In This Episode

This week on Breaking Banks, Money in the 21st Century, a special episode from sister podcast Breaking Banks Asia Pacific. Listen as Breaking Banks Asia Pacific host Charis Palmer sits down with economist and professor of economics Richard Holden to chat about his new book: Money in the 21st Century and why he believes that the US Fed needs to get going with a 'Fedcoin'. They also cover the global economics of #crypto #cbdcs #mobilemoney and #cheapmoney, and how we’ll all transact in our future cashless world. Enjoy the episode!

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome to Breaking Banks

The hosts introduce economist Richard Holden and his new book, Money in the 21st Century, exploring the future of money and payments.

Chapter 2: [05:30] Three Key Trends in Global Money

Richard discusses how low interest rates, mobile money, and cryptocurrencies are reshaping how we transact globally.

Chapter 3: [15:15] The Case for a Fed Coin

Richard makes a compelling argument for the U.S. to create a digital currency, emphasizing its necessity in a race against China and private digital currencies.

Chapter 4: [25:45] The Phasing Out of Cash

Examining the inevitability of a cashless future, Richard outlines a phased approach for governments to reduce reliance on physical currency.

Chapter 5: [35:30] CBDCs and Financial Inclusion

A discussion on how central bank digital currencies can address issues of financial inclusion, particularly for the unbanked in developing economies.

Chapter 6: [45:15] Private vs. Public Currencies

Exploring the tension between decentralized cryptocurrencies and government-controlled CBDCs, with insights into their potential coexistence.

Chapter 7: [55:45] China's Digital Currency Strategy

Richard evaluates China's rapid progress in developing the ECNY and its implications for global monetary dominance.

Chapter 8: [01:05:30] Global Financial Blocks and Collaboration

A look at the role of regional financial blocks like Enbridge in shaping international money transfers and blockchain-based systems.

Chapter 9: [01:15:00] Future Roles of IMF and World Bank

Closing thoughts on how international institutions might adapt to a world dominated by central bank digital currencies.

Related Content:

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Episode 247: The Bankers' Bookshelf - Going Cashless with Digital Currencies

Episode 21: What does 2024 hold for fintech in China? 

Crazy Cryptocurrency and Watson fixes Regtech

Episode 216: Disruption Stories - The Challenges of Integrating Cryptocurrency into Traditional Financial Systems

https://youtu.be/q0uNPddxiDo

In This Episode

Excitement over new technologies, new capabilities, new business models, and new companies often turns to hype, but what goes up, must come down. We seem to be working through hype cycles faster and faster, but what’s on the other side is rarely a return to the status quo. In this episode, Simon Taylor,  Fintech Brainfood, Jim Marous, The Financial Brand and Theo Lau, Unconventional Ventures join hosts Brett King and JP Nicols to share insights and debate what upward and downward forces will most impact fintech and banking in the next 12 months, and what that new reality looks like.

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome and Introduction

Brett King and Jason Henricks introduce the episode, set the stage for the 2024 outlook discussion, and highlight the themes of hype cycles and industry realities.

Chapter 2: [03:15] Hype Cycles and Disruption

J.P. Nichols discusses the acceleration of hype cycles in fintech, the trough of disillusionment, and how technologies like AI are impacting the space.

Chapter 3: [10:45] Traditional Banking's Challenges

Jim Maroos explores the pressures on traditional banks, deposit flight, and the stark differences in how fintech challengers like Monzo and Nubank are gaining ground globally.

Chapter 4: [20:10] Emerging Markets vs. Developed Markets

The panel compares fintech growth in emerging markets like Brazil with developed markets, highlighting the unique opportunities and obstacles each faces.

Chapter 5: [32:30] AI's Dual-Edged Sword

Theo Lau and others delve into the risks and opportunities of AI in financial services, from fraud mitigation to ethical dilemmas like deepfake scams.

Chapter 6: [45:20] Generative AI and Regulation

Brett King and Simon Taylor discuss the slow progress in generative AI applications for banking, legal challenges, and regulatory frameworks worldwide.

Chapter 7: [55:00] Venture Capital and Fintech Evolution

The conversation shifts to the fintech funding landscape, the implications of down rounds, and how AI integration presents new opportunities for startups.

Chapter 8: [01:07:15] The Wallet as a Super Tool

Brett King outlines the rise of the "super wallet," integrating identity, health, and financial data, and its transformative potential for consumer behavior.

Chapter 9: [01:20:30] The Future of Personalization in Fintech

The panel explores how AI is driving hyper-personalization, reshaping customer experiences, and embedding financial services into everyday life.

Chapter 10: [01:30:00] Closing Thoughts and Predictions

The hosts summarize key takeaways, speculate on potential black swans in fintech, and discuss how regulation and geopolitics may shape the future.

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Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity

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Episode 534: Space, AI, Climate and Beyond Banking

Episode 549: Bringing You The Best

https://youtu.be/V-7Mo6x9rpE

In This Episode

2023 was the hottest year on record in terms of temperature. ESG, sustainability, clean tech / green tech and corporate responsibility have been hot topics. Are we at war with climate? This week we feature Brett King's recent sit down in Bangkok, Thailand with former banker, fintech investor and now venture capitalist, Paul Ark, with The Radical Fund, an early-stage VC fund investing in founders who are delivering climate resilience for Southeast Asia. Where are investment dollars going? Climate mitigation (how to prevent the world from getting warmer) and climate adaptation (dealing with a warmer world) and what it means for infrastructure resilience and food insecurity, to name some areas of concern, are top of mind. Climate is a complex systemic issue and requires a buffet of technologies to address, improve and help us reclaim our environment. It's an enlightening conversation with The Futurists!

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome and Setting the Stage

Brett King introduces the episode and shares the significance of discussing climate disruption and sustainable investment strategies.

Chapter 2: [03:00] A Journey Through Asia and Venture Capital

Brett and guest Paul Ark discuss his background in Asia, his work at Apple, and his transition to venture capital with a focus on sustainability.

Chapter 3: [15:45] Southeast Asia's Economic Growth and Stability

Paul reflects on Southeast Asia's delayed economic growth trajectory and its current potential for sustainable development investments.

Chapter 4: [28:20] Forecasting the Future: From Apple Retail to Clean Tech

A look at how Paul's experiences in Apple retail informed his methodology for evaluating long-term opportunities in climate and green tech ventures.

Chapter 5: [40:15] Mitigation vs. Adaptation in Climate Investment

Paul explains the global focus on climate mitigation, the underinvestment in adaptation, and the need for more balanced funding strategies.

Chapter 6: [55:30] The "Pearl Harbor Moment" for Climate Action

The hosts debate what will trigger a global mobilization for climate efforts, comparing climate change's urgency to wartime efforts.

Chapter 7: [01:10:00] Climate Tech and the Future of Humanity

Exploring potential technologies like geoengineering, regenerative agriculture, and circular economies to counteract climate challenges.

Chapter 8: [01:25:00] Radical Solutions for a Sustainable Future

Paul shares insights into his Radical Fund's mission to promote inclusive climate solutions, particularly integrating gender perspectives.

Chapter 9: [01:40:30] Optimism Amidst Challenges

Closing with hope, Brett and Paul discuss how technological innovation and collective action can pave the way for a brighter future.

Chapter 10: [01:55:00] Outro and How to Stay Connected

Brett wraps up the episode with information on how listeners can follow Paul Ark and learn more about the Radical Fund.

Related Content:

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https://youtu.be/o2C0X1E8oEw

In This Episode

Should you increase your social media savviness to sell products? With digital acquisition reshaping financial services it's certainly something to think about for your organization's benefit. In this episode, host Brett King speaks with Dr. Robin Kiera, Founder and CEO, Digitalscouting about his book, Attention Hacking: The Power of Social Media Selling in Insurance and Finance. Listen as Dr. Kiera delves into the topic and shares industry examples, opportunities and his belief that you need to position yourself and your organization as influencers among your target market.

The premise is simple, you need to be where your customer is.

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome and Introduction

Brett King introduces the episode and welcomes Robin Kira, author of Attention Hacking, to discuss the role of social media in finance and insurance.

Chapter 2: [05:30] The Decline of Bank Branches

Brett and Robin explore how the shift to digital banking is reshaping the financial industry and the implications for branch-based models.

Chapter 3: [15:45] Why Insurance Lags in Digital Adoption

Robin highlights the challenges of digital transformation in insurance, including regulatory hurdles, product complexity, and consumer reluctance.

Chapter 4: [28:20] Social Media's Role in Financial Services

A discussion on how financial institutions struggle with social media, why some succeed, and the importance of cultural adaptation in the digital age.

Chapter 5: [40:15] Strategies for Social Media Success

Robin shares key insights and actionable tips from his book on how companies can effectively leverage social media to connect with customers.

Chapter 6: [55:00] The Power of Short-Form Video

The conversation shifts to the dominance of short-form video platforms like TikTok and best practices for creating impactful content.

Chapter 7: [01:10:00] Ethical Considerations in Social Media Marketing

Brett and Robin address the ethical dilemmas of aggressive marketing tactics, transparency, and the importance of playing the long game in building trust.

Chapter 7: [01:25:30] Future of Corporate Responsibility

The duo speculates on how social and environmental responsibility will become critical for businesses in a rapidly changing world.

Chapter 8: [01:35:00] Closing Thoughts and Resources

Brett wraps up the episode with information on Robin's book, Attention Hacking, and how listeners can connect with Robin for more insights.

Related Content:

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Social Means Global

Hack to Better Security

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https://www.youtube.com/watch?v=1uGvauRU2s4

In This Episode

Identity, and the future of it, continues to be a hot topic as digital adoption increases in all aspects of our lives. When you are verifying your identity, you want to do it with as little friction as possible and expect it to be fast, secure and compliant. In this episode, host JP Nicols speaks with Incode Technologies' Domingo Guerra, EVP of Trust, and industry veteran with a strong background in cybersecurity and data privacy, about the latest innovations in verifying identity. User expectations are bigger than ever. Positive user experiences and biometric acceptance can make what once seemed scary less so, but are all biometrics created equal?

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome and Introduction

Brett King and J.P. Nichols introduce the episode, welcoming Domingo Guerra from ENCODE to discuss identity verification and fraud prevention.

Chapter 2: [03:45] The Evolution of Biometrics

Domingo explains how biometrics have shifted from being perceived as futuristic to a mainstream method of secure authentication.

Chapter 3: [12:30] AI's Role in Identity Verification

A look at how AI enhances identity verification processes, speeds up fraud detection, and keeps pace with evolving attacker tactics.

Chapter 4: [22:00] Battling Fraud in a Digital Age

The discussion delves into synthetic identities, deepfakes, and the arms race between fraudsters and security technologies.

Chapter 5: [32:15] Building a Global Identity Network

Domingo shares ENCODE's vision of an "identity bureau," enabling privacy-preserving collaboration across financial institutions.

Chapter 6: [42:40] Beyond KYC: KYB and KYE

Domingo outlines the shift from traditional Know Your Customer (KYC) practices to Know Your Business (KYB) and Know Your Employee (KYE) models.

Chapter 7: [51:20] Industry Lessons and Applications

Insights from various industries, including gaming, gig economy, and social media, on identity verification and fraud management.

Chapter 8: [01:02:15] Privacy vs. Surveillance

A critical discussion on balancing user consent and privacy with the growing capabilities of biometric and identity technologies.

Chapter 9: [01:15:30] The Future of Digital Identity

Domingo envisions a world where reusable digital IDs reduce fraud, enhance convenience, and empower user ownership of personal data.

Chapter 10: [01:28:00] Closing Thoughts and Resources

Brett wraps up the episode with information on ENCODE's services and Domingo Guerra's insights into the future of identity verification.

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https://youtu.be/pDr66sLB8Jw

In This Episode

Iceland is a small country doing big things in fintech, but also in healthtech, renewable energy, gaming, and the ocean-based blue economy. Few countries fared worse during the 2008 global economic crisis, which had a profound impact on the country’s financial system, currency, and overall economy. The economy gradually recovered, and by the 2010s, Iceland experienced steady economic growth. Today Iceland has a high standard of living. Its citizens enjoy access to quality healthcare and education with a relatively low level of income inequality, and it is the global leader in diversity, equity, and inclusion. JP Nicols visited Reykjavik to meet with some of the people innovating to drive these outcomes, including the country’s First Lady who is proud of her country’s achievements, yet declares that “good enough, is not good enough”.

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Welcome to Iceland

Brett King introduces the episode from Reykjavik, highlighting the TCI Global Conference and the unique challenges and opportunities in Iceland.

Chapter 2: [05:20] Iceland’s Innovation Story

A historical perspective on Iceland’s evolution from cod fishing to a diversified economy driven by innovation in the blue economy and beyond.

Chapter 3: [15:45] Lessons from the 2008 Crisis

Reflections on how the financial collapse reshaped Iceland’s banking system, fostering resilience and growth in fintech innovation.

Chapter 4: [25:10] The Fintech Cluster at Groska

A deep dive into Reykjavik’s fintech hub, featuring Gunnlaugur Jónsson’s insights on fostering collaboration in Iceland’s small but vibrant ecosystem.

Chapter 5: [38:20] Blockchain Innovation in Iceland

Sven Valfoss discusses Monerium's pioneering efforts in issuing fiat on blockchain and bridging the gap between Web3 and traditional finance.

Chapter 6: [50:45] Combating Financial Crime with AI

Insights from Lucidity on how generative AI and privacy-enhancing technologies are revolutionizing anti-money laundering and fraud detection.

Chapter 7: [01:05:30] Health Tech Meets the Blue Economy

Exploring innovative health tech solutions like Kerasys, Iceland’s first unicorn, and its groundbreaking use of fish skin in medical applications.

Chapter 8: [01:18:10] Diversity and Inclusion in Icelandic Tech

Highlighting initiatives like the Nordic Women in Tech Awards and the innovative DEI platforms of Pay Analytics and Alda.

Chapter 9: [01:32:00] Bridging Gaps and Building Futures

Reflections on Iceland’s role as a bridge between industries, cultures, and geographies, creating a global model for innovation and collaboration.

Chapter 10: [01:45:00] Closing Notes from the Land of Fire and Ice

Brett shares final thoughts on Iceland’s unique spirit of collaboration and innovation, and his experience with Icelandic culture and hospitality.

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https://www.youtube.com/watch?v=atOEvLoB8dQ

In This Episode

Does financial services ever have an off-season? Is now the time to update your playbook? . Today, host JP Nicols tackles a few of these questions and then speaks with James Anderson, Paze's Managing Director, about a new launch on track for early next year. Paze is a new digital bank wallet from Early Warning Services, the fintech company that brought us Zelle several years ago and is owned by some of the largest banks in the US. A completely separate venture focused on e-commerce payments, Paze no doubt benefits from learnings in creating Zelle.

The US payments world is complicated, Paze aims to be ubiquitous on both consumer and merchant sides, the piece in the middle connecting financial institutions, providing better outcomes, and making purchases more convenient and secure. Launching with more than 1,000 banks, Paze is 100% online payments focused, offered by participating banks and credit unions, built to simplify and secure checkout by tokenizing credit and debit card numbers so users never have to enter card data, usernames or remember passwords. A new product, a new year and the next era of banking just around the corner.

Read the entire transcript here.

Podcast Content:

Chapter 1: [00:00] Introduction: Setting the Stage

Brett King introduces the episode's focus on the evolution of digital banking and the competitive dynamics between incumbents and insurgents.

Chapter 2: [05:30] The Challenges of Digital Wallets

Brett and James Anderson discuss the fragmented digital wallet landscape and the persistent issues in online payments.

Chapter 3: [15:20] Introducing Paze: A Bank-Led Digital Wallet

James outlines the goals of Paze, a digital wallet initiative from Early Warning Services, focusing on security, convenience, and ubiquity.

Chapter 4: [25:40] Learning from Zelle

Insights from Zelle’s success in peer-to-peer payments and how it shapes the strategy for Paze’s rollout.

Chapter 5: [35:10] Collaboration with Merchants

Exploring how Paze plans to bridge the gap between financial institutions and merchants to reduce cart abandonment and enhance user experience.

Chapter 6: [48:25] Tackling Fraud in E-Commerce

Paze’s unique approach to fraud prevention using tokenization, cryptograms, and bank-verified data.

Chapter 7: [58:15] Building Ubiquity in Payments

The challenges and strategies for achieving widespread adoption among consumers, merchants, and financial institutions.

Chapter 8: [01:10:50] Roadmap to 2024

Updates on the phased rollout of Paze, including pilot programs and partnerships with financial institutions.

Chapter 9: [01:20:30] The Broader Vision for Banking

Reflections on how innovations like Paze signify the shift toward customer-centric and secure digital banking experiences.

Chapter 10: [01:30:45] Closing Remarks

Brett wraps up with key takeaways on the future of digital payments and the role of collaboration in shaping the next era of banking.

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https://www.youtube.com/watch?v=mJYx8wG_5fs

In This Episode

This week we begin our episode with the third in our special series on fintech visionaries reimagining the future of finance. Brett King is joined by Jayesh Patel, CEO of Wio Bank, and Thomas Kuncheria, EEMEA Senior Vice President for Advisors Client Services at Mastercard. Wio, the UAE's first platform bank with a mission to transform banking in its region, is focusing on three core capabilities -- digital banking applications, embedded finance and BaaS. Through partnership with Mastercard, Wio is helping customers thrive in this digital world, offering personalized features and seamlessly integrated services with a goal to make banking simple, transparent and secure, offering customers access to tools to manage their finances effortlessly and at lower cost than other alternatives. It's another interesting piece in the series spotlighting the benefits of partnership and empowering partners to disrupt and revolutionize.

Then, are non-traditional loan underwriting criteria -- i.e. market, environmental, community data -- important when painting a picture of a SMB loan applicant? JP Nicols speaks with serial entrepreneur Ron Benegbi, Founder & CEO of Uplinq Financial Technologies who believes so, and whose latest venture, a global credit assessment platform for SMB lenders, has built, in part taking a page from his own personal story. a platform to empower lenders to distill different kinds of data and information for credit decisioning that might enable SMB lenders to approve and manage risk on loans that they might have otherwise declined based on traditional loan underwriting criteria.

https://youtu.be/ikalSI19V6A

In This Episode

Opening Minds and changing legacy behaviors can be challenging. This week JP Nicols connects with Jim Perry, Senior Strategist, Market Insights about new perspectives young cohorts bring to money in the digital age, not just in practice but in ways the industry can better align its leadership with today's general demographics. Rechanneling, retooling and meeting customers where they are today, to better represent our ecosystem, across the entire spectrum, can make for a more engaged workforce and help financial institutions stay relevant. By setting the bar where it needs to be, bringing value through DEI and sharing different perspectives, financial institutions can also increase stickiness in customer relationships.

Then, JP continues the thread of new perspectives and ways of doing things in his recent conversation with Brandon Spear, CEO, TreviPay. When it comes to trade credit for business customers, and the associated complexity that is inherent in the B2B space with multiple stakeholders, applying some B2C principles to B2B can make for a better payment experience, easing and expediting business across geographies, systems and risk profiles.

https://www.youtube.com/watch?v=J2lxAgRFtVU

In This Episode

Want to wow your family over the holidays with your fintech and banking knowledge? We offer a helpful primer for Thanksgiving table conversations as Breaking Banks' Jason Henrichs gathers with industry notables and friends Kiah Haslett, Bank Director; Alex Johnson. Fintech Takes; Jason Mikula, Fintech Business Weekly; and Mary Wisniewski, Cornerstone Advisors to talk banking turkey, give thanks, and share the nerd things they'll be talking about around their dinner tables.

Happy Thanksgiving from Breaking Banks!