We dive into the interesting world of ethical hacking. Our first guest Jamie Woodruff takes us through his unique university entry, why your computers might not be the cause of your network's security breach and how posing as a pizza delivery man helped him gain entry into a companies headquarters.
Chris then interviews Sergey Pavlovich, a Russian 'carder' who made it big defrauding banks, and after a stint in prison, started working to defend against people like him. Sergey tells us about how he earned thousands from stolen credit cards and why working for the good guys works out better in the long run.
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by Ollie Judge
We attend the Money and Mental Health Tech Sprint. With the help of new Fintech Insider host Dr Harriet Bedell-Pearce we explore new ways technology is being applied in Fintech products to foster better lives for those with mental health disorders.
We hear about the projects built at the tech sprint to help control volatile spending habits caused by mental challenges, how red-tech can help provide regulators with the data they need to make a difference and how taking a personalised approach to mental well-being projects may the way forward for the industry.
Gerhard Coetzee is making a real difference in the world of financial inclusion. As Lead Financial Sector Specialist at CGAP, he heads up a team of 50 people who are focussed on the role of financial services in the economic and social reality of poor and low-income people.
Simon Taylor caught up with him to find out about the challenges he faces and why customer-centric design and partnerships are so central to his approach.
"If you do not understand the customer, the poor person in their life, the challenges they have, the pain points they face, then it will be very difficult to provide a service that they will use."
"I believe strongly in living your life in such a way that when you leave something, it is better than the way you found it."
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by Martin Spain
Alessandro Hatami started with road building in Africa as an engineer, on to direction setting at Lloyds and now he is helping traditional business find and engage with the right digital services partners at The Pacemakers.
11:FS CEO, and ex-colleague of Alessandro, David Brear sat down to find out more about helping large organisations be innovative, how partnering in FinTech is replacing the disruptive narrative and the impacts of Brexit on all of the above.
by Aden Davies
From dreams of running a five-star hotel to the reality of running a five-star bank, Ashok Vaswani, the CEO of Barclays UK, speaks with Simon Taylor about culture, digital transformation challenges and opportunities, frontline empowerment and how Simon might be able to buy a Lamborghini in the future.
“We touch 24 million customers in the UK, so 63 million people, if you humour me, and say 15 million less than 15 years of age, that leaves 48, we touch one out of every two people in the UK. Now, that’s an awesome position to be in, right?“
“I’ve now started having dinners with CEOs of other businesses, other industries, corporate clients of ours, and saying, “Hey, you guys are big, big in your-,” you know, people like British Airways, AIG, GE, Day Lewis, all these big companies, and say, “You guys are struggling with the same thing, we’re struggling with the same thing, can we actually talk together and, you know, do stuff.””
Alipay dominates financial news. On FinTech Insider, we joke about creating a jingle for ‘Alipay does a thing.’ What’s really interesting to us about Alipay is the Ant Financial business model of ‘payments as a wedge product’ to drive other financial services. We talk to a lot of banks now that want to become marketplaces, having looked at Alibaba and Alipay as the model to copy. In this episode, Rita Liu, Head of Alipay Europe, Middle East, and Africa, talks to us about Alipay’s growth ambitions and why China is such an exciting region for FinTech and financial services.
“We have been active in the global market for a while, all driven by our consumers’ needs,” Rita says. “Alipay is the most popular online payment option for Chinese buyers. So we have been distributing Alipay as a payment option for ecommerce players outside of China.
“In China, mobile wallet has become an increasingly popular way to pay in the physical world, and that is driving us to do the same in the global market. We follow the Chinese tourists’ footprint in the world, to enable the merchants to be able to offer the same experience that our users can have in China while they travel. So that’s why we have started to develop merchant acceptance in the physical world, to accept Alipay.”
What were you doing when you were 20 years old? Ollie Purdue was studying law...and founding a company to transform the banking experience. He didn't want to be a lawyer, or a banker, but he did want to solve a problem facing many students: budgeting and forecasting how much money they'll have and need every month.
"At the time I was studying, I kept getting really frustrated with my bank account. It was just unable to tell me basic things about money, and that’s, kind of, what a bank’s meant to do, right?" Ollie says. "My bank wouldn’t tell me, when I got paid, how long that money will last. It wouldn’t tell me where I can cut down on my spending, and it wouldn’t tell me if my spending’s normal. So I was in a position where I never really understood my money, and I just didn’t get it, and then I tried budgeting apps and things like that, and they were really clunky...So it became really clear that a bank needed to be much smarter with data, and present that in a better way, and that’s kind of where it started."
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Antony Jenkins, former CEO of Barclays, has spent 35 years working in large financial services institutions. He says that it struck him that, although there's a lot of technology in banks, it doesn't help much when it comes to improving the customer experience or lowering costs, and it hasn't improved the reputation of banks within society. He founded 10x to create a new banking experience — one that is more diverse, open, and fair. In this episode, he talks to us about his new company, the future of banking, and the transition from running one of the biggest banks in the world to founding a startup.
"When I left Barclays, I began to look at what was happening, not only in the FinTech scene, but also with the underlying technologies. I became convinced that there was an opportunity to create the beginnings of a very different way of doing banking," Antony says. "We set up 10x to deliver the capability to do that. It's basically a full set of capabilities that a bank would need to operate. I like to think of it as providing better functionality than a neobank at lower cost than a big bank, and in a much more transparent way. That’s what we’re building at 10x."
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The Financial Conduct Authority’s progressive regulatory policies have been credited with helping to make London one of the world's finest FinTech centres. In episode 126 of FinTech Insider, we spoke with several participants of the FCA's regulatory sandbox, created as a ‘safe space’ for startups and companies to test ideas before becoming fully regulated. In this episode, we interview FCA Policy Director David Geale on the thought behind the sandbox, and more. Enjoy the show!
"The sandbox is there for firms who really need to test in a live environment," David says. "The example I often give is around disclosure. If I actually present something to you and say, 'This is the current disclosure, here’s a new version, which one of these do you prefer? Which one of these do you understand?' well, to a degree, that’s cheating. It’s better than nothing in terms of testing, but you’ve cheated, because you’ve got people to read it in the first place, and that’s generally the core challenge, is getting people to engage, getting people to read. So if you can test that in a live environment, and say, 'Okay, we know what you would have had, now what’s the difference in actual behaviour with this new form,' or new style, maybe digital disclosure, for example, you can actually really see the impact of the results."
Enjoy the show! If you like what you hear, subscribe, review us on iTunes, and follow us on Facebook and Twitter. You can always email us at email@example.com.
As CEO of WeChat Africa, Brett Loubser's role is to leverage the WeChat platform to the greatest extent possible in Africa. However, the market conditions in this continent are completely different from China. A focus on a chat app didn't make sense for Africa, given the significant competitor products. Instead, Brett and his team focused on 'the absolute power of the platform.' In this episode of FinTech Insider, Brett shares great examples of how working with partner companies has proven to be such a great business model.
"Our first major push into showcasing the power and potential of WeChat as a platform was the launch of Cliff Central," Brett says. "We worked with a very bright young chap by the name of Gareth Cliff, who is one of the biggest media personalities in South Africa. At the time, he was the most popular radio DJ on the biggest free-to-air radio station in the country. He was looking to launch something of his own, and so we launched a digital radio station along with him on our platform. And that worked incredibly well because, not only was there the obvious benefit of partnering up with somebody who had a huge personal brand in South Africa, but also the benefits of showcasing digital radio being delivered on a chat platform was stopping people in their tracks."
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Blythe Masters spent 27 years at JP Morgan in a variety of roles, including running the global commodities business, working in structured credit and fixed income markets, and serving as CFO of JP Morgan’s global investment bank. After leaving in 2014, she planned on taking a year off, but then blockchain caught her eye and she joined Digital Asset, where she's CEO. In this interview, Blythe describes their technology as blockchain-inspired, explains what this means, and shares what Digital Asset is working on.
"This is a once in a generation opportunity to fundamentally change the way the financial market infrastructure works," Blythe says, "and that is for the greater good of everybody."
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We talk to James Lloyd about the incredible FinTech innovation and uptake happening not only in China, but across Asia. James is the Asia-Pacific FinTech Leader at EY, and our point of reference for most of the phenomenal stats coming out of the region. Did you know that during Chinese New Year – which is only 6 days – 46 billion transactions happened on WeChat alone? That’s 46 billion “red packets” – the money you send as gifts. 46 billion!
“In London, getting access to a bank account or a credit card or a basic investment or savings product is relatively straightforward,” James says. “In China, traditionally the banks have focused on supporting corporates and state-owned enterprises. So there has been this unmet need, this market gap, that the big technology players have really moved pretty aggressively to fill.”
If you enjoyed this episode, please share the love and tell a friend about FinTech Insider, and leave us a review on iTunes—this helps people find us.
The post Ep217 – EY’s James Lloyd: China’s Not Just Mobile First – Often It’s Mobile Only appeared first on 11FS.
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 – Monzo: The First Truly Digital Bank appeared first on 11FS.
Serial tech entrepreneur Steve Kirsch (@stkirsch) has founded seven companies and earned a name for himself as the inventor of the optical mouse. Today he’s CEO of Token, a global open API banking platform.
Steve says that, historically, banks have operated on limited hours. Central banks have similar systems to be compatible, which has led to architectures that are nowhere near as complex as doing real-time systems. But then internet came along and changed people’s expectations.
“Now banks sort of have to be open 24/7, and yet the underlying systems haven’t caught up with that,” Steve says. “And so the challenge is to create technology that can layer on top of the existing banking system that would enable people to have the level of service that they expect, and yet not disrupt things below the decks. It’s almost like putting a modern façade on top of an old cruise ship. That’s essentially what we’ve done. [If] we need more engine power, we call down through certain interfaces and say, ‘Can you do this service for us?’ and they say, ‘Yes, the answer is this.’ But as far as everybody on the top deck is concerned, it looks like they’re on a totally modern cruise ship.”
If you enjoy this interview, please leave us a review on iTunes. To find out more about the team behind FinTech Insider, visit 11fs.co.uk
The post Ep211 – Token CEO Steve Kirsch appeared first on 11FS.
Sir Mark Walport (@uksciencechief), UK Government Chief Scientific Adviser and Head of the Government Office for Science, says his job is to advise the government on policy for all aspects of science, engineering, technology, and social science. In a delightful interview with 11:FS Co-Founder Simon Taylor, he discusses artificial intelligence, ethics and technology, data and privacy, and more.
“There are many other areas where industry has the potential to progress faster if they work together in a pre-competitive environment. Of course, one of the issues is around the sharing of data,” he says. “It’s possible to share data in ways that don’t threaten the integrity of businesses. That’s about defining access and giving people access in a way that critically protects privacy.”
Thank you to Paul Aldrich (@DrPAldrich), Lead Partner of Financial Services Technology at Odgers Berndtson, for inviting us to CityVison2030 where we interviewed Sir Mark.
For more great FinTech Insider interviews, visit 11fs.co.uk.
The post Ep208 – Sir Mark Walport, UK Government Chief Scientific Adviser and Head of the Government Office for Science appeared first on 11FS.
Tandem CEO Ricky Knox says banking should feel effortless, as easy as listening to Spotify. He shares how Tandem is building this kind of digital bank, and how his previous startups, including Small World Financial Services and Azimo, led him to where he is today. Tandem is the second digital bank in the UK to get its banking license, and recently received a £35 million investment from House of Fraser.
“We really want to build banking as a service, or banking as a solution, in the same way that I now listen to Spotify,” Ricky says. “I don’t have a buying experience anymore…I can have music in every room. It should feel a little bit like that to do your banking. It shouldn’t be any effort.”
You’ll also hear from Chief Customer Officer Ruth Handcock, who says her job is listening to customers, then translating that into what Tandem is building.
Enjoy the episode! If you’re a fan of FinTech Insider, please review us on iTunes. This helps other people find us. To learn more about the team that brings you FinTech Insider, visit 11fs.co.uk
The post Ep205 – Tandem CEO Ricky Knox and CCO Ruth Handcock appeared first on 11FS.
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.
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.
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.
We’re back with Part 2 of our takeover of Monzo, one of our favourite challenger banks. In this episode, we dive into the details on how they’re creating a truly digital bank. You’ll learn how they’re organised, building technology from the ground up, fostering a culture of trust and learning (fun fact: they all have access to each other’s emails), what makes their design so special, why their community is so engaged, and more.
Monzo is hiring, you lucky ducks. Check it out.
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 Ep131 – Monzo Part 2: The Road to 1 Billion Customers appeared first on 11FS.
Gary Turner is Co-Founder and Managing Director of Xero, which provides small- to medium sized businesses (SMBs or SMEs) with online accounting software. Forbes described Xero as the “World’s Most Innovative Growth Company.” In this episode, Gary talks about how he helped take Xero from a 3-person startup with £50,000 in revenue to a company that will have £150 million in revenue this year. He also shares his favourite productivity hacks, podcasts, and advice to those getting into fintech.
“We have a saying at Xero,” Gary says, “It’s not the big that eat the small, it’s the fast that eat the slow.’ Focus on what it is you need to do, and do it really, really quickly. Don’t debate it, and don’t analyse it for three weeks, and don’t write a white paper on it, and don’t commission a survey. If you’re small, if you’re a startup, you can move at light speed, much quicker than anyone else can – use that advantage while you have it.”
Gary Turner, Co-Founder and Managing Director at Xero @garyturner
Enjoy the show! If you like what you hear, subscribe, review us on iTunes, and follow us on Facebook and Twitter. You can always email us at firstname.lastname@example.org
The post Ep129 – Xero: Giving 800,000 Business Owners Their Lives Back appeared first on 11FS.
Onboarding a FinTech into a bank is expensive, due to acquisition and compliance costs, and the risks that come with different APIs. Railsbank, which goes live in early 2017, will give banks access to the FinTech world through one API. We talk to Nigel Verdon, CEO and Co-founder of Railsbank, about how his company serves as the glue between FinTechs and banks.
Nigel Verdon, CEO & co-founder Railsbank, @nigelverdon
Enjoy the show! If you like what you hear, subscribe, review us on iTunes, and follow us on Facebook and Twitter. You can always email us at email@example.com
The post Ep127 – Giving Banks Fintech Access Through One API appeared first on 11FS.
Hello, FinTech Insiders! This week we chat with two awesome guests leading innovation in different areas: blockchain and wealth management.
Jeff — whom we definitely consider a blockchain godfather — shares how he got interested in coding, bitcoin, and blockchain, and how he sees this space evolving.
Dave — aka ‘SuperDaveBruno’ on Twitter — talks to us about robo-advisors, digital wealth management, and why he’s always on the offense when it comes to innovation.
Make sure you check out Dave’s YouTube channel. Such great fun and you’ll learn a ton.
The post Ep125 – Blockchain’s Godfather & Wealth’s Superhero appeared first on 11FS.
Guests Sam Maule and Chris Gledhill are among the 100 most influential fintech leaders in 2016. Fun fact: Chris used to build software for submarines and Sam used to live on them.
The post Ep123 – FinTech Under the Influence appeared first on 11FS.
Richard Brown, Chief Technology Officer at R3, started building a blockchain platform called Corda from scratch a year ago. The distributed ledger platform is different from other blockchain platforms in that it’s designed explicitly for and by the world’s financial institutions. R3 is a consortium of over 75 of the world’s largest financial institutions, and Richard Crook, Head of Innovation Engineering at RBS, sits on its steering committee. He crystallized the mission statement that led to the creation of Corda, which will be available November 30.
We sit down with both Richards to talk about the current and future state of blockchain.
Richard Brown @gendal
The post Ep121 – Off the Chain! With R3 and RBS appeared first on 11FS.
Later this week, we’ve got another fantastic blockchain episode with R3’s Richard Brown and other great guests.
Chain is a blockchain technology company that partners with financial firms to build and deploy blockchain networks that transform markets.
BigchainDB allows developers and enterprise to deploy blockchain proof-of- concepts, platforms, and applications with a scalable blockchain database.
Simon, blockchain lead at 11:FS, is a globally-recognised blockchain subject matter expert and fintech Influencer. He serves as a trusted advisor to the UK government, Bank of England, tier 1 banks, asset managers, and investors. He also established Barclays as one of the leaders in blockchain and helped a variety of startups flourish through Barclays Tech Stars accelerator.
The post Ep119 – Back on the Blockchain Gang! appeared first on 11FS.
Deputy CEO Mathilda Strom has helped Bima grow from a pilot in Ghana to an organisation bringing health, accident, and life insurance to millions of people in emerging markets. Bima is a leading InsurTech player that uses mobile technology to disrupt the global insurance industry and fuel financial inclusion.
“About a year ago, we paid out a claim to a woman in Pakistan…she has four children, and she lost her husband in a tragic, drive-by shooting. She then received, within two days of giving the death certificate of her husband to us, $3,000 from Bima as a claims payout, and she was then able to send her eldest son to graduate school, and then have enough money left over that she could support the rest of her children for up to two years in salary that her husband could otherwise have been able to contribute to the family. So this really does make a massive impact on the lives of the people that we’re serving.”
The post Ep117 – InsurTech: Saving the World,
Saving You Money appeared first on 11FS.
We have an awesome show for you this week talking to some of the most innovative people changing the way some of the largest banks on the planet operate.
Your hosts, as always, is David Brear (@davidbrear) and Jason Bates (@JasonBates) with an by interview Simon Taylor (@sytaylor) but with Chris Skinner (@Chris_Skinner) MIA this week.
We welcome back Anna Irrera (@annairrera) – Fintech reporter for Financial News, Dow Jones as well as Mariano Belinky (@belimad) and Pascal Bouvier – (@pascalbouvier) from Santander InnoVentures talking about their fund and how things work in Santander.
We interview Shamir Karkal (@shamir_k) the former founder and CEO of Simple and now the Head of APIs for BBVA.
Lastly we talk to Neal Cross (@Neal_X) – Chief Innovation Officer at DBS Bank about the transformation he has spearheaded at DBS as well as what its like to be crowned the most innovative CIO on the planet.
Got a burning question or just want to shout of how much you’re loving whats in your ears right now? Contact us on Twitter @FinTechInsider or @11FSTeam, or email on FinTechInsider@11fs.co.uk
The post Ep111 – Interviewed: The innovators really changing banking. appeared first on 11FS.