Fintech Connect by Basiq

In this episode, we hear about the biggest insights from Damir (Basiq Founder) and Jim (Basiq's Head of Technology). It's the first time we have done this with the internal team - this is what we suss out 👇🏽

✅ Reflections on 2021
✅ The future of CDR in 2022
✅ The Fintech Wheel of Fortune

This is the most insightful one of the year!

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In this episode, Jimmy dual wields two guests from fintech 'Hay' - Alex Lloyd, Chief Brand and Marketing Officer and Jason Latham, Chief Information / Technology Officer. Hay is a mobile-first money solution for consumers, while Hay as a Service (or HaaS) is the platform that powers it. We dig into:

- The role of brand and technology in a Fintech startup
- Lessons from Monzo in the UK
- Hay's microservice-driven architecture to allow platform customers to 'choose their own adventure' 
- The role of HaaS in powering the embedded finance movement
- The Fintech Wheel of Fortune lands on 'Product and Technology' and 'Community Building'

Check out more about Hay here: Hay / HaaS

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In Episode 8, Jimmy sits down with Brian Hartzer - former CEO of Westpac, Chairman of Beforepay and advisor to a number of Fintech companies. Westpac was prescient in working with VC fund 'Reinventure' in 2014, which lays the foundation for the following discussion:

• Why Reinventure was established and why VC was favourable
• How Banks across the world react to Fintechs
• Sizing the threat of Big Technology and its role in embedded finance
• How rapid technological change through COVID (e.g. QR) has forced behavioural change like never before
• Ancedotes from Brian's book 'The Leadership Star'
• The Fintech Wheel of Fortune lands on: 'The Unbanked'

You can find Brian's book here.

More written content on the Big Four reacting to Fintechs here.

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In Episode 7, Jimmy is joined by Juri Han - Head of Strategic Partnerships at Earnd. Earnd wage access allows you to get access to a portion of your wage before pay-day. Earnd is B2B - so it integrates with with existing HR / Payroll solutions. We discuss:

• The problem earned wage access solves 
• Tactical uses of earned wage access w/ lessons from the UK and overseas
• Promoting financial wellness and financial education through a suite of products outside of solely wage access
• The founder story
• The Fintech Wheel of Fortune lands on: Gen Z & personal finance

You can check out more about Earnd here: https://www.earnd.com/

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In Episode 6, Jimmy is joined by Lee Hatton - Executive Vice President at Afterpay. The episode unpacks everything of Afterpay's new product coming in 2021 - Money by Afterpay - a savings, PFM (and way more) tool:

• How Money is Afterpay's 'second album' in terms of product evolution
• Afterpay's "focused focus" on Gen Z and Millennial females
• Differences in Gen Z and Millennial consumer tastes and preferences
• Focus on community and research in understanding to tailor the Money experience
• The Fintech Wheel of Fortune lands on "Personal Finance Management"

Money by Afterpay will be available (around) October, currently in a private beta.

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In Episode 5, Jimmy is joined by Dr Leda Glytpis - CCO at 10x Banking. Dr Leda provides fascinating insights on the UK's Open Banking rollout, the recent Afterpay Money, 10x and Westpac partnership,  followed by a dive into the future of banking as a service and embedded finance. 

• The UK's challenges with Open Banking, moving from compliance to innovation  
• Dr Leda's favourite UK Open Banking Use Case
• Distilling what it actually means for Banks to 'focus on their core'
• Banking as a Service and Embedded Finance - the difference
• The Fintech Wheel of Fortune lands on "Buy now, pay later"

Favourite learning: The 'Not invented here' syndrome. 

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In Episode 4, Jimmy sits down with Joanne Edwards - Chief Risk and Data Officer at Wisr. They discuss everything to do with the future of credit scoring in the wake of both Open Banking and the proliferation of 'alternative credit' products, some of which are not visible by bureaus. How do you calculate risk amidst an ocean 'traditional' credit products and BNPL, for example? Joanne draws on her experience at Wisr to answer a range of questions about the future of credit scoring: 

• Open Banking's role in credit scoring and credit risk decisioning
• Ethics in measuring credit risk with a wide range of data sources to draw upon
• How Open Banking can support responsible lending w/ transaction data analysis
• Financial wellness and the stress of money
• Fintech Wheel of Fortune lands on 'Lending in COVID' & the impact of JobKeeper, early super drawn down in credit risk

Favourite takeaway: There is a dating app in the US that lets you use your FICO score as an identifier.

Check out Basiq's Insights series for more information: Why should Gen Z care about a credit score? 

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In Episode 3, Jimmy chats with Carolyn Breeze - GM @ GoCardless Aus & NZ about Open Banking Payments. Open Banking payments are taking the EU by storm, so what does this mean for Australia's uptake? The conversation goes as follows:

• The rise of Open Banking (Account-to-account) payments in the EU 
• Lessons from the EU for Australia's adoption
• QR payments in Aus due to COVID-19 driving consumer-led innovation
• The NPP, MPS and CDR consent capture for action initiation
• Toward subconscious payments (completely frictionless)
• The Fintech Wheel of Fortune lands on 'Go to market partnerships'

Check out Basiq's Insights series for more information: Basiq Insights.

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You can also contribute over at our Basiq LinkedIn page or Basiq website.

In Episode 2, Jimmy is joined by Will Kingston - Director & Head of Financial Services at CLEAR USA (M&C Saatchi). Will draws on his experience in the Fintech and brand space, having set up a neobank in Thailand followed by experience in the UK and the US. They discuss the role of CX in fintech, managing the transition from offering one product to an ecosystem of products, followed by what this means for the US:

• An international view on 'first principles thinking' in Neobanks (Thailand v.s. UK v.s. Aus)
• How do you mature your CX as a product develops into an ecosystem? 
• Big Tech assessing risk as a proxy for credit in Asia
• Big Tech unbundling in the US - the regulatory impact under Biden
• The Fintech Wheel of Fortune lands on "Brand Purpose"

Check out some more reading on the above topics: Basiq Insights

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You can also contribute over at our Basiq LinkedIn page or Basiq website.

Welcome to the Fintech Connect podcast by Basiq . This is episode numero uno and our host, Jimmy Grafton, is joined by Vincent Turner - founder of uno home loans. We discuss:

• The evolution of Fintech in the United States and Silicon Valley
• Unbundling the Big Four Banks in Australia
• The Great Convergence of Fintech
• Sustainability scoring in Banking
• The Fintech Wheel of Fortune lands on "Retail Banking"

Basiq Insights article on 'Unbundling the Big Four' can be found here.

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