Ep. 166. News: 'Tis the Season for Open Banking

1h11 listen

We kick off 2018 with an all 11:FS cast as Simon Taylor, David M. Brear, Andra Sonea & Benedict Shegog discuss this weeks top news including upcoming regulation and the impact of open banking.

First up on today's show, Alibaba's Ant Financial has abandoned a $1.2bn takeover of MoneyGram. So what were the US regulator's concerns over national security and personal data.

Continuing the regulatory theme, we explore open banking and traditional banking. The guys discuss why open banking might threaten the survival of traditional banks. Plus, new research suggests that consumer awareness of open banking is at a major low, amidst suggestions that in 2018 you'll pay through Amazon and Facebook.

Next, we ask what is MiFID II and how will it increase transparency and bolster investor protection?

The guys discuss why the credit card fees ban has backfired, and why consumers face new 'service charges' and higher prices.

Is it right that by 'fat-cat Thursday', top bosses' pay after just three days overtakes workers' average annual salary?

P2P payments are back, so is it true that Apple Pay Cash won't be the death of Venmo? And if not, could Zelle do it?

And in the world of banking and savings apps, the guys explore news that Thomas Cook is planning a banking app, plus the consequences of news that savings app Folio has gone under.

After a very relevant tweet, we return to a story from Ep. 141. The future will be tokenised, with an update on the Chinese government's plans to give every citizen a score based on their trustworthiness. So does this sound like a great endorsement of your behaviour or an Orwellian intrusion? Let us know your thoughts @FintechInsiders.

In the last story for this week's news, why psychedelic stickers are blowing AI minds. We think these might become quite popular in the near future...

And finally on today's show, we offer our predictions for 2018. Tune in to hear the team's thoughts on open banking, SMEs and anticipatory design, and check out our 2018 predictions blog.

Thanks for listening! Spread the word, tell all your friends and don't forget to leave us a review on iTunes.

If you want to get in touch, drop us a line at podcasts@11fs.com or on Twitter @FintechInsiders and follow us on Facebook.

Special Guests: Andra Sonea and Benedict Shegog.

Links:

We are 11:FS

We believe digital financial services are 1% finished. We’re building the next 99%.

About Us

What we do

11:FS builds next-generation propositions for challengers in the financial services industry: existing firms looking to innovate, start-ups looking to scale, and everyone in between.

Services