Banking has been a part of the economy for 600 years. Banking has always been evolving.

The most recent evolution: the financial industry has been going digital. Newer “fintech” companies have created innovative ways of doing everything related to money–from friendly payments to budgeting; from business transactions to insurance. However, the traditional banks themselves have been relatively slow at adjusting to these digital changes, creating the opportunity for native digital banks–often referred to as “challenger banks.”

N26 is a digital first bank established in Berlin and is active in 17 European countries with a million users. Pat Kua is the CTO at N26.

Digital banks are hosted on the cloud, without a physical branch the user must go to to perform an operation. The user accesses their account through a mobile application, and can complete everything online from opening an account to performing transactions. This system has numerous advantages, like simplicity for the user, and higher scalability in terms of users from the bank’s perspective.

In this episode, we discuss the advantages of digital banks, the fintech industry and N26 as a itself. We also explore product development and how Pat manages his time as CTO–which is a useful discussion for anyone who is learning to be a technical leader or manager.

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