301. News: Not cashless but less cash
David and Sarah are joined by some great guests to talk about some of the most interesting stories of the last 7 days. Including: We take a look at the fallout of the RBS Remedies fund pool A results, Goldman Sachs takes a bite out of the credit card market by teaming up with Apple and Lithuania reveals its' Top Gear-inspired strategy to become a fintech hub
This week we have some great stories for you as David and Sarah are joined by four great guests:
- Nick Bortot, CEO of Bux
- Max Rofagha, CEO of Finimize
- Nicholas Megaw, Retail Banking correspondent at the FT
- Damian Richardson, Head of Product, New Digital Customer Propositions, Services at NatWest
We kick off the episode with a close look at the winners of the RBS Remedies fund announced last week and wonder why some were snubbed. Max Rofagha points out how anti-competitive the awards were but it remains to be seen if this continues through the the rest of the fund pools available. TSB may have lost out but as Sarah says, TSB have bigger problems than missing out on a fund. And in a quick throwback to last week's news episode, Tom Blomfeld CEO of Monzo was correct to predict that Starling would win the £100M (03:19).
Next up we take a look at Goldman Sachs' move into the credit card market with Apple. David notes that a big technology company moving into banking has been the incumbent banks biggest fear for quite some time. Sarah asks if this move could spell the end of the Marcus brand with co-branding alongside ApplePay. Sarah thinks it's been a long time coming considering some of the moves Goldman Sachs has been making over the past few months, the decision to partner with Apple suggests that Goldman Sachs wants to target Apple's demographic and payment network (10:25).
Later on in the show we spoke Norris Koppel, CEO of Monese to find out more about the partnership with Avios (56:07).
Other stories included:
- Have you got PPI? Lloyds have £19.4bn
- The Swedish Money Laundering Scandal continues
- HSBC launches PayMe in HK
- US might legislate against going cashless
- And finally, Lithuania’s Top Gear-inspired strategy to become a fintech hub
All this and much much more on this week's news show.
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This week's episode was produced by Laura Watkins and edited by Alex Woodhouse.
Special Guests: Damian Richardson, Max Rofagha, Nicholas Megaw, Nick Bortot, and Norris Koppel.
- CYBG Snubbed For RBS Funds | PYMNTS.com
- Apple plans to launch credit card with Goldman Sachs | Business | The Times
- Lloyds PPI bill grows £750m to £19.4bn - BBC News
- Swedbank Dirty Money Plot Thickens After CEO Analyst Call
- HSBC unveils PayMe for Business app in initial beta test
- This Legislation Could Force Stores to Take Your Cash - The New York Times
- Monese integrates with Avios loyalty currency
- Lithuania to boost central bank headcount in response to Revolut with Top Gear-inspired strategy - AltFi News