Reformation or refactoring of banking is the Holy Grail of the Fintech Revolution. Do that and the revolution is a big deal. Get nowhere near and its all rather marginal. So-called challenger banks have ended up rather same-y. Will “App-only” banks end up going down the same route forced my micro-regulation and micro-supervision into the same tight mould. Or will they somehow remain within the constraints of the mould but somehow break it at the same time?
Its that paradox that faces Tom Blomfield CEO and founder of Monzo Bank. (and co-founder back in the day of GoCardless who were on the show in LFP046) A long way towards full authorisation as a bank will they become merely “me-too” or will they refactor banking as we know it?
I have been an interested spectator on the sidelines for come time wondering which way the ball will bounce. At Lendit Europe 2016 I finally succumbed and took one of Tom’s pre-paid Mastercards – not least as which they offer wholesale exchange rates abroad and I was just off on holiday. It’s actually quite cool and more useful than expected. Certainly one gets a clear idea of what its like to feel like the business is really focusing on you as a customer-centric organisation with great design and service.
But back to the big picture – will Tom change the mould or will the mould change Tom?
This is London Fintech Podcast episode 42, the answer to life, the universe and everything. Well a bit of everything anyway. And I have the pleasure to be joined today by – er – myself.
In the now traditional (um – can doing something twice be a tradition?) first podcast of the year step away from diving into a topic with an esteemed guest and take a more top of the mountain view of the landscape.
As it’s a bumper funpack we will cover a whole range of topics all of which pertain to Fintech.
So we start today’s show with the relevance of Star Wars; move on to beer and deep dive into a topic that applies to Fintech and to the whole of our perception of the world, the media – mainstream and indie.
Next a review of key themes from 2015 UK Fintech and finally we wrap up with some thoughts about the future.
In the next episode I’ll be back to the far easier task of asking folks smarter than I the answer to life the universe and everything or at least what’s going on in their corner of the Fintech phenomenon