35 Burst results for "Fintech"
Food for Medicine with Afsaneh Naimollah
"Welcome back to the outcomes racket Sal Marquez is here and today I have the privilege of hosting of San ant- name Mola she's an accomplished healthcare executive and investment banker shows currently an executive in residence at plug and play the world's largest early stage, VC Fund and corporate accelerator. She's also the managing partner of Zen partners an investment banking firm based in Palo, Alto and New York covering the next generation of health TECH COMPANIES OF WE'RE GONNA be diving into innovation and healthcare. Venture. Capital and I'm so privileged to have of Santa here with us of sonnet. Thanks so much for joining pleasure so Asana. You know you do some fascinating work in in healthcare and will dive into that the venture front, but before we do, would love to hear more about what inspires your work and healthcare, you know I've been on investment banker on a strategy advisor for over thirty years on I started my career in technology, so I come to healthcare with A. Fairly deep knowledge of what I call Horizontal Technology on about twenty years ago. Honestly I fell into healthcare. Just doing couple of deals, I'm then longside got you know the dynamics of the industry? was you know no looking back and I got heavily involved. On really started focusing on on the industry, and really for three three main reasons one is. You know, it is the largest industry in our economy. It's eighteen percent of our economy. It's the only industry that directly impacts every human being in our country. I'm probably most him personally an industry that despite his side. Is Social Impact. Is! Probably still to this day way behind. For example Fintech on some other technology, so it's an industry that. Really need. In my opinion innovation and it was really true technology bad. We can bend the cost curve so I said well. I have some good tech background. I love the industry. And it was almost like a calling I said that's how I'm going to get involved with this How Technology and make sure that I focused on. Sectors of the. Industry that could bend the cost curve. I love it. I love it, you you sort of just accidentally through a couple deals guide involved. Then strategically said. This is a good fit and the impacts big. So, let's let's roll up our sleeves. Yeah. I love it, and and so and so now you know your your role as managing partner of Zen Partners and executive in residence at logging play, you're seeing a lot of main stage work happening and so companies coming up with new ideas and businesses succeeding businesses failing you know. What would you say you? Guys are up to and really I. Guess, where should we focus you know? Should we focus on fly, play or Zen partners or more? I can't. We can touch base on both really there come with interchangeable so you know as an Investment Bank banker I've done about fifteen mergers and acquisitions transactions I was raised over twelve billion dollars or capital two. I feel private placement. Offering equity offering. You know when you do so many deals on you. You know I've met fell thousands of CEO's on thousands of companies over my thirty some year career. You've developed what I call an experiential intuition You know a pattern recognition, so what the reason when I moved to Silicon Valley three years ago from New York. Play. Invited me to become an E. R. and I was like okay. I don't have a lot of early stage experience, but I know a lot about healthcare and I know a lot about. Next Generation Technologies, and the opportunity afforded me listening to pitches like twenty thirty pitchers month. Of different companies, addressing different parts of healthcare, and then you know, it's been three and a half years now and when I wouldn't yards do the plug and play. We do really two things one is we help the five different venture funds that we have pick investment. And more importantly we take some of those mid stage for me. It's most of the early to mid stage company. We take it under our wing Ers. We work with founding teams on. From product strategy go to market strategy channel strategy and help them. We articulate their value proposition because especially the first time founders. They are sitting on a great technology, but I would say a good eighty percent of them. Do Not Know How to articulate the value.
Fast Money 07/21/20
"All Right? Let's jump right into it, so yeah, in the financial space you know I, think this is a company that's almost inversely levered to the low rate story in the craziness that's going on the debt markets and I think there's a lot of areas that can drive growth so number one just is the issuance in the corporate bond markets I think with rates staying low and the need. Need for these companies, the TAP capital and their exposure to the ratings. You know their market share is huge there. I think that's going to be a big growth driver. And then the trends in ES, G investors companies they're looking for individual assessments in terms of those metrics and SNP. Global has a lot of exposure there as well. I also think China's a big driver, so they've made. Made big inroads in China. You know they're the only independent Foreign Leone rating agency that is able to operate in China I. Think it opens the doors to international investors potentially to the on shore, Chinese, Bond Market, and then finally I just think the fintech business. The Info Services Business in terms of the indexes passive indexing is not going anywhere in the investment space, and there are certainly. Certainly exposed to that. I think perhaps the valuation is a little bit of a question. The stock has run some, but it's price alongside with Moody's. It always is they get that premium for being a duopoly. They've got eighty percent market share in the ratings space, and I just think there's a huge amount around these businesses whether it's regulatory or just simply building up the REP reputation to. In that space. I think they will do well. They're so overall with all those things in combination. Perhaps you can buy a lower price, just giving the run, but I think this is a really good long term story in the financial space. That is not a
"fintech" Discussed on FinTech Insider
"And then they will basically move on that journey to the point where they can actually access those services from from themselves and ended the jets right. but to get to that. You of need someone to build a platform. That, we stop talking in services and we're. We're saying it is services that the agenda than delivers to customers. In their local communities will this coming from maybe tens or perhaps even hundreds. Of Banks and FINTECH COMPANIES BATON DO Nevada true. The agents has as as channel. The agent is a platform almost I'm which would think about it in technology sentence you think about a platform. Way It actually the agent is A. Completely different way, which is which is really powerful and I guess that kind of leads to we've come nicely moved onto so next if we if we've got the benefit, agents and I really like that model of sort of a connected, and I and I think undeserved and sort of. Served up an connected and then putting the two together, if people moving up that where all the opportunities for growth I think far you see probably a broad perspective what he see the opportunities for growth. Is it sort of attacking cash? Is it solving problems in lending Benjamin? said the fraught with risk. Is it around the data site? Where do you see the opportunities I? Think. It's all these things that you mentioned. Honestly it's it's really in I getting that Axel like like I said earlier, financial innovation cannot exist without the proper infrastructure at Okra that data so with that you know how far. Defend Tech's can go is intrinsically tied to the type of businesses that inner switches building as. Interestingly type to these rails in these infrastructures that must exist so where to next. I think it's the the next generation of these products and also access to other products in different Arkansas. Now can enter because these roads have been built There's there's companies that would want be in Africa. That can address this market. Because you know there's certain things they can't do on certain things. They can't do it scale across the continent and so on so as continue to build this I. think that will see Avenue bigger companies bigger affects other different services, solving a lot of unique needs as well, and you'll see a lot of unique use cases around agent bank around just serving this market particularly will. Further Benjamin I wanted to you. Talk to law in depth, somebody eloquently about some of the some of the challenges to being able to deliver the market. But where are the was the hope coming? From? What what projects? What what things do you look at? Think actually the the rails. They're all being there. Is it the agent model is it? What is it that you racy? Yeah, I, joke about this with with with some of my friends who are convinced I can Africa, why wish I could build like fifteen different fintech companies. because the need is there like there is some nature, so even just with a one comment on on agent networks agent network to the back from money It's like where you take your cell phone is. Let's say you're you're you're your SIM card in eastern. Africa has your bank account and you go to agent you hand them. Let's say ten dollars ten thousand shillings over here and you get a text message saying you've got ten thousand shillings in your phone, and then that's how you can access us to the next person, so It's the backbone is also super expensive to build, so if you ask Ah Fintech company to build an agent network. They're going to like. You gotTa have a significant amount of funding deal to do that or you going hope had so. That's why it's super super hard, and you know you're one comment. I just wanted just just mentioned a key mentioned about agents. These are people These are jobs that people have these are people that put in hundreds of hours a week. Week just to make sure that he goes system flows and with Kobe happened a lot of these people got scared because the cash movement at the cash transfer covid. was the big question that everybody pass around, but the opportunities wild say just starting with agents is up to float management thought management is a big issue, said you go to an agent network is. Going to an ATM in let's urine calf cash heavy economy. You GO TO ATM to get cash, and there's no cash at the ATM. You'll another me go to another ATM so you wasted time just hoping versus just being able to get fronted the money. right there. Then so I think there's a massive opportunity for lending in that space. I think in my personal opinion. The best business to consumer lending in Africa in my personal opinion happens when you're doing it. Salary based, which is limited but it just protects the company the most, and that's unfortunate because seventy six percent of. Of the economy, just let's say in Tanzania's informal and you have a tiny amount of people who take two million sixty million people who have formal salary jobs but that's just unfortunately just would so much instability if you want to build a sustainable business, that's probably where you probably want to start with as your initial safest bet, regarding like further opportunities in Africa I'm always long on Africa. I know that there's many different things you know whether it's from pipeline infrastructure whether it's from Dade identity whether it's from enablement of payments or just making payments cheaper, we always talk about. Transactions being a race to the bottom it is, but what are those additional services getting built on top? Of that, that's where I see that the larger opportunity. Later on. Huge if we can get it right and I think that's a nice segue to a team. Are you seeing the opportunities I? Mean into switches has become a unicorn on. But it's it's finished during this. Surely there's loads left to do. What are you focused on? What are you? What do you think the opportunities Oh? Thanks I think that I mean I. Think Africa has so many problems. On each problem is on opportunity, right I like the way Benjamin puts it if he could, it was that infants companies because they are back many problems.
"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..
How a Passion for Patients turned this Pharmacist into a Software Developer with Newvick Lee
"Went through all this work in effort to become a pharmacist. And then you left pharmacy like you know got a job after you laugh, too. So what led to that like? Regis defined it as fulfilling, or you just were very excited by software, engineering or Yeah! That's a good question. Yeah spent maybe like. Five six years in an industry including education. I think. The more. That's really monroe for me when when I made that program to all the made finding prescription due dates. Preceding that that's program. Bring down the task for like two hours to less than the second. I. I can't tell you how amazing that was. Like it was so painful just looking through every specialty. Bro And finding that but being able to do that in just in just a short program. I thought that this is. This definitely I wanNA. Do in the future. Yeah. That's really cool and. You wrote that I program. What language technology re using some also thinking? Aren't there a lot of? Regulations like in pharmacies like imagine with their computers like things you can and can't do. So Dea it. They have lots of obstruction on the computer, but this was just a local, so I wrote it in Python and there's a local script. It didn't require any. External. dependencies in I didn't look for any other API's so I I just donald a spreadsheet file from our local pharmacy software and plug that into the firm Python program, and the on saw local, and there's nothing to worry about on security side. Gotcha I'm just laughing. Because I'm like imagining like in other jobs or other professions, you could just bring the work home with you, but it's like you can't just bring home like people like I'm sure. It's like sensitive data. Right that you're working with. Other. Same last name address and everything's all there, so you can't really take home, but. You're able to do it at the at the pharmacy while you're working and all that. Yes, keep it to that story, Yeah! Just for context for myself in the listeners. How long ago is this like when you first started coating when you're still working as a pharmacist? How many years ago at this point or pretty recent? Yes Oh. It's Today is the first. One full year that I've been at this company, and then the MRI her I saw been working. suffered the bubble for two years now. Yeah and I think I started just in these in opponent projects. Three years ago. So took me about a year to get. Re Yeah, yeah, exactly like you said about a year when I was working as pharmacists to feel comfortable to looking for a job, and I've been working as a developer for two years gotTa, and then how long were you pharmacist for? Awesome for two years, oaks about the same now right like seeing amount of work experience from pharmacy to announce a software developer torture. Gotcha okay, so we just got your background with the pharmacy in in all of that and your first job. which now you're not there. You're working at a SYNTECH company, right? Cool, so were you planning to work in Fintech? That sort of just come about because I feel like. Some of your experience would be really helpful in like a med tech kind of industry. Yes so that's that's another good question. So the eighty first company went down I. Actually had to go through a job, looking process and actually interested in metallic. How tap that sort of thing because? I thought okay, I do have A. Background there and that interest there, but the thing was when I started the appointees. I met second how companies they required. Either a lot of suffer experience or a lot of research, clinical experience and I had. Neither. So it was difficult to to get into that soul, I started looking into other companies that I thought I had a shot at and this company turned out to be a great fit for me. Go for Culture Wise, and also lies got it. That's interesting about the clinical experience. Research experience at the health. Tech MIDTECH. Quick Sino, could you? Is there a difference between those two things? I love talking about like the different sectors technology. Is There A DIFFERENCE BETWEEN MED? Tech in health tech. Some people police Actually I don't think there really is a difference in my point of view. Yeah, I, mean I. Don't know I. I was asking I was like. Okay. Could be medicine, maybe or to the health could be like me. Look physiotherapy or something. Yeah, yeah, that's a good point. Maybe helps more broad. YEA like. Fitness APP or something, or like the thing I always get commercials for Num num the weight loss. You know talking about Donald State. Have as many on I have Hulu, Hulu live TV, and I swear like. Every break! There's a new commercial which is like I guess it's an APP that uses psychology to help you lose weight, but I feel like that's kind of like I guess it was developed by. Doctors by must be yet like health. More. Health Tech
Mike Zagorsek of SoundHound
"And maybe just pin little bit of a picture for the audience who haven't known you for twenty years like I have about some of the things you've done, so you would sapient you're you're you're working and user experience and some of those things and then? A Couple you went to the agency world, you worked at apple you worked at square. Thank at one point. Before coming down so if you think about some of the things that you did before sound down. What were some of the formative pieces? Thought were really interesting that you sort when you came to sound and you're like. Oh, here's something I can apply here. Perspective skill something like that. Yeah I reflect on that a lot and. UNRELATED TO APPLE IF YOU'VE listened to Steve. Jobs is I know the jobs get of quote, but. The fact that he said it is secondary to the idea which was you can to better understand where you are today, you can only connect the dots in reverse, and you can say well. How did one decision to another lead to another in how this connecting those dots help me understand it in so doing that in the benefit of this conversation I've always been. been fascinated about how humans interact with technology, what does that relationship between tools and technology and the reciprocal nature of the world that we live it as which is the result of tools and technology so I? I Love sci-fi was always watching Star Trek Star Wars you name it good bad Sifi! Always just take it all in, and because really interested in how? A world that had technology was itself a reflection on society, and I think Especially now with something like voice, that's playing itself out so. In the early days I didn't understand that as well and I don't think the the world of of technology was was. Quite at the sci-fi level yet, just getting a website you know going back twenty years. Getting a website was cool, but it. It wasn't the most exciting thing and. But I was always interested in digital after leaving Sapien I went on the agency side, but it was always very comfortable. Helping clients build websites. And digital advertising. I made the move to Apple. In two thousand seven have the day I joined with the day the iphone launched. And that was a pretty chaotic time. A very different company than it is now, and I spent five years building APPLE DOT COM and A lot of digital communication email worldwide. And but this idea of people in technology it I mean obviously being apple. You learn a lot about that. In Steve himself talks about you know liberal, liberal arts and technology merging so it's not a new concept. After apple I wanted to get a little bit closer. How companies were built so I left to go motion. Recruited by former apple colleague. And for those sites leap motion a real following. It was It was touch lists, but it was gesture based. It was actually hand and finger tracking to really high fidelity. and I learned what it needs to be. An interesting involved will start up. That's its own. PODCAST in and of itself. square for me was an opportunity to really build. A marketing practice within a more established company from scratch although that moving away from the leap motion environment where it was human computer warrant to Fintech. Realize I distance myself. From what I was passionate about so southbound with how to fight the voice platform. Is the culmination of my experience in large companies small companies. Immersed in. A world of Scifi or being more distant from it, and so it really is a combination of a lot of things. I think that's why for me. Personally I feel like we have a lot of momentum. So you Reverend Scifi. SCIFI fancy listed the voice about bad gas, not surprising being the industry, and so, what sei fide did you like to follow? Well I describe myself as a trekkie. I mean I'll. All of it and so that's. Most people. Who are inside I will have an affinity for. It's always a very safe. Safe Choice but but then as things started to diversify, really got into battle star. GALACTICA reboot and I really loved. The expanse is fan, although not everybody follows that in but when it comes to to star Trek I'm very agnostic. I love the old stuff and the new stuff than I know some of that's been poor polarizing, but it's always really just been. How does it does it help? Facilitate A world that allows us to to be more human I mean. That's always been been what Star Trek. Spin about so you can't ignore that and and be in the
LeverEdge is linking in-debt students with group discounts
"Leverage is really comedy so we've talked a lot about Fintech on the show. Tons of Brown's this is one that really came out to me as being quite unique in the space and so deliver edge targets student loan market specifically private student loans. And what the company does is it helps links students together to try to get a volume discount from banks so the idea is like hey instead of trying to negotiate your own rate you can go and work with seven hundred of your other students at business school at Medical School and work together and say hey instead of getting a fifty thousand dollar loan what would you give for a fifty million dollar group load and what they found is that they can actually save students sometimes as much as fifteen thousand dollars by getting a group discount raped raised two point. Five million seat led by fx along with level founders capital and an earnest and Sophie the founders from Ernest and Sophie. I'm curious what do we think about this sort of? Fintech play this sort of collective bargaining on the consumer side. I mean I think it's kind of fascinating Especially if you think about her first from the graduate level which is that if you're going to medical slowly going business school. There are natural career paths coming out of his graduate degrees and associated with those tend to be a certain income level and so in terms of being able to have it from the lender's perspective have a certain amount of risk taken off the table. Because you understand what the likelihood is under. There's actuaries that have studied on an individual basis. What is the likelihood of repayment from people in those professions? Now you're just able to scale that at at a broader level instead of necessarily giving out loans to people just because of their school but not having sons of their major air concentration or whether they're planning to do afterwards yet my my question there was if they're just targeting business. School students are really liked that it started with this Harvard. Business and meeting students do the facebook group but I was wondering if it can attack a broader group of students because like you said Iris. The risk is different with a Harvard Business Grad versus a Non Ivy League student but everyone wants a lower or maybe no interest on their loans. So that's that was my big question mark when I when I first heard about them. Yeah I think the the key here is the student. Loan market is huge but a lot of his federal back right and so those loans have fixed interest rates. Banks can't charge anything else. It's really kind of a pretty bad game right. There's not a lot of margin on these loans. You have to have huge volumes. Make the business worthwhile. What's interesting here? Is THEY FOCUS specifically on private student loans right
The European Commissions approach to blockchain
"Hello and welcome to inch blocks urine. Decadent podcast to blockchain ans- mark contracts. I'm will eat. Scuff your host for this week's podcast. We be discussing the European Commission approach to blockchain. And I'm very pleased to have Peters Zilkha this head of unit digitalization Blockchain Digital Single Market Directorate at the European Commission Peteris. You've got a lot of titles. Many thank you many. Thanks for joining us today. Could you please give us a brief introduction on yourself? I'm glad to I mean I'm a lawyer by background. I have the JD degree from University of Southern California before they had a political science degree. And though I've never really practiced their California state bar for almost thirty years now and since Two Thousand and five Florence. My Country Latvia joined the European Union. I've been ahead of unit in the European Commission and digital innovation. Blockchain is what I've been working on and you could say to US sometimes perhaps over used term but It's a little bit my passion. I've been interested in walk chain and tech since about two thousand and twelve so perhaps not at the very beginning but at least relatively early for the public service this is also why I'm The original co chair of the Fintech Task Force. I have my second Co-chair coming from the financial services side. And then I'm from digital single market and I mean in both these areas I'm working in legislation and policy in funding infrastructure and research and managing it as well as working with with stakeholders and international cooperation. So it's an interesting bunch of things to work on. I'm glad to be doing it well. As you sitting the key term as passion because you're effectively getting the job of three other men so very impressive So Peter is As it is customary here at Inter blocks. Could you please explain our listeners? What is blockchain? And how does it work? Well glad to try. This is one of these things. It's a little bit of a communications challenge and exercise. But I mean I would say that. It's simply a growing list of records of blocks In a ledger that are linked utilizing cryptography and generally managed by peer to peer network adhering to a protocol for communication between the nodes and then validation of the new blocks that perhaps gets already a little little technical some listeners. But I would say. It's a way of validating transactions and data in an immutable in permanent way. So that you can be sure that they haven't been tampered with and that you don't have double spending of a value and that you can transfer data along with that value. That's the way that we see it and I think it's also important because some people are I think most of all sometimes negative that they say Blockchain is something that's bad because let's say uses a lot of energy if they take the original crew for work and everything that doesn't do that is is not blockchain. I mean we take a very wide view. I mean distributed Ledger Technologies Hash graphs tangle on these types of blockchain inspire technologies is is blockchain for us. I mean we're not trying to freeze history in two thousand and nine. When the BITCOIN paper was Was published or at some other point. It's developing technology and I would say what is really important is the element of decentralization which is not black and white. It is a gradient going from something which may not exist of completely centralized to something which also may not exist of being completely decentralized but actually allowing a degree of decentralization That a single database or even some federated databases. Don't don't allow so. This is where I think it gets exciting and where it makes it possible for a diverse group of actors to work together while preserving their autonomy. Excellent really loved that. I'm element of your definition of. It's a gradient of decentralisation incidents that's a spot on now could you introduce to us all the different bodies within the European Commission you have the digital innovation in Boston you need. And other bodies within your commission that are here to research enable and further development of blockchain in the EEG perhaps give us an overview where we'll do some deep dive in in some of the sure. I mean starting with with my unit. We're kind of the policy leaders on blockchain as a technology. But we're not. We're not the programmers as I said. I'm a I'm a lawyer and a political. Scientists have other colleagues are engineers but were more economists lawyers people looking at digital policy and in my unit we have the e U Blockchain Observatory in Forum which is a think tank working for us that has a whole set of reports and videos and regular workshops which used to be physical in at least right. Now they're virtually cited We also have the European blockchain partnership that my unit runs. This is twenty nine. Different countries twenty-seven all twenty seven e. You member states and Norway and Liechtenstein. Who are building a European blockchain services infrastructure together. I mean actually building an infrastructure. This piloting this is not testing. We're putting public services on the blockchain justified. We had quite a filtering to see which cases were justified to utilize the blockchain. And this is also something you could call a regulatory sandbox because while the countries and us are working together we obviously have to look at European Union legislation. We have to look at national legislation. Most likely you don't find anything. We're blockchain is prohibited. But you certainly don't find many cases where it specifically allowed though. You're getting some legislation in France in multi in other countries. It's specifically see a root for blockchain Roxanne legally And then we also collaborate with the International Association of Trusted blockchain applications as stakeholders organization I myself I'm in the OECD Policy Expert Advisory Board on Blockchain so we collaborate with OCD with the United Nations and others and In Not Buzz. International position of trusted blockchain applications a global governmental advisory board but also in the OECD activities. In the other activities. We probably would participate in the spring meetings of the World Bank and International Monetary Fund. This year I spoke myself in the IMF Fintech roundtable last year. Also you have the collaboration in the Fintech Task Force as I said from our side digital single market I gave a basic description on the other side. You have the financial markets colleagues the call as coming from research in Salon with the financial markets colleagues. Were collaborating on the digital assets possible legislation we just closed the public consultation on digital assets. Hearing what the stakeholders with the community has to say and in another context of the Digital Services Act which is a updating of ECOMMERCE along with addressing the platforms. We are seeing how perhaps smart contract so we have to do something to ensure that there is not any fragmentation of different requirements smart contracts across the digital single market and the twenty-seven member states. Something that we want to want to avoid
7 Damaging Behaviours of Unsuccessful People
"Hi this is developed. And you're listening to Flash CAST BY PDB. And today. I want to talk about habits. That make unsuccessful people in something that I get asked a lot is. What are the common findings that you see? People that actually are not successful. Or what makes people not basic says for what traits what commonalities and these questions have been done brought forward to me a few times now and suppose the opposite side of that is by insuring that you conscious of the things. I'm about to talk about that election. We can become very successful. But we're going to hone in on what habits and traits make people unsuccessful and. It's no particular order just a few things that I've absorbed sometimes have had this in my own time where having succeeded in things I can. I can put it down to some of these traits and one is confidence. I find that anytime. I haven't succeeded in something or when people don't succeed is when you get overconfident. It's good to be self-assured it's very important to success that you are self assured but being too confident can mean that You Miss Things you you know you're error of judgement can be put out an I. I learned that in two thousand seventeen where I was some other confidence somebody else's ability in what they can do Ended ended up not working in default. Just paint a little bit more careful and not too confident in this situation than my judgment would have been better but you know it's something that I do find in others and let's face it. Nobody LIKES SOMEBODY. Who's to overconfidence? So one to be aware of you know and and differently Sean. Through and unsuccessful people Another one is ownership as power People are trying to get people to Take ownership of something is important but once if somebody owns too much they believe that it's their power they rot to being control and I find that. This trait doesn't work well because when when people most want people to take ownership of something they need to make sure that in play the power. Kat and I'll see many situations where people have played. The power cod an only resulting in not not achieving success and other one is then we all have people sometimes in our lives that do this but they believe they have all the answers you know. You don't always have the answers. And I find that unsuccessful. People sometimes believe that they have the answers. All the time you know it it normally people would normally habit if something goes really. Well it'll them and if it goes wrong somebody else in and the the tripe that are really hide is when somebody asks you a question then finishes once you give them the answer with. Oh yes I know that I was just checking. Well if you knew it did you asked me believe that you have all the answers and that is Your highway to being unsuccessful and other one is refusing to learn. I voice put myself in. Learning mode are constantly. Say Tomorrow better than today. And that is all about learning of ocean evolving the concept of heading a growth mindset versus a fixed mindset refusing to learn will make you unsuccessful we need to evolve as humans we need to evolve our brains at the more we learn the more we earn. We need to make sure we're constantly in. Growth Mindset are refusing to learn is definitely on that same highway to being unsuccessful. Taint goes with the concept of people that go. It's my way or no way we hit. It was my way of the highway near either with me. Or you're against me against again. This is not growth mindset. This doesn't break any loyalty from people. This does not breed loyalty from friendships from workers from co workers from PS. It's not in anyone's best interest for you to have the the mindset of my way or no way and again it'll put you on that vehicle unsuccess- it will not put the people around you. That need to be there and of course it will shut you down to listening to great ideas and comments even criticism. Which is there to help you become better. So the whole concept of my way or no way is a no go zone. Another one see stardom focused where people get this. You know notoriety that want to be someone they wanna be something gum in today's Day and age with media and all the rest of it. We're told that we need to be a celebrity to be glorified. We need to be somebody we need to be out there. We need to be stopped in that style light. We need to be shining every recognition. You know some more than others run likes to to have that notoriety some more than others but it's got to be authentic you need to heaven will fintech public image if you want to be successful. No-one signed not to put yourself out there. I've done it. It's been part of my brand. It's worked for me. Will it serves me well but it has to be measured. It has to be right up an atomic on this. You put yourself out there too much But again you learn from it and it's all about keeping an authentic it's about keeping the image orthodontic and the last one touch on is people that are going one hundred miles. An hour so unsuccessful people going hundred miles an hour and not bringing people with them. So you must bring your people with you. Find that when people are unsuccessful. It's because not bringing people along on that journey and again you know one person alone can't turn will steer ship. It takes many people you know we orlands. We cannot achieve greatness alone. It is a team work so you need to make sure you bring your people with you so again in particular. There's some of the traits that I find a prevalent in people that being unsuccessful. Some of them. I've I've been guilty of an are trying to stay very conscious of. Its about bad not being that. Stop them focused. I'm not going full steam ahead. In not adopting the attitude of my way or no way constantly learning said refuse to learn have that growth mindset and believe in evolution. Now I don't have all the answers all the time to everything that you ask. No I'M NOT GONNA use ownership as power and don't be overconfident and you'll find that if you address these things you will be on that journey to success because unsuccessful people do show those traits amongst others but In answering you know listeners questions that have asked me what do I believe? Shine in unsuccessful. People will this six or seven traits. That I believe make people unsuccessful when they're not conscious of themselves in and I believe that the best thing that we can ever do as humans is to keep constantly learning and evolving. We're GONNA MAKE MISTAKES WE'RE GONNA slip up. It's part of the journey but we need to be very conscious of who we are where we are and what we're doing. We need to be conscious of why we need to make sure that we're constantly putting ourselves in learning mode surrounding ourselves with the raw people and that success means different things to different people and that's so important for people to understand that the concept of success is different to different people and as I discussing other words you need to write down personally professionally and family. What does success look like to grab three pieces of paper head them with personal professional and family at outline what success in each of those areas looks like for you and then taking some of those topics? We've just discussed those traits on unsuccessful. Make sure that You're not applying them. Make sure that you're conscious that that is not you and that those behaviors. Not Tom Happening within you. And you'll find that you'll be on that journey to success but remember that success is personal. Success is all about you achieving and being you want to be in your personal life in your professional life and in your family live it. It's not what somebody else wants you to achieve. It's not what somebody else needs you to achieve aids you want to be in. It's something that we should be doing with children From a young age. And if you don't have children things you should be sharing with other people with your friends with the appears with your nephews nieces. Cousins share it with anybody that successes personal and a great way to go about this people to identify what success looks like personally professionally and family and understanding that those three areas make up. Somebody's life and to give attention two or three areas.
Small business emergency lending program expands fintechs portfolios
"The paycheck protection program is a weekend to its second round of hopefully funding small businesses through the corona virus outbreak. Some financial tech companies also known as Syntax got permission from Congress to offer those loans. They include pay pal into it cabbage and others. The hope is that they can get loans to people and businesses who haven't worked with traditional banks in the past and the Fintech say they're tack is also an advantage but so is that true. Let's dig into it and quality assurance the segment where we take a second look at Big Tech Story Felix. Salmon is chief financial correspondent for the tech site axios. The banks were a bit slow to be able to set up websites that customers found it impossible to get to a to a human being or to find out where they stood whether their applications were going through and there was a general feeling that given that all of this was being done on the Internet the Internet companies might be better doing it than the banks were so relatively quickly. This program was opened up so that the eligible lenders included not only banks but also Internet companies Lake Pay Pal and quicken and square. Gotcha I mean. I feel like one of the questions about these lenders. And FINTECH companies and neo banks in particular is that in some ways they serve. Replace this idea of the Community Bank. Like do we have any evidence that they are or could be more inclusive than established lenders. I think they are in the if you applied for P. P. Loan from pay pal. Then your chances of guessing it. We're probably the same no matter who you were given that many of the people applying if not most of the businesses applying had no particular relationship with these Fintech to begin with now doesn't mean they're going to get that loans. It's far from clear that the ability of pay pal to get loans through the SBA system and get people. Funded is any greater than any other bank. But at least you can feel that you're on a level playing field if that's any. Solis which you probably isn't to be honest. Who is applying through? Let's say pay pal or square or into it. Who are these small businesses to a first Brooks mission? Everyone who didn't get a loan or wasn't able to get through when applying through that bank. Whatever the reason was if you haven't got your money it's not give up on your bank entirely but you say well. Maybe I can't get a loan through my bank. I should try a getting along with someone else and given the it's not difficult to apply through pay pal. Oh quicken intuit it. You May as well try if they come back to you and say hey you've been funded. Brin and you can take the money and if they don't it's no harm no foul and is there any evidence or will there ever be a way to tell you think whether they claim that these kind of like tech driven platforms are more nimble and better able to get your application through than a big bank the banks and the Fintech have all been extremely unhelpful? When people like you and me have been asking them for details about how many people try to apply. How many of those people who try to apply actually got their money those ratios on not public information than the information that the SBA has see you need to get that information directly from each one. And I don't think any of them are going to be releasing that data on the kind of apples to apples basis that we'll be able to make that determination. Is this an opportunity for these companies like if they are able to establish themselves as this type of lender or just do good by some small businesses is an opportunity for them to build a customer base down the road I think for about twenty four rows an opportunity to get some goodwill? I think the small business owners actually went to those places putting their applications and then didn't receive any money that some of that goodwill did evaporate. What's more of these companies? Aunt actually lenders at heart companies like paypal and square a much more based on payments on loans. And so. It's not clear that even if this did give them a foot in the door when it came to small business lending that something that they would really want to be right and it feels like certainly some of them have provided loans like cabbage are into it but the others haven't to think they're likely to discover that in fact. This is a terrible morass that they would like to back out of slowly. Small business loans were horrible thing to be in in general because small businesses so many things can go wrong is so difficult to really get under the hood and find out how credit worthy they are for. P. It's different because it's all guaranteed by the government so you don't need to spend too much time really underwriting the loan and understanding the business before extending the credit but if you want to actually lend money to small businesses as part of your business especially if you're doing unsecured and you're not you don't have access to cash flows which you can just S- ts to pay back the loan. Then yeah it's really Nali business where lots of lenders have become unstuck. And it's not clear that very many investors want these companies to get into that line of
NGINX Service Mesh with Alan Murphy
"Allen Murphy. Welcome to the show. Thanks Jeff thanks for having me you were with F. Five beginning back in two thousand five. This was about fifteen years ago. Described the load balancer market. When you started at the company it was all hardware. I mean it was big big iron big volume the bigger the better our customers back then were founded two camps. They were either colocation a data center. They were running their own but either way to customers who were buying a five hardware or aggregating tons of data through those boxes so we dealt with a lot of really high volume clients and then a lot of more geographically distributed technology like global s to be able to distribute traffic between multiple data centers in Colo but it was all just massive ingress single point. Traffic Win was there. This industry shift from physical load balancing infrastructure toward in augmentation of the software based load balancing. I think the big shift came. I guess the first indication that shift was coming was when Colo's and data center companies started offering more segmented in granular services companies like rex basis. Great example they did a great job. Kind of changing the market away from single point service single point entry to more virtualization distributed services. So there's definitely a movement at the data center level back then or maybe around two thousand ten two thousand nine hundred like that but the big shift. No question was cloud and it was the reliability the stability in the cost and accessibility associated with cloud. And that immediately flip the switch of conversation from hardware to software and from single point aggregate traffic management to distributed traffic management and did that causing the other downstream effects in the market like as we went from physical load balancing to software based load balancing. Sure I think it solved too big right. I should say introduced to big changes to the way companies handle their application infrastructure. One was that the more you software if you use that as a verb Maurice software the more granular. They can start managing their traffic so instead of just having his front door service that we used to call the bigger hardware aggregation point instead of having a front door service. They could start managing traffic managing that door. So that kind of that first step gate closer and closer to the APP so further down the stack. I think that was a huge downstream. Change that moving to software naval virtual leising traffic management itself enabled and then I think the second one was the change of ownership so before they were typically one or two teams that were responsible for all of the traffic management functionality because they handled it all in that shift to software in that desegregation of the application stack of the services of the traffic management brought new teams into managing traffic. And today. We're we're talking with devops. You know down in the weeds. Day to day development engineers who have to deal with traffic management so huge changes downstream and the shift to software define networking was this all managed by commodity infrastructure or. Were there still specialized types of servers that needed to be used to host the load balancing and networking infrastructure. As things. Move to the cloud? I think it came down to what type of traffic was being managed. I think commodity whether it's hardware-software commodity for your run of the mill. Http traffic can absolutely be handled by a number of different services in different form factors in different locations and environments but when we talk about very specialized traffic management or the the function of that traffic management. You start to see less and less commoditisation. So if we're talking about their application aware traffic management for what we now call. East WEST TRAFFIC SERVICE TO SERVICE. Traffic for micro services. There's still a level of awareness and understanding environment the kind of moves it out of the commodity requirement or commodity bucket. And then if we're talking about really specialized traffic for service providers for financial institutions that have kind of their own way of formatting traffic of passing traffic but also traffic reliability. I think they're still absolutely a need for specialized components whether again those are hardware-software on Prem cloud doesn't matter the the more specifically towards the application need the more will still need specialized very very fine tuned application delivery software hardware. I do want to eventually get to a discussion of modern software defined traffic networking and Specifically Service Mesh Conversation. But since you've worked in this area for for so long and you've interacted with a lot of different client basis. You just mentioned that different verticals might have different needs for the hardware. Perhaps the software that they use to manage their networking infrastructure so financial services for example. Tell me more about how different verticals might have different needs for the networking infrastructure? Sure we definitely say it again if we're talking hardware software but it's a really interesting space to kind of zero in on what those differences are talk about a couple of examples so financial fintech fencer. Those companies are very very dependent on insanely high reliability. And it makes sense right. We need low. Latency high volume transactions for things like economic trading. We need the ability to embed security controls into the application language itself. The application traffic language so Fintech. They're very focused on something like low latency high availability if you look at service provider kind of four g historic service provider also very concerned with low latency but massive massive volumes of very large types of traffic. So we're talking about over. The top providers companies like Netflix need to distribute their content over service provider network those companies that service providers are very very focused on high resiliency high availability. But for much much bigger larger traffic patterns than you'd seen Fintech for example five G. brings a whole different scope to that because now we're talking about pushing services closer to the edge containerization still that high volume but now the ability to carve out that traffic in a different way that we would in a traditional infrastructure I think healthcare is another very interesting one because security regulations government control over that data or rather government control over how that data is used in access is paramount. Way also talk a lot about remote working when we're in healthcare prior to everything that's going on today. We talk a lot about big big software components that need to reside on site but they need to communicate back to a centralized secure cloud environment. So then we're talking about regulations and how to keep data sandbox and highly secure. So it's really really interesting to these. Larger verticals do have these different traffic necessities that require either specialized components or at least very their application aware components and F. Five. Now is the owner of engine necks. And we'RE GONNA be talking somebody today. You've spent considerable time working at F. Five as well as in genetics and both of these companies are heavily used products to define the the networking infrastructure for different companies so it. Fiv historical application has been the hardware load balancer. But it's moved into a lot of different software services that are required for networking. Dns infrastructure in. Genetics has been used as an edge proxy for a long time cashing infrastructure reverse proxy ing. Load balancing. I like to understand the acquisition from your point of view when f five acquired engine X. Why did that acquisition make sense? As you mentioned I was at the genetic side when acquisition happened from the moment I was super excited. It made complete sense to me when I left at five. Had been there for about ten years as you mentioned so let's in two thousand fifteen and the F. Five culture at the time was very much focused on helping customers support their software their drive the software and it was an exciting time at five but at the same time there was also this kind of internal understanding that hardware is still an important factor absolutely drives a lot of the customer requests and we still have those verticals that we talked about like service provider in two thousand fifteen when I left him of two genetics. It was a great opportunity to focus on as you mentioned the exact opposite side of that coin which is one hundred percent software but also one hundred percent. Devops an application focused deployments so all of our customers engineers were focused on application level. Reverse proxy and embedding that reverse proxy functionality. As literally close to the APP as you can get in today. We'll talk about sidecars a few minutes in that regard but it was very much focused on software. Only get the packet to the APP and then let's figure out how to handle it soon as it gets into our environment and software space so when the acquisition happened even with that kind of four year gap between Lena Five and then rejoining it made perfect sense to me because it kind of melded. The Best of those two worlds but also filled gaps where f five is predominantly hardware. Front door service with Dr. The software engineer was virtually one hundred percent software but starting to deal with kind of higher level network in order. That things like containerized networks. Bring in so that being able to put those two together of hardware network deep history understanding software application delivery deep industry understanding. Bring those together. It just filled both gaps so eloquently so perfectly made perfect sense and I was super excited to come back into F. Five with that software mentality and win that acquisition happened. You help build out some of the strategies for integrating with cloud providers and this is an interesting strategic task to build. Because you have these these gigantic cloud infrastructure providers that are to some extent providing commodity services in. And then you have. They have their specialized services that they built as well. But there was this huge reorientation while the orientation reorientation in the Industry. That's still going on. For how companies that are not cloud providers companies that are not these gigantic infrastructure providers integrate with the cloud providers tell me about defining the strategy for F. Five to integrate with cloud providers. I can speak first to the engineer strategy in the work that we did there in my role when I first joined in. Genetics was to help design some of that from the technology perspective. So what are the where the technology roadblocks? What are the hurdles? We need to get around what we need to provide those cloud providers from the genetic space and we were very fortunate because we had such a huge market awareness and breadth of deployment at engine X. Pretty much everybody in the world is using in genetics. So that in itself was driving questions back to us of. Hey we're moving our infrastructure into aws for example or GCP. We WanNa take that same functionality of genetics into that environment so on paper it was a literal transition. You're running engineering software on PREM PICK IT UP and move wherever you want still works today and we had so many customers who follow that model but at the same time we also had customers as you mentioned who are coming to US insane. Were either trying to build more intelligence into the cloud platform. We don't want to do just lifting shift or we WANNA consume some of the tried and true in Jenex resources through a consumption based model in the cloud so we had as you'd expect a really really strong marketplace offerings and all the cloud providers to someone could purchase genetics in a consumption based model. That was fine but we also spent a tremendous amount of time working with those providers on what value can engine x. Helped bring them in today. Some of the the largest platform tools incorporate engineering a lot of people use genetics without realizing its genetics. Because we have that flexibility and
"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.
Can You Start Your Own Bank?
"Maybe you're a big fan of the classic movie. It's a wonderful life and dream of operating your own version of Bailey building and loan. Or maybe you want to emulate Amadeo Peter Giannini the early nineteen hundreds fruit vendor who convinced immigrant families in San Francisco to deposit their savings in his new bank which eventually became bank of America. If so provided that you have enough money a good business plan and the patients to make it through the regulatory process. You could actually start your own bank. Plenty of people have over the years. Unlike most industrialized countries in the world which tend to have just a handful of big banks. The United States has thousands of them ranging from small town institutions to massive multi state behemoths. Are we spoke by email with one? Edward J carpenter. He's the chairman and Chief Executive of Carpenter and company a Newport Beach California consulting private equity broker dealer and registered investment adviser firm that has assisted clients in starting hundreds of banks and savings and loans across the nation since the nineteen seventies. The company handles forty percent of new bank applications in the United States. He explained the. Us is the only industrialized nation in the world where a group of citizens can start a bank. Most of the would-be Bank founders. Who Come to carpenter. Guidance are group's but it's possible for a single wealthy person to start a bank an own one hundred percent of it carpenter recalls several years back we did one in which an individual put in fifty million dollars and started his own bank he said that so founders are often civic minded individuals rather than someone motivated by the prospect of becoming even richer in some instances. They're trying to take the place of a small local bank. That recently closed down but carpenter says the people start banks for various reasons. Sometimes banks startup entrepreneurs think they can find customers in a particular community. That's underserved by existing financial institutions in one common scenario a group of immigrants or a family members of immigrants might decide to start a local bank to serve newly American customers in their original language other bank founders possess a specific sort of lending expertise that gives them a competitive advantage in some particular business. And sometimes that can be pretty. Arcane Carpenter cites the example of one bank that was founded specifically to make loans on special engines that seaports in government agencies use to retrofit old diesel trucks to to run on electricity. Or maybe they have a plan to offer mobile banking or some other service that local competitors don't have yet in addition to brick and mortar community banks in recent years companies involved the financial technology field also known as Fintech have also begun starting online banks to take advantage of innovations. They've developed such as software that automates and speeds up the loan application process. Starting a bank might sound like easy money and you might expect a lot of people would give it a try instead. There are only about twenty applications to start banks in the United States each year and just ten new federally chartered. Banks opened the first three quarters of two thousand nineteen. That's because starting a bank requires a lot of money and work. Typically the process takes about a year and a half at the start. Potential Bank founders. Come in to seek help from carpenter. He first wants to look at their business plans. He explained the bottom line when people come in is does it make sense or not make sense based on competition and the business plan if it looks like a new bank has a good chance of success. That's when the complicated part begins. Bank founders need to put together a board of directors to oversee management. And then they have to go out and raise enough capital to fund the bank's operations. We're not talking about just taking a loan out of your 401k. Either this requires serious. Money Carpenter said most likely at the low end. Were talking about ten million dollars. We just opened a bank in New York for which they raised one hundred and thirty million after that. It's time to apply to the government. Regulators who oversee banks in some cases bank founders may opt out to apply to a state agency for a charter or they may go to the federal office of the controller of the currency wants. A bank is chartered. It has to obtain insurance from the Federal Deposit Insurance Commission. There's a certain amount of risk in the process if regulators Nixon application the bank founders are out whatever they spent on advisors and other expenses wants to start up bank gets through the regulatory process though things usually work out pretty well in its third or fourth year of operation. A new bank typically is earning ten to fifteen percent annual return on equity that the startup group has invested in it but for all the new banks that are opening others are closing or being bought up by bigger institutions so the number of banks in the United States has gone from sixteen thousand five hundred in one thousand nine hundred to two around just five thousand five hundred today according to carpenter but although big banks and online banks powered by Fintech increasingly are dominating banking industry. There's still a place for small banks carpenter. Said they have just ten percent of the nation's deposits but that's still a trillion dollars and they make fifty percent of the small business loans.
Bridging Ethereum Wallets with Pedro Gomes
"Pedro could you do us a favor and give us an introduction on who you are where your minds at and how you ended up in the CRYPTO space today cope. Thanks for having me on the show guys. Of course so I. I started an e commerce as a developer building online shops in one of the things. That always really intrigued me. Was the payment systems like paypal striper like Mike Prussia's in terms of tech and then eventually moved into Fintech and I started working smart banking so I was always kind of leaning towards like personal. Finance user experience spoke after a few months working smart banking. You get a good grasp of the traditional finance regulations and everything and that's where I got really bored and tired of like developing features and not having to comply with regulators and features getting toned or cancelled. And that's where I got into tier when I saw smart contracts. I heard about this before but it was just a internet money but cerium really brought me into the building. A smart contract imprecations on chain. That's where I fought. This is where finance is really going to go. And it's going to move away from all the traditional finance and regulations and everything people will be really in charge of their personal finance. And that's the part that I was mostly involved was developing bang. Interfaces so wallets felt like the really next step and one of the companies that I worked I balanced and balanced was developing Interfaces for not only managing portfolios but also developing a wallets. But at the time there weren't many good solutions for building wallets We actually played around. With a semi custodial solution but then we really didn't want to dive into the the the idea of having to manage keys for the user. There was a lot of risk involved in that so we kind of just. We started brainstorming. About like how could we improve the user experience? The first APP was bounced manager where we developed Lake. Immanent away to just manage your tokens and indices very nicely so you could just like law again and have met a mosque never thing but a lot of the experience was kinda conditioned by the waltz like it was always around we can do as much as many. Moskowitz allow us and we really were man. We really wish we could just like control the wallet side. We should build a mobile. And then that's that's where the the direction kinda headed. The problem was a mobile wallets and our interface weren't really playing together because the beauty of the interface was having the full desktop screened manage. Your portfolio Tokens San Receive Exchange. But how could we then integrate with our mobile wallet which would store the private keys and we can actually provide a better experience for signing transactions messages. And that's where Walt can came in and well it connect. Kinda was inspired by. What's up? I remember once more of a desktop user so I had once web and you can just Kinda cure code and it just does this handshake between the device. And from that point. You literally just use your desktop. Yep that's volley go a little bit into you. Know more on the tactful while it connected. Let's let's sort of backpedal a bit more than just sort of diving more about who? You are So like that being said like you came into space. You had like you know your own like idealistic view on openness and Permission List like being able to build an innovate on top of these financial tools. That you really wanted to do so. You saw an opportunity in niche break into the space like that being said. So where did you find your earliest connections into the community before you started working on balance? And all that stuff. How did you sort of make that segue into traditional finance? Here's this thing. Daring of cool smart contracts liberty. Let me do my part to help here as I should be funny story actually so I I was. I was just doing my day job. The Smart Bang and I would spend most of my time just talking to my peers about look at this thing that the gym can do. Look at this thing that Jim could do and they would always joke about every day. I would have some fun. Facts about the tearoom some cool project that I've found and I would just like spend more and more time even during my job like looking to term style and one of the things that I did most was joining twitter and start tweeting about determine stuff and I. I remember applying like on a few jobs. I remember I played for Aragon and other jobs with at the time it had like no experience watching. It was definitely no go but On twitter through the M Richard Burton from balanced reach. That's how he space. I just got at the end and he was like you seem like a pretty solid developer and year actually know about to tear him so we should talk and then we just met up and he was in London at the time. That's where I was working for and then we went to an ATM. Meet up at the time which was so small like at the time. It looked great but that I think about it. There was like twenty people and it was awesome. It was like the first cross about how people were talking about tokens and creating different interfaces and everything and at that moment I was hooked. Not There I was just okay. I gotTA leave this traditional financing and that's when I joined balance around August two thousand seventeen so Early eat area Morella. I'm sorry go ahead after me major but just curious early term that Oliver I mean were you in early. Two thousand two thousand seventeen doesn't seem early compared to a lot of folks in the space. Well it all depends on where. You're looking at the charts. Basically I think asking is like were you early insurance financially which led to your further because expansion on your motives or was it just like pure curiosity well. I. I didn't even unencrypted time. I was really I was really just. I remember every time I told even on my regular job I would talk to my peers and there were like. Oh but bitcoin is going this and this and this and I'm like you're missing the point. I was completely baffled by how they were looking at. The prices and I was just like look at this tech and everything and I remember looking documentation and it was only around that year in December. Though is like wow. I'm kind of missing this whole run like I should buy some meat though is like really caught up by technology. I think I missed out a lot of the financial gain space. Its Own. It's important now. I'm like full on the and I own more cryptic than feed. Yeah it's that's a fun game to play. It is hard to manage. Sometimes it's fun so my question is You said you were traditional finance and a lot of features in at County Rail. A lot of plans that got thrown in the trash can things that you just couldn't do because of compliance or otherwise. So how old one of the things that you couldn't do that you can't and you're Bernie crypto well. There's a lot of clever ways that he can play around with like for example the same way we have compound than everything we had like these cold goals which were like these kind of buckets of money that he could put aside in everything. But there's only so much we could do so what we ended up just doing was just splitting into different accounts so the person could just like put money aside for a trip or put money aside for a lot of the wanted to buy so it was. Kinda like just containerized. Their money into different buckets. But we couldn't do much like there was so much we can do like. That could go into savings that there were so many financial instruments that we could build for their own financial empowerment that warm compliance because there were so many regulation issues with us putting some interesting to like those buckets for example and Yeah so it's Kinda like you. You wanted to be able to automate people's financial lives in a way that benefited but because the regulations probably let's just get down to the brass tacks. Everybody's gotTa make some money on the processes you couldn't do it. Yeah there there's a there's a very big barrier to new
Is Now An Opportune Moment To Examine Tencent Holdings
"Or tech giant Tencent reports earnings in the coming week the works of the prisoner and Brian Curtis are standing by with more Bob Tencent holdings is reporting earnings next weekend may provide a degree of hope that some firms are managing well through the crisis Bloomberg intelligence says the ten cent is likely to report strong fourth quarter sales and profit growth as it expands gaming fintech and social ad businesses then I thought we'd take a look at this entire area with Bloomberg's face turned laying to get some insights into ten cent and others and how they are managing through the coronavirus survey thanks very much for joining us now we had some warnings already from companies like Ali Baba and JD dot com and we had been told or with its earnings missing estimates contents sent bucked the trend yeah Brian I think we we got to recognize that the the quarter data reporting is the fourth quarter right and that's really before the virus outbreak started in January so I think fourth quarter results probably going to be intact groove is robust online games is recovering from the regular tree set back in twenty eighteen at stake spending so all's good right but what the market will really be looking for is any form of guidance into what the first quarter's going to look like and we've seen data that suggests that the show online services such as online games online video who work from home software cloud computing stuff like that has actually seen increased usage imprint the penetration with the outbreak in January and February physical businesses e-commerce foot delivery these things have obviously seen a lot of disruption because of travel restrictions and and logistics disruptions and so on so in terms of what the market had been discounting for the first quarter considering the fact that the lunar new year holiday was a major component in that especially working E. commerce is related does there have to be a major re thinking now in terms of earnings expectations I think a lot of fun it has been priced in worship places that obviously in the loss a couple of weeks being the not doing too well full China internet companies so we've seen reports coming out from the likes of Ali Baba VIP shopping portal and JD suggesting that there will be a fairly significant sales contraction in the first quarter the upside is most of these companies are now saying that the increase penetration the accelerated user adoption is probably going to benefit them down the road when the epidemic subside so that it is difficult to quantify and I don't think a lot of consensus numbers have that in yet you think that this would put a lot of pressure on these companies to control their costs or in the case of ten cent do you think they're doing so this Stenson and I would see the entire time to eat internet space in general has been curtailing costs expansion in the loss a year and that actually has been driven in part by the trade war with the U. S. macroeconomic concerns so people have been tightening their belts already and with this virus outbreak impacting sales in the coming quarters all to it's likely to cost controls will heighten having said that a lot of these companies E. commerce companies for example Ali Baba and people don't have been put in place to support measures for the merchants and they use US subsidies to promote more spending by the users weaving commissions from merchants especially for delivery companies like me tons of these things put up her the bottom line right at least for the next one to two quarters yeah and maybe that will show up in the equity price action but I'm concerned about the credit side of the equation to particularly as we given all the stresses that we're been talking about in financial markets see credit spreads to a white now to bid it mean if you look at the bonds Ian and ten cents for example how have they been trading in is there a lot of concern on the credit side of the ledger I think the for this particular space all the companies are basically that cash and the the highly cash flow generate if every quarter even with a sales decline of fifteen to twenty percent in the coming quarters it is quite likely that the cash flows will be positive so I I'm not too concerned about the bonds that that Tencent Alibaba Baidu and
"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.
Intuit wants Credit Karma along with all the data
"Everyone wants a piece of your finances. Apple Amazon. Google even Uber are getting into Financial Services Neo banks offer all digital checking accounts and now into it maker of Turbo Tax quickbooks and meant wants to buy Credit Karma for seven billion dollars. Credit Karma offers free credit scores tax. Prep and helps people shop for credit cards and loans into it says it wants to build a personal financial assistant that uses your data to connect you to even more credit cards and loans. Here's into its CEO. Sasanka Darcy. Yeah our vision is very much an it's of course shared with Credit Karma Our vision is to put the power of choice in the consumer's pocket. We truly want them to be able to carry around a financial assistant that at any point in time they can connect a product. That's right for them and all the choices are in front of them. You know part of the challenge is if you're picking a credit card you don't know if actually is the one that's right for you with the best rate if you're picking your auto loan you're more negotiating the fee of the or the monthly payment of the car versus you getting the best rate. This is about putting choice and truly the pocket of the of the customer and letting them know what's right for them and improving their financial life. So that's that's the really the vision that separately both Credit Karma and into it having together we believe we can accelerate the by ten years. Well let's pivot to data. How valuable is that? One thing you're getting with his acquisition is of course a lot of personal data that credit card has been known for not selling. How valuable is that data? And do you expect to monetize it in the future? Whether you know let me start with our data stewardship principles that it's the customer's data not ours that we will never sell the data and the data will never be used without the customer's consent and when they can send it will only be used for their benefit as we look ahead. Doubling down on those principles collectively is important. And it's really pulling together the data for the customer so it's in their hands just as a as a practical matter. Can consumers say I may have opted into sharing my data with Credit Karma but now with into it and I would like to withdraw. Yes absolutely. It's a pretty big purchase? And we're seeing a lot of other consolidation and the rest of the tech industry is having questions asked about consolidation. Antitrust is the. Are there any concerns that here? Yes we're going to be working very closely with regulators to provide all the data that they need a thinks who the market structure and. We're actually quite confident in the outcome. Because at the end of the day regulators job is a very important one to ensure that whatever's being done is good for the end customer and the end consumer and in this case is going to fundamentally propel The choices for customers to help improve their financial health so we feel really good about just the impact this is going to have for the end customer and then how does consumer financial literacy play into all of this is that you do consumers have right now the financial literacy to play at this high level or is it part of your goal to increase that as well well one our job in Credit Karma. Does this very well today? Our job is to make things drop that simple so that really the consumer is making a choice of what's right for them in a very very transparent fashion and so making sure it's easy and seamless intuitive will always be the goal with that said part of what the two companies are separately already doing and when we bring them together it'll just simply accelerate. It is educating consumers on how to improve their credit rating because at the end of the day your credit rating drives what. You're able to get that. What interest rates and so helping them understand the utilization on credit cards helping them understand making payments on time helping them set goals around making all their payments on time. Those types of things is what teaches consumers. What they should be doing so that they can improve the health of their financial life. And that's part of what we will continue to accelerate doing beyond just connecting people to financial products is educating them so that they can ultimately improve the health of their of their life. Society Guitars is the CEO of into it. The deal is the third big fintech merger announced in the last two months. Morgan Stanley said last week. It Oh by E. Trade for thirteen billion dollars and Beza up digital payments processor plaid for five billion in
The Dudas Abides with The Block CEO Mike Dudas
"Thanks excited to do that. Yeah we you and I met a couple years ago and was in the context of a telegram group and that was my Kenley. My first foray into the wires of will call. It's or Crypto will. Now it's crypto twitter's the word but you see all the social media it's a Sort of a wild environment and it was eye opening for me to jump from traditional tack and business and Fintech into the system. It's two years later from when I originally met you. I feel about twice as old twice as have have no kidding. So so it's been a while couple of years but to your question so entered the space to fulltime as described right when things were rushing up an Krisha knowing But I've been bitcoin owner since two thousand thirteen fall. Hackers out there. You're welcome like Ryan. I enjoyed talking about you. Know all of my security issues publicly and that's why you'll also the thing that drew me to Bitcoin I've Yolk in two thousand ten joined Google's while at team and spent four years in that team does a decade too early to mobile payments in America in have been early on a number things was early at Bimbo which was acquired by Braintree P payments and before that I worked on my music in the late arts so that was a decade later but Juli after working infantile juvenile equitable for years out working braintree in meeting with the Queen based team to talk about bitcoin payments and two thousand thirteen and really being a little bit disillusioned. And I think we're still seeing this. Continue today with every Cinta company out there seemingly having the aspiration perhaps other than Stripe Square and Shop Affi- which is sort of Fintech e adjacent to sell to big bank or financial institution your I wanted to actually work on. What would hopefully be disrupting financial institutions in the way that we describe them and you know the regulated by the US government and other governments over the next few decades And discovering bitcoin in two thousand thirteen participating and being on the outskirts but seeing it from a formal industry perspective. You got me excited about the potential slightly aware of the risks the personalities the complexity. And then when I decided to jump in full-time Holy Shit. It was like awesome terrifying confusing and just a trigger for all of my good bad side as well as seemingly everybody else who is participating and I probably monologues provide house all stop here but looking at this confusing volatile space. At a time when it was you know growing seemingly exponentially was was simultaneously amazing scary and and just saw like I think what you saw around. I mean you've you've been full time for a long time but A darth of reliable real credible information that led people to do really stupid things and inaccurate. Gets us to the core of what the block is. I I don't WanNa go out on a limb and describe the block because I know that you're just gonNa correct me with some ostentatious vision and my best not everything of everything that That the two more people look at the block. They see a a media outlet. That's competing with coin desk. I think you yourself has Have have been vocal about winning business away from Clinton to ask and in growing the audience. You've obviously got a very strong team of researchers that are on percents On on twitter in a good way a lot a lot of the content has been exceptional. What's how do you describe the block? And and where are we now in terms of its evolution? Because I'll have Frank Frank Reich went for a run which typically twelve minute pace half walkout by their which is bad news. So maybe you can think about the block in terms of caricatures. Franken the media elements and then there folks being the research but how does how does this business align with your original vision to improve information in the industry? And and where do you think you are now versus where you want to be? So the original tagline was crypto simplified. While we strive to do that I. It doesn't describe you know what what we do in its entirety. We've expanded that into the first and final word and digital assets and what that means really as you were not just simplifying things so you can understand them. But we'd like to be the first place you look to figure out what the heck's going on this space and we define the space pretty broadly so it's not just covering public blockchain's and cryptocurrencies than I just covering bitcoin Theorem Ripples and Be Gash Etcetera. It's covering central. Bank digital currencies is covering distributed ledger technology and stuff that is adjacent. So companies that are using technology and governments that are thinking about money in new ways The original idea and concept was again crypto simplified and it was hatched time when there was a lot more momentum behind. Lucia say everyday people's interest in learning more and going really deep in the technology What happened? Is you in two thousand eighteen as we started to form the brand and launched the brand. We realized we had incredible talent Stephen Frank Larry editorial talent that was super experienced had experience in various aspects of currency and blockchain Inventec analysis research and so we launched you. Know Not really a crypto. Simplify brand one. That had insider knowledge people gravitated towards our all of our contact with free in two thousand eighteen and that was the original vision for the business was young in two thousand eighteen. Hundreds of millions of people will be interested in this You know imminent revolution. That's happening today. What has clearly happened as everybody took a deep breath. Certainly we did and said Hey. This is going to be a multi year multi decade evolution with a incredible things happening up stones and everything in between just like I think a lot of technology and a lot of you know financial markets over yet throughout history. So where we've come out is. We are focused on instead of blockchain. One one Call it somewhere between Crypto blockchain to one and above. And it's enough that if you're if you're somebody who's aware of what's going on you can kind of start with our news and journalism that's our top of funnel that's where most people are aware of the block the news and journalism brand. And then you we will through as you mentioned our social counts and through our personal accounts. We you know. Basically tighten the funnel and connect to the folks who are actually participating fully in the market. And then we sell solutions as including research information. We'll talk more about where we're headed with. That
Banking on Voice - ENACOMM & Bank Independent
"Us about about the project and so what what does the Alexa skill that you guys have developed do? And what was the? What was the thinking behind? When we first started our conversations with an accom- we didn't know what to expect. We didn't even know what to do with really St- I think Stacy said it best. Is that so we started with the thought of? How can we take our typical telephone banking system? That's that technology has been around for four. Seems like forever and so we were like. How do we repurpose that into modern technology and modern use cases so partnering together with an Economy Fintech provider? They are really at true partnership here. We were the very first one to come out with a fully functioning Alexis skill in the community bank space. Now some of the larger institutions the international banks that are housed here in America or even some of the couple of super regionals they were already doing some of the s but really we felt like our customers were longing for that as well to be able to say. Hey if a bank of America or chase would have this type of service. Why can't wait? I see we have the same type of access to your systems so they came from a customer. Need they actually the customs approach to and also this. Will you a proactive and thought well? We need to get ahead of this before they do. It was really more proactive. Because of our customer base being very tech savvy and especially our newest market which is the Huntsville Alabama market. We felt like we need to make sure that in order for us to compete against the larger institutions especially from a tech perspective. We needed to be proactive in this space. So when I say fully functioning that's the differentiation between us and some of the other banks or credit unions that have that they may have an Alexa skill. But it's more informational sharing like where are we wears locations. What's our hours of operation? We really wanted it to be truly as said an extension of our other tools that we offer to art whether it'd be mobile or online or telephone so they log in and get account information for me. Personally I've got a college aid's daughter and so was the question we get from her. Hey Dad I need some money so then I can go and just by walking through the house. Tae Alexa Transfer money from account to my daughter's account so those are some of the use cases that we have and we're continuing to expand that working on some other use cases right now to expand as far as card management for the debit cards. The credit cards and those kind of things as we continue to move forward. I see okay focused on the the most common actions that people form on their accounts festival implemented those and then now you looking for the more advanced features those in as well. That's great okay. Great Stacey tells about the project from your side then what what was it like to Cra? Alexis go four bank whether any particular challenges that you had to face. And what advice would you give to someone? Who's WHO's looking to do the same. Whose is taking on a project to the signs. That's a great question because there is a specific answer that it's really got nothing to do with how we build a skill it has to do with multiple parties involved in the thing you have to look out for the difficulties run into is the larger companies involved Talked by Google Amazon Right Amazon. The company that is the keeper in the approver of these skills and so's Google on their side. I will go to that side of the house but Amazon. This is the first real step into a retail banking application type of thing right in my past i. I did this for Mobile APPs with apple when they first had their APP store open. Add it for banks and it's the same type of learning curve with working with Amazon going through the approval process Amazon not understanding how everyone thinks they understand how a bank works. And I'll say that just exactly the same. Everyone believes they understand. How Bank works when you work with. Community banks. That'S NEAT. Learn how they actually work and each one little different from another one and you can try to define a process for which you wanNA bring on these skills right for Elixir. Whatever but these skills for getting the weather has total different requirements than the skill for your banking and we had compliance issues. We have enrollment issues. We have Lincoln account issues. We have all these things you have to do and be compliant with on our side and actually I was walking Amazon through the process. Of sometimes you have to change the way you're thinking because this is not a weather APP. This is not a joke. Gap does not attribute this is banking and there are some things. The banks are already doing to link accounts that may be at to adjust your expectations. How Link Accounts Right? That's just one example and going through the approval process with Amazon and it different iterations. That's really probably. The most complex part of working new technologies into banks is yet. There's a third party provider like Amazon or Google. Who has to approve these things and has certain expectation on their side of how the system will work in. We have to really Kinda match the expectations and the realities. What a bank needs right to? Does that mean that there were those pushback on the on the platform side on the new Google side because he went meeting standards was it the other way round. What did you need things from them? They weren't providing up front. And you have to be kind of both. It's kind of both so the expectation that you're starting from scratch realized that a bank might already have a method for linking accounts for example in Kelly States. Bank independent already. Lincoln accounts through methodology in order to enable their voice banking on the phone system for that and so there are some things that instead of confusion users like it's a brand new system to create new pin number. You all this new stuff. Sometimes Caesar let them allow them to use what they already have and so it was sort of both. We have more things than they expected. Amazon's system wasn't really built to take an existing system. Like what we had at the same time. You know there are some things we have to come up to snuff on on voice engagement right conversational banking conversational. Technology is different than a menu driven technology in Kelly. Had said we're reiterated extending what we're doing on the voice baking side telephone banking but it's extending the feature functions but the way you engage with it is different. So there's a learning curve on our side to to make sure you have the conversational structures. Correct your engagement that so it was both sides. This is very typical of bringing in a new technology into an existing market place. That has its own high level of rules right. There's a high bar a ruling compliance and you have another system as brand new that is trying to create rules of compliance rights. And so we put those two together in. This is typical this. This is exactly how it was with mobile APPS. And I think that's what you're gonNA see. It's GonNa have that ramp right now. It's early in the curve for adoption and over time as voices getting across all these other channels and the software whether it's Amazon or Google on all these channels whether it's in your smart tv or on your phone it's going to accelerate. The friction is gonNA remove overtime when it sounds like they would have lended as as much from the experiences as you guys have. That's going to streamline things for everyone the projects that come along in the future exactly my question around that was about the the iteration of this is kind of new and we got a lot of the ground truth from the feedback from users and looking at the data of course financial transactions quite private and a bank's not going to want to publicize those will hand them over to supplies in the same way as maybe health data. So how did you get that signal back? That's a find out whether the user interaction was working. And how did you guys work together to to solve that problem like you said? One of the biggest concerns with this was around security and especially traditional banking where we're not always the the ones that are willing to step out and do things so from especially from security and privacy perspective because that is paramount to who we are as an institution to ensure that we are taking care of our customers and making sure that their information secure safe and that they are comfortable not only them but then also with a stacey said our regular regulators and auditors and those things pile up over and over again to make sure that that we have the right security protocols in place and so that was some learning curve for both US and Amazon that we all had to mature and continue to grow as far as making sure that we have the right information we partner with our processing companies Jack Henry and associates and so they do a fantastic job of having a pathway for us to get to our information securely safely as well so with our connectivity points between in a calm and Jack Henry that is very tightly controlled. We manage it with monitor it. We reporting we have security protocols that are in place between all of us to ensure that is safe for our customers. Massoni went to Jack Henry Do. Where did they come into this? Yeah Sure Jack. Henry is the company that houses our customer information as a whole and so they have an open banking platform that we're able to connect to and be able to partner with the fantasy like the end of the world to be able to safely securely have access to their customer account information you can anonymous data and Sharon Saddam. Okay right so there's a way to share it without revealing the details of the people. Are I in this talk about the voice banking how it's being used and I saw one example on your website believe about bank independent Kuzma? Who's using the Alexa skill right now? It's eighty nine years old. That's fantastic Zurich. Tell us about that. And the the interest made on his or her life. Sure after we went live with this we were live several lines and we really wanted to see who was using and honestly we knew because this is new technology. We weren't expecting a hockey stick type of acceptance and usage of this tool out of the gate and so it has been a slow growth and kind of leveling but again we wanted to be out there early and this is exactly why because you know. The mission of our institution is to make a positive difference in people's lives and this is a prime example. Where we've done that. So as we begin to look one of our most active users we reached out to Kim specifically into. Can you tell us why you're using it? And the first words out of his mouth. Were you changed my life. And which can you explain that in so this gentleman was eighty nine years old? He had macular degeneration so from his perspective. He couldn't really manages finances. Just because of the vision issues vision issue. And so now he's like you now have control of my personal finances again by doing voice banking and he can control that here. What's going on? What's going on manages money in the way that he wants to be able to manage his
Protocol president Tammy Wincup on applying the Politico playbook to tech coverage
"Welcome to the digital podcast Brian. Marcy and today I'm joined by Tammy link-up Tammy is the president of protocol which is a new tech publication which is from the publishers politico. Tammy welcome thank you. Thanks for coming in so explain a little bit. This is not the politico go for tech. It is not good We're super excited to have launched protocol yesterday and it is coming coming from the publisher of Politico Robert Alberton But it has a very very different focus. And so you know I I love to dive into what you know. What what are those one of those pieces you know? We are focused exclusively on technology on the people the power and the politics of Technology Eh. And this idea was generated by Robert over a year ago and really made a decision to actually make it they separate and bring a separate leadership team in a different ethos and focus but build on you know the the spectacular reputation and spectacular spectacular journey. That politico has had and that we are really lucky to kind of be able to build on that brand. But it's it's a separate view on the world suffered audience audience so explain why that even matters like that. It's not just the spin off from politico because there's look there's a lot of advantages to having a new publication that comes out of publication with a reputation Track record and a lot of other things going forward so why does it. I don't know what does it make sense to. It'd be like this is a different company. Well I I get the best of both worlds right. I have the ability to To look at the amazing track record and the amazing using could've story that politico has built And some of that DNA. I absolutely hope to replicate. You're not like recreating the technology stack and all the stuff right. I mean media's heart already why why why. Why would anyone duplicate this stuff? Well I think some of the pieces the best. Look I come from an industry that says you so you take the best of what others having you build upon it and some of that tech stack is just absolutely brilliant and others. You know it was You know it's a thirteen year old old company so we're looking at tools and opportunities and frankly services down the road that we're going to be able to build on. I think that that is actually you know as frankly. Frankly an entrepreneur in this That's actually really exciting to be able to be told that you can you know you can build using all of the muscle muscle memory of being building a really successful digital media company politico and then go and actually focus on a new audience that I now so just to to to stay on this for a little bit the structure so it's not like the editorial team is different but then all the other services are the exact same from politico like it's not like a shared sales force correct nothing short business and there's more advantages because there are a lot of I mean look media is you know particularly subscale media You know that eats into all the margins so explain why it's it's worth recreating a lot of stuff. I get thirteen years old. And maybe some of the Ad Tech Stacks not the best at this point because there's just a lot of style they've invested a lot in I. I believe that there's this top notch and look my sense is that we will. We will use a lot of what they have from a best practices perspective I think you actually have to start not with if You know not with the operation itself you actually have to start. I believe with what we're trying to accomplish. Which is the business in Tech Community that insider cider community is very very different than politics and policy insider community What they care about what they wanna read? Every day it's very business and industry industry focus piece And so you know my belief. Is that the vision of what she wanted. Accomplish has to start with that and then build both the editorial side and the business side for the audience and customer. You know I come from the tech world and come with viewpoint that you have to start with your customer career audience first and then build the editorial the content of the services that you want for that And so some of that is a playbook that politico GEICO has and has deployed wildly successfully and You know we will. We will take that and try and do the same but there are pieces of it. That technology the executive actually wants different. So you say technology executive do you mean an executive at a technology company or an executive at a non quote quote Unquote Technology Company that is dealing with the after effects of technology which is every executive absolutely that is precisely why we know the moment is right for new publications Pacific. lyod tack you. You just nailed it right there. Is that the intersection. It is no longer my adult lifetime. Having spent spent a good chunk of my career in technology it is changed to your point rent of being an industry. Vertical Call Technology L. Story to truly infiltrating and being a part in a Matrix Organization of other industries. Right so having come from Fintech or attack look at health check and so we actually really feel like. There's a gap of where we can go in terms of bridging this kind of tack and mainstream industries and and again from my viewpoint You know there are two book ends of what's out there right now. There is You know you're a business business either attack on enterprise and consumer tack or you're in a big vertical as leader trying to innovate with tack and you're trying to figure out on a daily basis. What's going going on? You either have things that are written for a mass audience for which on the topics that I care about on on. Ai and five G.. Gee and quantum and what's going to happen in Fintech in terms of payment services and things like that you don't get the depth necessarily that you need to actually make decisions for Your Business MHM on the flip side having come from venture backed businesses. It was very very difficult if you weren't a Unicorn or if you're not you know. Thank Company Day to actually find yourself being talked about in the media Unless you're raising money or unless you are announcing some widget okay and so it's not going to be product driven. Obviously there's a lot of quote unquote technology publications over the years where really venture capital Publication correct There's no shortage of people writing about the latest air pods or whatever So you're GonNa leave that aside And obviously technology is now now I. I think it's sort of moved into a few different. I mean it's obviously it's a horizontal story within the changing nature of all industries On the it doesn't side and then there's there's Society Angle And then obviously the government angle which I know you're still going to be covering has a great intersection You you know with with political on that piece. I think he'll you know you'll see us. So there's overlap there's absolutely I the article about California Privacy Law and people scrambling. Yeah try to get rewritten. I mean that could easily be employed right. I think it's interesting like that's a perfect story or even if you look at Linda stories yesterday around ethicists in salesforce. Right I think that's well first. Let's talk about the policy piece rate. That's a story that has policy implications. Has You know state implications. I think the story was very much could be seen on in either publication potentially uh-huh. I think what's fascinating about some of the stories that you saw yesterday on our launch day like Linda Story. Now this is You know those are thorny topics. Those are not bullet point topics. Those are bullet points to we occasionally since I like this You know that's a story that mark. Benny off retreated yesterday. And it. You know it was a story about salesforce but it wasn't necessarily you know it's a tricky issue and I think that that's that's the point on tech right now tech is no longer in in its infancy where we have the promise of kind of all it. Could you know could be. It is a full blown adult and it's it's messy and I think to talk about you know we have to actually go into some of these details around the people Around the politics because suddenly mature quote quote Unquote Power Center. That's having unintended consequences. That of course it is like that. That's that's where it is but we want to. Actually we WANNA hang in those issues and and and and cover them up and you saw the gaps. I guess because I think when you came out Obviously a lot of people say. Oh there's a lot of tech publications and understand Dan and honestly a lot of the stuff I just ignore. Because it's like it depends on how you execute like really like I mean there's always room for new media brand. I feel like I can't think of an area where there are is an room for one. You just have to do better right at the end of the day. We got to have a different Lens so the Lens. That protocol is bringing to this massive Asif issue like how would you sum it up. Yeah I think it's about audience focus and scope Were not writing for everyone right. Just like politico doesn't right or you know is really focused on the decision-makers now if I'm a decision maker in a C. Suite You know are. Are you trying to explain that a little bit. So you're are you. Are you writing to help them do their jobs better or are you helping them. Sort of unpacked these gigantic thorny societal governmental whole like Issues my belief is that if we do that second one right you are helping them do their job better particularly if you're if you're taking If you're taking topics and not just giving them cursory looks so for example. The today we launched a new product called braintrust The question of the week where we go out and actually ask experts parts around that topic That is actually really important because at the end of the day technologies nauseous about the product right. It's about the people making decisions visions in terms of that and the breath of that conversation. If you're sitting in a thin services company or a healthcare company and you're trying to deal with. How am I gonNA use a to better to better look at an issue in the house? You don't necessarily have that network and so how does protocol bring that network to you in a way. That's not a cursory kind of two lines trying to define a Is So our goal is to our newsletter in source code to be able to have that daily actionable invoke kind of start my day knowing at the big level at the high level. What's going on but then to be able to find those in depth You know those in depth conversations which I think you'll see a you'll see us have as well so you get income from politico. You didn't come from the media. said he came from the tech industry and then under this crazy I mean why would you go home to the media industry. This is crazy. Hazy decision explain this. What did you see? I mean because I think it's interesting people There's a lot of advantages that coming in with fresh eyes to an industry and I think a lot of people you know. They think they sort of they know media. Because media's like very tangible I think on one level but then up-close it's like wow a lot of this doesn't make sense right or was it not though. Well I'll tell you soon right Kanye Day then you officially say none of you know. Look I think there are lots of things both personally and
Insurify raises $23M Series A to add new coverage varietals, boost its marketing efforts
"Quickly talk about some short stuff. I WanNa riff on insurer. Fai which raised a little. It raised a little bit urine. Talk About Product Board so all the boards But starting up with ensure five which is online marketplace that helps people find Better depressing Sheri- products and the reason why is because rays at twenty three million dollars series. A and here's the thing. It only raised six point six million up to this point. It raised a large multiple of the capital. That had before and Jenny when a company raises that much more than its preceding total capital rates. What does that tell you about the company? Hopefully the other numbers are their rights to either. I it's a couple of revenue goals or internal milestone. Sometimes it just got really exciting. Market is really heated up because of an exit or frankly the powdered infantries. Well the first time around and they're getting a lot better at that skill set on the way. I don't think the last is things that case I think instead are pretty interesting. Run ensure if I raise a twenty three million dollars series a led by immtech capital in veal fintech. I'm not Voila. There's no accent so these. The Ola mass mutual adventures was in this nationwide took part in Hurst ventures also was in the round scooting onto around this pretty interesting work board a company that I've covered before and this week. They announced they raise a thirty million dollars series. See and I don't cover a lot the series at thirty million series but this company Danny. I grabbed because they've tripled in size again in twenty nineteen after three and a half exiting era in two thousand eighteen gene. And if you don't know why that matters the short justice that everyone wants to grow as fast as possible and more than tripling air for multiple years in a row shows that you're really hitting scale hill and also injuries and popped into the round and they raised nine months after their series beat so a lot of momentum there. It's cool company. The really smart and I couldn't help myself also ahead touch on
An Insider's Guide to Dining in Zurich
"The vice arose is a classic serving everyone from members of the many nearby guilds to Zurich Zurich Chemistry professors or Fintech Gurus. The wine list is small and mostly Swiss and the snacks include cubes of Luscious. CELEBRI- hard cheese. I think a more complex Parmesan along with air dried meats delitzsch. Sometimes the area will inspire you to sample from further abroad or to cook at at home in the bellevue post of the fines. Erc Department Store Globus can cater to both. It has an extensive food hall below ground with things from all over the globe and a wide range of prepared food at street level. Should you have forgotten your frying pan upstairs. You can get the finest in Coon Rico or other. Swiss made kitchenware. The Bellevue area feels timeless. But it has evolved with the city rising and falling with the rest of the city's fortunes the troubled nineteen seventies indies spotted by drug use and urban. Desolation flowed into the improvements that followed in the decades. The area improved greatly in two thousand fourteen sexy. Loton plots opened giving Zurich a large town square for all of its Eric is deeply traditional. It embraces change in pop up restaurants take all forms sexy. Lowington plots is the site of one of the city's best and biggest Christmas markets which is stylish and not your same same old smelly rotting wood trot around that so many cities seem to call their Christmas festive areas. Well constructed the Zurich market has has classic fondue chalets along with more global options. Because you simply cannot eat fondue all. December and expect to ski in the New Year again. Dan It keys into that up to date up to snuff timelessness. That makes the city special finally to come back around to Cronin Hala. The restaurant and Inbar are all would warm lighting and fine art. The drinks are cold. The men and women are smartly. Attired and you have the feeling you can settle in for the evening. AH The place overpowers. Even the most brash tourists. Quieting everything to a congenial chat level. Not The tinkling. China stiffness deafness but this is also no boisterous beer hall but the best part of Cronin Hala the food as it should be and as it must be some favorites. It's Zurich Kushner consulates. which are strips of veal with mushrooms and cream sauce served with a perfectly fried? Rushdie potato pancake or a beautifully pink in the Middle Entre coat. And then there's the Schnitzel which is definitely good enough for the gods and it is all served. The way heavy food should should be maybe the way everything should be in two servings by servers who have the perfect touch and this is classic Switzerland. You're served from a rolling cart. Your Meat Veg and starch. Lovingly presented in their own little pans consume your first portion leisurely. When you're we're ready you will be served. The second half kept it the ideal temperature just for you. Cronin Hala is indeed an institution and along with the rest stood bellevue. It is part of what makes eating Zurich Great
"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.