Fintech Insider By 11:fs

In this episode Amazon is looking to buy Capital One, or so goes the rumour. It’s been predicted for a long time that Google, Apple, Facebook, and Amazon would get into financial services, but Amazon is the only one of those companies that specifically needs a payments facility in their core business. James Arscott, CCO of invstr, joins us to discuss this and other headlines, including bitcoin going from funny money to something legit in Japan. We also talk to TrueLayer CEO Francesco Simoneschi on banks becoming software companies; to BBVA Open Innovation Manager Marisol Menendez about BBVA’s competition to find a new model for low interest rate banking; and BodeTree CEO Chris Myers about the three steps FinTechs need to take to survive. News this week Business Insider – Innovative app-only banks are doing something old fashioned — lending money – Link The Telegraph – Co-op Bank puts itself up for sale as it braces for another ‘significant’ loss – Link Level39 – L39 API member TrueLayer comes out

In this episode When most banks are bribing people to join with £100 or a Rihanna CD, Monzo is doing the opposite: building a bank customers love, involving them in its development, and being so amazing the network blows up like Facebook. Monzo, the bank that broke Crowdcube, now has more than 100,000 customers. Next milestone: 1 million. Here’s how they’ll do it. “We’re trying to build the first bank with real network effect. Skype is a great example. The more people you bring onto Skype, the more people you can call,” Tom says. “How did Instagram or Snapchat or Facebook grow? It wasn’t marketing. It was an amazing product with true network effect. We’re trying to learn those lessons. 85 or 90% of our new signups come through referral.” Loving this podcast? Don’t keep it to yourself, tell a friend about FinTech Insider and help us create our own network effect. And while you have five minutes, go on and leave us a review on iTunes. You’ve been meaning to for a while – today’s the day The post Ep214

In this episode Innovation isn’t having an app – it’s having a new business model. Yet for banks, business models are one of the hardest things to innovate around. We discuss what’s broken with traditional bank business models, and how to create new ones, with two people who know best: Tom Blomfield, CEO of Monzo, and Dora Ziambra, Head of Business Development at Azimo. “For me, and many people in the industry, being a marketplace bank is the future,” Tom says. “It’s a customer interface that acts as a platform for all of your financial problems. So a single interface that gives you access to the Azimos and the Funding Circles and the Transferwises, with a delightful, one-click user experience, but still giving you the benefits of that choice and that customer service. So, sort of, looser recoupling around APIs.” If you liked this interview, please review us on iTunes. To learn more about the team that brings you FinTech Insider, visit 11fs.co.uk. Listener offer: for a 30% discount on Innovate Finance

In this episode Is FinTech failing? We discuss this clickbait-y headline which made the rounds recently. We also talk to Lawrence Wintermeyer, CEO of Innovate Finance, to get insight on their latest report that says investment in UK FinTech startups dropped by 33.7% in 2016. Other news: WeChat to (see what we did there? James Lloyd,  Asia-Pacific FinTech Leader at EY, about the 46 billion digital red packets WeChat users sent over Lunar New Year; and Anna Irrera, a journalist at Reuters, updates us on what’s happening with Dodd-Frank. News this week Tech City News – Investment in UK FinTech startups ‘drops by 33.7% in 2016′ – Link The 2016 VC FinTech Investment Landscape by Innovate Finance Innovate Finance’s Global Summit is April 10-11 in London. FinTech Insider will be recording there, and FinTech Insider listeners get a 30% discount if they register for tickets using the discount code FinTechInsider. Coin Telegraph – Switzerland Set to Ease Finance Regulations, Support Blockchain Innovation –

In this episode Serial tech entrepreneur Steve Kirsch (@stkirsch) has founded seven companies and earned a name for himself as the inventor of the optical mouse. Today he’s CEO of Token, a global open API banking platform. Steve says that, historically, banks have operated on limited hours. Central banks have similar systems to be compatible, which has led to architectures that are nowhere near as complex as doing real-time systems. But then internet came along and changed people’s expectations. “Now banks sort of have to be open 24/7, and yet the underlying systems haven’t caught up with that,” Steve says. “And so the challenge is to create technology that can layer on top of the existing banking system that would enable people to have the level of service that they expect, and yet not disrupt things below the decks. It’s almost like putting a modern façade on top of an old cruise ship. That’s essentially what we’ve done. [If] we need more engine power, we call down through certain interfaces and say,

In this episode Liz Lumley, Managing Director of Thought Leadership at Rainmaking, says a woman approached her at one of their events recently and said, “I’m here because I get told all the time: You need to work with startups, and then no one tells me how.” The Rainmaking Summit was designed to give people like her the tools they need to make innovation happen. Straight talk. No bullshit. We sit down with key participants in London to get the lowdown. “We need to move from ROI to R&D,” says Nektarios Liolios, CEO & Co-Founder, Startupbootcamp FinTech. “R&D implies failure. It implies experimentation, and just keep trying, keep trying until it works, right? Having been in the financial industry for nearly 20 years now, we don’t have that. There is no concept of building product, or doing anything, with an R&D mentality. Whereas any other industry has that.” Guests Liz Lumley, Managing Director of Thought Leadership, Rainmaking @LizLum Will Bentinck, Head of Careers, Makers Academy @isoworg Nektar

In this episode How do I change my culture? And what the hell happens to all those bank fines?! Our guest Richard Peers, Director of Financial Services at Microsoft (@Peerster), joins us to discuss these hot issues as part of our weekly roundup of FinTech Insider News. Digital DNA is radically different from legacy culture, and that needs to change, Richard says. To make digital transformation happen, technology is not enough. You have to have the right culture. It’s hearts and minds and empowering people.  It’s not a quick fix, which many people are looking for. Deutsche was recently fined over money laundering claims – but where the hell do these fines go and what’s the politics behind it? How can bitcoin prevent money laundering? What are the new business models we need? Can we serve markets in new ways? Can we make money from data? It’s often a defensive conversation, it’s time for banks to go on the offense and look at open banking as a good thing, Richard says. News this week Telegraph – Fi

In this episode Is PFM dead? Invisible? Or has Personal Financial Management evolved from data-driven piecharts to something more useful? Joining us for today’s deep dive on PFM and Digital Money Management are: Frankie Woodhead, Director of Commercial & Channels at Barclays @FTWoodhead Victor Trokoudes, Founder of Plum, the first Facebook bot for automated savings @vmtrok Pau Velando, GM at Strands Finance @Pau4ir “For us, it’s about taking information, and transforming that information to give relevant services at the right time,” Frankie says. “It’s very easy to say, ‘You’ve overdrawn, sorry.’ What we like to do is think a week ahead. Things like Netflix, which is generally a monthly subscription, comes in a certain way. What we’ve tried to do is second-guess if that payment is going to happen. Like, ‘FYI, your Netflix of £9.99 is due to come out in four days.  You might need to think about doing something different about [your spending].” “The old way to consume PFM was based on charts,” Pau

In this episode News, glorious news! We’ve switched up the format of the show in season 2. Every Monday, we’ll bring you FinTech Insider News, a show dedicated exclusively to the latest FinTech and financial services headlines. Wednesday features FinTech Insider Insights, where we’ll continue to bring on experts to discuss digital banking, new business models, APIs, and all the other areas that matter to our industry. And on Fridays, with FinTech Insider Interviews, we’ll continue to share the individual stories of people making the biggest impact in FinTech and financial services. Guests Frankie Woodhead, Director, Commercial & Channels at Barclays – @FTWoodhead Alessandro Hatami, Managing Partner at The Pacemakers – @ahatami News this week The Telegraph – Donald Trump plans new deal for Britain – Link Pascal Bouvier – The Passporting Gambit – Link Pyments – MiSys aims to kill P2P lending / alternative lending – Link Business Insider – Siemens partners with Scalable Capital – Link Reu

In this episode Tandem CEO Ricky Knox says banking should feel effortless, as easy as listening to Spotify. He shares how Tandem is building this kind of digital bank, and how his previous startups, including Small World Financial Services and Azimo, led him to where he is today. Tandem is the second digital bank in the UK to get its banking license, and recently received a £35 million investment from House of Fraser. “We really want to build banking as a service, or banking as a solution, in the same way that I now listen to Spotify,” Ricky says. “I don’t have a buying experience anymore…I can have music in every room.  It should feel a little bit like that to do your banking.  It shouldn’t be any effort.” You’ll also hear from Chief Customer Officer Ruth Handcock, who says her job is listening to customers, then translating that into what Tandem is building. Enjoy the episode! If you’re a fan of FinTech Insider, please review us on iTunes. This helps other people find us. To learn more about the tea

In this episode Tandem Takeover! We talk to the team building ‘a new kind of bank’ about how you can be digital and still be very human, how to recruit at a startup, the future of banking, how to be truly agile, how to advocate for customers, and more. Guests Ricky Knox, CEO @rickykno Ruth Handcock, Chief Customer Officer @RuthHandcock Nick Perrett, Chief Product Officer “A good bank feels like a bank that actually has your back, that therefore is making decisions in your interest, much like your doctor might or a good friend might,” says Tandem CEO Ricky Knox. “How does that translate into a product and how do we build banking that fits seamlessly around your life, pulls out all the hassle, and answers the requirements you might have for borrowing or lending on an automated basis? The first step in that is owning and understanding the data surrounding your financial services life and relationship. Pulling that data together and forming that holistic picture of how the person’s finances are evol

In this episode Lesley-Anne Vaughan, Director of MiLA Consulting and Co-Creator of M-PESA, talks to us about how she helped develop the famed mobile money transfer service in Kenya. M-Pesa lets customers use their phone to deposit and transfer money from one person to another without using a bank account. It works using a network of thousands of stores, where the cash agent network does debits and credits. “In 2007 we launched M-Pesa as a live service, but in 2005 the original product was microfinance,” Lesley-Anne says. “We were solving a painpoint of how do we get microfinance to be more effective, more efficient, more cheaply administered.” Since 2005, Lesley Anne has been dedicated to mobile money and mobile financial services in emerging markets. The incredible work she did to build and launch M-PESA earned her name on the patent, which is pretty amazing! The post Ep203 – Lesley-Ann Vaughan, Co-Creator of M-PESA; Director of MiLA Consulting appeared first on 11FS. The post Ep203 – Lesley-Ann Va

In this episode What are APIs? We break it down in today’s episode with some great guests. But a little taste: All the connected apps you use on your phone talk via APIs to get their data. So when you check the weather, says David Andrzejek, the weather app on your phone makes an API call to a system to get the weather data. Lesley-Anne Vaughan says APIs are like ordering from a menu at a restaurant. You place your order from the menu, which is like an API call out to the kitchen (system). The food that comes to the table is the system’s response to that API call. What does this have to do with financial services? Bankers should be interested in APIs because they enable the digital experiences their customers want. More API analogies and explanations await in episode 202! Guests Lesley-Ann Vaughan, Co-creator of M-PESA @VaughanLA David Andrzejek, VP Vertical Solutions at Google @davidandrz Aubrey Hawes, Senior Director of Product Marketing at Oracle @gahawes3 Ghela Boskovich, Founder of FemTec

In this episode Today we’re speaking to Benoit Legrand, Global Head of FinTech at ING. Benoit has more than 20 years of experience in transforming various areas of banking, and even founded a startup. In this interview he shares how ING is like a ’20-year-old FinTech,’  and why a team’s banking experience is key to helping banks change. “I’ve seen so many companies just trying to bring people from outside with a very digital background. But they are not speaking the banking language. And you need that to make sure that the power of the company is being used to transform itself.” Two decades ago, ING became the world’s first branchless, online bank, offering services via phone and internet. Today the Dutch multinational has 33 million customers around the world. The post Ep201 – Benoit Legrand, Global Head of FinTech at ING appeared first on 11FS. The post Ep201 – Benoit Legrand, Global Head of FinTech at ING appeared first on 11:FS.

In this episode Transaction banking has been defined as “the plumbing of international business. It ensures that salaries get paid, money for goods and services gets delivered, investment returns are credited where they belong, and the wheels of world trade keep turning” – Global Finance Magazine. In this episode, Mark Buitenhek (@MarkBuitenhek), Global Head of Transaction Services at ING, and Benoit Legrand (@_benoitlegrand), Global Head of FinTech at ING join us for transaction banking 101. News this week The Independent – Sir Ivan Rogers quits: Britain’s EU ambassador attacks ‘muddled’ Brexit thinking in scathing resignation letter – Link  TechCrunch – Monese raises $10M Series A for its banking app targeting immigrants and expats – Link House of Fraser also invests in Tandem – Link  Finextra – China launches $1.5bn fintech fund – Link FT – Bitcoin has all the attributes of a pyramid scheme – Link Thanks for listening! If you get value from this podcast, please head on over to iTunes and

Leda Glyptis (@LedaGlyptis) should be first on your list for any dinner party. Full of wit and wisdom, this banking and fintech legend always takes conversations to the next level. We talk to her about APIs and open banking, the aftermath of Brexit, PSD2, the golden rule she lives by and more. “APIs are creating a Harry Potter moment,” Leda says. “For a long time, a lot of technology was not permitted for use in banks. Now, we can redesign what we do because new things are possible. It’s absolutely inspirational.” Enjoy the interview! If you like FinTech Insider, you’d make our week by leaving us a review on iTunes.   The post Ep136 – Leda Glyptis, Banking & FinTech Legend appeared first on 11FS. The post Ep136 – Leda Glyptis, Banking & FinTech Legend appeared first on 11:FS.

Happy New Year from FinTech Insider! Wow, 2016 was an incredibly busy year for us. In addition to doing this podcast, in May we started a company called 11:FS, a fintech consultancy that helps banks become truly digital. One of our core beliefs is that digital banking is only 1% finished.   What does that mean?   Today we thought we’d recap, and share a little bit more about who we are at 11:FS. You’ll hear clips of us speaking individually at an event we co-hosted with solarisBank in Berlin not that long ago. Then we’ll kick it over to the group discussion we had with solarisBank Board Member Marko Wenthin. You’ll also hear from Andrea Rexer, Senior Editor at Sueddeutsche Zeitung.   Hope you enjoy the show! We speak at events all over the world. If you’re keen to learn more, email us at speaking@11fs.co.uk The post Ep135 – Digital Banking is Only 1 Percent Finished appeared first on 11FS. The post Ep135 – Digital Banking is Only 1 Percent Finished appeared first on 11:FS.

Time to make fintech predictions for 2017! Will PSD II be the biggest disappoint of the year? How big will the challenger banks get? Is regtech the new fintech? We make predictions on all this and more.   We’re  joined by: David Birch, Director of Innovation, Consult Hyperion @dgwbirch Ben Brabyn, Chief Executive, Investor, Advisor, Level39 @BenBrabyn   Thanks for listening! If you like what you heard, subscribe to our podcast, review us on iTunes–we love reading those reviews!!–and befriend us on Facebook and/or Twitter. The post Ep134 – FinTech Predictions for 2017 appeared first on 11FS. The post Ep134 – FinTech Predictions for 2017 appeared first on 11:FS.

And now for part 2 of our 2016 FinTech Review — What a Crazy Ass Hear This Has Been. We discuss Pokémon (remember that?), the UK ringing in a new Prime Minister, the US electing Donald Trump as President, the Wells Fargo scandal, Facebook payments, China, and, of course, us starting the FinTech Insider podcast! Plus lots more. Sit back and enjoy our review of the major trends that shaped financial services for the second half of the year. We’re once again joined by: David Birch, Director of Innovation, Consult Hyperion @dgwbirch Izabella Kaminska, FT Alphaville blogger @izakaminska Ben Brabyn, Chief Executive, Investor, Advisor, Level39 @BenBrabyn   Thanks for listening! If you like what you heard, subscribe to our podcast, review us on iTunes–we love reading those reviews!!–and befriend us on Facebook and/or Twitter. The post Ep133 – 2016 FinTech Review – What a Crazy Ass Year Part 2 appeared first on 11FS. The post Ep133 – 2016 FinTech Review – What a Crazy Ass Year Part 2 appeared

You’ve had your holiday meals, now it’s time to digest 2016. What a crazy ass year this has been. Brexit. President Trump. Chatbots and fake news. Wells Fargo scandal. Hacks taking down elections and ecommerce. China becoming a fintech star. PSD II and the promise of APIs. So much happened in 2016, we’re splitting our review into two parts. Today, you’ll get a whistle stop tour of the major trends that shaped financial services for the first half of the year. We’re joined by: David Birch, Director of Innovation, Consult Hyperion @dgwbirch Izabella Kaminska, FT Alphaville blogger @izakaminska Ben Brabyn, Chief Executive, Investor, Advisor, Level39 @BenBrabyn   Thanks for listening! If you like what you heard, subscribe to our podcast, review us on iTunes–we love reading those reviews!!–and befriend us on Facebook and/or Twitter. The post Ep132 – 2016 FinTech Review – What a Crazy Ass Year Part 1 appeared first on 11FS. The post Ep132 – 2016 FinTech Review – What a Crazy Ass Year Part 1 ap