Breaking Banks

In This Episode This week on Breaking Banks, it’s a powerhouse podcast mashup you won’t want to miss. What happens when two leading voices in fintech join forces? You get a fast-paced, insight-packed conversation on the future of finance, banking innovation, and emerging technologies—recorded live in Finland. Breaking Banks host Brett King teams up with Pål Krogdahl and Ville Sointu, hosts of the Nordics’ #1 fintech podcast Fintech Daydreaming, for a high-level exploration of where the industry is headed next. In this episode, they dive into some of the most important developments shaping the future of financial services, including:      *The rise of mobile money and how it’s reshaping economies      *The role of digital identity in secure, seamless transactions      *The concept of Q-Day and its long-term implications for cybersecurity in banking      *Smart contracts and business process in an autonomous algorithmic marketplace      *Agentic AI, KYM (Know Your Machine) and AI in Financial Transactions, and      *A sneak peek at Brett’s upcoming book, Branch Tomorrow This wide-ranging conversation serves as both a primer and a deep dive into the innovations transforming fintech right now. Whether you’re tracking the next big trend or trying to stay ahead of digital disruption, this episode delivers high-value insights from three thought leaders at the forefront of change. Listen now and get future-ready! https://www.youtube.com/watch?v=f_SjmoJZlY4

In This Episode There’s something happening beneath the surface of every pizza order, every childcare payment, and every invoice sent by businesses across America. A quiet revolution that most people— sometimes even business owners themselves— have barely noticed. Traditional banks are being methodically extracted from the daily financial lives of businesses, replaced by something more streamlined, more embedded, as banking becomes just another node in a business operating system. We dug into those threats last episode on “The Invisible Heist”. This week, Jorge Garcia, Founder and CEO of Linker Finance, and Samer Saab, SVP of Product for Alloy Labs, join host JP Nicols and co-host Barb MacLean as we look at some viable options for banks to foil the heist and create a competitive response. We’ll look at the surprising opportunities sitting right in front of us, and how banks are rewriting the playbook to land and expand commercial customers through digital banking. https://www.youtube.com/watch?v=cX2D6ZE2DdM

In This Episode Banking executives, your business customers aren’t leaving you for another bank—they’re leaving banking altogether— at least partially. For now. As a part of our “Unbreak the Bank” series we dissect the most significant existential threat to community financial institutions since the 2008 crisis: the systematic extraction of business banking services into everyday business software. Community banks are hemorrhaging 12-18% of operational deposits annually to companies that don’t even consider themselves “banks”, and they’re moving upmarket. The competitive battlefield has shifted, and “relationship banking” is not enough to compete. Customers are integrating business solutions into their daily workflow, and banks risks being shut out altogether. Discover why the future isn’t about being the best business bank – it’s about being a relevant layer in the best business experience. Fintech Takes founder Alex Johnson and Velocita founder Barb MacLean join host JP Nicols to reveal how embedded lending is systematically dismantling banking relationships as Quickbooks, Square, Toast, and others integrate financial services directly into business workflows, and explore some options for how banks can respond.  https://youtu.be/FV5wUyhng6c?si=KpsHDtG0V4rRXSWt

In This Episode Powered by U.S. Bank and recorded live at Fintech Xchange hosted by the Stena Center for Financial Technology, this episode dives into the most pressing issues shaping financial services today. In our first segment, Jason Henrichs chats with Sima Ghandi, Sr Advisor FS Vector, Co-Founder of Coalition of Financial Ecosystem Standards (CFES) and Phil Goldfeder, CEO American Fintech Council (AFC). AFC, a standards-based organization representing large financial technology (Fintech) companies and innovative banks, promotes a transparent, inclusive, and customer-centric financial system supporting innovation and access to responsible financial products. CFES is a new (2024) industry-led organization with the goal of developing standards that promote safety and soundness for non-banks participating in financial services. They cover: ·  The growing role of bank-fintech partnerships in innovation and growth, and expanding access to financial services.·  The importance of clear risk management and compliance standards in maintaining operational and business viability in the fast-moving world of financial services Then, the conversation shifts to AI and fraud prevention as Jason speaks with John Sun, CEO of Spring Labs, and Simon Taylor, Head of Content & Strategy at Sardine. Sardine offers an AI risk platform for fraud, credit and compliance, and Spring Labs provides an AI-Native conversational intelligence platform that turns chatter into actionable insight. Together, they explore: ·  The future of financial services in a world increasingly reliant on automation and robots·  The broader implications of AI and Generative AI in shaping the future of financial services From standards setting in banking and fintech to AI and fraud this episode delivers hot takes and expert insights on the opportunities, risks, and evolving landscape of financial technology. https://www.youtube.com/watch?v=mBdMjPG1rvE

In This Episode This week, we bring you Part III of exclusive insights from Fintech Xchange ’25 at the Stena Center for Financial Technology and the University of Utah, powered by U.S. Bank. Host Jason Henrichs engages in a dynamic discussion with Jason Mikula of Fintech Business Weekly and Chris Black, CEO & President of Thread Bank. Their conversation spans topics from Banking-as-a-Service (BaaS) and regulatory shifts under the new administration to the dual-edged nature of innovation in today’s financial landscape. Chris delves into Thread Bank’s unique transformation as it evolved from the historic Civis Bank—established in 1906—into a fintech-enabled community bank. In 2021, new leadership recapitalized and revitalized the institution by adopting an industrial approach to BaaS and launching Thread. Thread’s goal is to deliver the unparalleled value of a community bank to individuals and businesses, leveraging intuitive technology to meet customers where they are. Maintaining two local branches, Thread is delivering on its mission of embedded banking — deposits, loans, and payments, and exemplifies the integration of traditional banking services with modern embedded banking solutions. By transcending geographical limitations and focusing on scalable, durable models, Thread collaborates with partners to manage risks and capitalize on the strengths of partnership banking. In the second segment, University of Utah alumnus Rhett Roberts, CEO & Co-founder of LoanPro, joins “the Jasons” to discuss the evolving fintech ecosystem and APIs. Are they coming of age? Naturally they talk about cores, and how banks are in the process of conscious decoupling to build resilient infrastructures in order to weather future disruptions. Rhett shares LoanPro’s journey from inception to powering some of the biggest lenders in fintech. LoanPro offers a scalable, API-first lending and credit platform that fosters innovation by streamlining origination, servicing, collections, and payments across various loan types, lines of credit, and credit cards. This narrative underscores the transformative impact of fintech solutions in modernizing financial services. Listen and watch to explore these compelling stories! https://www.youtube.com/watch?v=8RC9Gt9PodA

In This Episode In this episode we continue the series powered by U.S. Bank and recorded at the University of Utah’s Fintech Xchange. CAUTION: The episode is hot! Breaking Banks’ Hot Takes host Jason Henrichs, regulars Alex Johnson (Fintech Takes) and Jason Mikula (Fintech Business Weekly) are joined by David Ness, U.S. Bank’s SVP Innovation, R&D and Peter Renton, Fintech Nexus, Chairman & Co-Founder. The newcomers jump right in, going straight for Fintech on Fire (#11 on a scale of 1 – 10), and comfortably deliver hot takes from the hot seats, recapping major themes from the event, and making predictions as to what 2025 brings to our industry. Plenty of insights are shared and there’s plenty for the risky spice-takers to tackle including BNPL (acronym for a popular industry term, of course, and also our new Burn Now Pay Later hot sauce). Two other clues as to what the group might have talked about….the RegTech Reaper and Stable Coin Scorch . Don’t worry, there’s plenty more where these came from! Listen now on your favorite podcast platform! It’s a hot conversation, worth being in the room for…to catch the visuals check it out on YouTube (@provokefm and while you are there, hit subscribe)!

In This Episode This week we introduce you to a series profiling the digital banks and founders that are changing the world of banking. Focused on first hand accounts from founders all over the globe, the series chronicles the NeoBanking movement from the early days though to today, documenting the players building a new category of digital banking, reshaping the digital movement. Throughout our series we look at foundation stories, challenges each had, and the regulatory approach each took — a look at the pioneering history of the neo and challenger bank movement. In this episode, Breaking Banks host Brett King connects with bunq’s Founder & CEO. Ali Niknam. bunq is based in The Netherlands, a small country doing big things. bunq, bank of The Free, offers mobile banking that makes life easy for every new chapter in one’s life, and for the digital nomad in everyone. Born out of Ali’s interest in creating products that people like to use, bunq began in 2012 and its mobile app came out in 2015, all with the aim to help the world forward and do banking a little differently. bunq has brought lasting change to the European banking industry. Having built a product rooted in customer needs and wants, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest. On a mission to build the first global neobank for digital nomads, bunq announced its bid to enter the US market (April 2023) by applying for a banking license. It’s an intriguing story, not to be missed! https://youtu.be/xflfJpM60NI?si=oKMhKcL13Q_eJM9s

This week on Breaking Banks, we take you inside fintechXchange, hosted by the Stena Center for Financial Technology at the University of Utah. As a proud media partner of the event, we explore how industry, academia, and policymakers are coming together to drive the future of financial services.Host Jason Henrichs sits down with Meghan Kober, VP of Fintech Partnerships & Investments at U.S. Bank, Taylor Randall, President of the University of Utah, and Ryan Christiansen, Executive Director of the Stena Center for Financial Technology. Together, they discuss the power of ecosystem building, highlighting the incredible human capital fueling innovation: VCs, startups, and institutions of all sizes collaborating to shape the next wave of fintech growth and banking transformation. Then, it’s time for the first Hot Takes of 2025, recorded live from ‘Silicon Slopes’! Alex Johnson (Fintech Takes) and Jason Mikula (Fintech Business Weekly) are back in the hot seats with Jason Henrichs to break down the latest fintech headlines with sharp insights and no-holds-barred opinions. They dive into: The latest in open banking, the CFPB and regulation The fate of BaaS Island, Synapse, and Patriot Bank’s BSA & AML challenges What really is possible with bankruptcy proceedings and what does it mean for fintech’s future This episode is packed with insight, energy, and hard-hitting discussions you won’t want to miss! https://www.youtube.com/watch?v=tJ-bdJNLu60

In This Episode We are excited to introduce you to Provoke.fm‘s newest podcast….a-spinoff-of-a-spinoff of Breaking Banks. Bankers Bookshelf brings cutting edge banking and fintech research to life, sharing the stories and strategies behind financial innovation, bridging the gap between technology and finance — a perfect fit for the Breaking Banks family! Host Paolo Sironi, global research leader in banking and financial markets at IBM Institute for Business Value, is a trailblazer in fintech himself. In this episode, Paolo connects with Ronit Ghose who runs the Future of Finance team in Citi’s thought leadership unit “Citi Global Insights”, and is the author of Future Money: Fintech, AI and Web 3. The world of money is rapidly changing, but what does it all really mean? The duo discuss insights from the book with Ronit bringing technical topics to vivid life via narrative deep dives into selected founders and their companies. From London to Lagos, via Ahmedabad, Dubai, Hong Kong, Karachi and more, this episode pulls together the story of how money is changing in the internet era. Subscribe to Bankers Bookshelf https://provoke.fm/show/the-bankers-bookshelf/ or listen via your preferred podcast platform now! https://www.youtube.com/watch?v=Yp1E9Fs3rco

In This Episode Getting digital right can be challenging for anyone –small banks, big banks, incumbents, challengers, you name it. In this episode, Brett King meets up with Akbank’s Consumer Banking & Digital Solutions, EVP, Burcu Civelek Yuce to talk about Akbank and Akbank LAB, Akbank’s Innovation Lab. The discussion focuses on the incumbent bank ‘s digital engagement and excellence in collaborating and partnering with fintechs and big tech. Turkey is the 18th largest country in the world in terms of population size, with Akbank one of the largest banks (77 years young) in Turkey. Akbank has nimbly undergone a smoothe digital transformation with the majority of its customers now coming through digital channels — be it new customer acquisition, servicing or sales. Akbank LAB is the innovation center that coordinates Akbank’s pioneering fintech developments. Here, they study best working models and implement solutions to make the lives of Akbank’s customers easier. Fintech partnership and collaboration are key components of Akbank LAB’s success, with partners working hard to create value for their customers. Akbank is embracing AI with Banking IQ, hyper personalized information on customers, and is actively reskilling employees to lead the way forward. Listen to this engaging conversation to learn best practices relevant for all banks and financial institutions. For further information: akbanklab.com or [email protected] Read the entire transcript here. Related Content: Chapter 1: Introduction – The Evolution of Incumbent Banks (00:00) An introduction to the discussion on digital transformation in traditional banks. The host shares insights from a recent visit to Istanbul and the rapid changes observed in the Turkish banking sector. Chapter 2: Akbank’s Digital Transformation and Growth (05:15) EVP Bircu Sivilek shares key data on how Akbank has embraced digitalization, with significant growth in digital customer acquisition and engagement. The discussion covers the bank’s transformation into a digitally-led institution. Chapter 3: Fintech Collaboration and Open Innovation (12:40) How Akbank fosters partnerships with fintechs and big techs through Akbank Lab. The conversation explores how the bank accelerates innovation through strategic collaborations. Chapter 4: AI-Driven Personalization in Banking (19:20) A discussion on the role of artificial intelligence in banking, including how Akbank uses AI for hyper-personalized financial insights, enhancing the customer experience. Chapter 5: Supporting SMEs with Fintech Innovations (26:30) An exploration of how Akbank integrates fintech solutions to help small and medium enterprises (SMEs) manage their financial operations, including a successful partnership with a Spanish fintech. Chapter 6: The Agile Approach to Product Development (32:45) Comparing Akbank’s development process to digital-first banks like Nubank and Revolut. Insights into how Akbank has reduced time-to-market for new banking products. Chapter 7: Modernizing Banking Infrastructure for Agility (39:10) A deep dive into how Akbank rebuilt its technology stack from the ground up to support seamless fintech integrations and AI-powered banking services. Chapter 8: The Future of Banking – AI, Generative Tech, and Digital Strategy (45:50) How Akbank is positioning itself as a leader in AI-driven banking, with a focus on generative AI, customer experience, and further digital transformation in the next three to five years. Chapter 9: The Transformation of Branch Banking (52:30) How Akbank’s digital push has reshaped the role of physical branches, transitioning to a cash-light model with a stronger focus on customer advisory services. Chapter 10: The Global Perspective and Final Thoughts (58:10) Final reflections on Akbank’s innovation journey and how fintech partnerships will continue to shape the bank’s future. An invitation for fintechs to collaborate with Akbank Lab. Related Content: Episode 91: BlockIS Mini-Series: Focusing on AgriTech Episode 561: Demystifying Fintech: Insights on Banking’s Future Will 2025 Be A Stellar Year? Top Banking and Fintech Predictions Episode 545: Buzzword Bingo Reimagining Digital Banking: Varo Bank’s Vision for Financial Inclusion https://www.youtube.com/watch?v=3SbBhLVNvlQ

In This Episode What’s the key to financial security today? As technology and a shifting economy reshape how we save, spend, borrow, and plan for the future, mastering the art of money management is critical for achieving financial health. Listen as Jennifer Tescher, host of sister podcast Emerge Everywhere and Founder of the Financial Health Network, speaks with Suze Orman – personal finance expert, author, Emmy Award winner, and Co-Founder of workplace emergency savings platform SecureSave – about the critical role of savings and an important step companies can take to support employees’ financial success today. Dedicated to improving financial health for all, especially the most vulnerable among us, Emerge Everywhere tackles the complex issues intersecting the financial well-being of people across America while exploring how to build an inclusive economy. Listen now! Read the entire transcript here. Podcast Content: Chapter 1: Introduction and the Changing Landscape of Personal Finance (00:00) A reflection on how financial habits have evolved over the past two decades, with a focus on new tools, technology, and the challenges people face today. Chapter 2: The Disconnect Between the Economy and Everyday Americans (05:20) Suze Orman discusses the stark difference between national economic indicators and individual financial realities, emphasizing that many Americans are still struggling despite a strong stock market. Chapter 3: Lessons from the 2008 Financial Crisis and Beyond (12:10) A look back at how financial behaviors changed after the Great Recession, the long-term effects of financial fear, and how past economic crises still impact people’s financial decisions today. Chapter 4: The COVID-19 Effect: A False Sense of Security? (18:45) Examining how government stimulus during the pandemic created short-term financial stability, only for many people to fall into debt when support was removed. Chapter 5: Financial Behavior vs. Systemic Barriers (24:30) The debate between personal financial responsibility and the role of systemic challenges, including inflation, job access, and government policies in shaping financial well-being. Chapter 6: Educating the Next Generation on Money (31:15) Suze Orman raises concerns about how young people are learning about personal finance, questioning whether influencers and social media platforms are reliable sources of financial education. Chapter 7: The Importance of Emergency Savings (38:40) A deep dive into SecureSave, Suze Orman’s initiative to help employees build emergency savings, and why she believes savings—not investing—should be the foundation of financial security. Chapter 8: The Role of AI in Personal Finance (46:20) Suze speculates on the future of AI-powered financial advisors, discussing both the potential benefits and risks of AI replacing human financial guidance. Chapter 9: The Changing Face of Retirement and Aging (52:10) A discussion on financial security for aging populations, including how women often outlive their partners and the financial struggles they face later in life. Chapter 10: Closing Thoughts – Financial Security for All (58:30) Suze Orman shares her final thoughts on how individuals and businesses can take action to improve financial stability, and the need for a more holistic approach to financial education. Related Content: Episode 127 – Unconventional Saving Products Will Financial Advisers Be Replaced By Crowd, How Does Tech Change GenYs Plan Investment & Saving? Moving From Personal Financial Management To Personal Financial Performance A Penny Saved, in A Bank, Is A Penny Earned? Digital Identity- FinTech keeping ahead of fraud

In This Episode 2024 is a wrap! Listen as industry leaders and fintech influencers share insights on the year that was before turning the lens forward to 2025. What will be hot in this new year? Back by popular demand, Breaking Banks hosts Brett King and JP Nicols assemble banking industry leaders and fintech influencers to get their takes and predictions on what 2025 has in store for the banking industry. Joining the discussion are Jim Marous (The Financial Brand, Banking Transformed), Ron Shevlin (Chief Research Officer, Cornerstone Advisors and Forbes Contributor), and Mary Wisniewski (Cornerstone Advisors, Money Isn’t Everything). Together, they explore critical topics shaping the industry, from fraud, risk, and efficiency to cutting-edge innovations like Agentic AI and LLMs, as well as developments in open banking, 1033, and the CFPB. And what about the lingering impact of the Synapse story from 2024? Will 2025 bring a reckoning, or are brighter days ahead for the industry? Tune in for a lively and engaging conversation packed with expert insights and bold predictions. Happy New Year from the team at Breaking Banks Read the entire transcript here. Podcast Content: Chapter 1: A Look Back at 2024 (00:00) The discussion opens with reflections on the major events of 2024, from economic shifts to major fintech and banking milestones. The panelists explore how the industry evolved and what lessons were learned. Chapter 2: The Fintech Reckoning and Market Optimism (07:20) The fallout from the Synapse failure and regulatory challenges dominated 2024. The discussion highlights how fintechs have adapted, and why, despite hurdles, optimism is growing for 2025. Chapter 3: The Rise of AI in Banking (15:45) AI took center stage in 2024, from fraud detection to customer service enhancements. The conversation explores how AI’s role in banking is expanding and what that means for both traditional banks and fintechs. Chapter 4: The Global Perspective on Fintech Innovation (25:10) While much of the conversation is U.S.-focused, the panel examines key developments worldwide, including digital banking growth in Latin America, China, and Africa. Chapter 5: The Future of Open Banking and Regulation (32:40) With Section 1033 and the CFPB’s evolving stance, the discussion turns to the state of open banking and data ownership. What are the regulatory barriers, and how will they impact fintech innovation? Chapter 6: Agentic AI and Banking’s Next Transformation (41:00) The emergence of AI-driven financial agents is set to reshape personal finance. The panel debates how AI could soon manage customer financial lives better than traditional advisors. Chapter 7: The Fintech IPO Landscape and Market Predictions (50:30) With Klarna and Chime considering IPOs, the panel speculates on the first big fintech public offering of 2025. They also discuss when the first AI fintech unicorn might emerge. Chapter 8: The Future of Financial Services in a Digital-First World (58:10) The conversation wraps up with a bold look at how fintech, AI, and regulatory shifts will shape the financial industry. Will 2025 truly be a stellar year for banking? Related Content: Episode 529: Is 2024 the Year That BaaS Goes Boom? Episode 561: Demystifying Fintech: Insights on Banking’s Future Episode 545: Buzzword Bingo Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Bank-Fintech Partnerships, Open Banking and AI…oh my! https://www.youtube.com/watch?v=yahPylU7TCw

In This Episode Regular listeners of Breaking Banks are likely familiar with the Killing It series, hosted by Jason Henrichs and Alex Johnson, where they explore candid stories of success, failure, and the pivotal and sometimes tough decisions that drive the journey from VCs to unicorns in the high stakes world of entrepreneurship. (If you’re not, check it out!) In this episode, Brett King shifts gears with a “Starting It” theme, sitting down with industry veteran Anthony Thomson —an entrepreneur, marketer, speaker, author, and founder of Metro Bank, Atom, and 86 400. Metro Bank challenged traditional banking in the UK, while Atom and 86 400 brought innovation as neo-banks in different markets, with 86 400 later acquired by NAB (National Australia Bank) and then merged into UBank. Join this enlightening discussion as Brett and Anthony dive into the unique missions and lessons behind each of these groundbreaking ventures. And who knows? You might even get a sneak peek at the next big breakthrough in the industry!  Read the entire transcript here. Podcast Content: Chapter 1: (00:00) – Introduction and Setting the Scene Brett King and Jason Henricks open the episode, reflecting on their history of exploring financial disruption. Special guest Anthony Thompson joins from Abu Dhabi, sharing memories of past debates on the future of banking. Chapter 2: (03:45) – The Genesis of Metro Bank Anthony recounts his journey from marketing in financial services to founding Metro Bank. The discussion highlights how Metro Bank disrupted traditional banking by focusing on customer-centric value and trust. Chapter 3: (12:30) – Cognitive vs. Associative Trust in Banking The hosts and guest delve into the dual dimensions of trust: competence versus intent. Anthony explains how Metro Bank leveraged customer-centric policies, like dog-friendly branches, to foster associative trust. Chapter 4: (20:15) – The Shift to Digital Banking Anthony reflects on the rise of digital banking, including his transition to founding Atom Bank. The conversation examines how mobile banking became the cornerstone of modern financial services. Chapter 5: (28:50) – Building Atom Bank The discussion explores Atom Bank’s founding principles, focusing on delivering a superior mobile experience and balancing liabilities with assets. Anthony contrasts Atom’s approach with competitors like Monzo and Starling. Chapter 6: (40:00) – Lessons Learned and 86 400 Anthony describes his move to Australia to establish 86 400. He shares how lessons from Atom influenced his strategy, particularly the importance of engagement and transaction accounts. Chapter 7: (51:30) – Challenges in Traditional Banking Transformation The conversation shifts to why traditional banks struggle with digital transformation. Anthony and Brett critique cultural and regulatory hurdles faced by legacy institutions. Chapter 8: (58:10) – The Role of Regulators in a Digital World Anthony discusses how regulators worldwide are adapting to digital banking innovations, emphasizing the importance of competition and better consumer outcomes. Chapter 9: (1:06:20) – Reflections and Future of Banking Anthony shares his hopes for the future of banking, emphasizing customer-centricity as the industry’s ultimate goal. Brett and Anthony speculate on the next breakthrough, pointing to adjacencies and AI in banking. Chapter 10: (1:12:50) – Closing Thoughts and Takeaways The hosts summarize the key themes of the episode, including trust, customer value, and the evolution of banking. They close with a call to action for listeners to engage with the podcast and its community. Related Content: Big And Small Preparing For Shifting Generational Expectations Episode 17: You can bank on it: trust and winning customers from incumbent banks Episode 550: Cease and Desist Build The Necessary And Useful … And Remember Trust Is The New Black Episode 459: Building Trust & Expanding Reach

This week, host Brett King sits down with Colin Walsh, Founder and CEO of Varo Bank, to explore the journey of building the first all-digital, FDIC-insured de novo bank in U.S. history. Designed to improve financial health and serve a diverse range of customers—from those with financial abundance to those facing economic hardship—Varo Bank is on a mission to create a banking experience that truly works for everyone. With the unique distinction of being the first consumer fintech to be granted a bank charter in US history, Varo is redefining banking with innovative products tailored to modern consumers’ needs. From managing fraud and credit risk to building trust and leveraging a cutting-edge tech stack, they delve into the strategies that power Varo’s ability to stay agile and customer-focused. Whether it’s delivering accessible savings and lending solutions or tackling the challenges of financial inclusion, Varo Bank’s story is one of innovation and impact. Tune in for a wide-ranging discussion on how Varo is using digital banking to create financial inclusion by addressing the real financial challenges that Americans face every day. Read the entire transcript here. Podcast Content: Chapter 1: (00:00) – Introduction and Varo Bank’s Unique Path Brett King introduces the episode and welcomes Colin Walsh, founder and CEO of Varo Bank, to discuss their journey as the first pure-play digital bank with a de novo charter. Chapter 2: (04:15) – Navigating Industry Challenges Colin reflects on the pandemic’s impact, funding market changes, and navigating regulatory challenges while focusing on profitability and customer-centric innovation. Chapter 3: (10:45) – The De Novo Advantage A discussion on Varo’s strategic decision to pursue a de novo national bank charter, contrasting it with fintech sponsorship models and highlighting its benefits. Chapter 4: (16:30) – Building a Competitive Tech Stack Colin details Varo’s proprietary technology investments, including AI, machine learning, and the migration to React Native, ensuring agility and innovation in product offerings. Chapter 5: (24:50) – Lending Innovation and Financial Inclusion Varo’s approach to cash-flow-based lending and leveraging technology to responsibly serve non-prime, paycheck-to-paycheck consumers is explored in depth. Chapter 6: (32:10) – Tackling Fraud with Technology The team discusses how Varo combats sophisticated fraud through advanced tech and the advantages of being a technology-first bank in risk management. Chapter 7: (37:40) – Scaling with Discipline A look at Varo’s approach to disciplined customer acquisition, organic growth, and creating high lifetime value customers through deep engagement. Chapter 8: (44:00) – The Future of Financial Inclusion Colin explains Varo’s mission to become a financial operating system for underserved Americans and discusses innovations like embedded financial tools. Chapter 9: (50:30) – IPO Plans and Market Consolidation The conversation shifts to Varo’s long-term goals, including profitability milestones, potential IPO timelines, and strategic opportunities in a consolidating market. Chapter 10: (58:15) – Looking Ahead Colin previews upcoming initiatives, including a new app launch and partnerships, and emphasizes Varo’s role in addressing financial stress for customers. Related Content: Special Episode: Navigating the Crisis Episode 553: The Secret of NIM Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Huawei Does Gen-Fi A Digital Banking Revolution in SEA: GXBank and Mastercard https://www.youtube.com/watch?v=1lIqYB3d4IY

In This Episode Southeast Asia’s fintech revolution is here, and GXBank is leading the charge. From its roots as a ride-hailing service to becoming Malaysia’s first digital bank, GXBank is transforming how Malaysians access and manage their money. This week on Breaking Banks, host Brett King sat down with GXBank’s Chief Commercial Officer, Kaushik Chowdhury, and Mastercard’s Senior Vice President & Country Manager for Malaysia and Brunei, Beena Pothen. They discuss the incredible journey of GXBank, the partnership with Mastercard, and how the bank is reshaping financial inclusion in Southeast Asia. GXBank, a subsidiary of GXS Bank Pte. Ltd. (a joint venture between Grab and Singtel), officially launched operations September 1, 2023, introducing its app two months later. In a year, the bank has amassed over 750,000 customers, offering innovative and personalized solutions to support financial resilience and inclusion. Learn how GXBank is making banking accessible to all Malaysians while setting a new standard for digital banking in the region. Discover how Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem. Resources:Learn more about GXBank: gxbank.myExplore how Mastercard supports fintech innovation: Mastercard Fintech Services Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King introduces the episode, focusing on digital banking trends in Southeast Asia with GXBank and Mastercard as key players. Chapter 2: 03:30 – GXBank: Building a Digital Bank from Scratch Kaushik Chowdhury discusses GXBank’s journey, from user research to creating a mobile-first digital bank in Malaysia. Chapter 3: 10:15 – The Evolution of Banking in Southeast Asia Bina Pothan highlights the rapid adoption of digital banking in Southeast Asia, driven by smartphones, internet access, and changing consumer expectations. Chapter 4: 18:00 – Financial Inclusion through Digital Innovation Exploring how GXBank and Mastercard aim to serve underserved and financially vulnerable populations across Malaysia and the region. Chapter 5: 26:30 – Leveraging Partnerships for Success Insights into GXBank’s partnership with Mastercard, enabling rapid launches and delivering impactful financial products to consumers. Chapter 6: 34:45 – Payments Innovation and Embedded Finance Examining GXBank’s focus on payment solutions, including QR systems, debit cards, and embedded banking experiences with Grab. Chapter 7: 42:00 – Overcoming Challenges in Digital Banking Kaushik discusses the challenges of building a digital bank, including hiring, partnerships, and balancing innovation with trust and security. Chapter 8: 50:15 – Future Plans and Scaling Ambitions GXBank outlines its roadmap, aiming for profitability and becoming a top bank in Malaysia by leveraging its ecosystem and customer-centric strategies. Chapter 9: 57:30 – Key Takeaways and Final Reflections Bina and Kaushik emphasize trust, utility, and collaboration as essential elements for succeeding in the digital banking revolution. Related Content: Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? Bank-Fintech Partnerships, Open Banking and AI…oh my! Huawei Does Gen-Fi Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Recorded end of September

In This Episode Good leaders drive day-to-day results. Great leaders share visionary ideas and then inspire organizations and stakeholders to find a way to get there. In today’s second segment, Jennifer Tescher, host of sister podcast Emerge Everywhere, introduces this year’s Financial Health Visionary Award honoree, Brian Moynihan, Chair and CEO of Bank of America. The Visionary Award recognizes those who have shown unparalleled leadership in building a more inclusive financial system and empowering the next generation of leaders to innovate solutions that improve financial health for all. Listen to hear about Brian’s commitment to financial health and the upcoming headwinds and tailwinds impacting customers’ financial health. But first, bestselling author Michael J Casey, the chairman of DAIS (Decentralized AI Society), senior advisor on MIT Media Lab’s Digital Currency initiative, and previous Chair of Consensus at CoinDesk, joins Brett to talk about the reality of decentralized and open source AI. The intersection of DeFi and DeAI appears to be a logical path if not for the hundreds of billions being invested in big tech efforts to create AGI. Is it possible to really make AI less centralized and still deliver the promise of a highly automated world? You’ll need to tune in to find out! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King introduces Michael J. Casey, discussing his transition from Coindesk to leading decentralized AI initiatives at DAIS. Chapter 2: 03:45 – The Concept of Decentralized AI Michael explains the importance of decentralizing AI to avoid monopolies and to democratize access to AI-driven innovations. Chapter 3: 12:30 – Challenges and Innovations in Decentralized AI Exploring technical and economic challenges in implementing decentralized AI, including blockchain integration and distributed computing. Chapter 4: 22:00 – Data Ownership and Privacy in Decentralized Systems The shift from data privacy to data ownership, with blockchain providing traceability and ensuring compliance in AI applications. Chapter 5: 30:15 – Financial Inclusion through Decentralized AI How decentralized AI can drive financial inclusion, especially for underbanked communities, by creating fairer access to financial tools. Chapter 6: 38:45 – Open Health Data and Decentralized Models A comparison between open banking and the potential for open health data, emphasizing secure, decentralized systems for sensitive data. Chapter 7: 46:15 – The Future of Decentralized AI in Financial Systems Michael and Brett discuss the long-term potential of decentralized AI to reshape financial services, creating smarter and more inclusive systems. Chapter 8: 54:00 – Reflections on Michael’s Book: “Our Biggest Fight” Insights from Michael’s book on reclaiming digital autonomy, setting the stage for the critical role of decentralized AI. Related Content: Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI…oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? AI is coming to help! https://www.youtube.com/watch?v=-QSByxCEUbA

This week on Breaking Banks, host Brett King takes us to Shanghai for a riveting discussion with Jason Cao, CEO of Huawei’s Global Financial Services competency. In this eye-opening episode, they uncover how China is shaping the future with AI—not as a mere tool for profit, but as core infrastructure driving the world’s fastest-growing economy. Discover why GenFi LLMs (Generational Financial Language Models) don’t exist yet—and what’s holding AI like ChatGPT back from transforming banking as we know it. Explore how China’s unique approach to technology infrastructure is setting them apart from the rest, helping them to create a Smart Economy of the Future. Tune in for a conversation that could redefine the future of global finance and AI! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King and Jason Henricks introduce the episode, recorded in Shanghai, featuring Huawei’s Jason Tsao discussing fintech innovations. Chapter 2: 03:30 – Global Fintech Highlights: NewBank and Beyond Exploring global fintech trends, including NewBank’s growth and the technological strides of digital-first banks like WeBank. Chapter 3: 10:45 – Huawei’s Vision for Smarter Finance Jason Tsao shares insights into Huawei’s initiatives in digital finance, AI integration, and the transformation of customer experience in banking. Chapter 4: 20:00 – Resilience in Financial Infrastructure A discussion on the critical need for resilience in banking systems, addressing latency, zero downtime, and advanced fraud prevention technologies. Chapter 5: 30:15 – AI-Driven Banking and Generative Finance Exploring how Huawei collaborates with banks to leverage generative AI for efficiency, value creation, and customer-centric innovations. Chapter 6: 40:00 – Digital Infrastructure in China: A Global Example Highlighting China’s advancements in digital payments, infrastructure, and regulatory approaches that drive a highly digital economy. Chapter 7: 50:30 – Cloud Strategies for Financial Institutions Examining the rise of hybrid cloud strategies and the pivotal role of cloud computing in transforming banking operations. Chapter 8: 59:00 – The Future of Autonomous Finance How AI and automation are shaping the next generation of financial services, inspired by China’s digital transformation. Chapter 9: 65:00 – Invitation to Explore the Future in China Jason Tsao extends an invitation to global audiences to witness the rapid technological advancements in Shenzhen and across China. Related Content: Bank-Fintech Partnerships, Open Banking and AI…oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? Episode 189: Disruption Stories: Generative AI for Investments Episode 405: Driving Change Through Talent and Infrastructure https://www.youtube.com/watch?v=bCqmVDiKms4

In This Episode Strong partnerships and value creation can make even solid companies better! Serving over 80% of the top digital payment and neobank fintechs on the CNBC Global Fintech list, Mastercard takes a collaborative approach to innovation. By viewing fintechs as true partners—and bringing data insights, market expertise, and solutions to the table—Mastercard helps fintechs scale by unlocking new opportunities and driving smarter decisions for better outcomes. In today’s episode, Brett King connects with Jenique McNaught, Mastercard’s Senior Principal, Advisors & Consulting Services, UK & Ireland, and Revolut’s Fiona Davies – Head of Growth UK, Ireland & Nordics. Together, they discuss important market dynamics and the trends they see in the regions they cover. One big takeaway is how customers want to have a meaningful relationship with their financial services provider. Trust is more than just a cool factor, it is earned through a solid track record of picking the right partner and interacting with customers in their preferred manner. Everywhere, customers are embracing innovative fintech solutions that embrace convenience and meet their changing needs, with many consumers multi-banked. The trio then dive into Mastercard and Revolut’s exciting partnership and spotlight Revolut’s incredible growth story.Marking a major milestone — 50M customers in less than 10 years—Revolut is celebrating and sharing its success with “Revolutionaries,” a one-of-a-kind two-day experiential event for Revolut customers, highlighting revolutionary figures who have challenged norms and pushed boundaries. Then, the latest on bitcoin…Bitcoin has seen a 42% increase in price in just the past month, lots of crypto is up. Listen as Brett King and Henri Arslanian, author, industry expert and speaker, share thoughts on the election impact on #bitcoin and #crypto markets. Hear about this and more in this engaging and dynamic episode! ******************************************************************Interested in learning more about how Mastercard Services can help you innovate? Explore https://go.mastercardservices.com/fintech For more about Revolut and the Revolutionaries:https://www.wired.com/sponsored/story/the-revolutionaries/ Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King introduces the episode, focusing on fintech innovation and Bitcoin’s evolving role in financial markets. Chapter 2: 02:45 – Mastercard and Revolut: Driving Fintech Growth Exploration of Mastercard’s partnership with Revolut, emphasizing their efforts in enabling fintech innovation and customer trust. Chapter 3: 12:30 – Revolut’s Journey to 50 Million Customers Fiona Davies shares Revolut’s milestones, including the UK banking license and expansion into new markets. Chapter 4: 20:15 – The Trust Equation in Fintech Discussion on how fintechs like Revolut and Mastercard redefine trust in the digital financial ecosystem. Chapter 5: 30:45 – Bitcoin’s Market Surge and U.S. Crypto Policy Shift Analysis of Bitcoin’s dramatic price increase and the implications of a new, crypto-friendly U.S. regulatory stance. Chapter 6: 38:00 – Crypto Market Trends with Henry Aslanian Henry Aslanian provides insights into the global crypto landscape, focusing on institutional adoption and M&A trends. Chapter 7: 45:30 – Future of Digital Money and Smart Contracts Speculations on the future of digital currencies, stablecoins, and AI’s role in shaping autonomous financial marketplaces. [53:00] Closing Thoughts and Fintech’s Future Reflections on Revolut’s impact, the role of partnerships like Mastercard, and the disruptive potential of fintech innovations. Related Content: Bank-Fintech Partnerships, Open Banking and AI…oh my! Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Episode 556: Revolut’s UK News & It’s Tyme Episode 124: Cross Border Payments: Revolut, Visa & Currencycloud https://www.youtube.com/watch?v=1BhIUyBkn_M

In This Episode We kick off with a crossover segment featuring Fintech Takes host and fintech insider Alex Johnson, who joins Jason to break down major themes from Money20/20 2024. Together, they explore the hot topics shaping fintech right now: bank-fintech partnerships, Banking-as-a-Service (BaaS), open banking (1033), and the evolving role of AI. Alex shares highlights from his on-stage interview with CFPB Director Rohit Chopra, where they discussed the finalized 1033 rule, the ongoing legal pushback from big banks, third-party risk management, and new BaaS standards aimed at creating more balanced partnerships. The duo also dives into the rapid-fire world of AI. Is it all just hype, or are we approaching real innovation? With regulation on the rise, there’s a lot for the industry to figure out—standards, safeguards, and perhaps even a looming digital divide. Finally, Jason wraps things up with a lively chat with Mary Wisniewski, Editor-at-Large for Cornerstone Advisors. They discuss financial therapy, Mary’s perspective on the latest 1033 updates, and even squeeze in a bit of Texas Hill Country fun. Hit play and join us for a packed episode! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Overview of Money 2020 Brett King introduces the episode, discussing highlights from Money 2020, including insights into fintech trends and key partnerships. Chapter 2: 04:30 – Money 2020 Recap: Open Banking and 1033 Drama A reflection on the regulatory and industry conversations around open banking and the CFPB’s finalized 1033 rule. Chapter 3: 12:15 – Bank-Fintech Partnerships: Collaboration and Challenges Insights into third-party risk management, standard-setting challenges, and the evolving dynamics of bank-fintech partnerships. Chapter 4: 20:45 – The AI Hype Cycle: Balancing Reality and Expectations Exploring the current state of AI in financial services, separating meaningful use cases from overhyped promises. Chapter 5: 29:00 – The Role of Regulators in Banking Innovation A deep dive into regulatory implications for open banking, AI, and fintech partnerships, featuring insights from Director Chopra of the CFPB. Chapter 6: 36:45 – The Digital Divide: Small vs. Large Banks Analyzing how smaller banks face challenges in adopting open banking and AI, and the competitive advantages of larger institutions. Chapter 7: 45:30 – Financial Therapy: Behavioral Insights and Spending Habits A discussion on the emerging field of financial therapy and its applications for understanding consumer behavior. Chapter 8: 52:00 – Platform vs. Point Solutions in AI Examining the pros and cons of platforms versus point solutions in banking, with examples from the Glia conference. Chapter 9: 59:30 – Looking Ahead: Open Banking as a Competitive Opportunity Final thoughts on how banks can leverage open banking proactively rather than just complying with regulations. Related Content: Shopify Finance: Fueling Merchant and Small Business Growth Banks and Fintechs: Tips for Partnership Episode 465: Balancing Friction and Fraud in the Global Economy Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity Special Episode – Finovate: Financial Insights & Breaking Banks Anniversary Trailer https://youtu.be/ZPQWCMOHOWI

In This Episode How can merchants take control of their finances and fuel growth directly through their commerce platform? This week, Shopify unveils Shopify Finance, a powerful new hub that unifies financial tools for merchants directly within the Shopify admin and mobile app. In this episode of Breaking Banks, Brett King sits down with Vikram Anreddy, Head of Product, Financial Services for Shopify, to break down how Shopify Finance empowers merchants to manage their business, cash flow, and make strategic decisions on-the-go. From Shopify Capital, offering flexible growth loans for merchants and lower costs for faster repayment, to Shopify Balance and Bill Pay for better cash management, Shopify Finance brings a comprehensive suite of tools to merchants. With Shopify Credit—a Visa card with 3% cashback on business purchases—and Shopify Tax for simplified tax compliance, this hub offers a complete view of financial health anytime, anywhere. Good things in store! ********Define your career in fintech with a Masters of Science in Fintech, NYU SternTo learn more stern.nyu.edu/MSFT-BreakingBanks Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King and Jason Henricks introduce the episode, highlighting the intersection of fintech and e-commerce with Shopify as the centerpiece. Chapter 2: 03:15 – Meet Vikram Anredi: From Consulting to E-commerce Innovation Vikram Anredi, Head of Product for Financial Services at Shopify, shares his career journey from engineering to building products that empower entrepreneurs and small business owners. Chapter 3: 10:00 – Shopify’s Role in the Creator Economy Discussion on how Shopify supports creators and influencers with easy-to-use tools for setting up merchandising stores and monetizing their online presence. Chapter 4: 15:30 – Launch of Shopify Finance Vikram explains Shopify Finance, a suite of financial services integrated within the Shopify platform, designed to simplify money management for merchants. Chapter 5: 22:45 – Financial Barriers for SMBs and Shopify’s Solutions An exploration of the difficulties small businesses face in accessing banking services and how Shopify Finance is addressing these challenges through tailored offerings like Shopify Balance and Shopify Capital. Chapter 6: 30:20 – Embedded Finance: Credit and Risk Management How Shopify uses its data and technology to offer customized credit solutions and manage risk, with examples of merchants scaling their businesses with Shopify Capital. Chapter 7: 37:00 – Automating Complexity: Sales Tax and Bill Payments Details on Shopify’s tools for automating complex tasks like sales tax management and bill payments, making operations seamless for merchants. Chapter 8: 44:10 – AI and the Future of Shopify Finance Discussion about the potential of AI to enhance financial services and support for merchants, including current tools like Sidekick and future plans for more AI-driven insights. Chapter 9: 50:30 – The Platform Advantage in SME Banking A reflection on the growing importance of platforms like Shopify in the SME banking space, where embedded finance offers a seamless experience compared to traditional banks. Chapter 10: 58:00 – Closing Thoughts and Future Outlook Final reflections on Shopify’s mission to empower merchants and the broader implications for the fintech and e-commerce ecosystem. Related Content: Episode 451: AWS Bets Big on Black and Women Founders & Harmonizing Taxes Episode 555: Killing It… Again. With Bill Harris Bill Bynum: HOPE for All Tech Tools To Assist In Making Life’s Big Purchases! FinTech tackling Investment Management https://www.youtube.com/watch?v=Ap3B6S1m0Gs

In This Episode This week, we’re shining a spotlight on our sister podcast, Breaking Banks Europe, as they celebrate their 250th episode! Host Matteo Rizzi marks the milestone by reflecting on five incredible years and 500 unique guests. He’s joined by six of the show’s hosts for an engaging conversation on what fintech means to them, each summing up the past 15 years with a single word. From culture (which shapes fintech’s future) to strategy (the key to success), and foresight (looking ahead at how fintech is evolving), these hosts dive deep into the industry. They also explore the possibilities found in challenges, the rollercoaster ride that is fintech, inclusion in emerging markets, and the crucial role of talent and upskilling.Join us as we celebrate the show’s favorite moments and raise a toast to five more years of exploring what fintech means. Don’t miss out! Podcast Chapters: Chapter 1: 0:00 – Celebrating the Journey A retrospective on Breaking Banks Europe’s journey to 250 episodes, highlighting key milestones such as 500 unique guests over five years and the evolution of fintech. Chapter 2: 5:30 – The Role of Corporate Culture Matteo and Matthias Krohner discuss the critical impact of corporate culture in fintech, reflecting on its evolution since 2019 and changes prompted by the pandemic Chapter 3: 15:20 – Strategy in Fintech Paolo delves into the importance of strategy in the fintech world, exploring themes from the platform economy to AI advancements, and shares insights from his segment, The Banker’s Bookshelf. Chapter 4: 26:45 – The Future is Fintech Roberto offers a perspective on the innovative potential of fintech, emphasizing blockchain, decentralized systems, and the evolving role of banks as software houses. Chapter 5: 35:10 – Fintech for Good Liz champions the social impact of fintech, focusing on its ability to create opportunities for the unbanked and its transformative potential in underserved markets. Chapter 6: 44:00 – A Rollercoaster of Innovation Don reflects on the ups and downs of the fintech industry, touching on rapid changes in payment systems and digital identities, and shares his optimism for future developments. Chapter 7: 52:35 – Inclusion in Fintech Francesca highlights inclusion as a core value of fintech, discussing ongoing initiatives to tackle financial exclusion and plans for the Inclusive Fintech Forum in Africa. Chapter 8: 1:02:00 – Talent as a Catalyst Matteo closes by emphasizing the importance of nurturing talent, particularly in emerging markets, and celebrates the team that brought Breaking Banks Europe to its milestone 250 episodes. Read the entire transcript here. Related Content: Episode 564: AI Baseball Episode 440: Innovation To Be Celebrated: No Slaps Allowed Fintech Awards! Episode 200: Celebrating 4 Years of Breaking Banks Europe Episode 354: Talents and Rebels Episode 141: From Corporate to Entrepreneurship Life https://www.youtube.com/watch?v=Bfu10WzZsx4

In This Episode This week cohosts Brett King and Jason Henrichs have a far reaching conversation, tapping into guest expertise on all things open banking and digital finance. John Pitts, Global Head of Policy at Plaid, Christy Sunquist, Head of Open Finance at Plaid, and Cameron Taylor, Chief Product Officer at Ninth Wave join Jason and Brett as they dive into topics from international open banking and the standards that we can expect out of open banking in the U.S., to how Plaid and Ninth Wave are partnering to assist financial institutions ahead of the rulemaking here in the States. Plaid recently announced their Gateway Partner Program, which gives financial institutions a way to streamline their integrations ahead of open banking requirements, to make it easier for financial institutions to choose an approach that works for their unique needs as they enable open banking. Ninth Wave is Plaid’s inaugural partner for the Gateway Program, and will support financial institutions who want to simplify their API integrations while ensuring their customers have access to the thousands of apps and services in the Plaid network. Together, Plaid and Ninth Wave are solving open banking requirements for financial institutions who may be at varying stages of preparedness. Hear about this and much more on this episode of Breaking Banks. Podcast Chapters: Chapter 1: 0:00 – Introduction Title: Welcome to Gateway for Open BankingBrett King and Jason Henricks introduce the episode, highlighting the topic of open banking and featuring experts from Plaid and Ninth Wave. Chapter 2: 2:15 – Lessons from Europe’s Open Banking Journey Title: What Six Years of Open Banking in Europe Taught UsA discussion of Europe’s open banking progress, challenges, and the implications for U.S. implementation, including lessons from the UK and EU. Chapter 3: 10:45 – Industry-Led vs. Regulatory-Driven Models Title: How the U.S. Open Banking Model Differs from EuropeExploration of how the U.S. approach, driven by industry collaboration, contrasts with the more prescriptive regulatory frameworks in Europe. Chapter 4: 17:30 – Compliance Challenges for U.S. Financial Institutions Title: The Road to Open Banking ComplianceInsights into how financial institutions in the U.S. are preparing for compliance, with a focus on challenges faced by smaller banks and credit unions. Chapter 5: 26:15 – Strategic Benefits Beyond Compliance Title: From Compliance to Competitive AdvantageDiscussion on how open banking can enhance customer experiences, reduce fraud, and position banks as digital leaders, rather than just meeting regulatory mandates. Chapter 6: 35:40 – Partnerships Between Banks and Fintechs Title: Building Bridges: Banks and Fintech CollaborationsHow partnerships like those between Plaid, Ninth Wave, and financial institutions are driving innovation and supporting open banking transitions. Chapter 7: 44:25 – Data Control and Consumer Trust Title: Consumer Data Rights and the Future of Open FinanceExploration of consumer data control, privacy, and the shift toward trust-driven ecosystems, emphasizing transparency and security. Chapter 8: 52:10 – The Future of Open Banking Title: What Open Banking Will Look Like in 10 YearsPredictions on the evolution of open banking into a seamless, integrated part of financial services, fostering trust and innovation across sectors. Chapter 9: 1:00:45 – Closing Thoughts and Call to Action Title: Get Ready for Open BankingFinal reflections from the hosts and guests, including advice for financial institutions on preparing for compliance and leveraging open banking for strategic growth. Read the entire transcript here. Related Content: Episode 567: What Fintech Means To Us: Celebrating 250 Episodes of Breaking Banks Europe Episode 564: AI Baseball Episode 129: Breaking Payments: Open Banking Evolution Episode 53: PensionTech, the dusty dinosaur starts running fast Episode 542: Pay by Bank Poised for Growth in the U.S. https://www.youtube.com/watch?v=CstYX_XLZn0

In This Episode The Fed just cut rates. The 50-basis point cut was welcome news for many financial institutions, but the pressures the industry faces are not going away. In fact, rate cuts may mask the underlying changes going on. In our first segment, Jason Henrichs connects with Lake Michigan Credit Union’s EVP, Chief Lending and Experience Officer, Eric Burgoon and James White, General Manager, Banking at Total Expert talk about the future of banking. Customers are always in search of highest yield and the best terms. It’s easier than ever to move money and customers have options. Institutions need to be reliable, relatable and credible. To do that institutions need an overarching organizational strategy and data to drive personalized products. Where can you find everyone from the collective world of money? Vegas of course, October 27-30! To provide insight into Money 20/20 2024 and this year’s money and fintech story, Chief Strategy Officer Scarlett Sieber and Zach Anderson Pettet, VP of Global Fintech Strategy, connect with Brett King to talk about the conference and the dynamics as they see it shaping financial services. Keynotes from industry experts and rising stars lead the agenda with sessions on open banking, AI, borderless payments, embedded finance, fraud, policy & regulation and of course, they’ve built in lots of fun…no spoiler alerts here! If you are headed to Vegas, join us for the Fintech Luminaires reception. You can apply for an invitation with this link: https://lu.ma/p0zcx7ki See you in Vegas!! Podcast Chapters: Chapter 1: 0:00 – Opening Thoughts – The Fed’s Impact and Financial Pressures Brett King introduces the episode, discussing the recent Federal Reserve rate cuts and their implications on the financial industry. The conversation highlights challenges like deposit pressures and the need for financial institutions to adapt to consumer behavior changes. Chapter 2: 5:15 – Competitive Pressures in Banking Eric Burgoon and James White explore how banks and credit unions face growing competition for deposits. They discuss the shift toward high-yield savings products, consumer behavior, and how institutions can leverage technology to remain competitive. Chapter 3: 18:45 – The Role of Relationship Banking in the Digital Age The focus shifts to the importance of relationship banking. The discussion emphasizes balancing personal relationships with technological advancements to provide value to customers at scale. Chapter 4: 29:10 – Leveraging AI and Data for Strategic Advantage James White and Eric Burgoon discuss the integration of AI and data strategies in financial services. They highlight the necessity of reliable, relatable, and credible interactions and how AI can help scale personalized services. Chapter 5: 40:35 – Culture and Organizational Strategy in Financial Institutions The panel underscores the importance of strong organizational culture and disciplined technological adoption. They explore how credit unions like Lake Michigan Credit Union differentiate themselves by focusing on member-first principles. Chapter 6: 52:00 – Money 2020 and the Evolution of Fintech Events Scarlett Sieber and Zach Anderson-Pettett join to preview the Money 2020 conference in Las Vegas. They discuss the event’s focus on AI, embedded finance, and cross-border collaboration, as well as efforts to promote health and wellness during the event. Chapter 7: 1:07:25 – Building a Global Fintech Community The conversation expands on how Money 2020 fosters global collaboration and community. Scarlett and Zach share insights into agenda planning, content curation, and the broader impact of the conference on the fintech ecosystem. Chapter 8: 1:20:00 – Closing Remarks – Future Trends and Takeaways Brett wraps up the episode with final thoughts on the importance of forward-looking strategies in financial services and a preview of breaking news expected from Money 2020. Read the entire transcript here. Related Content: Episode 567: What Fintech Means To Us: Celebrating 250 Episodes of Breaking Banks Europe Episode 564: AI Baseball Episode 566: Gateway for Open Banking Episode 93: Talent Infrastructure Episode 493: It’s All About Relationships! https://youtu.be/3lIHDhzVfnU

In This Episode AI is simultaneously taking over the world and disappointing in it’s ability to take over the world depending on the publication you read. No doubt we are in the first innings. Today Derek Higginbotham, CEO of First Electronic Bank, Matt Bochenek CEO of Avant and John Sun, CEO of Spring Labs, and Jason Henrichs talk about why everyone needs to be getting up to bat with AI, no matter the size of institution you work for. Spring Labs AI Native Banking and Fintech conference is next week and has a powerhouse lineup. Register at conferences.springlabs.com and use code SpringLabsXBreakingBanks for a discount. Podcast Chapters: Chapter 1: 0:00 – Opening Pitch – AI and Its Hype Cycle Brett King and Jason Henricks introduce the episode, framing AI as both transformative and overhyped. Guests discuss how AI adoption mirrors the rise of past technologies. Chapter 2: 5:30 – Narrowing the Field – Strategic AI Use Cases Derek Higginbotham, Matt Bocinek, and John Sun explore how financial institutions are narrowing down AI use cases, emphasizing incremental steps over broad adoption. Chapter 3: 17:10 – Building Organizational AI Muscles The discussion highlights how organizations can develop “AI muscles” by starting with small projects, learning from them, and ensuring flexibility for future applications. Chapter 4: 27:45 – Data as the Foundation of AI Success Panelists delve into the importance of robust data infrastructure, the challenges of siloed data in financial services, and how AI reshapes data-driven decision-making. Chapter 5: 39:20 – Cultural Shifts and AI Adoption The conversation shifts to cultural challenges in financial services, exploring how to transition from report-driven approaches to hypothesis-driven and data-informed decision-making. Chapter 6: 50:05 – AI and Regulatory Compliance The group discusses how AI is being integrated into regulatory compliance, emphasizing augmenting human capabilities rather than replacing them outright. Chapter 7: 1:02:15 – Rethinking Processes with AI A discussion on how AI compels institutions to rethink legacy processes, addressing “process debt” and identifying opportunities for deeper insights and efficiency. Chapter 8: 1:15:30 – The Divide in AI Adoption Panelists explore the implications of early vs. late AI adoption in financial services, predicting winners, losers, and the creation of an AI digital divide. Chapter 9: 1:25:10 – Lessons for Financial AI Development The episode concludes with key takeaways about the unique challenges of deploying AI in financial services and the need for specialized knowledge in regulated industries. Read the entire transcript here. Related Content Big And Small Preparing For Shifting Generational Expectations Episode 434: Rethink What You Deliver: SX Roundup & Wild Ride in WA AI is coming to help! A.I.- Ally Or Foe Bioplausible Artificial Intelligence https://www.youtube.com/watch?v=untcDneZ6Rw

In This Episode Globetrotter and Host Brett King shares banking news and investment conversations from around the world We start today’s podcast on banking with Brett’s one on one discussion on tech in Thailand with Dr. Supachai Kid Parchariyanon. Dr. Kid is CEO and Co-Founder of consulting company Rise, and managing partner for SeaX Ventures, a Thai venture capital firm with presence in Silicon Valley. Rise’s company goal is to drive 1% of the GDP in Thailand as well as reduce 1% of carbon emissions in all of Southeast Asia. Earlier in his career, Dr. Kid was a key figure responsible for bringing the social media app Twitter (now known as X) to Thailand, it was a technical challenge, and one that had legal barriers as well. Later, he and his team were also able to code software for the Nokia phone, creating in his words a “Robin Hood-like app” for Thailand. He speaks to us today about the Thai tech scene, what’s happening in fintech and the VC world, and specifically what’s helping drive the Thai economy — from fintech to health tourism to the Thai lifestyle movement and digital nomad visas, the conversation is wide-ranging as this small country slowly recovers from covid and faces demographic headwinds. With an aging society they are looking to attract new talent and people to the country, collaborate not compete and expand investment in deep tech, AI, agritech, medical, and tourism tech. Then, from the 24 Fintech Conference in Saudi Arabia, Brett introduces us to Saudi Arabia’s Barq, making headlines around the region and other parts of the world, as he sits down with its Chief Business Officer, Saad Almuhana. Barq is the newest and fastest growing private wallet and challenger bank in Saudi Arabia, the Middle East and potentially the world, having garnered 1.5M customers in 35 days — having hit the amazing milestone of 1M customers in 21 days. In Saudi Arabia, younger people represent 70% of the population, tech savvy, mobile banking is very successful in the Kingdom with mobile penetration off the charts. Consumer appetite is high for help with finances in a quick manner. Remittance is a big part of Barq’s offering, assuring customers that the optimal rail is selected at the right time for payment transactions. The journey started August 2024 with an EMI license (e-money), expansion plans are already in the works. In their second month, Barq is enhancing service offerings through multiple partnerships and hoping to hit 2M customers. If the evolution of the fintech is such, they have the option to upgrade to a full bank. It’s an interesting and unique journey, one of incredible growth. But……one last thing before you listen to the latest episode of our financial podcast,,,,you know what season it is? Not just pumpkin spice, it’s conference season and there is a new show to add to your list. The AI-Native Banking & Fintech Conference is happening October 7 in Salt Lake City and Breaking Banks is proud to be a media partner. Our listeners get a 20% discount when they register at conference.springlabs.com and use the code SpringLabsXBreakingBanks. They have an outstanding set of speakers and this is not to be missed. Once again, you have the link http://conference.springlabs.com and the code is: SpringLabsXBreakingBanks, don’t forget to claim your discount! Podcast Chapters: Chapter 1: 0:00 – Introduction – Exploring Thai Tech and Saudi Fintech Brett King introduces the dual focus of this episode: the evolving Thai tech ecosystem and the rapid rise of Saudi Arabia’s Barq. Chapter 2: 3:15 – Thailand’s Economy and Demographic Challenges Kid Pacharianon discusses Thailand’s economic position in Southeast Asia, its aging population, and its recovery post-COVID. Chapter 3: 12:40 – Thai Tech and Startup Landscape The growth of Thai startups, the impact of corporate venture capital, and the success of initiatives like PromptPay and e-commerce. Chapter 4: 23:00 – The Future of Thai Innovation Kid shares insights on emerging deep-tech trends, including AI, blockchain, med-tech, and agri-tech, and their potential for the Thai economy. Chapter 5: 35:10 – Saudi Arabia’s Fintech Boom – Introducing Barq Saad Al-Muhanna discusses Barq’s origins, rapid growth, and its role in revolutionizing financial services for Saudi youth and expats. Chapter 6: 46:25 – Barq’s Technology and User-Centric Offerings A deep dive into Barq’s tech stack, its innovative KYC processes, international remittance capabilities, and customer-centric tools. Chapter 7: 57:00 – Plans for Expansion and Corporate Solutions Saad outlines Barq’s future plans, including SME platforms, payroll management, and expanding its wallet and banking services. Chapter 8: 1:07:50 – Closing Reflections – Fintech Across Borders Brett wraps up the discussion by reflecting on the global nature of fintech a

In This Episode Warning: Extra spice added — new sauces and participants! The stream of consent orders against banks that offer BaaS continues. Fintech partner banks drew 1/3 of all formal enforcement orders by federal banking agencies in the 4th quarter of 2023, that’s quite a bit when you consider that fintech partner banks only account for roughly 3% of all U.S. banks. BaaS is here to stay — it’s a great way for community banks to grow, big banks are already on board and will do more, and entrepreneurs will want to continue to create better banking experiences which means they’ll need to partner with banks. Jason Henrichs brings you our latest Hot Takes with regulars Kiah Haslett, Bank Director; Alex Johnson, Fintech Takes; and Jason Mikula, Fintech Business Weekly, as they are joined by Barb MacLean, SVP, Head of Tech Operations & Implementation, Coastal Community Bank and Allen Denson, Partner, Litigation, Morgan, Lewis & Bockius, LLP.  The flaming hot panel discusses why BaaS is facing regulatory headwinds, what banks should do, and how the North Star needs to be a BaaS solution that provides the optimal blend of technology and compliance, all while having some fun. From the stage of FinovateFall we bring you this episode of Breaking Banks. Read the full transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Episode Overview Hosts Brett King, Jason Henricks, and JP Nichols introduce this episode, recorded live at Finnovate, featuring hot takes on banking as a service (BaaS) and the regulatory challenges surrounding it. Chapter 2: 03:45 – Turbulent 2024: What’s Burning? The panel dives into the year’s most challenging issues in banking and fintech, including broker deposit reclassification and cybersecurity breaches, setting the stage for a fiery discussion. Chapter 3: 12:30 – Consumer Awareness: FDIC and Fintech Misunderstandings Exploring whether consumers truly understand the risks when engaging with fintechs labeled as FDIC-insured and why traditional disclosures fail to inform effectively. Chapter 4: 22:10 – Responsibility and Accountability in BaaS Panelists debate how responsibility is allocated between banks and fintech program managers when issues arise, with differing views on splitting regulatory versus economic liability. Chapter 5: 32:40 – Regulators and the Banking as a Service Landscape A discussion of the evolving role of regulators in BaaS, from non-objection policies to potential frameworks for managing risk in fintech partnerships. Chapter 6: 43:15 – Deposit Treatment: Old Rules, New Challenges A deep dive into whether current deposit classification rules are fit for purpose in today’s fintech-driven banking environment, including the implications of reclassifying fintech deposits as brokered. Chapter 7: 55:00 – FBO Accounts: An Aging Framework The inefficiencies of the “for benefit of” (FBO) account structure and its limitations in a modern fintech ecosystem are dissected, with calls for innovation in banking frameworks. Chapter 8: 01:05:30 – Banking Partner Standards: Who Should Participate? Examining whether all banks should be allowed to partner with fintechs, considering the technical, regulatory, and operational complexities involved. Chapter 9: 01:14:45 – Closing Thoughts and Audience Engagement Final reflections on BaaS accountability and the role of regulators, along with opportunities for audience interaction and some lighthearted hot sauce giveaways. Chapter 10: 01:18:00 – Outro and Credits A wrap-up of the episode with producer credits, reminders to subscribe, and details on how to share and support Breaking Banks. Related Content: Episode 464: Second Wave BaaS & “Deep Tech” Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI…oh my! A Digital Banking Revolution in SEA: GXBank and Mastercard Shopify Finance: Fueling Merchant and Small Business Growth https://youtu.be/Fk01H61HlJc

In This Episode It’s a mashup between Breaking Banks and Dave and Dharm Demystify, a podcast that takes you on a journey through the ever evolving world of fintech and digital finance. In this episode triple hosts, Brett King, Dave Wallace and Dharmesh Mistry offer thought provoking discussion and insights, covering off the fintech movement and relevancy in this new state of banking. Integration is key in the new world order. Special shout out to JPMorgan Chase for all they are doing. What will the banking experience look like in the future? When Q-Day comes there will be radical transparency, get those strategies in place. Join the discussion, weigh in, share your thoughts and feedback! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introductions Brett King and Jason Henricks welcome Dave Wallace and Darmish Mystery of the Dave and Darm Demystify podcast for a special mashup episode. Chapter 2: 03:30 – Defining Fintech: A Movement or a Moment? The panel discusses the origins and evolving definition of fintech, debating whether it’s a movement driven by technology or a transformative moment. Chapter 3: 12:00 – The Future of Banking: AI-Driven Smart Economies Exploring AI’s potential to transform financial services, from agency-based payments to smart contracts, and what a “smart bank” might look like. Chapter 4: 21:45 – Fintech Evolution: From Startups to Smart Banks A deep dive into how fintech companies are reshaping the financial landscape and how traditional banks can adapt to compete in a tech-first world. Chapter 5: 34:15 – The Impact of AI and Quantum on Financial Systems Discussing the game-changing potential of quantum computing and AI in finance, including radical transparency and the looming “Q-Day.” Chapter 6: 45:40 – The Demise of Traditional Banking Products How AI, cashlessness, and data-driven solutions are reshaping core banking products like credit cards and SME lending, with insights from global trends. Chapter 7: 57:20 – Challenges for Legacy Banks: Innovate or Perish Examining whether traditional banks can transition to a digital-first model, and the role of cloud, AI, and quantum in staying relevant. Chapter 8: 01:06:00 – The Ethical and Existential Implications of AI The group reflects on how AI will redefine humanity, consciousness, and what it means to be human in a rapidly changing world. Chapter 9: 01:15:30 – Outro and Closing Thoughts Final reflections from both podcasts, with insights into the future of banking, fintech, and technology, and a thank you to listeners. Related Content: Bank-Fintech Partnerships, Open Banking and AI…oh my! Huawei Does Gen-Fi Episode 562: Hot Takes: Regulatory Headwinds for BaaS Removing Mystery of Money Movement A Digital Banking Revolution in SEA: GXBank and Mastercard https://youtu.be/CxtFxiEE27Y

In This Episode In this week’s episode of Breaking Banks we bring you the next feature in our Killing It series as host Jason Henrichs connects with Ohad Samet, Co-Founder and CEO of TrueAccord. Several calls from unknown numbers and one unpleasant conversation about a forgotten credit card with a relatively small balance was the impetus for Ohad to reimagine the debt collection process and the genesis of TrueAccord. Prior experience as the Chief Risk Officer of Klarna, a European payments company, and experience with other start-ups in the area of risk and analytics served him well. Development is an upward spiral and founding a company (companies actually) involves a lot of self-expression and is often less about the money and more about what you want to do. At some point, though, you may need to fire yourself. Another candid and enlightening conversation in the series with relevance for all. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Episode Overview The Breaking Banks team introduces the episode, diving into the journey of starting, scaling, and transforming companies with the founder of TrueML. Chapter 2: 02:50 – From Klarna to TrueML: A Founder’s Motivation The guest recounts his early career successes, his departure from Klarna, and the personal and professional motivations behind starting TrueML. Chapter 3: 08:20 – A Personal Problem Sparks Innovation A forgotten credit card bill becomes the inspiration to reinvent debt collection, blending personal experience with professional insight. Chapter 4: 13:45 – Building a Resilient Structure: Two Businesses in One Insights into creating a dual-entity business structure for scalability, regulatory compliance, and innovation within TrueML. Chapter 5: 20:10 – Letting Go: Redefining Leadership Roles Exploring the challenges and personal growth required to delegate responsibilities and allow a company to grow beyond its founder’s direct control. Chapter 6: 27:30 – Reinvention and Identity in Leadership The guest reflects on balancing personal identity with professional roles, highlighting lessons learned from multiple startup journeys. Chapter 7: 33:50 – The Art of Firing Yourself When and how to step back as a leader, with practical advice on hiring executives and knowing when it’s time to delegate or move on. Chapter 8: 41:10 – The Evolution of TrueML: Reinventing Debt Collection TrueML’s role in transforming the debt collection industry, emphasizing technology, strategy, and long-term vision for impactful innovation. Chapter 9: 47:15 – Final Thoughts: Leadership Lessons from the Journey Key takeaways on leadership, scaling businesses, and staying grounded as a founder, with a look toward the future of TrueML. Chapter 10: 50:00 – Outro and Credits The Breaking Banks team wraps up the episode, thanking the guest and reminding listeners to engage with the show and share their thoughts. Related Content: Episode 102: The Debt Collection Process Episode 561: Demystifying Fintech: Insights on Banking’s Future Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI…oh my! Episode 562: Hot Takes: Regulatory Headwinds for BaaS https://youtu.be/Ev2DwaPJh-o

In This Episode The FDIC recently issued a proposed rule change on how brokered deposits are treated. This isn’t so much a proposed change but a rollback. A roll way back. Way back to 1989 when the original brokered deposit rule was written. As Jason Mikula points out, that’s when Taylor Swift was born. Jason M, Alex Johnson, Kiah Haslett and Alex Barrage of Troutman Pepper have some hot takes with Jason Henrichs on how the business of banking has changed through the eras and the implications for the future. Also, the views expressed are those of the individuals and not their respective employers – the lawyers made us add that. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King and Jason Henricks introduce the episode, featuring a panel discussion on the FDIC’s proposed changes to broker deposit rules. Chapter 2: 03:20 – Rolling Back to 1989: What’s Changing? The panel explains the proposed rule changes, comparing them to the original 1989 statute and analyzing their relevance in today’s banking landscape. Chapter 3: 09:50 – The Problem with Blanket Rules A debate over whether the FDIC’s rollback is a necessary step or an overreaction, with a focus on the lack of modern data to support the changes. Chapter 4: 17:35 – Are All Deposits Becoming Hot Money? Discussing the impact of technology, consumer behavior, and open banking on the stickiness of deposits, making the case for nuanced regulation. Chapter 5: 27:10 – Self-Brokered Deposits: A New Paradigm Exploring the idea that modern consumers act as their own deposit brokers, reshaping how banks should approach liquidity and risk. Chapter 6: 36:45 – Liquidity, Portability, and the Future of Deposits Analyzing how innovations like FedNow and open banking could transform deposit flows, amplifying risks in ways the proposed rule doesn’t address. Chapter 7: 46:20 – The Regulatory Disconnect Panelists highlight how regulators’ legacy frameworks may fail to capture emerging risks, from fintech partnerships to instantaneous deposit movement. Chapter 8: 55:30 – Unintended Consequences of the Rule The potential fallout of the rule for fintech partnerships, community banks, and consumer access to innovative banking solutions. Chapter 9: 01:05:00 – Closing Thoughts and Calls to Action The episode wraps up with reflections on the importance of public comments and industry collaboration to guide smarter regulatory decisions. Related Content: Episode 488: Deposits: Hot or Not Episode 562: Hot Takes: Regulatory Headwinds for BaaS Huawei Does Gen-Fi Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Bank-Fintech Partnerships, Open Banking and AI…oh my! https://youtu.be/yW6m7yCif-A

In This Episode Opening doors to high-potential fintech startups that share a mission to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible has been a goal of Mastercard’s with the founding of Start Path in 2014. Since its inception the program has helped over 430 startups in 57 countries. With partnership in its DNA, Start Path is helping define how the company innovates for the future and creates meaningful, sustainable impact for society. Working with players large and small, Mastercard is helping fintechs push the boundaries of what’s possible, to foster innovation, expand access and ensure trust. This symbiotic relationship helps the partners innovate at scale and, together, change the game for the wider commerce ecosystem. In this episode, Brett King connects with Sabrina Tharani, SVP, Global Fintech Programs at Mastercard and Jordan Wright, Co-Founder & CEO of Atomic Financial, a leader in payroll and merchant connectivity solutions, and a member of the Mastercard Start Path Open Banking program. Listen as they discuss Start Path and how their commercial partnership is enabling consumers to automatically switch their direct deposits and update recurring bill payments. A secure, seamless online banking experience through Mastercard Open Banking, solutions delivered in partnership with Atomic, ultimately helping drive account primacy for financial institutions. As fintechs look to build, launch and grow their business, Mastercard is helping drive smarter decisions for better outcomes across the payments ecosystem. Interested in joining Mastercard Start Path? Click here to learn more about the programs and apply online. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King introduces this MasterCard-supported episode, highlighting fintech innovation and partnerships reshaping financial services. Chapter 2: 03:15 – The Global Pulse of Fintech Innovation MasterCard’s Sabrina Tarani discusses emerging fintech trends, the role of AI, data technology, and how consumer expectations are driving innovation. Chapter 3: 08:30 – Meet Atomic Financial Jordan Wright, CEO of Atomic Financial, shares insights on the company’s mission to transform deposit switching, payments, and financial access. Chapter 4: 15:40 – AI Agents and Radical Personalization The panel explores the role of AI in finance, highlighting wallet-based approaches, smart agents, and real-world applications for personalized banking. Chapter 5: 22:20 – Inside MasterCard’s StartPath Program Sabrina details the StartPath program’s mission, its global impact, and how it supports fintechs like Atomic to scale through partnerships and innovation. Chapter 6: 30:10 – The Case for Bank-Fintech Collaboration Why banks need fintech partnerships to stay competitive, including insights into how StartPath accelerates collaboration with speed and agility. Chapter 7: 38:00 – Challenges and Opportunities in Fintech Partnerships A candid discussion on overcoming hurdles in bank-fintech collaborations and the importance of aligning incentives for success. Chapter 8: 45:30 – Scaling Success: Lessons from StartPath Celebrating the achievements of StartPath, its impact on over 450 fintechs in 57 countries, and its contributions to global financial innovation. Chapter 9: 52:00 – The Future of Finance Closing reflections on the role of AI, open banking, and subscription management in shaping the next generation of financial services. Chapter 10: 57:15 – Outro and Closing Thoughts Final takeaways on fintech’s transformative potential, with resources to explore Atomic Financial and MasterCard’s StartPath program further. Related Content: A Digital Banking Revolution in SEA: GXBank and Mastercard Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? Bank-Fintech Partnerships, Open Banking and AI…oh my! Episode 561: Demystifying Fintech: Insights on Banking’s Future Huawei Does Gen-Fi https://youtu.be/hw7GjWWjtwI

In This Episode Consent orders are dropping with increasing frequency. Historically consent orders were viewed as failing grades. It’s no surprise that bankers are a breed that don’t respond well to failing grades, it is the credit mentality around loss avoidance that leads to an overly developed risk-mitigation culture. Doing new things, by definition, requires taking on risk at some level. In this episode, Jason Henrichs is joined by guests Gilles Gade, Founder & CEO, Cross River Bank, Phil Goldfeder, CEO, American Fintech Council, Clayton Mitchell, Managing Principal, Fintech, and Mandi Simpson, Partner, Accounting Advisory & Finance Transformation Leader at Crowe as they dive into the critical topic of organizational resilience for banks in the wake of receiving a regulatory consent order. Together they explore how financial institutions can not only comply with regulatory requirements but also use this challenge as an opportunity to strengthen their operations and culture. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction: Setting the Stage for Resilience The episode opens with an overview of resilience in the financial world. Hosts introduce key topics, such as navigating regulatory pressures, innovation amid challenges, and how resilience shapes the future of financial services. Chapter 2: 05:30 – Building Technology to Challenge the Status Quo Gils Gade from CrossRiver Bank explains how outdated technology in banking inspired his vision for a tech-forward bank. The discussion dives into how CrossRiver built innovative solutions to replace legacy systems, ultimately serving fintech ecosystems better. Chapter 3: 15:45 – Turning Challenges into Stepping Stones The conversation explores CrossRiver’s encounters with regulatory consent orders and how they used these challenges as opportunities to strengthen compliance and innovate further. Gade emphasizes a philosophy of viewing stumbling blocks as stepping stones. Chapter 4: 28:20 – Minimal Maturity Models for Risk and Compliance Crow’s Mandy Simpson and Clayton Mitchell discuss strategies for balancing growth and risk in banking. They highlight the importance of incremental risk management and dialogue with regulators to build resilience. Chapter 5: 38:15 – Resilience Through Consumer-Centric Design The episode underscores how keeping customers at the center of decision-making helps banks build trust and resilience. CrossRiver’s efforts to address customer pain points through innovative tech and services are highlighted as a model. Chapter 6: 47:10 – Collaboration: Banks, Fintechs, and Regulators Phil Goldfeder from the American FinTech Council shares insights on collaboration between banks, fintechs, and regulators. The focus shifts to aligning regulatory practices with the fast-paced innovation demanded by customers. Chapter 7: 57:45 – Overcoming Regulatory PTSD A candid discussion on how consent orders can lead to “regulatory PTSD” within organizations. The panel explores strategies for fostering innovation while maintaining compliance. Chapter 8: 1:08:30 – Preparing for the Future of Banking The panel reflects on how banks can leverage their experiences to remain competitive and resilient. They emphasize the importance of innovation, risk management, and customer focus as the pillars of a sustainable banking model. Chapter 9: 1:19:00 – Closing Thoughts: Resilience as a Journey The episode concludes with a discussion on how resilience is not just about weathering challenges but thriving through them. The hosts summarize key takeaways and look ahead to the future of resilient banking. Related Content: Episode 562: Hot Takes: Regulatory Headwinds for BaaS Episode 471: Can You Hear Me Now? Regulators Speak Up Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Bank-Fintech Partnerships, Open Banking and AI…oh my! Huawei Does Gen-Fi Spoiler Alert: Lots of great quotes in this episode! https://youtu.be/YJRPtez0pU0

In This Episode Digital banking is reshaping market share. All the fastest growing banks these days are fintechs.  After a three year battle, fintech challenger Revolut has provisionally secured a UK Banking License. With this, Revolut can now represent themselves as a bank, having the rights and obligations of a chartered financial institution in the UK. Revolut already had a license in the EU but the UK license could help with entry into the US. With 45M customers, revenue over $2B and profitable, they are making a mark for themselves. Listen as hosts Brett King and JP Nicols share their take on the news and implications for the industry. Then, it’s Tyme….TymeBank, South Africa’s (and the African continent’s) most successful challenger bank aimed at the lower income market. Listen as Co-Founder, Coen Jonker, speaks with Brett to share Tyme’s origin story and progress. Tyme is challenging the notion of how neos might work in this space. It began with BaaS and several years later, 2019, TymeBank launched in South Africa (SA). Launching during CoVid taught Tyme (Take Your Money Everywhere) to build an anti-fragile business.One of three banks since 2000 to have been granted a SA banking license, TymeBank uses a phygital operating model to work towards it’s goal of financial inclusion and democratizing access to banking. In 2022 they expanded to the Philippines, GoTyme, and now, Vietnam. Via digital kiosks for onboarding in physical retail stores — you can open an account in 3 – 5 minutes and be issued a debit card — they are building trust and educating customers, integrating banking into the shopping proposition. TymeBank is in it for the long game. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction: Breaking News in Fintech The hosts introduce the episode with key updates: Revolut’s provisional UK banking license and an exploration of TimeBank’s rapid growth. Chapter 2: 03:15 – Revolut’s UK Banking License: A Game Changer Revolut’s recent milestone is discussed, highlighting how the license impacts its global expansion strategy and positions it as a competitive force. Chapter 3: 12:40 – Scaling Success: How Digital Banks are Outpacing Incumbents An analysis of digital banks like Revolut and NewBank, comparing their customer acquisition strategies, scalability, and profitability to traditional banks. Chapter 4: 24:30 – SME Banking and the Future of Commercial Services The hosts discuss how digital banks are entering the SME sector, leveraging data to provide tailored services and disrupting traditional commercial banking. Chapter 5: 33:45 – TimeBank’s Story: Building Financial Inclusion in Africa TimeBank’s co-founder, Kuhn Yonker, shares the bank’s origin story, its mission to democratize access to banking, and its impressive growth in South Africa. Chapter 6: 45:10 – The Hybrid Strategy: Digital Meets Physical TimeBank’s unique approach of combining digital services with in-store kiosks is examined, showing how this model fosters trust and reduces acquisition costs. Chapter 7: 55:20 – Expansion into Southeast Asia: TimeBank Goes Global TimeBank’s entry into the Philippines and Vietnam is discussed, focusing on its strategy to replicate its African success in new, emerging markets. Chapter 8: 1:05:30 – AI and the Next Frontier for Digital Banks The role of AI in enhancing productivity, customer service, and personalized banking experiences at TimeBank is explored. Chapter 9: 1:16:45 – Looking Ahead: What’s Next for Revolut and TimeBank? The episode concludes with reflections on the future of digital banking, from Revolut’s growth trajectory to TimeBank’s upcoming capital raise and global aspirations. Related Content: Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? UK is “All In” for FinTech Episode 124: Cross Border Payments: Revolut, Visa & Currencycloud Huawei Does Gen-Fi Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection https://youtu.be/9tKswSs2SaY

In This Episode Another thrilling episode of Breaking Banks’ special series Killing It!. Host Jason Henrichs connects with fintech superstar, dare we say fintech Olympian (Paris 2024!), Bill Harris, industry veteran, founder of 10+ tech and fintech companies, author, and current Founder & CEO of Evergreen Money. Together Jason and Bill look back at Bill’s career to date, the different companies, the lessons learned and the tough calls made. Among those hard decisions, the need, at times, to avoid prolonging a failing venture and the need to conserve resources. It’s a race to the finish where Bill shares details about his latest endeavor. https://youtu.be/zh-rAm6t_DY

In This Episode Integration is a team sport these days. There is a need for constant adaptation and innovation, it can be complex and expensive, a lack of standards in the U.S. has introduced a lot of competing standards and solutions challenging business and consumer adoption. Partnerships and tighter focus can be key to bringing down cost to exchange funds and complement the current payments system with $80 Trillion processed on the ACH system in 2023, $55 Trillion of it B2B payments. Listen as Brett King catches up with Dwolla’s CEO, David Glaser and CTO, Skyler Nesheim. Dwolla was first featured on Breaking Banks back in 2013, they bring us up to date on the innovative interfaces that Dwolla offers to the US banking system and their ability to work with innovators of all sizes. It’s an interesting discussion covering RTP payments, open banking, pay by bank, connections to the ACH Network and RTP Network for institutions of all sizes. Then Jason Henrichs chats with veteran financial services executive, founder & CEO Sanjib Kalita, about fintech events from Money 20/20 to Fintech Meetup and beyond. From best practices to the need to create the right culture and maximize the value of content and improve ROT (Return on Time), differentiation is important as is contributing to greater knowledge. Are there too many events? It’s a master class in events! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction: Navigating Innovation in Fintech The hosts kick off with an overview of the “Innovator’s Dilemma” and introduce returning guests from Doala, discussing the evolution of fintech. Chapter 2: 05:15 – Doala’s Evolution: From Startups to Enterprises Doala’s CEO and CTO reflect on their journey, highlighting the company’s shift from serving small businesses to becoming a payments infrastructure leader. Chapter 3: 15:30 – Global Real-Time Payments: Lessons from PIX and UPI A discussion on how countries like Brazil and India are leading real-time payments, compared to the U.S.’s slower adoption and the role of standards. Chapter 4: 25:40 – Overcoming Legacy Challenges in Banking Exploring how legacy systems create friction in innovation, and how fintechs like Doala provide solutions to modernize payment ecosystems. Chapter 5: 35:20 – The Role of AI in Payments and Personalization The conversation shifts to AI’s potential in payments, including personal assistants managing financial transactions and streamlining banking processes. Chapter 6: 45:10 – Collaboration in Fintech: Banks, Platforms, and Ecosystems The panel examines how fintechs, banks, and technology platforms collaborate to create scalable, integrated financial systems. Chapter 7: 55:30 – Building a Future-Proof Bank in the Cloud The episode highlights how cloud-native fintechs like Doala have a competitive edge, while legacy banks face significant hurdles in keeping up. Chapter 8: 1:07:45 – Conferences and ROI: Fintech Events That Matter The hosts discuss the importance of maximizing return on time at fintech events, sharing strategies to align conference participation with business goals. Chapter 9: 1:17:20 – Closing Thoughts: Embracing Continuous Innovation The episode wraps up with reflections on the necessity of constant innovation for survival in fintech and the banking ecosystem. Related Content: Episode 427: Reframing the Branch and the Industrialist Dilemma Episode 565: Return to Normalcy? & Money’s Got Soul Episode 395: Banking on Fast Money Special Episode – Finovate: Financial Insights & Breaking Banks Anniversary Trailer Episode 216: Disruption Stories – The Challenges of Integrating Cryptocurrency into Traditional Financial Systems https://youtu.be/PaD1IcU4NxU

In This Episode Deposits are the aqua vitae of banking, the water of life. The very core of the traditional banking business model is gathering deposits at no to low-cost and lending the money back out at higher rates. Bankers used to reference the “3-6-3 Rule”: bring in deposits at 3%, make loans at 6%, and be out on the golf course by 3:00PM. Money is the primary raw material in the business of banking. The difference between what financial institutions pay for that raw material is subtracted from what they earn from lending it out right at the very top of their income statements. That difference is net interest income, and it is the largest component of earnings for virtually every bank. As much as 95% or more for some. Expressed as a ratio, the net interest margin or NIM is a key metric in measuring bank performance, and it’s been under considerable pressure lately. The traditional levers have been trying to lower deposit rates and raise loan rates, and hope you don’t lose too much volume. As the business has become more complex, so have the tools and strategies to reduce that pressure. Today we get into some of the hidden levers that banks are using to add non-rate value, one focus is SBA lending. How new approaches and new technology is expanding the market for banks large and small, and also for fintechs; and how the secondary market is helping to improve liquidity and improve NIM. Joining host JP Nicols in this episode are Steve Tanzer and Joel Updegraff, both Managing Directors at Brean Capital. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction: The Lifeblood of Banking The hosts introduce net interest margin (NIM) as a critical metric for bank performance and set the stage for a discussion on strategies to manage NIM pressures. Chapter 2: 05:20 – SBA Lending: A Hidden Lever for Profitability Steve Tanzer from Breen Capital explains the role of Small Business Administration (SBA) loans in enhancing bank liquidity, profitability, and risk management. Chapter 3: 15:45 – Expanding Beyond Local Markets The discussion shifts to how banks can diversify geographically and leverage national lending platforms while maintaining strong customer relationships. Chapter 4: 25:30 – The SBA Secondary Market: Transforming Loan Portfolios An overview of how the SBA’s secondary market enables banks to sell guaranteed portions of loans, generating fee income and freeing up capital for growth. Chapter 5: 35:10 – Fintech Partnerships and Efficiency Gains The panel explores how fintech and “Fintech Lite” solutions are streamlining SBA lending, boosting efficiency, and expanding credit access to underserved markets. Chapter 6: 45:25 – Innovations Born from the Pandemic Insights on how SBA modernized processes during COVID-19, including the shift from wet signatures to digital transactions, improving efficiency in loan settlement. Chapter 7: 55:15 – Lessons from Leaders: Specialization and Technology The hosts highlight examples like Live Oak Bank, showcasing how specialization in industry verticals and investment in technology yield competitive advantages. Chapter 8: 1:05:30 – Getting Started with SBA Lending Practical advice for banks new to SBA lending, including understanding the program’s economics, finding the right partners, and identifying growth opportunities. Chapter 9: 1:15:40 – Non-Traditional Players in the SBA Space The role of non-bank lenders and fintech innovations in reshaping the SBA landscape is examined, emphasizing their influence on efficiency and market dynamics. Chapter 10: 1:25:10 – Closing Thoughts: The Future of NIM and SBA Lending The episode wraps up with reflections on the evolving role of SBA programs and non-rate strategies in addressing NIM compression challenges. Related Content: Episode 340: Good Policy, Good Banking Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Huawei Does Gen-Fi Episode 559: Hot Take: Brokered Deposits Join the Eras Tour Bank-Fintech Partnerships, Open Banking and AI…oh my! https://www.youtube.com/watch?v=DOZCuKPrBcY

In This Episode This Breaking Banks episode’s Killing It guest went from software engineer to investment banker to founder of a community supporting the next generation of fintech founders to adviser then founder of the fintech team at Andreessen Horowitz (A16Z) and now solo venture fund founder in the fintech space investing at the angel, pre-seed and seed stage. Meet Rex Salisbury, founder Cambrian Ventures, backing early-stage companies, as he shares his journey and founder stories — his path, motivation and the support that ultimately led him to being a solo fund founder after clearly being bitten by the fintech bug. He shares thoughts on putting talents and strengths to good use, creative destruction and how to think about failure to get you where you want and ought to be. In short, he’s killing it! https://youtu.be/v8MC6xGc_lo

In This Episode Soft landings are a topic of hot conversation these days. The go-go days where you can always raise another round are gone. The ecosystem is littered with companies with little product market fit, less revenue and even less runway. Many of these are looking for a soft spot to land. Unfortunately M&A is hard in the best of times and many fintechs are now looking to banks as a potential exit. In the first half of today’s show, Jason Zaler, partner at Oliver Wyman, joins Jason Henrichs to discuss Oliver Wyman’s  new report on bank fintech M&A. In the second half,  Robert Antoniades, General Partner at Information Venture Partners, and Jason H talk about 3 decades of venture cycles and M&A more broadly including strategies for big banks, community banks, fintechs and even VCs. Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Insights into Bank and Fintech Partnerships Introductory thoughts on fintech struggles and the shifting landscape of bank-fintech partnerships. Chapter 2: 00:12:45 – Bank-Fintech M&A Challenges and Opportunities Exploring the difficulties banks face in acquiring fintechs and factors impacting M&A deals. Chapter 3: 00:24:10 – Case Study: SoFi’s Acquisition Strategy A deep dive into SoFi’s significant acquisitions, including Galileo and Technisys. Chapter 4: 00:37:00 – Key Steps to Successful Integration Post-Acquisition Outlining the playbook for integrating fintech acquisitions successfully. Chapter 5: 00:45:15 – Navigating Regulatory Hurdles in M&A Challenges fintechs and banks face in complying with emerging regulations. Chapter 6: 01:00:30 – Venture Capital Trends and Market Outlook Discussion on venture capital cycles, overfunded startups, and future fintech consolidation. Chapter 7: 01:15:00 – Closing Thoughts on Fintech Consolidation Predictions on soft landings, hard landings, and where fintechs are headed next. Related Content: Bank-Fintech Partnerships, Open Banking and AI…oh my! Episode 31: Where Does the Money Go? – Corporate Venture Capital – The Challenges of Strategic Investing Episode 553: The Secret of NIM Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Episode 561: Demystifying Fintech: Insights on Banking’s Future https://youtu.be/1e5Vtj3fiEQ

In This Episode Come for the expert views on how the Synapse bankruptcy has led to regulatory consent orders for three banks (so far), stay to find out what happens when two regulatory lawyers and a self-declared ‘bank nerd’ editor break down the issues and the lessons for the rest of the industry. Matt Janiga from Trustly, Jesse Silverman from Troutman Pepper, and Kiah Haslett from Bank Director dive deep into what went wrong on the bank side, and what banks need to do to avoid a similar fate. Jesse has ideas for a better regulatory system, and says banks need to think beyond disclosures. Matt says banks need to step up their AML/BSA compliance systems and not try to do too much at once. Kiah gives a little history lesson and goes on a rant about how much of banks’ risk management systems are anything but. Everyone agrees with JP that banks keep stumbling over well-known issues, and that the risks of inaction are too big to ignore. Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Introduction: The Fallout at Synapse and Evolve Bank The hosts introduce the episode, setting the stage for the discussion on the Synapse collapse, Evolve Bank’s consent order, and broader fintech implications. Chapter 2: 00:05:30 – Banking as a Service (BaaS): Growing Pains and Third-Party Risks A look at the evolution of Banking as a Service, the role of middleware, and the challenges banks face in third-party risk management. Chapter 3: 00:14:45 – The Synapse Saga: What Went Wrong? Breaking down the Synapse bankruptcy, reconciliation issues, and the complex web of banks and fintechs involved in the debacle. Chapter 4: 00:26:00 – The Regulatory Gaps: Whose Job Is It to Watch? A discussion on the perceived regulatory gaps, the role of state regulators, and the absence of a unified oversight body for fintechs. Chapter 5: 00:38:15 – Consent Orders: Patterns, Themes, and Lessons Learned Analysis of recent consent orders issued to banks, recurring themes like AML, CIP, reconciliation, and what banks must address to stay compliant. Chapter 6: 00:50:00 – Fintechs and Banks: Managing Risk, Partnerships, and Expectations How fintechs and banks can work better together, focusing on due diligence, reconciliation processes, and board governance. Chapter 7: 01:02:15 – State Regulation vs. Federal Solutions: Is a New License on the Horizon? Exploring the potential for state regulators to create new license types for fintechs and why a federal framework might be needed. Chapter 8: 01:12:30 – Advice for Banks Entering Fintech Partnerships Practical advice for banks considering fintech partnerships: start small, evaluate processes, and ensure technology and compliance alignment. Chapter 9: 01:20:00 – The Future of BaaS: From Crisis to Opportunity A hopeful perspective on the future of Banking as a Service, predicting a “flight to quality” and stronger partnerships through better risk management. Chapter 10: Final reflections on the importance of effective risk management and why banks must embrace calculated risks to innovate and thrive. Related Content: Episode 551: This Spot Looks Soft Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy Bank-Fintech Partnerships, Open Banking and AI…oh my! Episode 562: Hot Takes: Regulatory Headwinds for BaaS Episode 557: The Power of Resilience https://www.youtube.com/watch?v=NC4LF19DAfs

In This Episode It’s a Breaking Banks and Finovate collab! Fresh off of FinovateSpring hosts JP Nicols, Greg Palmer and Brett King talk trends, takeaways and best of show; bringing the best to you in this episode. If you missed FinovateSpring, enjoy the recap and themes, and some of the best fintech innovations covering artificial intelligence, open banking, future payments, CX and more. With new market entrants and the loosening of capital, creativity is coming back into the ecosystem, and the bar is being raised, pushing everyone forward. We also introduce you to one of FinovateSpring’s Best of Show winners, Maya Mikhailov, SAVVI AI, Founder & CEO. Meeting users where they are, SAVVI AI offers a powerful AI tool to unlock data and make finserv and fintech goal driven AI use cases easier, distilling data natively into excel, to offer insights for institutions on new product offerings to benefit customers and business. In the coming weeks, tune into sister podcast Finovate for profiles, a deep dive and one-on-ones with all FinovateSpring ‘Best of Show’ winners: Bloom Credit, Remynt, Kobalt Labs, QuickFi, SAVVI AI, Cascading AI Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Introduction: Welcoming Greg Palmer and Finnovate Insights The hosts introduce Greg Palmer from Finnovate, discussing his observations post-Finnovate Spring and setting the stage for the episode. Chapter 2: 00:05:30 – The State of Fintech: Fresh Ideas and New Players Exploring the influx of early-stage companies, Series A fintechs, and how creativity is driving a new wave of innovation in the ecosystem. Chapter 3: 00:15:00 – The Innovation Cycle: Incumbents vs. Insurgents Discussing the classic innovation cycle, venture capital trends, and how fintechs challenge incumbents to adapt or acquire. Chapter 4: 00:24:45 – AI in Fintech: Who Will Win the Next Wave? Highlighting AI’s role in shaping financial services, the incumbents’ challenges with legacy systems, and fintechs’ AI-friendly advantages. Chapter 5: 00:35:30 – Best of Show Winners: The Highlights of Finnovate Spring A brief overview of standout winners like Bloom Credit, Remit, and Savvy AI, and their innovative, customer-centric approaches. Chapter 6: 00:45:15 – Meet Savvy AI: Democratizing AI for Banks Maya Mikhailov shares Savvy AI’s mission to bring AI capabilities to banks through Excel, empowering them to use their existing data. Chapter 7: 00:55:00 – Practical AI Use Cases: Start with What You Have Discussing how banks can begin with deposit and transaction data to solve practical challenges like deposit growth, churn, and loan delinquency. Chapter 8: Reflections on the episode’s themes: AI as a tool for efficiency, solving everyday banking problems, and meeting customers where they are. Related Content: Life Before and After Social Distancing Special Episode: Navigating the Crisis AI is coming to help! A.I.- Ally Or Foe Bioplausible Artificial Intelligence https://www.youtube.com/watch?v=LZUWot-48E8

In This Episode Jake Gibson, former investment banker, entrepreneur / co-founder NerdWallet, angel investor, now VC founder Better Tomorrow Ventures, who crossed career paths with host Jason Henrichs 10+ years ago, have an honest discussion about the twists and turns of co-founding a boot-strapping start-up particularly when you are young, on to something and quickly have to figure everything out. After years of hard work and being all-in, tough decisions needed to be made as NerdWallet continued to grow quickly. Jake knew it was time to move on, but so hard to do. The arrival of twins and focus on strengths, honesty, lessons learned, and giving advice to others in similar situations, helped Jake figure his calling and path forward, and has enabled him to keep many ‘cards in his wallet’.  Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Introduction: Reinvention and Identity Setting the stage for Jake Gibson’s journey, from Wall Street to co-founding NerdWallet, angel investing, and ultimately venture capital. Chapter 2: 00:04:30 – From Wall Street to Silicon Valley: The First Reinvention Jake shares his transition from a successful trading desk role at J.P. Morgan to joining Tim Chen on the early journey of NerdWallet. Chapter 3: 00:12:00 – Bootstrapping NerdWallet: The Rocky Early Days Insights into the early challenges of building NerdWallet, the struggles of SEO, and how Google’s algorithm updates became a turning point. Chapter 4: 00:22:45 – Growth Pains: Scaling Beyond Founders’ Capabilities The tough lessons in scaling NerdWallet, managing people, and navigating layoffs, despite the company’s upward revenue trajectory. Chapter 5: 00:35:00 – Leaving NerdWallet: Letting Go of Identity Jake opens up about the emotional difficulty of leaving NerdWallet, redefining his sense of self, and taking time to decompress. Chapter 6: 00:45:30 – Angel Investing: Paying It Forward The next phase for Jake—mentoring and investing in startups, building a network, and finding fulfillment through helping others succeed. Chapter 7: 00:52:00 – Commitment Issues: From Angel to VC with Better Tomorrow Ventures How Jake partnered with Sheel Mohnot, overcame hesitations, and co-founded Better Tomorrow Ventures (BTV) to support fintech innovation. Chapter 8: 01:05:30 – Facing Failure and Luck: Lessons for Founders Candid advice on preparing for potential failure, embracing identity shifts, and recognizing that success often requires persistence and luck. Chapter 9: 01:15:00 – Closing Reflections: The Founder’s Mentality Jake’s thoughts on unreasonable optimism, self-awareness, and how founders should approach reinvention and uncertainty. Related Content: Episode 44: Where Does The Money Go? – Angel Investing Episode 451: AWS Bets Big on Black and Women Founders & Harmonizing Taxes Episode 550: Cease and Desist Identities Merging Episode 551: This Spot Looks Soft https://youtu.be/aQnekFgirVU

In This Episode There’s more to episode 543 — Killing It: The Story Behind the Synapse Story — right here! The Synapse saga continues but we make it easy to stay current and benefit from expert analysis as host Jason Henrichs unpacks the latest news with Jason Mikula, publisher of Fintech Business Weekly. The two are watching the topic closely, offering insight into what it all means, from a Chapter 11 Trustee, to new account and financial resilience concerns, FDIC insurance disclosure, challenges and regulation not to mention potential risks and implications for banking and fintech. A takeaway from it all, the importance of regulation in promoting responsible innovation. Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Introduction: A Slow-Moving Disaster Hosts Jason Henrichs and Jason Mikula set the stage for the ongoing Synapse-Evolve-Lineage saga, describing the magnitude and impact. Chapter 2: 00:05:30 – The Missing Millions: Ledger Integrity Crisis Analyzing the $50 million shortfall between Synapse and Evolve, the flawed ledger issues, and how the situation spiraled over time. Chapter 3: 00:14:00 – How Did This Happen? The Role of Boards and Fintechs Exploring Synapse’s board oversight, fintech clients’ reactions, and questions about operational resilience and business continuity. Chapter 4: 00:22:00 – The Complexity of Banking Ledgers Discussing why ledgers are so complex, how ACH and settlement flows add layers of difficulty, and why banks failed to catch the discrepancies. Chapter 5: 00:30:45 – FDIC Insurance Clarification: A Regulatory Surprise Examining the FDIC’s stance on insurance limitations and the lack of clear communication to consumers regarding fintech-held deposits. Chapter 6: 00:40:00 – Regulatory Gaps and Fintech Accountability Comparing U.S. regulatory gaps to Europe’s EMI licenses, and how the lack of supervision exacerbated fintech risks. Chapter 7: 00:50:15 – Tourists on BaaS Island: Banks and Fintech Missteps Highlighting the dangers of underprepared banks and fintech players entering the complex world of Banking-as-a-Service (BaaS). Chapter 8: 00:58:30 – The Fallout: Long-Term Implications for BaaS and Fintech Assessing how this saga will impact future bank-fintech partnerships, regulatory oversight, and the fintech innovation landscape. Chapter 9: 01:08:00 – Lessons Learned: Regulation, Boards, and Responsible Innovation Reflecting on the importance of regulation, investor accountability, and building robust systems to prevent future crises. Related Content: Episode 562: Hot Takes: Regulatory Headwinds for BaaS Episode 70: Women’s Economic Empowerment TechSprint & Conference Episode 464: Second Wave BaaS & “Deep Tech” Episode 550: Cease and Desist Episode 559: Hot Take: Brokered Deposits Join the Eras Tour https://youtu.be/JrbIignFP64

In This Episode In this episode Jason Henrichs and Kiah Haslett, Bank Director’s Banking and Fintech Editor riff on FBO (For Benefit Of) accounts, implications for banks, banking as a service and the future of fintech. Then, Jason connects with Paul Davis, Founder, The Bank Slate about fintech partnerships, future landscape, consent orders and AI in banking. https://youtu.be/403ajB3n9mo

In This Episode In this episode Brett King catches up with Ali Paterson, Editor-in-Chief, FF News about … fintech and banking! Having been part of the architecture, or rather furniture, of the industry for many years, these two leaders, writers and influencers look at fintech — through rearview mirrors and what’s on the road ahead — in a lighthearted discussion from respective vantage points. There are standout moments (does anyone remember the literal payments race?), personalities, culture, and some favorite stories. Read the entire transcript here. Podcast Content: Chapter 1: 00:00:00 – Introduction: A Decade of Fintech Chronicles Brett King and Ali Patterson introduce the episode, sharing stories about their long-standing relationship and Ali’s role in fintech journalism. Chapter 2: 00:05:30 – Founding FF News: From Future Banking to Buzzword Bingo Ali discusses his early days in fintech reporting, founding FF News at Finnovate London 2015, and covering industry-shaping events. Chapter 3: 00:14:00 – Capturing History: Starling, Revolut, and the Early Challenger Banks Memorable moments with fintech pioneers like Anne Boden and Nick Storonsky, highlighting how Starling and Revolut emerged from humble beginnings. Chapter 4: 00:22:15 – Stories of Success and Collapse: Loot and Wirecard A look back at the rise and fall of standout fintechs like Loot and Wirecard, and the lessons they provide for the industry. Chapter 5: 00:30:45 – Fintech Media: The Secret to Longevity and Client Trust Ali shares how FF News thrives through resilience, client relationships, and unconventional solutions to deliver value. Chapter 6: 00:40:30 – Buzzword Bingo and the Evolving Media Landscape How fintech media has shifted to focus on targeted engagement over vanity metrics, including strategies for TikTok and content delivery. Chapter 7: 00:48:15 – Emerging Markets: The Caribbean as Fintech’s Next Wave Discussion on the Caribbean as an untapped fintech hub, with opportunities for challenger banks and financial innovation. Chapter 8: 00:55:00 – The Payments Race: Innovation, Community, and Crazy Logistics Ali recounts the entertaining and logistically challenging Payments Race events that highlighted global payments evolution. Chapter 9: 01:05:00 – Best and Worst Interviews: From Will.I.Am to Frank Abagnale Jr. Ali shares stories of his most memorable interviews, including thought-provoking conversations with fintech leaders and unexpected challenges. Chapter 10: 01:12:00 – Advice for Fintech Founders: Be Unique and Recognizable Tips for fintech entrepreneurs on creating impactful stories, standing out in media, and building a strong, unique brand presence. Related Content: Episode 144: Metaverse Deep Dive – Decoding the Buzzword Episode 561: Demystifying Fintech: Insights on Banking’s Future Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? Huawei Does Gen-Fi https://youtu.be/MEpeF1Wp2uY

In This Episode Brett King connects with industry leaders and influencers Joao Bezerra Leite, 2W Ecobank and former CTO, Banco Itau, and Bruno Diniz, fintech advisor, author, professor, speaker and top 10 influencer in Ibero America for another engaging episode of Breaking Banks about the fintech / payments boom in Brazil and Latin America. The trio focus on several success stories to include Pix pay; NuBank, the reasons NuBank has been so successful; Creditas, and other companies to watch. Can these successes be replicated elsewhere? How might the market react if / when NuBank becomes the largest market cap bank in LatAm? These are just some of the questions the industry veterans tackle in this episode. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction and Overview The hosts introduce the episode and highlight the focus on Latin America’s fintech landscape, with a special emphasis on Brazil. They welcome experts Bruno Diniz and João Bezerra Letty to discuss fintech innovations, payments, and regulations shaping the region. Chapter 2: 03:45 – Nubank: The Rise of a Challenger A deep dive into Nubank’s meteoric growth, achieving 100 million customers, and its strategies that revolutionized the Brazilian banking sector. Discussion includes user experience, regulatory support, and its positioning as a mobile-first digital bank. Chapter 3: 15:20 – Brazil’s Regulatory Innovation João Bezerra Letty outlines the role of Brazil’s Central Bank in creating an enabling environment for fintech innovation, including key regulations like payment institution guidelines and the success of PIX, the instant payments platform. Chapter 4: 23:30 – PIX and Payment Innovations Discussion about PIX’s massive adoption in Brazil and its role in redefining payment systems. The conversation compares PIX’s success to the slow adoption of FedNow in the United States. Chapter 5: 32:10 – Beyond Nubank: Emerging Fintech Leaders Exploration of other notable fintechs in Brazil, including Creditas and Cloudwalk, highlighting their innovative approaches to digital lending, DeFi, and payment systems. Chapter 6: 40:50 – Market Challenges and Opportunities The challenges traditional banks face in adapting to a digital-first economy and the opportunities for fintechs to address underserved segments. Discussion includes embedded finance and AI’s role in the ecosystem. Chapter 7: 48:00 – The Future of Latin American Fintech The experts discuss Brazil’s leadership in fintech innovation, the potential for exportable fintech models, and the next steps in tokenized economies and AI integration. Chapter 8: 54:30 – Closing Thoughts and Resources Final reflections on the future of fintech in Latin America, how listeners can stay updated on industry trends, and expert resources shared by the guests. Related Content: Episode 126 – Breaking Payments: Keys to success in hyper-growth companies Episode 494: Regional Spotlights: South Africa & LatAm Making Strides Episode 233: The Bankers’ Bookshelf – AI revolution: productivity boom and beyond Episode 210: Disruption Stories: Regenerative Finance Episode 554: Innovator’s Dilemma & ROI / ROT https://youtu.be/0sMFejq_TQk

In This Episode It’s another engaging episode from Breaking Banks’ new series, Killing It. Host Jason Henrichs shares a candid conversation with Sankaet Pathak, Synapse CEO and Co-Founder, about Synapse’s just completed, very public bankruptcy and acquisition that came with highly opinionated social media commentary. Listen as Sankaet shares his personal story as well as a behind the scenes narrative of Synapse’s journey, the challenges faced, and what ultimately brought him to the decision to kill Synapse as a stand-alone entity. Sequencing is important. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Introduction and Synapse’s Chapter 11 Journey The hosts introduce the episode, diving into Synapse’s public bankruptcy and acquisition by TabaPay. Sankat Pathak, Synapse’s founder and CEO, joins to share insights on the process and misconceptions surrounding the events. Chapter 2: 05:15 – The Misunderstood Narrative Pathak clarifies the misconceptions about Synapse’s journey, emphasizing the deliberate decision for Chapter 11 to enable a strategic asset acquisition. Chapter 3: 12:30 – Missed Opportunities and Strategic Shifts Discussion on the $100 million term sheet veto and the strategic move to acquire a bank charter, highlighting the internal disagreements that sealed Synapse’s fate. Chapter 4: 20:45 – Lessons in Building and Scaling Pathak reflects on Synapse’s growth journey, the challenges of creating a middleware-focused company, and lessons learned about culture, market selection, and business scaling. Chapter 5: 28:40 – Banking as a Service: Challenges and Future Directions In-depth exploration of the complexities of banking-as-a-service models, the role of FBO accounts, and predictions for the evolution of the BaaS ecosystem in the next five years. Chapter 6: 38:10 – Regulation, Culture, and Market Dynamics Discussion on the role of regulation in shaping financial services, differences between tech and bank cultures, and how these elements influence business success. Chapter 7: 47:20 – The Future of Banking and Fintech Models Speculation on the future interplay between banks and fintechs, including trends toward fintechs acquiring bank charters and banks adapting to technological DNA. Chapter 8: 55:00 – Closing Reflections and What’s Next for Pathak Pathak shares his personal takeaways, his future plans, and how the lessons from Synapse’s journey will shape his next endeavors. Related Content: Episode 474: Ringing Out 2022: What did we get right? What did we miss? Tech’s Role in the Shut In Episode 55: Jim Marous Episode 547: The BaaS Bombs Drop + Synapse Bankruptcy Episode 140: Let’s Talk Culture https://youtu.be/tkIwAiaI2dA Full Show Transcription [00:00:00] Welcome to Breaking Banks. The number one. Killing it. Killing it. There’s often a story behind this story. The explosion of social media, private Slack and WhatsApp groups, newsletters, make it difficult not only to decipher fact, but even put together a cohesive story. Synapse is just completing a very public bankruptcy and acquisition with highly opinionated social media commentary. Sankat Pathak, Synapse’s founder and CEO, joins me on this episode to share his side of the story and the journey that brought him to the decision to kill Synapse as a standalone entity. Well, thanks for agreeing to have a difficult if not painful conversation about the last chapters of Synapse’s journey as a standalone entity. [00:01:00] Building in public is hard and, you know, finding a soft landing is admirable and difficult enough without public commentary. I guess I should be thankful Twitter didn’t have the reach and vitriol in 2014 when we like tried to crash land, you know, Perk Street, same maneuver. I sometimes tell people it’s like, we landed the plane. People were definitely on fire. But no one died, right? Um, I’m going to start with, you know, there are some of the experts on X saying, you know, all sorts of things, here’s what went wrong. Why don’t we start with, what are people getting wrong about the narrative in what transpired with Synapse and the TabaPay acquisition? I think the biggest thing that people don’t realize is that We didn’t file for bankruptcy, and then somebody bought our assets. Uh, we filed for Chapter 11 because that’s what Tapupe wanted, uh, as a safe way to be able to acquire the [00:02:00] asset. Um, because of all the noise around the company, specifically with one of our, uh, Ex customers. Um, uh, It starts with a capital M, maybe? Yeah, Mercury. Yeah. Yeah. Um, that was the core of the reason, but I think a lot of people, uh, and again, like on Twitter, I think the mob mentality is vicious and it’s fine. Um, uh, sometimes it’s fun. Mostly it’s painful, but that’s okay. Um, their whole narrative was bankrupt Synapse has it

In This Episode Pay by bank is gaining momentum in the U.S., it’s a natural evolution of how we pay with funds from our bank accounts. What will it take to get more people to use it and what about readiness for different use cases? Listen as host Brett King, Eric Sager, Plaid’s COO and Trevor Nies, Adyen’s SVP, Global Head of Digital discuss the state of pay by bank, what is driving it in the U.S., the value it delivers, the next segments to adopt, and how key challenges are being overcome to make it good for consumers and for businesses. Will we start seeing pay-by-bank in everyday e-commerce experiences? Listen to our latest episode of Breaking Banks to find out! Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction and Global Payment Trends The hosts introduce the episode and explore the growing momentum of pay-by-bank systems worldwide, focusing on their adoption in emerging markets like Brazil and India. Chapter 2: [05:20] Meet the Guests and U.S. Market Overview Eric Sager from Plaid and Trevor Neece from Adyen discuss their roles and share insights into the complexities and opportunities in the U.S. payments ecosystem. Chapter 3: [12:40] Lessons from Emerging Markets Exploration of real-time payments systems such as PIX in Brazil and UPI in India. Insights into how these systems could shape the future of payments in the U.S. and Europe. Chapter 4: [22:15] The Growing Appeal of Pay by Bank Deep dive into the benefits of pay-by-bank for consumers and merchants, including lower costs, reduced churn, and access to underserved populations. Chapter 5: [30:50] The Partnership Between Plaid and Adyen Details on the strategic collaboration between Plaid and Adyen, its objectives, and how it simplifies merchant integration while offering value to consumers. Chapter 6: [39:30] Overcoming Adoption Barriers Discussion on the challenges of implementing pay-by-bank in the U.S., including consumer trust, branding, and incentives, and how to drive adoption across generations. Chapter 7: [48:10] AI and the Future of Payments Speculation on how AI will transform payments, from contextual credit to automated personal finance management, and its potential integration with pay-by-bank systems. Chapter 8: [55:50] Wrapping Up and Future Outlook Guests reflect on the potential for pay-by-bank to reshape the payments landscape, their plans for the partnership, and their excitement for the future. Related Content: Episode 83: The future of payments and the disappearing “point of sale” Episode 548: Killing It: And then Paying It Forward Episode 129: Breaking Payments: Open Banking Evolution Episode 562: Hot Takes: Regulatory Headwinds for BaaS Shopify Finance: Fueling Merchant and Small Business Growth https://youtu.be/HDybRTh0mmE

In This Episode Embedded banking is reshaping the industry for those with the right approach. To succeed, banks of all sizes will need a strategy, tools, and technology. Listen as host Brett King connects with Booshan Rengachari, CEO of Finzly, pioneering provider of modern money movement systems to financial institutions, as they uncover the opportunities and keys to success in embedded banking. Attract more corporate banking customers with new advanced features, learn how to handle KYC & KYCC compliance for fintech partnerships, and how open APIs, virtual accounts and ISO 20022 nativity enable embedded banking.

In This Episode Todays’ Breaking Banks spotlights sister podcast Finovate, featuring host Greg Palmer’s recent interviews on the Future of Real-Time Payments with The Clearing House’s, Jim Colassano, SVP Product Development & Strategy and a new report on Cost of Living, Lending and Insights from Tink with Jack Spiers, Banking & Lending Director, UK & Ireland. Finovate Spring is around the corner, May 21 – 23, 2024 in San Francisco, CA. Check it out! https://www.youtube.com/watch?v=1yIeYTZbXpQ

In This Episode This week on Breaking Banks, we feature an episode from sister podcast EMERGE Everywhere. Is artificial intelligence the key to providing personalized financial advice for all? While companies like Credit Karma are tapping into AI’s vast potential to help customers manage their money, the technology also raises weighty questions about how to use it responsibly. In this episode, Jennifer Tescher, host of EMERGE Everywhere speaks with Credit Karma CEO Ken Lin about how the company has embedded AI into its solutions, the biggest opportunities and challenges right now, and what an AI-enabled future might look like. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction: AI in Financial Services The hosts introduce the episode, highlighting discussions with Ken Lin, CEO of Credit Karma, about the transformative impact of AI on financial advice. Chapter 2: [05:10] Credit Karma’s Journey and AI Evolution Ken Lin shares the origins of Credit Karma, its integration into Intuit, and the company’s innovative approach to leveraging AI for personalized financial tools. Chapter 3: [14:20] Generative AI vs. Machine Learning Exploration of the differences between machine learning and generative AI, emphasizing AI’s ability to deliver tailored, conversational financial advice. Chapter 4: [22:50] Real-World Applications of Generative AI Ken Lin discusses the top use cases of generative AI on the Credit Karma platform, focusing on addressing consumers’ top financial questions with tailored insights. Chapter 5: [33:15] The Promise of AI-Driven Financial Assistance Discussion on AI’s potential to transform financial advice into actionable steps, aiming to reduce tedium and empower financial mobility for users. Chapter 6: [42:00] Tackling Trust and AI Hallucinations Addressing concerns around AI accuracy, bias, and “hallucinations” in financial advice, and the steps Credit Karma takes to ensure reliable guidance. Chapter 7: [50:30] The Bottom 20%: Addressing Financial Exclusion Ken Lin reflects on how AI can benefit underserved populations by increasing financial inclusion and providing equitable access to services. Chapter 8: [58:00] Governance and the Future of AI The episode explores the importance of AI governance, ethical considerations, and the long-term impact of AI on financial systems and societal equity. Related Content: FinTech Opening Investment Space Will Financial Advisers Be Replaced By Crowd, How Does Tech Change GenYs Plan Investment & Saving? Episode 189: Disruption Stories: Generative AI for Investments AI is coming to help! A.I.- Ally Or Foe

In this Episode This week, Jason Henrich connects with Mary Wisniewski to talk about her new podcast, Money Isn’t Everything, which will explore unconventional ideas and strategies within the financial services sector.  In her biweekly podcast Mary will tap into her passion for uncovering counterintuitive concepts, sharing stories and looking at complexities, gaps and opportunities in our market with focus on the role banks and credit unions play in driving and improving outcomes, The first episode of Money Isn’t Everything airs 4/18, catch it on Apple, Spotify or the Cornerstone Advisors website. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction and Welcome The hosts introduce the episode, highlighting the theme of money’s role beyond financial value. Special guest Mary Wisniewski previews her new podcast, Money Isn’t Everything. Chapter 2: [03:50] The Philosophy Behind “Money Isn’t Everything” Mary Wisniewski shares the inspiration and objectives for her new podcast, emphasizing how financial institutions can address broader human needs. Chapter 3: [10:20] Challenges in Financial Literacy and Behavior Change Discussion about the failures of traditional financial literacy efforts and how understanding erratic cash flow can improve outcomes for underserved populations. Chapter 4: [18:30] Gamification and Nudges in Financial Services Exploration of gamification and behavioral nudges, their effectiveness, and ethical considerations for banks and fintechs aiming to improve financial habits. Chapter 5: [26:40] Aligning Incentives in Banking and Startups Jason Henricks reflects on the challenges of creating consumer-aligned incentives in financial products, sharing insights from his experience with Perk Street. Chapter 6: [35:15] Addressing Mental Health and Financial Stress Highlighting the intersection of mental health and money, the hosts discuss the emotional toll of financial stress and its implications for financial services. Chapter 7: [43:00] The Role of Creativity and Innovation in Finance Mary shares personal anecdotes and ideas for fostering innovation in financial services, particularly for addressing volatile incomes and debt reduction. Chapter 8: [50:25] Looking Ahead: Themes for “Money Isn’t Everything” Preview of topics Mary plans to explore on her podcast, including AI, bold experiments in finance, and revisiting lessons from past economic cycles. Chapter 9: [57:00] Closing Thoughts and Call to Action Final reflections on the episode’s themes, the significance of money in our lives, and details on how to follow Money Isn’t Everything when it launches. Related Content: Episode 127 – Unconventional Saving Products Special Episode: Digital Love in the Time of COVID Episode 93: Talent Infrastructure Episode 170: MONEY UNDER 20 – “SM” in the new “FS” Episode 551: This Spot Looks Soft https://youtu.be/3PsqPUDBmO8