be on. two marinas. Point is an interesting thing that we get discover, which is this sort of like idea of the water, cooler conversations and I think one of the things. That's really interesting. That's happened right now. That isn't working from home..
"fintech" Discussed on FinTech Insider
"It's emily. Emily said I think I think a lot of scandals do happen in big banks in banks that you just said about them because they they they cover them up was gonNA press offices but also this very large legal teams. I mean you took out. I think this without naming any names but few so celebrities in the in the press. You probably got more people on staff suing people to keep things out with the press than anything so and actually big reading. Big Organizations have really big legal team. So I mean arguably Fintech saw easy targets in some instances intensive therapy their ability to really understand. I honestly think there's an element here of like Combat to some of these days the lack of media training in some of the spaces and actually the just age category of some of the people who are in charge of these companies actually means that Rena Like we're freely available twenty four seven bisexual media and all of his use it twenty four seven nine at the king. David t t to people in the ability to be really transparent is there and when things are good. That's great when things are bad. It's weird So it's it is a very old time that I think we sort of live in. I think to your point Jeff Fintech going outweighed sort of teenage phase and actually it's It's interesting to see what will happen over the next couple of years but I mean how. How do you see this applying answer? Centigrade? Because these these companies getting bigger getting much Kashima vices the trust in these organizations. The schools that we're seeing from consumers is getting a better better better You know arguably we've seen a reset on customers expectations and because of the banks of done but and DC the impact of intact On the the industry being as big as we would be emily I think Fintech has had a very big impact on the industry itself not just from a transparency perspective but also from a features perspective we will like to say how case now has freezing. Qods even as a user of Santa for example. Ma is taken very long time that Lahser years they finally got around to using face. Id In online banking. I think of an Austrian Monk Century so it definitely is very good for keeping incumbents accountable and generally pushing everyone to a higher standard But for the future I think what we're going to see now is obviously so last year or two. It's all about growing pains to these companies and and as they become more established. I think we will get that within the next year. It's definitely going to switch more to holding these companies like like starting to a level of accountability that we see for the big banks in the budget at last month. That was a Fintech review announced an in that review. They mentioned competitiveness. And I think that means that. We're basically going to start looking at deals. Like Amazon. Delivery as being probed by the Competition Rockets Authority. That will start to happen. The likes of Monza remedied stalling. We haven't heard much about the McLaren yet but acquiring Shashi definite guide to ramp up especially with the amount of capital is flowing into these businesses. And that will start to become a big concern for the K. Competition and markets authority. Because we're already saying loaded. The youngest startups in Fintech people trying to break into the banking space in particular not succeeding failing having to raise extra money set of assets. Just so they can keep afloat on intern homes consumers especially if you'll banking with them and I think over the next year or two that will then become a very big focus of the way the narrative shifts around VINCIC. Can I can definitely Definitely see that happening. Jeff what do you think the narrative Twist on this as they get bigger. I mean the the small banks could become the big banks. And then we're going to get some more small banks coming along. The cycle kind of repeats itself a little bit or is this everybody just growing up if I had the Crystal boule one hundred percent playing the lottery every week. I think it makes it looking super interesting point I think if we WANNA take Into sort of immediate stash medium-term so unite the rest of this year. Going into next Of You know five years I was starting to see those stories with. I wanted to beat up on certain Bruns Hieron. Twenty six and nine. Hundred is leaving the U. K. And everyone was sort of like I mean you say that. But it's not really what he means the thing you know. And they they had not been hyper transparent Very defensively what they even defined a customer is when questioned by some of this gentleman press when they were sort of like. You know your big Banking story success story commanded Germany. What's the deal? They went weirdly defensive. I think he you know we've seen it baton recently as well sort of lots of suffering so I think what we like to say. I think unfortunately just as what's happening right now. I think Restored see yourself buying connects to the pull out from some things. He wants to get heavier into the ranger. Funding is clearly going to stop being more of a struggle. Just because of what's happening in the global economy for some banks that I think could be problematic in some of these challenges and I think we will sadly see some of them fail. And Wigan have to be prepped for that and it is going to happen. It's not the end of the world's not horrible for those finders with great people to work there but I think we to be It's more likely than not to happen. And they'll be stories about that happened within twenty six. Where in a lot of folks like actually I think lead Archie said this in a recent show you maybe twenty six saying they didn't think the UK was a viable. Mock was actually a bit of a wake-up May maybe there are just too many banking options at Need as many the ultimately you save the market customer forces just decide does not mean the of the challenges really May It's dame but is it really just Monday stalling maybe atom for mortgage loans. They've been doing some really interesting stuff in there pretty time. It's really break into that. Space Race set themselves up for that. I think what's fascinating density? Hi this is not playing markets like Australia whether it's getting all these new challenges as well and it sort of feels like it was the case with two three years ago. I think I've seen this story play out before And so I think that's meets him. I think over the long term to me. It's GonNa be a dirty. It's going to be the ballots. Nothing Emily Donald Interesting as well by the access. Not Senior Leadership. Does it become a little high rock? D have to three thirty five different press offices with three years ago you could have just up the fine regard. Hey I just like a chat about XYZ coup. Comb five so denied. That's just not GonNa happen that much anymore. I think as they get as the demo. Tv advertising us the mainstream it will be sort of not have a plan would hit but incumbent upon them to really maybe start thinking about high. They're communicating as I said read that communicating but keeping the tone transparency. After the ready. Who knows I think? Yet to appoint a point this becoming challenged banks just rapidly just becoming banks right. So it's what what else happens next. What new semantics? Where we start exploring but we have to start writing new articles by what the heck we even mean by Fintech Challenger Man said Interesting Distinction. Isn't it I mean I was kind of backup fest. Direct took nearly two years to get one and a half million customers and you know Monzo installing and revolution these guys just blowing number so quickly I mean do. Do you see this Dandy actually to the narrative really isn't the pack just becomes the Pakradian sums of The the scale of Banks Raton. I mean it's interesting to see what we're seeing the incumbents acting a bit more like the style tops in Wisconsin. See this time of me incumbent trying show in to some extent I would even say it's the incumbent out stopping the stops Names from from recent experiences I would say that the the history of banking in this country that say back four hundred years is in it is determined by USA is the crises of the time. And I think that we can really unfortunately talk about about Fintech without talking about an virus in notches to seventeenth century at about four hundred private banks in the city and Barclays the name that survives today a pop from hosts host bank. I believe so these guys have survived and obviously and thrived and you know at times of Crisis. I would say yeah. We can't quote at Fintech forever and I think particularly because fundamentally journalists sort of love and hate buzzwords and jogging and and particularly in the age of Seo in. That's the thing. Yes it's very attractive to go off to Jogging but I think Yeah we could intact forever. That was a really fantastic at the presentation by. I think it was a era entry. Horowitz that sort of augie to Amazon about six months ago that every every company will be Fintech company in the feature. I'm in the sense that they'll derive positive that revenues from some sort of financial services with about sort of in house things or whether that's Plugging in other providers in ending some sort of commission. I really back then. I think that I'm going to go out on the day. And I think that is very very strong likelihood Bleach IT companies. That exists today in in fields. That seem unrelated. Services will be big plays a great. I mean it's it's interesting. I mean probably two to wrap up. It's like big companies acting like small companies small companies acting like big companies. Everything is Fintech. Everybody is fantastic. Nothing is fantastic right. This is Super Super Interesting. Times but Thank you so much. It's the goes for joining us today. Emily thank you for for coming in. Thanks for coming in Vice City. I'm Daffy so things. I kind of read all the time. So Gregoire guys welcome people. Find out more about your publications.
"fintech" Discussed on FinTech Insider
"Wonderful women of Fintech first up we have shot at crosswell. Ceo of innovate finance. How are you today? Charlotte I'm good. Thank you thanks for having me. Thank you for coming along. Also making a return visit to. The show is wins. He won't head of the ROSIA implementation at natwest today. When you really well thank you. Thank you for coming along and making her fintech inside debut we have with US Evelyn Arabi. Cto Of Toukan. How are you today? I'm very well thank you. Thanks for inviting me. Thank you for coming. Okay let's get started. Welcome to the show. So this episode of Fintech inside insights is all about women and diversity and Fintech Charlotte it seems a good place to start by talking about some of the amazing things. Innovate Finance is doing in this base. particularly maybe tell us a little bit about the women in. Fintech initiative the wind and fintech powerless You know what Where did it come from an? What's the purpose of those initiatives? Many thanks it's since. Innovate finance started. We we always believed in true diversity call teams in that you don't really led by gender diversity but fully inclusive teams and we felt. There was a road place. We've started coffee years ago of bringing the amazing women infant together and there are many of them here. It's been amazing. When we start lessening started with one hundred people you this year we had a six hundred nominations to the women of power. So it's about different events workshops podcast series profiling women in Fintech but also bringing them together as part of an ecosystem in whichever part of the ecosystem you're at whether it's the Fintech some selves with the banks with professional services government and regulators. So what we did is we said you know once a year. Let's bring those together and celebrate them into something called the powerless an grown and grown and grown And now it's really intimately judged. One of the judges is windy here. and this year there was a total of two hundred people named in women infant powerless. We had to go up slightly. I'll share because the judge is really off And it's about looking at the top two hundred people there so many other amazing women out there and you look at some of those nominations. Just incredible people there so even the nomination processes quite tough and part of that hundred. We also say well. Where's the standard thirty five years? So that's the cost of various sectors. Say One of those tech Ends Avellino is part of that standard thirty five in Texas side of often tech. So it's about celebrating is about highlighting. It's about promoting and actually also inspiring others to come into the FINTECH sector and that she say just. Fintech is financing tech. It's still there and totally available to women and we hope to Inspire Minneapolis. Brilliant and Lena Charlotte mentioned there. That you were on this. Standout thirty five Congratulations for you thinking. What does it? What does it mean to you? Sort of have that recognition well. I was extremely surprised And obviously I'm very grateful in an owner to be in the populist Like you mentioned there are so many other women in tech and Fintech doing amazing things so I was completely blown away And it means a lot to me because It's one of the few words that I got a pursuing awards was never my Passion so to speak but It feels good that after twelve twelve years in tech. Yeah I Especially with the work. That we're doing the to con- that starts to become more and more visible and People are celebrating us so I'm grateful that's one of the things I like about this. As well is that there are plenty of women out there who faces and voices in his opinions known Actually the list is almost more about ignoring ignoring member but as celebrating other women other faces people who who aren't on every week or on a panel every week or you know who who are doing great work in the background and just getting on with it without looking for that recognition. So I mean I think you know she said it's taken twelve years but absolutely well ahead. Yeah thank you and again. I'm really really happy. And grateful. So congratulations and it would be missing me to move on without mentioning the two ladies. We have eleven of us. Who Will Miss Laura producer of this podcast? You sitting in the Corner Room is GonNa get bright right now She is a another lady who does amazing work perhaps doesn't get the recognition that that some other people do and of leader who runs off boundary product as well who is You know outstanding. She's been in this game for a long time. So huge huge range women on that list and it's amazing to see some new faces and names and it's just amazing when people get nominated. How much work. Attention GOES INTO NOMINATING PEOPLE. And that's what I love. You know. This isn't about you're just sitting there with a PR agency fitting it in. Because good chances the judges are gonNA see through that. This is people you're talking from the heart whether they're self nominating and trying to say what they are but most cases you're being nominated by other firms their friends and anyone around it when you won this year even had their mother took to social media congratulate and say how proud she was a daughter of Mazen's that to sit though from something we didn't just started just a few years ago to get to that point so we level the sport but thanks for the nominations as well was the next year you need list of what three hundred four hundred women keeps getting at this time and I can tell you honestly say I mean there are some very spirited conversations in the judging so there we definitely poured through those nominations and quite a lot of details though well done definite. I'm very glad I'm not judging. I know it was like where's Charlotte in here is year. She's he's taken us out. The process recuse all right. Let's get a little bit deeper. Perhaps some of the broader issues of You know around other Genita- VESTI industry. So where are we hardly? When we're talking about diversity and Fintech as the you know the numbers anybody. Kumano necessarily always hung up on stats. But does anybody have any of the head go for it Wednesday? I love numbers. I'm banker So so certainly. I was interrogating the wise reports which I look at every year In quite a lot of detail and I think in two dozen nineteen came out that for the very first time at least for science technology engineering math roles for them we have over a million women working in those roles which is amazing that's the UK across the UK UK. Okay great however if you look just tack in the last year the UK add a sixty thousand new jobs that are tuck appeared tech roles and out of that only sixteen percent were filled by women. Those are new rules and that is down year on year because the year before was seventeen percent so it is in a worrying trajectory So what that means is that even though the UK is adding a lot more jobs. And there's a lot of talk about that need for more tech talent. All of it is being filled by the men. So that is A stark reality that we need to change official statistics that we use for Fintech. And there's lots of different sources of this is approximately me? Twenty nine percent of the sector is wound. And and that's of course that's not about to seventeen percent off founders And for female founded businesses seventy three percent of the money goes to female businesses So some teams sent three percent this year. We're taking a slight different. Statistics and attempts of the money goes a bit led by a female. Ceo Founder but the founded numbers. Really not good so what we're trying to do is inspire the next generation. But how do you inspire them when VC's often have no women on investment teams and you track record women? Raising MONEY IS INCREDIBLY HARD. So lots of you. Lots of good stuff to celebrate but also things we still have to pay attention to. Why do we think most number going down? I mean I I would say that You know I I love stat two and this that we have actually from the last three or four years to trying to trying to look for a trend is is quite tough. I guess the only sort of three or four full year's worth of information for Fintech particularly And you know I wonder if I wonder what they're all you know what's causing that slow movement if in fact it isn't just the fact that it's going to take time because four years isn't long enough for women to train up or to to come through the educational process to make a career change or you know they're other policies. It plays well. We we talk a lot about the fact that that had get women into the workforce full stop. You'd have a lot of other things in play particularly affordable childcare etc etc. So I guess my question is. Are there any particular barriers that that you've seen to stopping that number going up other than as I said just time you know it will take time for it to happen is not change your own a film? I think it's going to need more. Investment is is a large part of this article relatable role models. There's lots of amazing women out there. who've gone through banking. Who said you know you can have it all great and then you look at their support networks behind them. It's pretty sizable non family households etc. Us We do need to make sure that we'll make him relatable we knew suit need to also show to women that you don't have to have necessarily even that stem career behind you you so we always that makes a lot easier. And it's a great basin. We believe anyone should pursue stem schools in school. Because jobs are going to turn stitch at some point. But it's also saying if you don't use the time to retrain gun learn how to code going learn some of these careers look at the backgrounds of what people working within the sector and guess what you find very different background French mostly. Yeah sitting on background. There was no such thing. That's fantastic and there's lots of people out there so I think we do send it to highlight some of the people who have come through and learned along the way in event of the sector so he must really good point so Around the table I mean So I did history university. I started working in educational publishing sort of fell into an assistance role. Fintech and I'm still here. Ten years later Any everybody else's back on Evellina. What's your background So I have a computer science degree I didn't have much choice when I was growing up. My mother was always on the opinion. That math and science is the way to go so that was a really early on in my development and then Surprisingly I realized I like it so I took it from there And it was also one of the things that helped me get out of a really tough Family and financial situation growing up so I had something to look forward It was really good for me and in general Just one on some of those numbers In Tech especially soft engineering roles. Women tend to draw poorly. And even when you get into your thirty thirty five You are more likely to get stuck in a junior role so it means something happens to the pipeline that Very few women Get into the top so the city. Oh numbers are quite Sad less than six percent of all startups have a few minutes ago so even lower than female founders is removed yeah There are some reasons for that in tech..
"fintech" Discussed on FinTech Insider
"Contract workers in ten ninety nine. Such is grabs such as lifts such as you're specifically because folks WanNa Bank that customer segment. It's a different How you acquire those customers and the features that they need are completely different and financial solutions are taken. And emanate approach instead of a build approach to to access those consumers. I always think they'd like Whether it's Asia South South America or Africa. There's like there's so much more to do that because it's like it's kind of for a large segment of the population. There greenfield right so you while we're still trying to figure out how to plug into the existing payment system and all the rest. It's like if you want to go really experimental I always say to people just have head of out of Europe and the US because there's just so much more to do if you're starting from scratch like how would you do a point of sale system. How would you set up a bank so be very interesting to see cool? Well back in the U K. This story comes from techcrunch. Revolution has achieved a five point. Five Billion Dollar valuation the FINTECH startup raised five hundred million in a series d funding. Round led by T. Cb WANNA actually know a whole lot about is. I don't know much about that. Fund recognize it ten million reported to US revenue and in two thousand nine hundred and its user base grew by one hundred sixty nine sandwich in various Pacific after the round the company. Tease new retail and business lending services. It will also add to its pre metal card features Revenue is also continuing. This I think is most interesting is continuing expansion into the US and Japan which has been a bit slower so the big question is really worth five point five billion. It's a leading question. I think they've done extremely well. I guess the question is around like what's the valuation based on Is based on using numbers is based on potential. I mean they're using numbers. Have been tremendously impressive. I'm not evaluation expert and surprise surprise. We must be doing something right because this is another partner of master believe they actually They were part of our our accelerator Star Path in. Twenty fifteen and thrilled to see them. Now you know a really impressive Unicorn expanding around the globe. They are partnership with them has has you know started then and has continued until now. And it's it's been a sighting for us to be a part of that journey and that you know our our product strategy and what we're doing to deliver value for them is has been resonating so excited to see their their evaluation grow continue to grow. I expect they'll continue to expand in and bring new product features market and hopefully will continue to be a part of him because the current like thirty to forty countries. I mean it seems like a terrifying challenge to run thirty to forty countries at the same time I mean I know. They are very aggressive with expansion Very focused on doing that It's just it's kind of interesting to see how manage that I'm very interested in the US launch. Because it's always about to happen soon. But I mean know at the is five and a half billion dollars a fair valuation. They've increased their customer base. Three hundred percent in two years does that justify more than two X in their evaluation. I don't particularly think so. But that's not how these things are valued anyway. I think the question is are oriented. Fintech bubble right now with some of these valuations. That's why I'm actually excited April first. You're going to be. We can be heading the The eleven s debate talking onstage at empire startups weather. We're whether actually in a current FINTECH bubble with with Reuters with Devi. Awan several you making me Motari to. Let's unpack whether we're in a bubble. At at that point. You know at the end of the day I think valuations are driven by the amount of cash in the system the amount of cash that investors wanted ploy to reach excess valuations beyond the public market. And that's what's driving. These is a need is a strong trend coming out of Silicon Valley to focus back on profitability and focus back in on revenue and that pushed to be not just looking at US acquisition. But what are you? Can you know what revenue can get from those and News coming out of the valley that there is a slowdown. There are a lot of startups that are having to let people go out. And I think that's GonNa be a ripple effect that we'll see in fintech particularly in the B. Two C. side of things and having to see people kind of refocused away just from user acquisition yen and the profitability is like I mean the is two things right. It's your cost in your revenue accounted in but it's true right like and The cost of running across thirty forty countries is is really quite challenging. Because it got to run a team you've got to each country was has slight nuances on how you treat the customer. How you look after the more compliant stuff. Plus you get vendors in every country and then on the on the flip side like how do you Revenue is going to be based on the customers. Really love the product and I always wonder in the US whether the absolute us when they started was was fx. Right for the traveling It was it was for the person traveled a lot want to save. That doesn't seem to have as much residents here. So they've got to find a different customer base. I think I would agree. And the and the US is just. It's such a different market so like tens of thousands of banks and credit unions. It's like how do you stand out from from all of those offerings? That many of them do have really niche really specific market so the targeting and ready specific offerings. Even if sometimes it takes quite up to scratch but I really like servicing a cool market so as a challenge bank coming from the UK where you're just competing with a you know a handful of large players at a well known you really have to find your mark in there and they make it so hard to switch to your your kind of cemented in sometimes when you do joint bank especially if you join when you're younger or in College. I still have to Wells Fargo credit cards that do nothing for me that I can't get rid of because you actually yourself or do they sign you up as a sophomore in college thinking. Oh well I need to build my credit. And they're like well sign up for these two and they have absolutely no benefits at all but I have to keep them open because they're my first credit cards and my credit history depends on that so it's hard because I am not married to Wells Fargo but I can't switch because you know until later on when my credit history is a little longer so it is interesting because A lot of a lot of The Gen Z. Market is concerned with interest rates in which bank Which new or emerging bank can really give them the best bang for their buck. Bite some of them Are already kind of you know cemented into these relationships with with Existing banks in the US. And so I think can be interesting to see how that plays out over the next few years like will. That's another reason why I think. The Credit Karma intuit merger is so interesting because you know with those two companies. You know you can. Your data is portable. And you own it. So Yeah I think that'll be really interesting to and so even though other banks might offer you more How can you get out of your relationship with your current bank and maybe consider other options? So it's interesting because I was thinking more about like an also who they actually target right like is it isn't the same customer base here but equally it's a much bigger market With like a quite you know you you find a significant pocket here you can get a lot further ford hit. It brings up a at the end a pretty important point. Which is you can take the data with you. I think you know. We'll I love your thoughts just on Challenger banks coming to the US and open banking in the UK. It's it's a little bit different. It does help. Transitioning or switching becomes a little bit easier. There's less friction when switching thanks to open banking is going to be the same in the. Us will will. They realize the same success. It's I think to the point. It's you don't WanNa you don't WanNa get rid wells Fargo. Because it's hard it's GonNa Affect your credit. It's going to be a challenge. Does this regulation needs to change in the US relief. Spur innovation. I'm we're kind of lucky. I guess because we got the account switching service which is like really clean. I actually don't know how it works but it does work so you literally just say. I want to go from one bank to the other and everything moves across. Yeah so you know any payments going out any relationship so you can move across like it's real easy and that's government driven banking kind of. I think he's more data driven I think I was the only thing I don't know like I'm not sure. I don't think it makes things much easier to switch accounts right so cool and finally we have a very British story for which I'm going to have to apologize like four or five times here. Usually the finally kind of like leads to an interesting debate about something. But this time we've got a hole in. The Wall is become a tourist hotspot this is from the BBC a wall beside an ATM in a small town has become a tourist attraction after online. Pranksters boosted its tripadvisor rating fish featuring a distinct round hole. The Wall has become the fourth most popular attraction in Ilkeston. Indaba show which? I'm sure everyone is not going to kill me because I've probably mold that name. The reason this is particularly funny is in the UK Slang for an ATM is a hole in the wall. Apparently was put in place because it was trying to stop people like seeing your your pin number which seems like an amazing feature for someone to building the town. It's a parent's. One user. Wrote the city of Agra has the Taj Mahal. Paris has the Eiffel Tower and Sydney has the house but all pale in comparison to the impact on the soul of lying eyes on Ilkeston hole in the wall. I just wanted to know what this means for. Byu tunnel was the number one tourist attraction in the UK in two thousand eighteen and it was a plastic tunnel outside a superstar where you can push trolley down. Just love people. I love that because of family has a form their beauty. It's just like a rolling like it seems to be just like a rolling British thing that's going on. At the moment people go on to tripadvisor they find the most rubbish thing in their town. And they're like Oh that's that's what's GONNA become. Did you know that MasterCard has a partnership with this? I never the second story. I couldn't stop thinking about the shed. Dulwich that here about that. It's like the fake restaurant that Someone in the UK. I think they're vice journalists. Maybe they started just like ballooning all these fake reviews for this restaurant and talking about how exclusive it was. It only had like three seats. You know it was the most amazing never seen etc. They didn't take many reviews before people started calling numbered trying to get in he. He just basically sat every single time. I'm sorry we're booked rebooked and it became the most popular trip advisor site for a restaurant like in the whole area. Maybe even I can't remember. It was a restaurant exactly and so hilarious that you know I. I've commentary on how what people will do to get into anything exclusive what it is when it's just a shed and then to your just think it's great A great prank to play on for an attraction. So Yeah Yeah. The tunnel is literally. It's just like it's just like a plastic tunnel next to a supermarket and they made it like the number one attraction in the whole area. I like I. There's always rumors that tourist go there and I can't leave interest so stupid. Look at a hole in the wall or I kinda love story. I guess the only way I can I would do it as I recently drove a moving truck from Atlanta to New York and I was like you know what I'm GonNa make it a roach roadside America type thing so I stopped all sorts of dumb things but I feel like that's the only the only world in which I would stop and see something like that. The one fintech part of this which is like also genuinely true that there was this was built so that you could see someone looking at your pin number. Very surreal looking at your your measure. I hate to throw shade. But it's just interesting to me that it's the first time natwest ever found their way onto an innovative in tech podcast. That was a couple of small moves in the last couple of weeks. Says she allison's come in and really taking the.
"fintech" Discussed on FinTech Insider
"When you've four billion pounds in four years I mean that's sort of the business lending I suppose but yes you know it's We're coming up to Christmas. So they're running low on stories I guess but Yeah I mean it's I mean I think when I think about Fintech I'd ever anything of apple pay as being a falling out of that coach. Got To gory. I guess I mean it is. It is obviously a financial technology. But I don't that was why it was quite funny the headline because it wasn't really Fintech that I was thinking process like pay statement right at the the Fintech side of it was kind of okay. Kinda made that clear as well. I didn't get the sense but and I read the story that she was having a problem with Fintech. Actually more of a problem with was the fact that tear fell. Had this really roundabout way where she had to cool and maybe try and pay a fine and whatever evidence. She's tried to present wasn't enough and trying to get the money back for. The fine was also Ebola as well. I think to. Your point is Fintech but neither of those companies in that process our Fintech all day. So it's a an interesting thing I would've internally of gone we WANNA get should get into fintech where Fintech it was so we did a few weeks ago. Called everything is fantastic right. There's a lot of making it West for ourselves but it it. It is still almost the other way around. You look at Google looking to do the partnerships picciotto apple. Pay has been around for some time but now uber looking to do that partnerships and buying king. Anybody that has enough of a value chain financial services can be useful them starting to consider at least financial financial services as part of their operating model taking some tech in house because income. It's always able to provide what they need. I mean you'll you'll point a second ago while about is there were a bit of a backlash to Fintech. I mean Jonah. Saddam pacman a little bit because it it does feel like the the headlines are becoming a little bit more. I mean we. We love it under like an an underdog away. So you know the fat now he's study oak knows against that boots and then You know people not into sort of be a bit more. I wonder if there's an appetite or Arita who doesn't work in fantastic. Who's been in the city for a long time? has been plugging away Probably sold the rise and fall of things like pits don't save pays pairs full. Impair your kind of came out with the the it was going to change. The world hasn't getting banking licenses and they're looking to raise deposit so so that they can lend with a better cost of funds. They called it right on that one. It's the workings world's bias in the benefit sort of experience or or. Is it something that you know. There is a broader consumer thankful like as we're moving from early majority into late majority. They're all just people who like ooh. Oh maybe that's not for me and the there's an genuine audience for that kind of conversation. I wonder if there's like just an it's like an old school model I think Bizarrely I think if you look at a lower the there's been some things that older banks have been doing lately that have in mazing amounts of price and I think it's down to old fashioned relationships that they have rather than it being necessarily a good story. It's like somebody somewhere knows the the editor of you know big newspaper accident because the majority of people bank with Big Five so if you read something about a a place where you get your money or the content you have your wallet every day. You're more likely to read it then. One you've never heard of. I think that's also yeah. I mean it's just it will apply to there's so many more people and because our international brands right. The Barclays Lloyds Sanchez an but bad new cells as well. And if you know if that's the worst thing that they could write about north within four years then that makes me in credit to what I love is totally. Didn't bully.
"fintech" Discussed on FinTech Insider
"So hard to find Amazon Story Anyway moving on the next story is that Egypt be see in a prepping new digital banking platforms so. HSBC kinetic rolled out and unbeaten on Monday whilst obvious launch Bo later this month so ages be Connecticut current accounts overdrafts and cash flow insights to small businesses It's expected to fully alone in the first of two thousand twenty. You may know this by the project named project iceberg which was what was splashed all over the The mainstream media this year. I'm Bo I'm sure if you spoke she know what Bo is But those who may have missed it. It's a retail buying encourages customers to budget and analyzes they're spending so Peter McIntyre head of UK Small Business Banking Ages B.. We see says the bank hopes to sign up hundreds of thousands of customers and roll it out to other countries where it is busy operates. He says the company is undeterred by choppy economic conditions and in Britain whereas bow on the other hand the customer deposits can be lent out across obvious and apparently targeting. Sixteen point. Eight million Britons with less than one hundred hundred pounds of savings Right so incumbents have digital bank brands go. I think this is. This is exciting. This is now the point point where we are seeing launches. We've heard the news stories for what the last few years we've heard that these things are being built but now they all into Obata or potential fool launch or most and And I think now is the time we're actually going out to see because I mean there's been a lot of saying you know. Oh they connoisseur. Do this really going to struggle. But but we will now get to watch and actually see this play out And I think that yeah I think species project sound sounds very interesting. Sounds like it's super ambitious and bows well have a Aridi claim mission statement which is sounds like an incredibly positive one so I think we have to kind of wait and see what happens to do we think that maybe this too late to the market because both of the the the demographics that targeting They're all challenge Lebron's in both those bases the SME space so Connecticut launched targeting basically trays. This is what it's going for first and easiest way to do it but that space is so crowded I have run out of like spreadsheet room for the number of you know. Financial Services is firms banks and new banks and you know e money license companies trying to serve US base is HSBC going to be able to capture that market. Those others heaven on the same Abo- you you know when you look at it. It's kind of a combination between Ataman Monzo to my mind I mean maybe other people have other inside but is a defensive. Play in that case Is it more of a like we need to keep up with the market rather than get get ahead of the market if you remember about eighteen months ago we didn't episode of Fintech inside and use cold. SME So hot right now. I'm not tree now. It's been been very I hope for a while right so And there's something interesting about you. Know what she'll strategy is it to The old Wayne Gretzky's fall quote. which is do you skate to? Where the PUCK is going wing skate to where the puck is and this is a little bit skating to where the Puck is eighteen? Months ago high sake reference to where it's going to be in the future and recognize that it's GonNa take you some time to get there or do you go to where it is now recognizing the future might be a bit ahead of you and it's an interesting strategy question because how long has it been working on this behind the scenes how much it costs them. And will it succeed as a defensive play ores an aggressive play. Because I think there's something about the advantage. Startups of goal is the constraints. They have forced them to make decisions in different ways and because they're forced to make decisions in different ways than they use open source technology stocks quite often that it's sort of classic tension really interesting play out but that's game on now they're on the field and I hope we see more things like this because I really like the idea of having more choice for consumers and business and also an interesting point is that they're kinda different right so blow is bright yellow is cool bow and actually unless you necessary looked it kind of Gouda way free. You might not never know. It's obvious if you found bogue yourself whereas hate. PC connected is very obviously HSBC. Branding it. Looks like haters P.. You see which they've obviously taken the view. which is that's going to do US favors? You know there's that kind of that brand recognition then we're GONNA WE'RE GONNA use. Potentially that could be the US in this crowded market As the small business to say or so try to address you trust them total reassurance and I am quite nightside in one sense. I don't know whether they'll be able to mobilize all the other products in the group but if you think about what's the the the new guys on the block don't have which his decades of data who went to mortgages savings products will that kind of stuff so You know is that playing a longer. Game And what can use that for an and particularly with beat be is reassurance who you banking with and can they grow with you and provide you those that that products you need this. Sorry I was just GonNa say I guess the interesting thing is that all BS is built on a separate tech Stack Asari. Bo is built on a separate text. So does that tech stack talk to our BS text at. This could be a move that we've seen Emerald Banks in Europe have done this spin out. Try the Texaco if it works. Shuffle everything over that way. which is is one way of playing? It's it'll be different motivation for launching the brand but the second thing of course there is that like that's not going to talk to this decades data because they're not doing that thing with I'm putting my fingers together and merging pocos not get off the planet strategy like what what colony do you build old. That self sustaining off the planet. And then how do you grow that. And then bring more to it. And I think given the The incumbent financial institutions have found the every oh the pex is increasing not decreasing. Even though they're spending Capex to decrease OPEC's it's going up then they need another strategy and it needs the two speech strategy. So it sensible to me. They're investigating that sort of way forward. Yeah I agree I I think I actually think they don't have a choice. I think they have to do this. So I feel the traditional banks either have to try these experiments and in hope that this is the future of their technology or a potentially acquire fintech So so this. Is You know the different options. But I actually. To your point earlier I think culture is a huge key about whether or not these are going to be successful. I mean you can build the shiny technology can spend spend billions. Do you have the right people. The right talent the right culture the right environment of constraints that will enable you to make it truly innovative and truly sort of human design. The talent question. Yeah Yeah I'm not something that we go into an awful lot on this podcast. David David is very very I was trying to avoid compassionate about culture. And how important is to the success of any of these ideas. But we're going to take a quick break. We'll be back very shortly please. He's listen to US panthers. In the meantime.
"fintech" Discussed on FinTech Insider
"Today is in London obviously we we've seen a London really just exploded over the last couple years is the capital of intact globally not just from a European perspective grand are we've seen thirty-nine percent apparently of all of the venture capital battle in Europe coming into London yet which is amazing. How has do you think the importance of funding options being sort of born in in London for you? I I think it is really really important so the obvious things access to talent for example I mean I've worked all over. The world spent some time in Hong Kong Australia for a number of years ears this talent everywhere when I came back to London three four years ago you really understand just how deep the pool is. people from all walks live from all over the globe. Everybody tends to congregate in London. It has a number of advantages from a time perspective location perspective. It's great in a way that it's offshore of mainland Europe and for me it just it means that we have something really quite unique here and I guess with you relationship particularly. I guess we the what you've I've been doing with. I N G on in your yes. I mean how has this potentially sort of impacted you. I guess you know particularly the focus being in a post brexit world old whatever that means we probably still don't know but I guess you guys are having to put in many precautions similar to other syntax to make sure that mainland Europe is still a place that you you guys can operate yeah definitely I think the relationship with ing's been really really critical. It's a great brexit hedging away so that business is thriving launched over a year ago and went out to the seeing that nice hockey stick curve in terms of growth so for us I think the avenue the present itself through that relationship is expansion across Europe so we definitely have designed to move broader afield internationally thing going to be critical to that piece not forgetting the UK of course I mean let's see what happens with Don't say the words but let's see what happens with that. It's a bit of a sort of a looming to boogeyman threat right that wasn't which is which is tough. It makes it very difficult. I think uh we're we're so focused I think in infant tekken in London in terms of growth and expansion and really sort of looking for interesting opportunities but yeah I mean this is the sort of weeds background beat for probably the last four years. What is it three and a half years since the votes that are took place? I mean impact using that has had on you from a planning perspective. Is it sort of he didn't do anything or is it more of a just something we have to do with Steph had a significant impact in my opinion so I think for. SME's themselves that uncertainty it can't do anything positive yeah so from that perspective. It's really frustrating. I've had numbers of the people who run their own businesses. Friends people I've met through the market the deeply deeply impacted by the decision from their perspective. You know they're just not able to a plan or they can't succeed in obtaining the next contract because of this uncertainty we see it day to day in the decision making investment so do they take funding now for example pool or do they wait and see what happens. In a couple of months they start again from our perspective right now. There is a degree of certainty to an extent that they can borrow who knows what will happen at the end of October. Yeah we will wait and see on that one. I guess from a shopping mall worldly you know this. This is going to be a lot of Brexit it discussions but we're seeing a an international just in the queue kind of to get my boss. I think I saw pretty much. Every nationality is so I mean what subject matters you're looking at. It's really sort of seeing people dig into today. I think I'm hopeful they saw a boss event is going to see the rise and rise of the FINTECH and the recognition shirow Fintech industry here in the UK as you mentioned earlier on the amount of investment we're receiving is really really significant. I think arguably with there or thereabouts with silicon inventing maybe second who knows but for me it's really important that we start to establish I guess the prominence of intakes within the UK and within Europe and I'm hopeful food that will start to grow from cyber today yeah. I think it was announced today. I think London is just overtaken New York as the leader in Fintech Investment and essentially intact more broadly silicon valley's probably still go to a bit of a way to go first to kind of of those guys but I mean momentum sort of breed success. Yes in this space doesn't it. You know we've seen I remember what was it three or four years ago. People like will you're just doesn't have that Cohen Valuation you know they don't have the big companies ladies and it seems like every couple of days right now. People are kind of going multiple billions you know so I mean stripe twenty three billion I think was twenty three billion over in the US right now yeah no often Monzo installing and these guys you're going to be chasing that Unicorn so we will see we will see never say never but yes. It's it's exciting exciting times if not for those of us who just like to download the latest APP and play with the newest technology. It's quite cool yeah to finish up. Maybe a little bit more about us. I H I mean in terms of this going to be a lot of people who haven't been able to make it to the conference. Staff are looking for career advice and what was the thing that I guess you know. Let's say say five ten years ago looking at canal that you think would have really sort of help to accelerate. I think in terms of the position that you're in that I think from me my background is has well. Principally it was in banking so I started out in investment banking fifteen or so years then moved more into the commercial banking space and then eventually into innovation and Fintech for me. Key advice would be for people to get themselves out of their comfort zone. It's really easy to settle into that rhythm. You know the day-to-day for me I I probably spent maybe too much time in banking the traditional banking are shut made the move a little bit earlier but for me. I've never been wanted to sit on my arrest of my laurels sit on my hands hands and I took it upon myself to find that new role in Fintech which actually was in Australia where I have my into that and that was really really really rewarding so for me it would be advising people to just just explore enjoy themselves and get out of that comfort zone. I completely relate to that. You know having spent six years at a bank. Thank I think you've got to really understands the industry that you'll facing into understand actually what you can help people who are preoccupied with you know starting a startup or that kind of entrepreneurial life but I mean the reality. Is You need to work in an industry to understand it to know how you can help basically agreed. I mean over that period of time. You must have had some pretty good career advice. What's the best piece of advice that you've you've been given the ambitious never say never cliche terms but they really can't they? They stand for for me. I think is absolutely important to uh to maintain that focus and keep yourself alive. Keep keep it exciting. Yeah I mean with Nick Involves. That's GONNA stop anytime soon for sure so absolutely so we'll just we'll see future funding options and you know European stock you know the partnership ownership with increasing foothold here. Where do you see yourself? Principally I would say we are going to become far more capable capable from a technology perspective so I would argue that up until this point. We've been more of a people at business. I think what we're going through now. Is that sort of rebalancing whereby oh boy we need that infrastructure behind us the the piece that makes us a fantastic to really power that growth going forward so with very very focused on that as I said the VCR funds and again to go certainly some way to helping us do that in a Chievo goes on behalf of SME's serve the next few years. I think you'll see us establish that Fintech base that technology base ace which will enable us to really power on the expansion in Europe potentially further beyond depending upon the opportunities in those markets. I don't have any limits set but but as you say working with people like nick the rest of the boards and we've got a very experienced executive team now that we've recently brought on board for me. It's exciting times fantastic well. I mean success excess gives you the opportunity you know. OPTIONALITY is brought by isn't it so but fantastic for and thank you very much for joining us today. We can people Leonard a little bit more about you in funding options. WWW DOT funding options dot com you can follow us on twitter linked in comes. The salt gives us. It gives us a try very goods as for me you know where to find me. You can find me over on twitter Sir David Breath. Thanks for joining us right now if you liked this chance then head of toy trains leave us a review we do love reading those reviews like genuinely I do love reading reading those reviews say later the heck's great team from Simon and congressional funding options on the Remedies Fund win next up we have Jason talking to Todd Latam from currency another remedies winner save from them now welcome to Fintech inside it into views live from Cyprus twenty-nine teen in London. I'm Jason Basis my pleasure to be joined by totally them. CMO and head of product at currency cloud. They told me it's a pleasure how you doing really good thank you how easy cyber so exciting. What's say how're you finding cyber? issue is huge just massive acid right at eleven thousand people. I know it's crazy. I think the thing that's account for me or lots of Chinese banks Indian banks like banks from different parts for the world but I don't think I've probably seen in in previous things yeah for sure and and you know we made the Fintech conferences you'll thing is star. Thank you so much more efficiently the world schools and save money twenty say I'd just didn't get the memo so to start off with congratulations on funding for the remedies key. Can you tell us a little bit about that in the process and how we all kind of works out yes we applied. We won one thousand. That was the process that really I think a few things that are really important for Mesa Festival. We won because we WANNA help. SME's in general in this case specifically UK okay SME's get better access so in central payments for too long. They've couldn't be left out in code. If you're a consumer that you're really looks after you've got a whole host nice to start up to a challenging incumbents and semi around the world very easily. If you're a corporate customer EULEX after you can go to any of the big banks and they'll be Cameron Marinko business. If you're in the middle you nothing right. You really don't know where to go..
"fintech" Discussed on FinTech Insider
"Apps every extra click you introduced reduces transaction transaction rate conversion by twenty-five percent so usability was absolutely the heart of trutv and the fact that we've been able to make a remote on boarding for example incredibly easy and therefore incredibly successful there has been a game changer for the banks and the governments as well that are working with us. Yeah I mean I spent six years at a at a bank and actually the thing that I tried to sort of push to people with fraud actually is a business decision. You can make it impossible to get into your website and your APP and you'll have no frozen. That's that's okay but not great if your customers so to your point in terms of other industries were actually experiences is king and I'll say you know the revolution that we've seen with Fintech too banking means banks have a completely different ball now in terms of what good customer experience of the aids and this lets them potentially have both things in go right the era of being allowed torture. Your customer is over and our mission mission has been to help banks to get past that to world of accessibility and usability whilst at the same time strengthening their defense against for ten years ago. No you didn't have to worry about national secret services attacking you. Now you do yeah so I mean London psychosis back. We've got such a ecosystems that are being built out here. It really sort of fills since the since the financial crisis from one issue arena situation where so much regulation and technology and talent has really changed change. This ecosystem looks like how do you find London as a as a sort of a capital so I must cheap because I was born up in London even though I worked in many other parts of the World London in my judgment the best place in the world to create a technology driven fintech business bar none and as I say that has nothing to do with me being with me being a London born and bred but half our company come from other parts of the world vacancy and feel it too you know with with all the changes that are happening. You know I'm trying to avoid so furiously to say Brexit so many times today but with sort of looming changes that brexit will inevitably bring. Have you see that potentially affecting you London more worldly as they throwing away the lead or would you think will maintain the position. I think there are three fundamental things that give London the lead talent from symmetry and customers so forth on which is honesty. Let me start with that. It makes all the difference working in a in a in a market where you can trust the legal system where you can trust the judges. A customer of mine asked me. Why did I want to form the banking banking services contract or Fintech Services Contracting London? I said because you can't drive the judges really he said how come so. It's a little bit like Delaware in the United States yeah good legal systems are competitive. It's a hygiene factor for everything is the fact that the trust within the commercial system is incredibly incredibly important around is lack of bureaucracy to a very easy correctly and in full compliance to build a company you can set up a company in half day in the UK and Mueller everything everything works works well here at the same time we're very technological industry which requires access to incredible concept of talent we have numerous purpose world class universities in and in commuting distance around London of the commuting pool of London is bigger than some countries and once they come into work within London all of the customs all of the industry or wanted to ride away so proximity is incredibly important as well and the UK market and the British market since I'm isn't incredibly receptive market for Fintech innovations yeah for those reasons I think London has tremendous Mendes opportunities respective of what occurs ultimate exit completely agree with that as somebody who competes in from Norwich you know it's amazing how people can commute into into London to to really sort of make difference in timing that feels like actually when you look at all of the banks that have come here for this event but also the as you say if in tanks that are being born here. It's just an amazing feat really talking a little bit more about you. Give us a little bit more flavor of I guess with your background. You must have seen some pretty amazing changes that have come through and actually had some amazing advice as well so I mean what's the best career advice you've ever been given my grandfather from when I was little. He said he said hundred in business as well as in impersonal always tell the truth. They won't believe you anyway. It is scary sometimes times. What people think is not the truth isn't it in these these senses so and I think actually that that spells to a bit of a problem with industry from my perspective because I mean I think people are used to things is being sold to them in in a weird way and also actually if you look at many banks they used to things taking tens of billions of pounds to kind of move the dial in I mean actually technology acknowledge commoditisation and technology is changing right? We're repulsive fintech world plus the cybersecurity well yeah and both those suffer terribly from vaporware from slide where from things is that people say but aren't actually able to do. That's why our strategy has been to get the feet on the ground. Get customers to the dog at large-scale contracts running running actually demonstrate that what we claim to be able to do is actually true now before taking it out to talk to banks who are quite naturally cynical but once you can demonstrate I think this is true. Fall in Tech's once you can demonstrate the veracity of what you're claiming that somebody gives you a step forward because all the banks thanks both new and legacy are desperately looking for ways to accelerate their change but do so without screwing up so if you can deliver them a component of the which will help them to move foster yet securely whatever the Fintech then and also it's the same as customers. That's going to be the shortest route to success agree. I mean I was having this conversation when they called them this morning. It's successes momentum actually you have that one success in terms of implementation at a the launch organization. It gives everybody a lot of confidence in that space so he's fantastic so we saw that last year we became the first ever non. US Company to get a not not a contract out of the Department of Homeland Security. Something gone quite a lot of of I and immediately started create momentum sorts of other people say well if it's good enough for them than something here absolutely momentum momentum bills but this is a momentum can build but this is a big heavy industry with a careful attention attention to risk APP does so even when women bills like tanker momentum can build without things moving very fast and Nelson. He's been patients that stays your problem is dealing with the amount of inbound leads rather than anything else right so it's a nice problem I call I call transformed but you need to be patient to because expecting that the finance industry industry what will turn on a on a button is not realistic one of the things we've I've learned over these last few years not just dealing with banks but in my previous existence of working with mobile operators is success requires stamina endurance patients agree completely so where can people find out more from the the company so I was present today on the London in partners stand in the innovation area sharing a stand with a number of other major fintech providers. We have a team here ready and waiting to infuse about out of and what it can do for both on boarding and authentication together with demos and explanations ready to show all sorts of intakes the old and new how they can transform that businesses well congratulations with the success if you want to find out more head to their website is really really good information about where the products doing and the places in which they've implemented so thanks for joining great to hear from Andrew and the team next we spoke to Simon Cureton from funding options welcome to you fintech insider interviews coming to you live from London at Silos I mean I've been here for an out ten minutes but I've seen literally thousands of people which is amazing so the event is shaping up to be a pretty impressive one but I mean this is the beginning of the first day so let's see where we get through on the rest of that. I'm saying hey we had some encouraging. Rating has gone Simon Surname right up cities. I mean I think there was an orange city football player at one point cooled Cureton on me yeah yeah yeah yeah he's not part of the family to my knowledge claim disciplining so you commercial director for funding options yes you you guys I mean in all sorts of high right now in terms of press for different things I mean probably starting with the BBC funding. That was a pretty big win in terms of kind of getting adding that I think deservedly though because like I say you guys have been killing it so how's that been reacted to internally extremely positive. I mean there's no two ways about it for us. That was a really really big thing. I think it's the culmination of what we've seen developed within the company for the last two years companies really grown. It's really think kicked onto a new level and and the wind hopefully justifies you know some of the success that we've we've had on behalf of. SME's Yeah I know the company slogan around making the small Walthall back back as a metaphor for what you guys have been doing in the industry really ties together with I think we'll be doing so. How are you guys GonNa go about spending the money because that's a great opportunity to really accelerate growth Yay very much so so we've got a number of different key strategic things that we're looking at open banking is one of them you won't be surprised to hear so we have a number of pledges out there in the market and one of those is by the end of twenty twenty two to have another fifty thousand? SME's who engage with US engage with US viral banking so that's one of the key elements secondly we're investing very much in our infrastructure so we've pledged to achieve an additional half a billion of lending SME's around again by the end of two thousand twenty two which is ambitious but we think it's very very achievable and the money from from the BBC fund together with the money that we're also pretty into matched funding. I'm going to really really help us drive that build out that we need to achieve that goal fantastic and I guess a big part of that is structure. Nicole dinsdale joins you guys what's his official title China. He's non-executive Chairman Non Executive Chairman. I never know a non executive in executive is in terms of powers and controls it probably matters just from an FCC perspective potentially. I guess it does given everything he touches turns to gold right now then that's a pretty good sign for recruitment perspective yeah very much so from my perspective personnel I know for the rest of the team. I see that as a real coup so you know the first question on on my mind. Was You know what why didn't it wants to join funding options but then when you drill into it I I know he's got a number of key focus areas one of which would be open banking. He's very very interested in that clearly. He's got a number of different things that he's looking after as an exotic nick or as a founder and owner but it's great to have him on board yeah the show..
"fintech" Discussed on FinTech Insider
"Hundreds millions of indians. Today don't have a credit school because they have never taken a loan for recognized entity nor the owned a credit card so according to the government's official figures fewer than fifty million credit cards <unk> india currently with industry report suggesting that the actual number of unique credit card holders is about half of that so basically people have got more than one card. I wonder if that's just contradicted myself but it sounds like if this company's aim is to help people who have credit cards built that credit schools. What are they gonna do about people who don't have credit cards outs there specifically not focusing masses so that they kind of want to take those who are as a c credit worthy and helping them pay a uh-huh <unk> seems so that's on the niche market which is indians who have credit cards but that's interesting to me. I mean there's there's a quote from the credit c._e._o. C._e._o. Here which says nobody told us about how to use money. I guess if you and me both made but then it says this is created a huge trust gap in india and i think facetious the point he's making is that for those who did get credit cards. There was never any kind of. I don't know for example warning that you can only you know only borrow what you can afford to pay back. <hes> interest rate is going to go up new. Use it so i think credit trying to maybe and help people who have critical understand those things yeah no. It's also about credit building <unk>. I think <hes> having read destroyed much stop but it feels similar to some credit cards. They exist here in the u._k. Aimed at people who need to build greg credit score is not right. It seems like that you have this in the u._s. Forty nine percent of american citizens have a bank with a credit union credit unions your local community.
"fintech" Discussed on FinTech Insider
"Join accounts needed to signatures so so for those of you outside the u._k. We have a bill just entered parliament last month. The domestic abuse bill <hes> it determines economic abuse as behavior that has substantially adverse effect on another another person's ability to acquire us or maintain money or other property did something that's going through parliament which is yet but the people understand it aside from the fact that that's a very very sad story. It goes to show i think some of this you know processes and <unk> bank mation and computer says no can have of a real detriment people's lives. I don't know if anybody else has i. I'm sure everybody around the table agrees with me on the general sentiment but let's focus on the fact that you know what could the bank of dumb better here what the bank of done differently and how will maybe the new breed of banks trying to avoid this kind of situation. I mean my personal hope. Is that a lot of the new breed of banks. I have that monster monday things about it when designing. How could we avoid these situations that they have in mind when they design processes but anything else we think that how how could this be avoided. How can we can. We stop this kind of thing happening of c super super terrible. I'm surprised the bank is named. I think within the article li sorta goes onto a list our examples of procedures that t._s._p. Santander h._s._b._c. and natwest have some not wanting to kind of buy a deduction presumed that it's one of the other uh-huh bur just a very very strange. I wouldn't presume that much less serious and we definitely have breakdowns between banks dr off branched off social media's staff customer support staff understanding what the process is on what they can and can't do so i think whilst h._s._b._c. or not and aaron and his bags may have policies whether the broadcast off no those understand them is it is another question stephanie trees think unfortunately this isn't a story is a unique story. This happens every day and banks have to deal with in lots of different ways. The charity surviving economic views is the one i think that that gave the story to the bbc just to highlight some of these issues in terms of financial services and the good thing is that banks are putting in place. Maybe because of government pressure some some things around how they can tackle this so lloyd's this week i know launched especially support team involves having a helpline that people can call for domestic abuse specifically specifically domestic abuse and then and also they have which wasn't possible before allowed people to be removed from joint counts when it's shown the partners is abusive which is amazing using because a lot of this abused take space with the joint account yeah. I think there's a couple of things to think about one to your point. How can banks improve the processes on the training in order. I often i would dare in these circumstances. <hes> some of that jazz involved design so you mentioned how lonzo might think about it. We think about it. You can too you because we weren't with vulnerable customers. We start with not just thinking about the customer per se but also what we will asshole personas which says whole personas yeah. It's it's a thing and it's basically just thinking like how on earth could someone out there misuses product what what could they do in order the two <hes> abuse someone or do something. That's very negative with this product and it's really important when thinking about these customers and i don't think it's about enough and did you want to add something on that. While the bizarre thing here is that even if claire were to take utilized to build to her local bank branch that could be so easily faked so everyone's being blocked from access in so many different use cases and yet when they are using paper based verification means. It's so easy to cheat from what a fraudster does and so obviously being from <unk> verification company we see identity is broken on getting worse and in a long term what we're looking to do is empower everyone to own and control their identities so that ultimately ultimately you're not going to struggle. If someone decides to steal your passport or driving licensor other means of you proving you all claim to be yeah. I mean the ideal <unk> technology will change particularly as senior cybercriminals become more advanced..
"fintech" Discussed on FinTech Insider
"You don't want it to be if that makes sense yeah that's true and they've done incredibly well given the culture problems to build the product that we've got right now right but i just think the issue that they've had with fraud <hes> <unk> remember exactly what the details were but from reading into it. I feel like that was also a culture issue. Haw <unk> how can they balance is it by bringing in lots of people in seats not sure yeah it is a bit of an endorsement because individuals of that caliber intend to be very selective and they would have done their homework and they would have been sold on division so it is whenever you kind of find at is what i look out. Moore's is less what money's been raised or or anything else as a metric but who has decided to join them so it is a positive sign. Yeah i think for me the most positive element when is the fact that two of these people spent time on the challenge of banks and neither of whom have as far as i'm aware the reported cultural issues that you've spoken about their daily say they've both of those companies have built built big brands that are widely known without hitting. Maybe some of the same stumbling blocks. I'm sure they hit other stumbling blocks but hopefully there's. There's some injection there. This is how you can scale the company's problems perversely. I think of all of the you know sort of retail challenge buying so i think i'd put money on rebelling being more successful in the u._s. Than with the other ones i just got i think they've got this relentless issue of delivery that actually i think we're also seeing a bit of a waning with some of the other ones right now. Yeah i mean things like if readily can find a way to offer their crypto services in the states without falling foul of one of the gazillion regulators. They have out there then. That will be a surefire win but i have. I have no idea how they mike about doing that. They've been promising scripts to the states for. He is like three years four years. I remember them saying that they were going to launch. Minutely yeah and monzo lonzo have beaten to save money would be on me. I think seemed to be a lot more humble these days than they used to nothing. This is kind of a a signal of them saying actually you know there are some things that we haven't done before and some things where the recent lessons we know latin rather than just learn the hard way. We're going to bring in some people who maybe have line on those things before so actually in theory. This is the type of move that could actually help them move even faster well. Let's let's hope it works out for the best. I have both new joiners and for the company any as a whole onto the next door speaking deutsche bank is less positive story. Deutsche bank has been fined sixteen million dollars over u._s. Corruption charges so george deutsche bank settled for more than sixteen million with u._s. Authorities amid charges it had hired the relatives of foreign officials to win business the e-eh securities and exchange commission when the big regulators in the state so that it find the bank for hiring poorly qualified people just to get close to their decision making relatives under the settlement terms. Georgia didn't admit any wrongdoing overcharges thinking just handed over the money deutsche bank provided substantial corporation the s._e._c. and it's inquiry and has implemented numerous remedial medial measures to improve the banks hiring prices..
"fintech" Discussed on FinTech Insider
"My insurance with <unk> to spend all that time on the phone trying to find you quite so whatever so that's not <unk> happened yet an easy within one app experience but there's a lot of work on that we're heavily involved as the f. cezanne marks on right now with banks and others involved to ultimately give you that one long kick opening an account access where a few months away but yeah definitely there's a lot of demand for it and i think it's interesting to the markets they've chosen because when you say fintech germany emma doesn't always spring to the front of your mind then neither switzerland so i wonder if they decided to go germany i because there's not a lot of activity that goes a lot of competition there. I so they can try. A lot of things were twenty six busy over in the u._s. Now on capitalize on that maybe and i don't think any aggregation yet and jimmy. She's looking around the table able normally. It's not put somebody me yeah. I think the another one to watch. I think swiss fintech and german fintech also to markets that i have probably not kept close enough. I'll myself and should be keeping a close around especially if there's this much money in that market i mean lost probably about three years ago now. The were those a kind of a explosion. One of accelerates is out there which is usually <unk> early signs of kind of changes coming through kickstarter being one of the first ones of those in terms of getting it going so i i mean maybe it's a three day lag. We had level nine here in twenty seven. I'm going to say yes because i didn't answer and then actually i guess maybe the two three year lag until we really start seeing stuff the market so maybe it makes sense well. We'll be watching closely authored story. Today is about revolutions new hires is so you could say from one european unicorn to another so resolute has hired a new treasurer a new deputy chief financial officer and a director of financial crime risk while those are some snappy titles wolfgang bardo. Maybe saying that a poacher's. If i am is the new treasurer he has joined from deutsche bank stephan wile again apologies. If i pronounced that wrong is the new deputy chief financial officer and he is was formerly senior vice president of finance and twenty-six and corporate finance manager. The credit suisse presumably before that and third new member staff is phillip doyle director of financial crime risk. He's the former head of financial climb at clear bank and for for prevention manager at visa so these all these are just the latest in a series of names or hires that resolute has made there a senior executives that revenue perhaps apps doesn't had before the these people's careers have previously different a lot of work of big banks over the big guns if you like also recently hired aricha davis who was previously in senior leadership at h._s._b._c. barclays and e._s._p. Dave mclean the former finance director at metro bank so he's the new chief financial officer at revved is a lot of.
"fintech" Discussed on FinTech Insider
"I'm not sure the u._s. Likes things that on made in the u._s. as it were so you know actually <hes> <hes> not even just a u._k. But european less connectivity erin terms of sort of the customer base liking that type of stuff. It's ah i mean he's gonna be fascinating too. Isn't it like you say. It's so the u._s. Is our largest market and it has been a journey essentially to have u._s. Companies appreciate like like the quality of companies coming out of europe but it's now largest markets and there is definitely need to localize but it is a much larger market than you can't get elsewhere so if you crack the u._s. You've done very well. I also think it proves a shift in thinking as far as consumers are concerned historically twenty years ago when you look at who you wanna banquet you'd look at the assets they have. How stable are they in a range of other things to smartphone generation now all they're really interested often. Is you know does it have have a good user experience. Can i sign up k when i travel when i backpack is going to give me a decent rate and things like that so it's not just obviously there are few chandra banks in the the u._s. Already but there are very many mainstream banks for me is a sign of things changing in that even the mainstream banks are able to capitalize on giving that strong customer experience whereas the us online banks and challenges from europe or i think is definitely be one to watch. I think we'll wait and see what happens. Perhaps as the others join them in revenue as we said have expressed their interest so we we were keeping a close eye on that so the next story is that a fintech could numbers has joined fintech unicorn club so the swiss headquartered numbers personal.
"fintech" Discussed on FinTech Insider
"You've seen those numbers on the balance sheet which is also really important and is a big contrast to some of the silicon valley tech companies where it's all about the growth and we'll kind of make money much further down the grow cycle i couldn't agree more i really interesting conversation this week with a colleague who talked about what he called copernicus banking and it's this sort of seems like this sort of big moment where we've traditionally the banks of seeing their own institutions the sort of center of the universe on the customer or the sun sort of flies around them the fintech sort of actually they're starting with the customers the center of the universe and they're sort of designing out in a way which yeah jumping on not just because i think we've talked about fintech is being startups but actually fintech does cover banks and startup so kind of starkly a couple years ago it was the fintech buses the banks and it was very much sort of that was a war on that but actually the tables turned and now a lot banks are realizing that this is the way forward and so as much as you've got these stops coming up and becoming profitable you've also got banks starting to heavily invest in fintech in partnering enduring thing so that there are two sides to this agreed in jeff courses former head of fintech copco partnered with a lot of the big banks and seeing this action you a lot of things lies that innovation doesn't always have to come from wooden and i think of really to build on the pointed sophie my early of really seen a shift in the industry because a couple of years ago it really was a lot of big banks off indexed threat and now it's all about collaboration and every single bank is an innovation lab or is part of exhilarated.
"fintech" Discussed on FinTech Insider
"I mean we see revelead now breaking easy six hundred thousand of customers that we're seeing these kinds of numbers across the board why do you think the fintech models resonated so much i think what's what's interesting about fintech and why i think it touches everyone is because it's all about exchanging money money fundamentally is very very important to everyone's lives i'm we actually have quite an emotional touch money but stoically it's been quite distance and people have become billon with financial services you know you get paid into current account and you might get a loan you know but actually a lot of people don't have that interaction with it that's interesting or that they feel badly they almost feel like i get to put it somewhere go with the big banks whereas fintech is fundamentally changing shift to put consumers at the heart 'cause banking kinda shifted consumer was like many steps in front the fundamental might news whereas fintech agai right customers what do they want how can we over product that makes the application applicable to them and it was really cool is before financial services you wouldn't talk about it now people using monday cauda chats up line in bars and people are getting excited about the fact the seeing this apparently is true say another top tip people are thinking it's cool to invest in isis would not make because you can can sure on your phone and it's it's starting to get a bit more cool interesting and barbara which i think is quite virology point is key is i think you know where to mouth i mean they don't have these fintech stone of lead the marketing and the pr budgets as you know of the big banks.
"fintech" Discussed on FinTech Insider
"So i think initially the view or the people thought fintech was it was the technology that was behind banks so things like the core banking infrastructure it wasn't the kinds of businesses that you see today which fall under the umbrella of intact but could be divided even further into things like brag tack blockchain lend tank ensure short tack if you look at anyone from peer to peer lenders tentative lenders like i walk funding cycle all the way through to pension funds like pension be or wealth management platforms like well simple a wealth of fi and then through to neo banks or challenge banks like oak north like monzo like standing atom bank reveluti all of this kind of provides so it's very very broad now and i think that's great because it helps you to attract a much broader spectrum of people you might it's very haunted if you look at something like banking sector banking that you're particularly interested in whether that's investment banking or it's more the retail side of making where might be more of the business sme side of thinking i think what's great about fintech it's actually very broad as well if you have an interest in insurance wealth management or banking pensions then you can probably not that much interest you can you can you can find something probably that will that will interest you so you're right so there's really no corner of financial services fintech hasn't sort of talked a little bit so if you why do you think that's resonated so much with customers.