How one engages with a Bank and how Banks engage have always been essential aspects of FS which is a complex ecosystem of specialists. This is – like much – all-changing right now. ClearBank have recently published a report entitled “How well are Fintechs served by banks?” which provides some depth to this topic.
Simon Jones, Chief Commercial Officer at ClearBank, has had a long and rich career in the world of wholesale/transaction Banking which provides an excellent vantage point to dive into this topic of how banks co-operate and compete and how the co-operation mechanisms, approaches and algorithms are being changed by the ever-evolving world of digital.
Topics discussed include:
- synchronicitously this was podrecorded in the last week the UKG kicked the can of the “freedom” that this country has enjoyed for centuries further down the road.. hmmm…
- ClearBank are still remote-first although have done offsites
- giving up on holiday plans for yet another year
- Simon’s career from corporates to FS and time in Asia-Pacific with JP Morgan
- further career in global emerging markets
- moving into Fintech
- what is transaction banking?
- how does this relate to UK’s clearing banking?
- what is a Chief Commercial Officer?
- the essential nature of partnering to FS – and hence the need to do it well
- ClearBank’s raison d’etre
- how changes in technology have led to a very different experience of partnering
- the essential nature of understanding not just Tech but “Fin”
- the interesting millennial sociology which may have been behind Fintech starting in far too unconnected a fashion, as atoms rather than molecules
- trust, regulatory and governance components
- how are the beauty parades/RFP-processes used to select new partners changing?
- the importance of a much more central role for Tech in this process rather than just more managementy volk
- the implication of the RFP process in discovering new needs/new possibilities rather than just meeting fully-understood needs at the outset
- iterating and developing new ideas is changing the whole engagement process
- “try before you partner”
- how these changes also apply to how Banks are partnering within themselves
- the challenge of retaining a collaborative culture as a Fintech grows and becomes more silo-ed by function
- the important point that it is not just a question of adjusting to new ways of working as everyone is doing that… rather the need is to do that better than your competitors
- “30% of Fintechs are not getting the Banking Services they need from their partners .. and plenty have experienced outages with their partners that have caused them to have regulatory challenges in their business”
- ClearBanks future plans 🙂
- the phenomenal achievement of ClearBank becoming the first new UK Cleaning Bank in the UK for centuries
And much much more!
Share and enjoy 🙂