This week we have some great stories for you as Simon Taylor and Brandon Chung are joined by a couple of great guests:
Loral Quinn - CEO of Sustainably
Scott Liddell - Head of Channel and Digital, CYBG
We kick off the episode by taking a look at, well, ourselves! We are the news! Building the banking platform of the future with 11:FS Foundry! DNB, Norway's largest financial services group, has decided to extend its investment into 11:FS Foundry and is committed to building new services on the platform, initially focussing on loans. Are we going to see more and more fintechs collaborating with bigger banks? Is this the future? (01:29)
Next up, we talk about how the FCA has done a major shake-up of overdrafts! Banks and buildings societies will no longer be allowed to charge fixed monthly or daily fees for overdraft. There will also no longer be higher fees for unplanned overdrafts rather than arranged ones. This means that banks have to advertise their APRs to their customers. Is showing a customer an APR really the best strategy? Can you guarantee that your average customer understands words like APR and percentages? (08:58)
Other stories include:
JPMorgan Closes Finn, Digital-Only Bank, a Year After Launch (15:33)
Fintechs risk giving banks a bad name, says Barclays boss (24:17)
Brex valued at $2.6B with new cash from Kleiner Perkins (32:28)
UK startup fintech TrueLayer just won funding from China's Tencent and Singaporean wealth fund Temasek (38:00)
Amazon launches a credit card for the 'underbanked' with bad credit (42:41)
Sberbank to open pilot branch in McDonald's outlet (47:03)
All this and so much more on today's show.
Don't forget to subscribe so you never miss an episode, leave a review on iTunes and let us know your thoughts on the stories @FintechInsiders on Twitter where you can also ask the hosts questions, or email podcasts@11fs.com
This week's episode was produced by Laura Watkins and edited by Alex Woodhouse. Special Guests: Brandon Chung, Loral Quinn, and Scott Liddell.