BREAKING BANKS – EPISODE 330:
Life Before and After Social Distancing
For the first half of this episode, we travel back to a simpler time before the mass disruption of normality from the COVID-19 pandemic– just 4 weeks ago. Greg Palmer spoke with JP Nicols in late February about the tech-driven advancements he is seeing on the frontlines of innovation from the Finovate stage and contrasts that to consumer adoption trends. In the second half we find ourselves in a world where social distancing is the new normal. Scarlett Sieber from CCG Catalyst Consulting Group reflects on the obstacles the financial services industry and fintechs are currently facing and will continue to face in the weeks and months to come.
[2:30] Greg Palmer discusses Finovate Europe in Berlin, where 5 of the 6 winners for best in show were all customer facing technologies.
[3:30] Fintechs are recognizing in order to be attractive to financial institutions they have to meet the customer base’s needs and provide a meaningful service.
[5:40] Greg Palmer points out that financial institution employees must have a positive experience with the technology in order to help drive digital adoption.
[6:30] There are a massive number of challenger banks popping up around Europe, how many can the market support?
[9:00] Open banking opens the door to allow challengers to come in and take on traditional financial institutions, is there still a lot of opportunities in this arena?
[18:20] The Finovate podcast has special programming for International Women’s Day.
[20:00] JP Nichols joined Greg Palmer on the Finovate podcast recently to talk about the gap between the technology adoption curve versus the hype curve.
[37:05] Scarlett Sieber discusses the broad impact COVID-19 has had on her personal and professional life and how New York City feels a little apocalyptic.
[39:00] The issue being put on the back burner, Scarlett Sieber believes, is solving real customer pain points and problems. This will be the focus of financial institutions moving forward beyond the coronavirus.
[40:13] Showing revenue from a ROI and profit perspective is going to be tremendously important.
[45:45] Hypothesizing that the number of fintechs that will be interested in the accelerator model will increase dramatically.
[50:01] The coronavirus pandemic might be the push that will get consumers more comfortable utilizing digital banking features like investments and payments.
Greg Palmer @GregPalmer47 host of @Finovate
Scarlett Sieber @ScarlettSieber @ccgcatalyst
Novae Miles Card @WeAreNovae
Breaking Banks is the #1 global fintech radio show and podcast, created by Brett King. Tune in for a look at how technology and customer behavior will bring about more changes in banking in the next 10 years, than in the last 200 years. Listen every Thursday at 3pm eastern time, noon pacific on the VoiceAmerica Business Channel. Subscribe at Provoke.fm to hear the show nearly 2 million listeners from 72 countries are raving about.