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! 

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.

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.my
Explore 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 Stern
To 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 Banking
Brett 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 Us
A 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 Europe
Exploration 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 Compliance
Insights 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 Advantage
Discussion 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 Collaborations
How 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 Finance
Exploration 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 Years
Predictions 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 Banking
Final 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. ...