Fintech: Unleashing the power of collaboration
“Innovation in financial services today is really impacting the way we think, live and work, as well as spend money. Digital is at the forefront of that. You were the founder of Flux, and part of the digital receipt space, how do you see that impacting our lives?”
“I think it’s going to be really at the forefront of everything. I think making sure that digital innovation becomes seamless is critical. For consumers, they look for something that makes their lives easier, and simpler, and being seamless is a key part of that.”
Innovation with scale and momentum
“I would say a collaboration between the traditional banking sector and FinTech start-ups like yourselves is going to drive a lot of the change in the digital space in the future. What do you see some of the triumphs and some of the challenges?”
“I think some of the biggest challenges with working with large financial institutions is just getting momentum. When you’re working with a very very big organisation, it just takes time to get things going, right.
But when you get to that point, the momentum you have is enormous, and this is really where the beauty of FinTechs and kind of big organisations come together is that you’re able to take like the best of innovation, and then scale it out massively to people everywhere, what you’re able to create is huge change at massive scale and so that’s really where I see the biggest triumphs coming from.”
Partnering to enable exponential change
“The rate of change in the financial industry today is exponential. If you look at the way people are consuming cash etc., it’s changing at a rate that it hasn’t in years. How do you see the future unfolding from the partnership perspective as well as from the FinTech perspective, creating new opportunities to service customers and clients better?”
“So I think really at the heart of enabling this exponential change is making sure there’s a solid framework between financial institutions and FinTechs. The key is really making sure that that engagement can happen really quickly.
Traditionally big banks are used to working with other big companies and that can have a large governance process, and I think kind of really whittling that down to the essentials, so everything obviously is secure and safe, but can happen very rapidly is going to be at the heart of that. And I think getting that right will enable exactly that exponential change.”
Large institutions’ influence on FinTechs
“What do you think the FinTechs out there can actually learn from large institutions?”
“As a young start-up, we can often be scared of process. I think there can be an aversion to that, but I actually think that as a company grows, and certainly this is true for us right now, is making sure that you have that correct process in there to make sure things actually happen efficiently is key.And then really making sure that things like security are absolutely top of mind.
It’s something that we’ve had to focus on very early, being a regulated company, but that’s definitely something that I think, you know, something that big companies and big banks get clearly very very right. And it’s something that FinTechs can certainly learn from a lot.”