. Hello and welcome to Bowman skills. I'm Mike persons', I'm the CEO of quality terms, and this is a great opportunity. To talk about Neo banks, FinTech startups, but most importantly to also bring traditional banks into the conversation. Uh, and today, what we're going to dig into as part of my future banking, uh, keynote is we're going to dig into this question.

What can fintechs and traditional banks learn from each other? I've got eight big ideas for from Revolut. Four from traditional banks. Let's see what we can learn from them and let's see how we can go out there and build better products, better services, better businesses. I hope you enjoy it. All right, let's get into it.

What can fintechs and traditional banks learn from each other? Now, this is a really timely discussion. We hear so much about Syntech. We have venture capitalists writing. Uh, notes that software is going to consume, goes to eat the world. And frankly, we hear so much about fintechs, new banks, challenger banks, there's literally hundreds of new businesses, entrepreneurs building and creating new offerings, new services, and new products in the financial services space.

It is booming. And this is really because it's such a good fit. I mean, you think about it. Um, you know, money very much today is zeros and ones. And so software is just a perfect match, throwing some machine learning and artificial intelligence if you get some really crazy exponential effects when you put technology and finance put together.

But what's really interesting is, um. We've sort of left out the traditional bank in this conversation. And, um, what we're going to do today is we're going to look at both sides of this equation. And the reason for that is low. Let's not forget if you take, this is a out of the world's oldest bank in Italy.

I mean, these guys have 543 years more experience in banking than Revolut. So there's gotta be something for us to learn from traditional banks. And look, we want to build the best products and services period. So let's not only learn from the fintechs of this world, but let's also learn from the traditional.

Banks, and let's really take, you know, the best thinking, the best practices, and putting them into our own products and services. My point here is there is a lot to learn. So what I'm hoping to do today is to share with you four big learnings from traditional banks and for learnings from Revolut who were great proxy of the larger neobank in Syntech.

Well, so we're going to extract full from each. So hopefully in each of those eight ideas, there's something for you that will help you build a better business, a better product, and to delight your customers. All right, let's get into it. Let's go into the world of revenue. Let's see, um, what they have to offer now.

Today I'm only going to show with you. For ideas, um, from Revolut. In fact, I have well over a dozen ideas, uh, from Revolut in the case study that you can [email protected]. Um, and check that out because we don't have enough time now to go to all of them, but I've picked four of the best. So if you'd like to know more, head over to bottom up.io.

Alright. Number one, this is a really powerful lesson from Revolut that we can all win, not only in banking, moreover, but I think as, uh, an entrance into any industry in, into any vertical. And they see their offering. They position themselves when they think about tech and product is they think about it very much in terms of banking as a platform.

And this is really important because this determines how they build. Uh, different features, different elements, different modules in their stack and the choices about how they do that. But it also has a really profound effect on how they look at their business overall. So I wanted to give you an example.

You know, many, uh, traditional banks will go out and license or purchase a card fraud detection system and plug it into their platform and that they'll plug it into. Many other legacy systems, in fact, somewhat of a patchwork of systems, you might say. But not at Revolut because they see what they're doing as building a banking as a platform.

What they do is they've very often, they build the different components of that platform. And here you can see, uh, an example of where they don't show log their own fraud detection system. And what you can see here is you can not only see all the whole architecture, a lot of it's built on. Uh, the Google cloud platform.

But what you'll also see is they saved a ton of money, and actually they're getting some very good results. So 30% of shows for predictions actually turned out to be correct. So this is what happens when you think about building not just a product, but actually an entire platform is that you actually go out and you'll build a really high performance elements that actually sit within that ecosystem.

But there's more. So what we've been very fortunate to do is with sounds a great quote from Nikolai Sternoff ski, the founder and CEO of Revolut, and I think this is really instructional on how banking as a platform can actually affect creating. An amazing business. Let me read to you this quote from the CEO of Revolut.

The reality is, what we're trying to achieve is to build a 10 X better financial services company that is 10 X cheaper as well. And the only way to do it is not by building one product, but building a platform with lots of products on top of it. So there you go. So he says, look, if they want to create customer experiences, 10 X, if they want to offer a service in the world that's actually 10 times cheaper.

The only way they can go about doing that is by banking as a platform and not just as a CEO of product. So there you have it. That's lesson number one from Revolut. Let's go to lesson number two, and this gets very much into. Culture and people and how they work together, some of the behaviors they have in their organization.

And um, in our case study, we sound like Revolut has a pretty hot and sauce high performance culture and it's built around several tenants, one of which is getting it done. And I wanted to share with you a quite from their head of executive recruitment, cause it really paints a picture of what that looks like internally.

And I think we can learn a lot. From it, and this is from Rebecca South at Revolut. Here we go. The individuals that really set themselves apart and really thrive at Revolut are the ones that take the initiative to put themselves out of that comfort zone and take ownership. Of that tech and to learn something.

So they've created a high performance culture about taking ownership, about learning, about putting themselves outside of the comfort zone. And I think, look, any traditional bank can learn from this, but more importantly, I think as entrepreneurs overall, I think this high performance culture really requires this idea of taking ownership.

And this comes from, uh, somebody who is really celebrated. This idea is Jaco willing, a former U S Navy Citadel, um, an amazing and inspirational guy. He wrote the book extreme ownership. So if you do find this a really compelling idea of taking extreme ownership, getting it done, as I would say at Revolut, check out this book from Jaco Willink.

Okay. So that's the first two. The next two we've got coming up right now. And the first one is growth teams. So again, we're also tackling not only the tech and the products and their and their whole stack, but we're also looking at how they organize picture. It's a huge part of getting high performance out of any business.

And growth teams is absolutely at the essence of how reveler launches into new markets. So let's break it down. So I was very fortunate to find some of the key execs talking about how they'd build their growth teams. I think this i...