Banking Tech June 2019 Edition

The definitive source of news and analysis of the global fintech sector | June 2019 www.bankingtech.
com
BEYOND HUMAN
Dreaming of a fintech tomorrow
INTERVIEW: DAN MAKOSKI, LLOYDS BANKING GROUP
What makes a chief design officer
CHALLENGER BANKS IN GERMANY
Who’s who and what’s their tech FINTECH FUTURES
IN THIS ISSUE
Challenger banks worldwide

who’s who and what’s their tech
FinTech Futures’ editorial team is keeping its finger on the fintech Contents
pulse with a series of comprehensive and free guides
on the challenger banks and banking services
and their technology in various countries. NEWS
04 The latest fintech news from around the globe:
Visit www.bankingtech.com to read the guides. the good, the bad and the ugly.
FEATURES
16 Focus
Cloud adoption – the future for the back office?
UK 18 Conference report
US FinovateSpring: focusing on the digital future of
fintech.
22 Exclusive interview
Dan Makoski, chief design officer,
Lloyds Banking Group.
SPA
IN
26 Spotlight
BrightLife – clean energy and financial inclusion
coming together in a social enterprise.
29 Focus
LIA
TRA Digital platforms – transforming the loan experience.
S
AU Y
AN 30 Challenger banks in Germany
RM
GE Who’s who and what’s their tech?
34 Comment
Rise up women – you can do it, you really can!
37 Industry insights
Infosys Finacle – core modernisation is essential for
truly digital banking.
38 Food for thought

A banker goes a-banking chapter 2.
40 Ask the expert – practical and free advice on how

to grow your business.
REGULARS
44 Appointments – the movers and the shakers.
We’ll be revisiting and updating these guides on a regular basis, as well as adding more countries. 44 Industry events – mark your calendars!
If you have any additions and/or suggestions, please get in touch with
Tanya AndreasyanVCP[CCPFTGCU[CP"ƂPVGEJHWVWTGUEQO
www.bankingtech.com
June 2019 | www.bankingtech.com | 01
@FinTech_Futures
Managing Director & Editor-in-Chief
Tanya Andreasyan
+44 207 551 9010
tanya.andreasyan@fintechfutures.com
Align your brand with excellence and innovation Editor

Sharon Kimathi
+44 207 551 9010
EXPLORE SPONSORSHIP OPPORTUNITIES sharon.kimathi@fintechfutures.com
Reporter
Henry Vilar
WITH PAYTECH AWARDS 2019 +44 207 017 5709

henry.vilar@fintechfutures.com
Contributing Reporters
Jane Connolly
Martin Whybrow
Editor’s note
Head of Sales
Jon Robson
+44 203 377 3327
jon.robson@fintechfutures.com
Business Development Manager This month brings cautionary tales from Eric They discovered hackers had found all the
David Wurie Michaud, CEO and founder of security firm executives’ phone numbers on social media
+44 207 017 5593 Rift Recon, who shared fascinating facts at and enough information on the names of
david.wurie@fintechfutures.com
the recent Verint Engage user conference. their kids, pets and so on from password
Marketing Manager For instance, since 2014, an international breaches from LinkedIn and other services,
David Taylor cybercriminal group has been targeting where the password reset was probably
+44 207 017 5379
david.taylor@fintechfutures.com banks around the world and has made going to be the one for the execs’ phones.
off with well over $300 million – by “They were using SMS as the two-
Marketing Executive compromising the banks’ systems with factor authentication. So, for password
Kiran Sandhu
+44 207 017 7377 malware and using the information they recovery for your email, your phone is your
kiran.sandhu@fintechfutures.com have mined. The gang – called Carbanak identity, because that’s where everything
by the researchers – targets financial goes,” Michaud explained. “It turned out
Design & Production
Simon Turner @ West Hill Media institutions in Russia, Japan, US and the CEO was storing his private keys for
simon@west-hill.co.uk Europe. They start their attacks with spear- his cryptocurrency in his phone with
phishing emails to bank employees, who passwords. And then the hackers went
This is your chance to make headlines and position your brand in front of are instructed to open an attachment that to the CFO who did similar, and then the
contains malware, which the hackers use comptroller got nailed. Then basically, they
top-level executives, decision makers, stakeholders and influencers. to infiltrate the bank’s networks and do wired all of the money out into the network,
extensive reconnaissance about the inner and all of a sudden they pulled in all their
Q Network with an engaged audience of senior executives in the payments industry workings of the bank. email systems and everything went down.
Q!DMDƥSEQNLNTQDWSDMRHUDL@QJDSHMFOQNFQ@LLD Armed with that knowledge, they then All that money lost just because someone is
© Banking Technology 2019
Q Increase your brand awareness All rights reserved; Banking Technology material masquerade as employees, and steal able to change your phone number.”
Q Entertain your clients, prospects and team at the spectacular awards event may not be reproduced in any form without money in ways that they hope will not How good is your cybersecurity? bt
the written permission of the publisher. raise an alarm.
Q Highlight your brand as a leader in the global paytech sector
Banking Technology is published ten times a year. Another effective way to extract money,
according to Michaud, is to instruct ATMs to
Address dispense cash to an associate of the gang
Maple House
149 Tottenham Court Road at a predetermined time. Apparently, one
WWW.BANKINGTECH.COM/PAYTECHAWARDS London W1T 7AD
UK
Kaspersky client lost $7.3 million through
ATM withdrawals alone.
Printer However, no bank has come forward and
Get in touch to find out how you can benefit from this summer’s premier industry event! Hobbs the Printers Ltd publicly acknowledged a breach.
Hampshire, UK One more anecdote: a cryptocurrency Tanya Andreasyan
Jon Robson ISSN 0266-0865 exchange had its currency holdings wiped Editor-in-Chief
e: jon.robson@fintechfutures.com, t: +44 203 377 3327 www.bankingtech.com out in an hour, and Rift Recon was called in. Banking Technology
@FinTech_Futures June 2019 | www.bankingtech.com | 03

#PayTechAwards
NEWS NEWS
Australian Business card management platform BNP Paribas makes a Magic Leap to teleportation meetings
BG@KKDMFDQ /KDNQ@HRDRʙLHM2DQHDR!ƥM@MBHMF BNP Paribas is embracing immersive
technologies to offer employees and
conducted via a lightweight, wearable
spatial computer called Magic Leap One.
world first. It allows each participant to
manipulate and alter the common plan,
seeks more funds Fintech Pleo, the business spending as it integrates directly with accounting customers teleportation meetings in Using augmented reality technology, modelled in a 3D projection, whether it
platform based around smart company software providers. Hong Kong, Dubai, London, Frankfurt the headset allows meeting participants is a model of a real estate venture or a
cards, has raised $56 million in a Series B “Managing work-related spending and Paris. to interact with virtual objects, while neighbourhood mapping.”
financing round led by Stripes, a New York- has traditionally caused headaches for In collaboration with spatial computing lowering environmental impact through Cardona adds: “Together with Magic
based growth fund. employees and their employers alike. firm Magic Leap and French/Belgian reduced travel. Leap and Mimesys, we are inventing a
The round has seen participation from Pleo is making the whole process simpler, start-up Mimesys, which develops spatial “For two years, BNP Paribas Real Estate new workplace that is more agile and
existing investors Kinnevik, Creandum quicker and more transparent,” comments co-presence platforms, BNP Paribas Real has integrated immersive technologies collaborative, and that places people and
and Founders. This latest round brings Jeppe Rindom, co-founder and CEO at Estate will use the tech to offer investment into the development of its innovation expertise at the forefront of customer
the total amount raised by the company Pleo. “We are building a solution to fit opportunities to clients – particularly projects,” says Kevin Cardona, BNP Paribas experience.”
to $79 million. the needs of today’s modern workforce those of Corporate and Institutional Real Estate’s head of innovation. “Already The solution was tested over a one-
Founded in 2015 with the aim of – reshaping how businesses manage Banking and Wealth Management. tested on two real estate projects in year period before being implemented.
transforming the laborious business company spending, and how they operate, The teleportation meetings will be London and Paris, this innovation is a Jane Connolly
Image source: 86 400
expense process, Pleo achieved a $16 enabling staff to feel more empowered and
million Series A funding round last year. It ultimately more productive.”
was Denmark’s largest Series A in a decade
and today’s fundraise is Denmark’s largest
Pleo has on average quadrupled the
number of cards within a company, making
2N%HBNMƥQLRʙLHMUDRSLDMSKDCAX0@S@Q
Australian challenger bank 86 400 is Series B. it one of the biggest corporate card In a round led by Qatar Investment refinancing and mortgages offerings, as
looking for more funding to support the The firm says that more than 3,500 providers in the Nordics. Authority (QIA), personal finance solution well as newer products like SoFi Invest and
next phase of its growth beyond launch, companies of all sizes and verticals have Pleo will use the funding round to provider SoFi has raised more than $500 SofiMoney.
appointing Morgan Stanley Australia switched to Pleo across the UK, Denmark, more than triple its headcount, from 120 million in equity funding. SoFi Invest, launched at the beginning
Limited to assist with this process. Germany and Sweden. to 400 employees by the end of 2020 and The new capital gives the San Francisco, of the year, is a stock and ETF trading
To date, the aspiring bank has Pleo provides smart company cards to accelerate product development as it California-based company a valuation and investing platform that also allows
been supported and fully funded by paired with software and mobile apps to aims to service the entire purchase process of $4.3 billion, and will drive investment, for automated investing. SoFi Money
Cuscal Limited, Australia’s independent automatically match receipts and track for SMEs across the whole of Europe. This the company says in its press release, in combines the best of checking and savings
payments provider. While Cuscal will all company spending in real-time with includes adding credit, invoices, mobile continued innovation and growth. SoFi’s Anthony Noto, SoFi
accounts into a single account with a
continue to support 86 400, the company detailed analytics. Pleo eliminates expense payments, a vendor marketplace, VAT total capital now stands at $2.3 billion. 2.25% APY and an app to facilitate mobile
is seeking to add new shareholders reports and automates bookkeeping tasks reclaim and more. QIA CEO Mansoor Al-Mahmoud transformation. “Over the last year, we’ve spending, saving and payment.
towards the end of 2019. highlights SoFi’s long-term vision, which worked aggressively to grow SoFi from In May, SoFi announced that it was
The capital-raising is in line with its
business plan, which requires more than
Founders Bank anticipating EU licence has enabled the company to evolve into a
major personal finance platform for both
a desktop lending business to a broad-
based, mobile-first financial platform
introducing an exchange-traded fund based
on the gig economy, GIGE. The actively
$250 million of capital over the first three A new challenger bank is about to enter Its current expansion plan is to obtain lending and wealth management. enabling members to borrow, save, spend, managed fund – run by Toroso Investments
years of operation to fund its growing the crypto market as Malta and London- operating licences in all the main financial “We strongly believe in SoFi’s approach invest and protect their money,” Noto says. – enables investors to participate in the
balance sheet. based Founders Bank is receiving EU jurisdictions, including the US, Singapore and its dedication to build a transformational With more than 700,000 members and stock market gains of companies like
Anthony Thomson, chairman of 86 banking licence authorisation in the fourth and the UK in the first instance. financial platform that is rapidly disrupting 7.5-plus million registered users, SoFi offers eBay, Lyft, Square and Twitter. In April, the
400, said: “We look forward to introducing quarter of this year. Paula Pandolfino is the bank’s co- consumer finance,” he says. a variety of personal finance solutions in company teamed up with Lemonade and
new, like-minded shareholders to the Founders’ Bank, which is backed by founder and chief strategy officer. Kenan In his statement, SoFi CEO Anthony lending and wealth management. These Root to add to its insurance offerings.
business towards the end of this year, as crypto exchange Binance and venture Altunis, who has 20 years’ experience in Noto underscores the company’s include the company’s student loan David Penn, Finovate
we deliver the easiest version of banking capitalists, has been awaiting a banking finance at Deutsche Bank, is CEO. Lana
to Australian customers. licence since 12 June 2018, according to Burdei, formerly of HSBC and Barclays,
“Our mission is to help Australians take
control of their money, placing them at
the Maltese government.
Once it is authorised, the disrupter will
is COO.
On the technology side, Dearg
3Q@MREDQ6HRDCNTAKDRHSRU@KT@SHNMSNʙ AM
the very centre of what we do – every be offering corporate banking services OBartuin is CTO, having been CTO at UK-based international payments fintech TransferWise’s strategy of providing phenomenal growth and this investment
second, of every minute, of every day. All focused on tech companies including Challenger.Money, the London Block TransferWise has doubled its value to cheap exchange rates by using two local is testament to that,” says Kristo Käärman,
eighty-six four hundred of them.” accounts, payments, escrow and credit. Exchange and BitPesa. And Ludwig Mallia $3.5 billion after raising $292 million in transfers for each transaction, instead chief executive and co-founder. “We
The bank is currently piloting and will “Founders Bank will have its own has recently joined as head of IT. He secondary funding. of more expensive single international don’t need to raise funds on this trajectory,
launch with a transactions and savings proprietary banking platform with moves from Bank of Valetta, where he The round was led by investors including payments, has attracted more than five but we’re humbled by the persistent level
account later this year. It continues to instant, multi-currency settlement,” says was programme manager for one year. Lead Edge Capital, Lone Pine Capital and million customers since the fintech was of interest.”
progress its application for a full banking a spokesperson at the bank. Prior to that, he spent nearly eight years at Vitruvian Partners. The Sir Richard Branson- founded in 2011. TransferWise handles a transaction
licence from the Australian Prudential It is working with several industry MeDirect Malta, most recently as head of backed firm also received investment from TransferWise will use the funds to take volume of $5.1 billion across its 12 global
Regulation Authority (APRA). leaders in blockchain including exchanges core banking platforms. BlackRock and existing investors Andressen on 750 more staff over the next year. offices every month.
Henry Vilar and other infrastructure providers. Sharon Kimathi Horowitz and Baillie Gifford. “TransferWise is experiencing Jane Connolly
04 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 05

NEWS NEWS
0TCNR!@MJDRB@K@SDRKDF@KA@SSKDVHSG(MENRXR 1@OG@DKRƥMDCa LAX%" @MC/1 Hong Kong grants

Australia-based Qudos Bank is pursuing The court has asked Infosys to produce for outsourcing mismanagement ENTQLNQDUHQST@K
Image source: Bookmarc

legal action against Infosys relating to documents to support its claim that it has
alleged copyright infringement, breach not breached the terms of its agreement The Financial Conduct Authority (FCA) significant aggravating factor in this case, bank licences
of contract and misuse of confidential with Qudos Bank. and Prudential Regulation Authority (PRA) leading to an uplift in the penalty.”
information by the Indian tech giant. Qudos Bank commenced preliminary have fined R. Raphael & Sons (Raphaels) Raphaels is a retail bank providing The Hong Kong Monetary Authority
The allegations are centred on software discovery proceedings against Infosys for failing to manage its outsourcing banking and related financial services. (HKMA) has granted virtual bank licences
written by Infosys for another Australian in November 2018. Leithhead said: arrangements properly between April 2014 Its payment services rely on outsourced to Ant Financial, Xiaomi and AMTD Group,
client, Australian Military Bank (AMB). “Following Qudos Bank’s Federal Court and December 2016. service providers to perform certain, PING AN’s OneConnect and Tencent.
Qudos Bank is seeking documents from application, Infosys produced some This resolution was decided nearly post- including the authorisation and processing Xiaomi and AMTD’s bank is a joint
Infosys related to the user experience and documents and computer code, but mortem, as the bank only announced a of card transactions. project called Insight Fintech.
user interface (UX/UI) of the mobile and resisted producing other documents couple of months ago it was closing down. The bank failed to have adequate According to the firms’ business plans,
online banking solution that the supplier we believe are important in us making a Raphaels has received separate fines processes to enable it to understand and they aim to launch their banks in six to
built for AMB. decision on whether to commence further of £775,100 from the FCA and £1,112,152 assess the business continuity and disaster nine months.
Infosys was initially engaged by Qudos legal action against Infosys. from the PRA in respect of these breaches. recovery arrangements of its outsourced The HKMA is now working closely
Bank (Qantas Credit Union, as was) in “Earlier this week, the Federal Court The firm agreed to resolve this matter and service providers, particularly how they with a total of eight virtual bank licensees
2015. The project spanned core banking found that Qudos Bank had reasonable qualified for a 30% reduction in the fines would support the continued operation of to help them prepare for launch, says
(Infosys’ Finacle), customer relationship grounds to believe that its rights had been imposed by both regulators. its card programmes during a disruptive Norman Chan, chief exec at the HKMA.
management, online banking, mobile violated and ordered Infosys to provide “Raphaels systems and controls event. The absence of such processes Chan adds that the launch of these
The Qudos breakout room
application and other systems. Infosys the additional documentation. The Board supporting the oversight and governance posed a risk to Raphaels’ operational banks and granting these licences aims to
subsequently started work on the project and Management of Qudos Bank view this of its outsourcing arrangements were resilience and exposed its customers to a champion Smart Banking Initiatives in the
at AMB, with this bank’s mobile and matter very seriously, and are committed not disclose any information pertaining inadequate and exposed customers to serious risk of harm, say the regulators. city, and that the HKMA will monitor how
online banking solution launched in to protecting Qudos Bank’s intellectual to the Qudos contract in adherence to our unnecessary and avoidable harm and On 24 December 2015, an incident these banks are doing after launch.
February 2018. property against any potential misuse.” confidentiality.” inconvenience,” says Mark Steward, FCA caused the complete failure of the There is a total of 160 banks licensed in
Qudos Bank chairman, Andrew Infosys has responded with its own Qudos Bank has 95,000-plus members executive director of enforcement and authorisation and processing services it Hong Kong.
Leithhead, in a statement, says: “During statement: “Infosys adheres to well- and offers a full range of retail banking market oversight. “There is no lower provided to Raphaels and lasted over eight The city estate has been granting
the period Infosys was working on the established processes in delivering products including home and investment standard for outsourced systems and hours, with 3,367 customers unable to use these types of licences to increasingly
Qudos Bank contract, we became aware of services and has successfully designed and loans, credit cards, personal loans, deposit controls and firms are accountable for their prepaid cards and charge cards. more banks. Just recently, FinTech Futures
striking similarities between the software deployed many business-critical banking accounts, superannuation, financial failures by outsourcing providers.” Raphaels’ specific failings in relation to reported on a joint venture between Bank
developed for our project and the AMB solutions globally including Australia. planning and a range of Qantas Points Sam Woods, deputy governor for the incident resulted from deeper flaws in of China (BOC) Hong Kong, JD New Orbit
project. This made us very concerned that The company denies any allegations of Banking products. Branches and ATMs are prudential regulation and CEO of the its overall management and oversight of Technology and JSH Virtual Ventures
our intellectual property may have been wrongdoing and will vigorously defend located in states across Australia. PRA, adds: “The firm’s ability to manage outsourcing risk from board level down. Holdings (JSHVV), which acquired the
misused and our confidence violated.” itself in any litigation. The company will Martin Whybrow outsourcing of any critical activities is The joint FCA and PRA investigation same licence for a new virtual bank.
a vital part of maintaining their safety identified “a lack of adequate consideration Just before then, ZhongAn
!@MJ+DTLH"(!"@MC- !K@TMBGNMKHMDONQS@KENQƥMSDBGR and soundness. Such outsourcing is an
important part of its operational resilience,
of outsourcing within its board and
departmental risk appetites, the absence
Technologies International was also
granted a virtual banking licence by
Bank Leumi of Israel, Canadian Imperial comes to seeding international efforts to Davey believes that the platform will and particularly so in the case of Raphaels, of processes for identifying critical the Hong Kong Monetary Authority, as
Bank of Commerce (CIBC) and National spur better value propositions,” says Tamar provide a simple and easy process for given the level of reliance on outsourcing outsourced services and flaws in its initial was a joint venture between Standard
Australia Bank (NAB) have introduced Yassur, chief digital officer at Bank Leumi. fintechs to help connect them into the in its business model. In addition, this was and on-going due diligence of outsourced Chartered, HKT, PCCW and Ctrip Finance.
their Global Alliance Fintech Link as part “We’re confident this new platform will bank, and to the right people who may be a repeat failing that demonstrates a lack of service providers”. Henry Vilar
of an international banking alliance. This help spark international innovation and interested in what they have to offer. adequate and timely remediation. This is a Henry Vilar
is a global online portal developed to creativity to enhance customer services in Bank Leumi, CIBC and NAB’s strategic
help drive client-focused innovation by
facilitating collaboration between the
banking across the globe.”
Global Alliance Fintech Link offers start-
alliance formed in September 2016. The
initiative is not only designed to simplify
Amaiz launches banking app for entrepreneurs
banks and fintechs. ups around the world easy access to the global cooperation, but to offer fintechs Amaiz, a UK-based fintech, has launched activities, mixing personal and business Dobrovolskiy, founder of Amaiz.
Fintech firms will be able to submit global banking marketplace by enabling access to potential partners that could its first business banking app for UK expenses often means investing more Amaiz aims to release customers from
creative solutions in response to a wide direct collaboration with three financial help scale their business. It also offers the entrepreneurs. time and effort into managing their time-consuming admin and paperwork
range of opportunities identified by the institutions on three continents. opportunity to bring these world-class The business current account for sole cashflow and keeping records for tax by bringing together fast, convenient
banks through the digital platform. Upon “In big and complex banks like companies into a global technology and traders will be accessible via Amaiz’s sleek compliance checks. banking service with smart back-office
receiving the proposals, the banks will NAB, CIBC and Bank Leumi, it can be a banking ecosystem. mobile app, which also includes financial “Having all business-related operations and accounting tools.
consult directly with the technology firms. challenge for fintechs with good ideas to The platform has been initially launched health overviews, 24/7 in-app customer together in one place will help you run The fintech currently operates in the
“This partnership shows that Bank find the right path to the right people,” as a pilot and will evolve as additional support and accountancy assistance. your finances easily and focus on what UK market only, with free trials beginning
Leumi, NAB and CIBC are leaders not says Jonathan Davey, executive general challenges are added to the site. Although sole traders can use their really matters – development and growth. this month until early September.
just in thought but also in action when it manager for digital innovation at NAB. Sharon Kimathi personal bank account for their trading This is what Amaiz is about,” says Sergey Sharon Kimathi

NEWS NEWS
IBM chosen to support Canada’s RTGS platform (MCNMDRH@K@TMBGDR01BNCDRS@MC@QCR

Payments Canada has selected IBM as including the move to Lynx from the He adds: “This is a key partner to join Bank Indonesia (BI), the country’s central standardised code,” said BI governor
the lead technology partner for next- country’s current large value transfer system. us along the modernisation journey as bank, has launched its Quick Response Perry Warjiyo during the launch ceremony
generation real-time gross settlement Along with daily operations, IBM we establish a foundation for payments Indonesia Standard (QRIS) code system, in Jakarta.
(RTGS) system Lynx. Canada will also oversee SIA, which won that will strengthen Canada’s competitive a new type of QR code standards, aiming The central bank has been developing
IBM Canada will provide combined the build contract earlier this year. advantage on the global stage.” to homogenise cashless payments QRIS since early last year.
hosting and system integration services for “The onboarding of IBM Canada as lead Lynx is a core part of Payment nationwide. Since then, it has sought partnerships
end-to-end delivery and system operations technology partner will help to ensure we Canada’s major modernisation initiative, QRIS is, overall, a more complex QR with financial institutions, banks, interbank
for the new high-value payment system, deliver the highest international security, created in response to international pattern and it allows users from one network providers and e-wallet T-cash
Finextra reports. resilience and operating standards for high- risk standards and the new ISO 20022 payment service to transfer funds to any (now LinkAja). BI based the QRIS pattern
Sugeng, Bank Indonesia
The role will include offering security value payments in Canada,” says Gerry Gaetz, messaging type. rival service under BI’s umbrella. on the Europay, Mastercard and Visa (EMV)
expertise and support for the launch, president and CEO of Payments Canada. Jane Connolly The Jakarta Post reports that international standard.
customers using e-wallet services such as The central bank’s deputy governor “We believe that such a modern
LinkAja, for example, could transfer funds Sugeng says the standard’s deployment fast payment system is vital to support
%HUDA@MJRƥMDCŵAMENQQHFFHMFENQDHFMDWBG@MFDL@QJDS to a shopkeeper using OVO, a different
e-wallet service.
cost was lower than, for instance, chip
cards and RFID tags, which would have
economic activity in Indonesia, where
economic growth is still at around 5%. We
Five banks – Barclays, RBS, Citigroup, JP again, along with MUFG, €285 million in all RBS and Barclays both say they All it needs is that at least one party has been a standardisation alternative. believe that if the digital economy players
Morgan and MUFG – have been fined for the “Essex Express” cartel. have made provision to cover the fines. a QRIS code. QR code deployment could be as cheap leverage this new payment system, growth
a total of €1.07 billion by the European The Commission’s investigation, which However, the investigation could open the “QRIS allows QR-code-facilitated as printing the code and downloading may be above 5% in the years to come,”
Commission for currency rigging. began in September 2013, revealed that door for those affected by the cartels to payments to be interconnected a smartphone app, not requiring the adds Sugeng.
According to the BBC, individual most of the traders knew each other sue the banks. and interoperable through a single expense of buying an EMV reader. Henry Vilar
foreign exchange traders had used online personally, with some having met on a train. Lambros Kilaniotis, a partner at law
chatrooms to exchange trading plans and The BBC reports that the traders firm RPC, tells the BBC: “If they haven’t
occasionally co-ordinate their trading
strategies between 2007 and 2013.
exchanged information that could
enable them to make informed market
already, any party involved in forex
trading, such as institutional investors,
9DMTR!@MJK@TMBGDR@HLHMFSNRDQUDFKNA@KBKHDMSR
UBS was excused from penalties decisions about buying and selling pension funds and large corporates, Zenus Bank is a new bank in the US and tier banks have in accepting foreign clients, will offer services for retail, businesses
because it revealed the existence of the currencies in their portfolios. This should now be reviewing what losses Puerto Rico that, according to its page, is as it has an international banking licence. and institutions.
the cartels. information related to outstanding they have incurred.” designed for global clients. “We accept individuals and businesses Zenus expects that it will initially
Four banks – Barclays, RBS, Citigroup customer orders, open risk positions in UBS states that it is a legacy matter and According to the new institution, to apply remotely for a multi-currency bank be offering bank accounts and a multi-
and JP Morgan – were fined a total of €811 different currencies, prices applicable to the bank has made “significant investments” Zenus enables financial inclusion, not account and debit card using our advanced currency debit card before expanding
million for being in the “Banana Split” specific transactions and other details to strengthen its control framework. only at a global level but “also across all digital banking technologies”, it says. to other services such as merchant
cartel. Barclays and RBS were penalised about current or planned trading. Jane Connolly levels of society”. Headquartered in San Juan, Puerto Rico, processing, investment accounts and
This means that it aims to resolve the the bank is led by Jose A Diaz-Ortiz as CEO. correspondent banking.
local residency requirements that all top- The bank has opened a waiting list, and Henry Vilar
3HMJRDBTQDRRSQ@SDFHBHMUDRSLDMSEQNL/@X/@K
Swedish open banking solution provider
Tink has unveiled PayPal as its latest
technology – it can be implemented to
improve a range of use cases for businesses
Tink’s enthusiasm for the transformative
potential of open banking. “Tink has
Mizuho said to be rolling out Flexcube core banking tech
investor and customer. Tink describes big and small,” Tink states. developed the infrastructure and data One of Japan’s largest banks, Mizuho Bank in its international operations, including
the development as a “major vote of Offering account aggregation and services for this new financial world – and (Mizuho Financial Services), is understood Finastra’s old MidasPlus workhorse in
confidence in our tech and an indicator payment initiation services via a single, API we’re excited to work together to continue to be implementing Oracle FSS’s Flexcube Europe (the bank has operations in
of the strength of the open banking integration – as well as data enrichment to democratise financial services,” says to modernise its corporate and commercial London, Frankfurt, Paris, Amsterdam, Milan
movement in Europe”. and categorisation and personal financial Marriner. banking business. and Madrid) and Asia.
The funding will help drive Tink’s management (PFM) services – Tink helps The funding will help drive Tink’s The bank is believed to be embarking Mizuho provides a wide range of
Image source: Bloomberg

continued expansion across Europe. The fintechs to maximise the opportunities of continued expansion across Europe. In on a multi-year project to replacing services including syndicated loans,
investment from PayPal adds $11.2 million open banking. More than 1,400 developers recent months, the fintech has partnered multiple systems across its international acquisition financing, trade finance,
to Tink’s capital, boosting the fintech’s are using Tink’s API platform to access with NatWest in the UK, Mash in Finland, operations, leading to standardisation risk management, working capital and
funding total to more than $105 million. financial data from hundreds of banks and and Lunar Way in Denmark. The company on Flexcube, linked to a number of other structured finance plus treasury operations
As Tink’s newest partner, the payments financial institutions in markets across began the year with both a big funding Oracle FSS applications. covering deposit taking and foreign
giant plans to leverage Tink’s account Europe. This access is paving the way – picking up €56 million ($63 million) in a The project was hinted at in Oracle exchange, current account and cash
aggregation technology to enable its for what the company called “the next round led by Insight Venture Partners – and FSS’s latest financial results, which stated: and Collateral Management, Corporate management services.
European customers to connect their bank generation of financial services”. a significant expansion, going live in five “A leading Japanese bank has extended Lending, and Analytical Application No one from Oracle FSS was willing to
accounts to their PayPal accounts. VP of global markets and partnerships new European markets. its relationship with Oracle by signing Software solutions.” comment.
“It’s a testament to the versatility of our for PayPal, Jennifer Marriner, echoes David Penn, Finovate a deal for Oracle’s Core banking, Limits The bank uses a range of platforms Martin Whybrow

NEWS NEWS
Eurobank plans .Q@BKD%22F@HMRSVNMDVBNQDA@MJHMF %@BDANNJDXDRO@XLDMSRL@QJDSVHSGMDV2VHRRƥMSDBG

front-to-back tech clients in Eastern Europe Facebook has set up a new fintech
company in Switzerland with a focus on
attention over allegations of misuse of
consumers’ personal data.
transformation KDB Bank Europe in Hungary and DXC Technology (formerly CSC), it is payments, blockchain and more. In May this year, a concerned US Senate
Všeobecná úverová banka (VUB) in understood. VUB is one of a dwindling The social network – currently used by wrote an open letter to Facebook’s CEO
VHSG3DLDMNR Slovakia have opted for the Oracle FSS number of Hogan’s remaining sites more than two billion people worldwide – Mark Zuckerberg, following news that the
core banking software, Flexcube, Banking across the world. registered Libra Networks in Geneva, with business was developing a cryptocurrency-
Eurobank Group is to overhaul its core Technology understands. Banking Technology understands that Facebook Global Holdings as stakeholder. based payments system.
and digital banking with Temenos’ T24 No comment was provided by the Temenos and Infosys were also bidding for The register reportedly reveals that The letter stated that privacy experts
Transact and T24 Infinity. vendor on these deals. this deal. the company will provide financial had asked “whether any of the data
The project will cover the group’s KDB is a subsidiary of Korea VUB is Slovakia’s second largest bank, and technology services and develop data, blockchain and other technologies”, collected by Facebook is being used
international operations. It will start Development Bank, operating in Hungary and is owned by Italian financial services related hardware and software, focusing according to a Reuters report. for purposes that do or should subject
in Cyprus, with the intention of swiftly since the early 1990s. It provides retail and group Intesa Sanpaolo. It has over 230 on “investing, payments, financing, Facebook, which also owns WhatsApp, Facebook to the Fair Credit Reporting Act”.
moving on to Eurobank Private Bank commercial banking services. locations across the country (plus one identity management, analytics, big Messenger and Instagram, has received Jane Connolly
Luxemburg, with Eurobank Bulgaria AD In its recent financial results, Oracle branch in the Czech Republic) and employs
(Postbank) and Eurobank AD Beograd FSS mentions “an established banking nearly 4,000 people. It is the only universal
(Serbia) also on the roadmap.
The project comprises a full IT
player in the Hungarian financial sector
which provides universal banking services”,
bank in Slovakia licensed to provide the
full range of banking services to the public,
.Q@MFDINHMR1@HRHMŗRŵL2DQHDR#HMUDRSLDMSQNTMC
renovation programme. The bank has which signed for Oracle Banking Payments corporate and institutional clients. It offers Orange Digital Ventures has joined the other’s technological assets, while aiming record, as both a successful international
also taken Temenos’ WealthSuite for and Flexcube. mortgages and consumer loans, deposit €100 million Series D investment round for to change the banking market. mobile operator and an accomplished
Cyprus and Luxembourg, with the aim It is understood Flexcube will replace and payment products and services, pan-European savings marketplace Raisin. “Orange Digital Ventures has been financial technology provider. In addition
of reducing time-to-market for new the legacy KoreBank system from Korean corporate banking, financing of foreign Existing investors Index Ventures, impressed by Raisin’s team, vision and to the investment, we do see potential
products and services and improving technology vendor Hyundai Information trade activities and factoring. PayPal, Ribbit Capital and Thrive Capital achievements and is now pleased to synergies and concrete partnership
automation of its private banking Technology. As exclusively reported earlier by also participated in the round. The funds participate in Raisin’s quest to become opportunities with Orange Bank.”
operations. At VUB, Oracle’s software will replace Banking Technology, Municipal Bank in will enable Raison to expand its core the leading global financial marketplace With over 75 partner banks, Raisin offers
Also in the mix is Temenos Analytics the legacy Hogan core banking system, Bulgaria has also opted for Flexcube. service in at least two European markets for savings and investment products,” says at least 250 savings products to more than
to support Eurobank’s marketing provided by US tech heavyweight Tanya Andreasyan this year and extend its line of Marc Rennard, chairman of Orange Digital 175,000 users in 31 countries. The platform
campaigns. Development tools, which investment products. Ventures. “ODV will bring all its support to provides banks with access to markets,
will use the T24 APIs, are intended
to speed up building and deploying
-DV,DCHBH!@MJSNG@QMDRRSDBGMNKNFX Orange’s strategic objectives for
mobile financial services include two key
Raisin’s expansion into new markets and
product development.”
liquidity across Europe and the opportunity
to offer a one-stop-shop savings and
applications around the core.
In terms of the initial project in
SNřQD@V@JDMŚHMMNU@SHUDROHQHS initiatives with Orange Bank in Europe
and Orange Money in Africa. The two
Raisin CEO and co-founder Dr Tamaz
Georgadze says: “It’s particularly exciting
investments portfolio directly integrated in
their web and mobile interface.
Cyprus, Stavros Ioannou, deputy CEO A descendant of the original Medici that creates seamless, digital customer companies plan to benefit from each for us because Orange has a proven track Jane Connolly
and group COO, Eurobank, comments: banking family has launched a digital experiences and expands financial
“We look forward to this co-operation, bank, Medici Bank, in Puerto Rico. opportunity across global markets.”
as this is the first stage in the wider
implementation of Temenos banking
The co-founders are Prince Lorenzo de’
Medici and Ed Boyle, former Fidor Bank
De’ Medici will lead business
development and strategic partnerships;
2S@QKHMFO@QSMDQRVHSGO@XSDBGR3QHAD@MC/DKHB@M/@X
software across the group.” Americas managing director. The fully- Boyle will be CEO. Boyle has also worked at Starling Bank has partnered with PelicanPay Starling has also teamed up with new with the news that Tribe will be among
Ioannou describes the project as licensed, US chartered bank will target American Express and Blade Payments. and newly launched paytech, Tribe, to modular issuer and acquirer processor, Tribe the first issuer processors in Europe to be
supporting the bank’s “vital digital international businesses and family offices. Among the technologies the new provide more businesses with the latest Payments. Utilising Starling’s secure and the certified to allow banks to issue UnionPay
transformation journey”, which Medici Bank is promising “convenient, Medici bank is hoping to harness is payment services. second payment services directive (PSD2) cards, which have the world’s largest
is intended to shape “advanced transparent and easy-to-use services for blockchain. The deals were announced at compliant APIs, Tribe can offer its customers cardholder base.
relationships” and provide customers customers that need a fast, secure banking Boyle says: “We prioritise the needs of Money2020 Europe. Starling will work real-time access to faster payments, direct Tribe is Europe’s only issuer processor
with “high-quality service and a vast option”. It was “born out of frustration with digitally native businesses and address the with PelicanPay, the payments and access to Bacs (direct debits and credits) working with Mastercard, Visa and UnionPay
variety of innovative and tailor-made the current financial services landscape”. friction and inefficiencies that exist with financial crime compliance platform, to and full bank grade accounts with a unique International.
products”. It will use a modern technology base – as established banking options. deliver complete pan-European invoice to virtual account offering. Vaghjiani says: “Our team of renowned
The bank currently uses a range of yet unspecified – and will seek to be faster, “We are building Medici Bank from payables automation for small businesses, Founded by Suresh Vaghjiani, who has payment experts, combined with our
legacy international and Greek packages, lower-cost and more transparent than the ground up, not reliant on aged along with online e-commerce merchant worked with fintechs such as Starling, modular platform, means that innovative
including Oracle FSS’s Flexcube in Serbia incumbent banks. infrastructures nor as an overlay on payment services. PelicanPay will use Curve, Monzo and Revolut, Tribe aims payment providers no longer need to
and CSoft’s VCSBank++ in Bulgaria, De’ Medici hopes the new bank will be traditional banks. This is uncommon, Starling’s payment processing platform to rebuild back-end payments using compromise between speed and scale.”
Banking Technology understands. The a “reawakening” of the innovative spirit of especially in the US where licensed to offer a PSD2-compliant open banking its modular, containerised technology Tribe aims to avoid the restrictions of
holding group is Greece-based EFG his 14th century Florentine predecessors. challenger bank options are few and hub, which integrates with accounting platform ISAAC. legacy systems, slashing the delivery time
Eurobank Ergasias. He says: “We are reimagining modern- far between.” packages to automate payments and The paytech’s launch was also for new products.
Martin Whybrow day banking by leveraging technology Martin Whybrow account reconciliations. announced at Money2020 Europe, along Jane Connolly

NEWS NEWS
-HFDQH@MA@MJHMFRS@QSTOE@UNTQR.Q@BKD%22 &KNA@K/@XLDMSR@MC3282@FQDDLDF@LDQFDQ

Nigeria-based Titan Trust Bank has selected The Nigerian banking sector has seen media sources say the new licences stem Merchant acquirer Global Payments has investors own 48%. TSYS CEO Troy Woods merchants and more than 1,300 financial
Oracle FSS for its core and digital banking a great deal of upheaval over the years, from the Central Bank’s desire to attract agreed to buy issuer processor firm Total will become the chairman. institutions worldwide.
technology, it is understood. The start-up with many mergers, start-ups and closures. new investments into the sector and System Services (TSYS) in a $21.5 billion Jeff Sloan, Global Payments’ CEO, will It is expected that the deal, anticipated
bank recently obtained its licence by the Flexcube is a well respected name since better serve the country’s 50 million-plus deal. The two companies confirmed lead the combined company. He says: “The to close in the fourth quarter, will generate
Central Bank of Nigeria. the late 1990s (the pioneer was Access unbanked and under-banked citizens. the deal on 28 May in what will be the pace of change in the industry driven by about $8.6 billion in adjusted net revenue
It is understood that Temenos and Bank, now one of the country’s top five Titan Bank is said to be headed by a payment industry’s third “mega-merger” innovation in technology, coupled with the annually plus network fees and make cost
Infosys also competed for the deal. The banks) and has been a commonly selected former executive director of Heritage Bank of 2019. The all-stock deal values TSYS need to have additional scale, had made savings of $300 million.
shortlist came down to the two most platform since then. (which is a Finacle user). at $119.86 per share, a rise of 20% since this deal a function of a matter of time.” The deal follows Fiserv’s $22 billion
widely installed international core The new bank is believed to be one of Oracle FSS did not respond to request before news of the talks started to emerge. The combined entity will provide takeover of First Data and FIS’s acquisition
systems in Nigeria, Infosys’ Finacle and five to have gained regulatory approval for comment. Global Payments shareholders will own payment technology and software to more of Worldpay for $34 billion earlier this year.
Oracle FSS’s Flexcube. of late (Globus Bank is another). Local Martin Whybrow 52% of the combined company, while TSYS than 3.5 million small to medium-sized Jane Connolly
2S@MC@QC"G@QSDQDCO@QSMDQRVHSG(!, 4*HRƥMSDBGVNQKCKD@CDQVHSGa AM

TransferMate 3QTD+@XDQKNNJR
to launch Trade AI Engine HMUDRSLDMSHMSGQDDXD@QR
lands major deal SNDWO@MCVHSG
Standard Chartered and IBM aim to to further improve accuracy. Standard The UK is now leading the world in fintech, to understand how we can best engage
VHSG6DKKR%@QFN transform the largely paper-based Trade Chartered processes more than 36 million with high-growth businesses receiving with global collaborators, investors and ʙLHMUDRSLDMS
Documentary System with the launch pages of trade documents every year, over £4.5 billion investment between 2015 partners,” says Eileen Burbridge, chair of
Payments company TransferMate has won of a pioneering augmented intelligence capturing 200 million data elements. and 2018. Tech Nation. “The UK is a shining light UK-based open banking fintech, TrueLayer,
a major deal to handle global payments (AI) engine. Lisa Robins, global head, transaction News that the UK is the top global hub and a nation punching well above its has gained $35 million in investment
for US banking giant Wells Fargo. By significantly automating the time- banking at Standard Chartered, says: “The for fintech came in the Tech Nation Report weight in the world, so we need to keep funding. This will be used in part to
The Kilkenny-based fintech will see consuming and high-risk traditional Trade AI engine significantly reduces the 2019, which also revealed that the UK is these connections close to mind on the expand the three year-old company’s
its platform exclusively handle all Wells process, the Trade AI Engine will reduce amount of time and effort in this review fourth in the world for overall scale-up scaling journey of our ambitious, high- presence in continental Europe.
Fargo’s inbound payments into the US manual back office tasks to improve process while raising the bar on our investment, behind the US, China and India. growth companies.” Initial investors were Connect,
from overseas. operational efficiency and control. controls environment, further enhancing Fintech scale-ups received almost The report mentioned that deal size Northzone Ventures and Anthemis Group.
TransferMate will add a team of 25 Trade AI Engine can convert non- our ability to play the connector role for double the investment of the next most disparity is growing. The top tech deal Leading the latest round of investment
staff in New York and North Carolina and a digital shipping documents into our clients by facilitating transactions at popular UK tech sectors: e-commerce, to occur in the UK during that three-year are Chinese tech giant, Tencent Holdings,
further 25 staff in Kilkenny to manage the machine-readable format using Optical pace with the growth of their businesses.” gaming and Software-as-a-Service (SaaS). period was the acquisition of London and Singapore government-owned fund,
Wells Fargo partnership. Character Recognition (OCR) and identify Trade AI Engine is currently live in key “As global connections become ever online payments company Skrill by Paysafe Temasek. Northzone and Anthemis are
The paytech’s co-founder and chief different types of document from a pre- markets across Asia, Africa, the Middle more important for the health of our tech Group for £785 million in 2015. also participating in the latest funding.
executive Terry Clune says that the Wells defined database. East and the UK. economy, there is a responsibility for us Jane Connolly This makes the total funding raised by
Fargo deal was a step in TransferMate’s The engine also utilises Natural Additional markets – including Japan, TrueLayer to date as roughly $41 million.
efforts to replace the Swift system used by
most banks.
Language Processing (NLP) to read
and capture context, while continuous
Hong Kong, Singapore, China and the US
– will follow.
,@RSDQB@QCANNRSR!HKK/@X$WBG@MFD TrueLayer is one of a number of
fintechs seeking to provide solutions to
“We went through a two-year due machine learning will enable the system Jane Connolly Mastercard has agreed to acquire bill The acquisition of Transactis will enable enable open banking, by connecting
diligence process with Wells Fargo and payment platform Transactis, which will Mastercard to address bill payment needs and consolidating data from multiple
we are the only fintech company they
have chosen to administer their inward
Student digital current account Loot enhance the imminent Mastercard Bill Pay
Exchange solution.
in online bank applications, as well as in
billers’ websites.
providers. It has an API to access data
from users’ bank accounts and cards. It
payments globally,” says Clune. “For other
banks, that vetting and compliance that
enters administration Due for full launch later this year,
Mastercard Bill Pay Exchange is a digital
Colleen Taylor, executive vice president
of new payment platforms, North America
also has a payments API to allow users
to initiate payment transactions directly
we have gone through makes us a much Digital banking start-up Loot has entered money from its 175,000 customers via a solution that aims to make bill payment for Mastercard, says: “Transactis’ technical from their bank accounts and receive
easier choice.” administration after a sale to investor Royal crowdfunding campaign, but it was forced simpler for consumers, by allowing them to and commercial know-how, combined money instantly by an API call. The
TransferMate has agreed major Bank of Scotland (RBS) collapsed. to go into administration before the round manage a variety of bills on one platform. with our reach and comprehensive fintech claims connectivity for the UK,
investment deals with AIB and Dutch giant The fintech, which was founded in could begin. Transactis’ technology makes digital payment options, will greatly simplify the with Germany in beta, and France, Italy
ING, which last year valued the company 2014 to provide a digital current account Loot – not to be confused with online payment services available even to small entire process. We’ll be able to deliver a and Spain to follow.
at €350 million. for students, has called in Smith and marketplace loot.com – did not have a businesses, to remove the inefficiencies that better real-time consumer experience, TrueLayer is expected to use the
The firm is also heavily focused on Williamson to oversee the administration. full banking licence. It operated under can be caused by paper bills and cheques. from sign-up to viewing and paying bills, funding to expand across Europe. Among
Asian expansion and has regulatory RBS owned a 25% stake in Loot through an electronic money licence through Bill Pay Exchange is offered to banks leveraging the investments that have been its existing customers are Monzo, peer-to-
approval to operate in Singapore. NatWest’s developing digital bank Bo and a partnership with Wirecard, which is and credit unions through a core set of made in the core infrastructure.” peer lender, Zopa, and Experian-owned
Regulatory approval is pending in had already invested £5 million before the regulated through the Financial Conduct APIs, providing the choice of all payment The transaction is expected to close in Clearscore, which gives UK customers free
Hong Kong. potential sale fell through. Authority (FCA). types through the consumer’s online or Q2 of this year. access to their credit scores and reports.
Henry Vilar The fintech had hoped to raise Jane Connolly mobile banking app. Jane Connolly Martin Whybrow

NEWS NEWS
&Q@RRGNOODQ!@MJNODMRENQATRHMDRRVHSGCHFHS@KENBTR "QDCHS FQHBNKDOK@MRŵAMSDBGHMUDRSLDMSHMENTQXD@QR

US start-up, Grasshopper Bank, has opened Minerva Tantoco, who has held senior Credit Agricole, the French bank for the “new IT university”. This is part of the plan it faces low interest rates and a potential
for business, having completed a private positions at UBS, Merrill Lynch and Fannie agricultural sector, has allocated €15 to retrain its staff to be able to handle the deterioration in its loan portfolio.
Image source: Fintech Ranking

placement offering and gained all final Mae, and served as the first CTO of the City billion for technological transformation for new technologies that the financial group In its previous plan, Credit Agricole had
regulatory approvals. A key differentiator of New York. “greater efficiency”. aims to test and implement throughout its targeted a 10% increase in net profit from
is intended to be its digital platform. For its Erwin was founding EVP of venture This capital will be invested over the business lines. 2016 until this year but managed to deliver
technology, the bank opted for Temenos’ capital services at Square 1 Bank, from its next four years, aiming to achieve a data- According to a document issued by the that a year ahead of schedule. The bank
T24 Transact core banking system. launch in 2005 to its IPO in 2014 and its centric architecture in 90% of the group by bank, “100% of emerging technologies” will reported a 25% profit increase over the
Grasshopper Bank will serve innovation ultimate sale in 2015 to Pacific Western 2022, as well as €300 million “in increased be tested for new services. That’s right, all two years to 2018.
economy companies and capital Bancorp. She has previously worked at IT efficiency”. of them. The bank expects an annual net profit of
communities in New York and in other position them to provide products and Comerica, Imperial Bank and Plaza Bank The group aims to have the totality of its The bank forecasted a very slow level roughly €5 billion in 2022.
major US innovation economy centres. services for today’s digital entrepreneur at of Commerce. Overall, the bank claims its IT staff trained in new technologies at the of profit growth for the next four years, as Henry Vilar
It opened for business on 13 May for a affordable prices, or to take advantage of senior management team has more than
select group of entrepreneurs and venture new technologies around data, security 200 years of experience in commercial
investors, with a broader rollout of its
services planned in the coming months.
and user-friendly access.
“In contrast, Grasshopper Bank will
banking and financial services.
The Grasshopper private placement
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Grasshopper Bank CEO, Judith act as a partner with entrepreneurial raised approximately $116.2 million, which London-founded mobile payments TCV general partner, John Doran, says:
Image source: WorldRemit

Erwin, says: “Traditional banks, limited companies, delivering digitally-driven, followed an earlier seed round offering company, WorldRemit, is targeting further “In 2018, mobile and online payments to
by antiquated and burdensome legacy streamlined services that give management that raised $15 million. Combined, this is global growth and product diversification emerging markets reached a record high
systems, are less equipped to meet the teams more efficient command of day-to- believed to be the largest capital raise for a following a $175 million Series D funding of $528 billion and we expect this number
needs of early stage companies. Their day financial operations.” start-up bank in the US. round. The round was led by returning to increase.” He adds that he looks forward
business models and infrastructure do not The bank’s CTO and co-founder is Martin Whybrow investors, TCV, Accel and Leapfrog to the firm continuing their work with
Investments. The transaction is subject to WorldRemit to scale its digital platform
customary closing conditions, including and expand its services to reach many new
!KNBJBG@HMHMHSH@SHUD%M@KHSX(MSDQM@SHNM@KFDSRaLB@OHS@K regulatory approval from the Financial
Conduct Authority (FCA).
Breon Corcoran, WorldRemit customers across the globe.
Having already become one of the first
A new London-based company, Fnality payments. Fourteen banks have Since its launch in 2010, WorldRemit has communities,” says WorldRemit CEO, Breon UK financial service firms to secure licences
International, has received a total of contributed to Fnality, with ING being the attracted nearly four million customers, Corcoran. “Our mission is to help them in all 50 US states, WorldRemit is aiming
£50 million in capital to lead the utility latest to join. transferring money from 50 ‘send’ countries transfer money as securely and speedily for further global growth. The company
settlement coin (USC) project, which aims “We see that tokenisation of assets and to 150 ‘receive’ countries. as possible while reducing the cost to also plans to launch a new money transfer
to develop a more efficient blockchain- the use of distributed ledger technology “Our core purpose has been and our customers. We will grow our business product for SMEs who trade internationally,
based payment mechanism. offer huge potential for our industry,” says continues to be to help migrants send through differentiation on speed, service, particularly in emerging markets.
The USC initiative was set up by UBS Annerie Vreugdenhil, head of wholesale money to their families, friends and security and value.” Jane Connolly
in 2015 – the project focuses on cutting banking innovation at ING.
the costs, time and risk involved for “With Fnality we are setting the
international transfers.
The bitcoin-like token, which can
standard in the financial market
infrastructure of tomorrow. Our collective Initially, the USC system will work with
(BBQD@BGNNRDR OOH@MSNRDQUD L(S@KH@MBTRSNLDQR
be used for payments and to transmit goal is to make settlement processes as US dollars, Canadian dollars, pounds, euros Iccrea Banking Group – recently created Iccrea and the BCCs in the group exceptional customer experiences across
all transaction data, will reflect foreign easy as possible and we are very excited to and yen. from a merger of 142 small Italian serve 4.2 million customers, with around any platform.
exchange rates and enable immediate be part of this industry-wide effort.” Jane Connolly Cooperative Credit Banks (BCCs) – has 2,650 branches across 1,700 Italian Iccrea has set up a new continuous
chosen Appian’s low-code platform to municipalities – making it the country’s improvement and innovation team, which
automate key processes. fourth largest banking group by assets utilises lean six sigma methodologies and
2DSSKD&NRHFMRENQ"KD@Q!@MJŗRO@XLDMS@BBDRRRDQUHBDR To enhance customer support and
service delivery, while reducing complexity
under management.
“Our vision consists of creating an
intelligent automation technologies to
accelerate the development of applications.
ClearBank has gained SettleGo as a ClearBank offers banks, financial The main reason for the selection, cited and manual tasks associated with architectural layer for modernising and Jane Connolly
customer for its Banking-as-a-Service institutions and fintechs access to UK by SettleGo, is to expand its payments regulatory compliance, Iccrea will roll out a automating our core banking processes,”
offering. SettleGo is an international payment systems and core banking capabilities. Its strapline is: “Faster Access number of applications on Appian. says Iccrea’s head of organisation and
e-money institution and will use ClearBank technology to support current account To Your Revenues. Collect. Convert. Settle.” These will include accounts payable projects, Cristiano Pietrosanti. “Appian’s
to access real-time payments services capabilities. ClearBank was set up in 2015 and approval, fraud management, IT low-code platform allows us to measure key
Image source: Appian

across the UK’s Chaps and Faster Payments. SettleGo targets small and medium sized opened for business in autumn 2017, support, new product introduction and processes for performance and efficiency,
The service will also facilitate real-time businesses with international payment headed by Nick Ogden, founder and management of banking, financial and which enables continuous improvement.”
account creation and addressable UK services spanning low-cost foreign former CEO of payments processing retail insurance products in compliance The group’s partnership with Appian
IBANs associated with each account for exchange facilities, multi-currency IBANs heavyweight WorldPay. with the European Product Oversight aims to enhance service quality, gain
SettleGo’s customers. and international and domestic transfers. Martin Whybrow Governance (POG) regulation. greater speed in operations and to deliver

FOCUS: CLOUD ADOPTION
Sponsored by
Cloud adoption: the future

total cost of ownership. Overheads are SECURITY AND DATA PROTECTION
minimised as no hardware is required, nor Intensifying regulatory oversight and
are software licences needed. Software ever-expanding reporting obligations
and hardware upgrades are performed are driving cloud adoption. Security is
ENQSGDA@BJNƧ
BD by the vendor, while support and user
training costs are brought down, too.
Where such services are offered on
an important issue – a vendor’s platform
hosting environment should comply with
the highest standards of information
An increasing number of banks are moving back office applications to the cloud. a transaction volume-based model, security management.
Peter Hainz of SmartStream investigates this trend. improved budgetary control can be
achieved. The cost structure can be SMARTER USE OF RESOURCES,
treated as part of the operational UP-TO-DATE APPLICATIONS AND
Faced with rising data volumes, greater Responding to industry feedback, overheads, some firms move beyond budget, which financial institutions BEST PRACTICES
regulation and burdensome legacy SmartStream offers cloud-based support pure cloud services to a third level – full prefer to up front capital expenditure. Financial institutions spend a great
infrastructure, as well as increased and management for its applications. It business process outsourcing. The model may also be scaled up and deal of time on manually intensive,
competition and demands for improved provides a tiered, three-stage process. How can cloud adoption help financial down to suit business requirements and on-premise tasks, such as manual
customer service, banks are under huge The first stage sees SmartStream institutions manage their back offices budgetary pressures. matching. If a Software-as-a-Service
pressure. With growing acceptance of maintain a client’s applications from more cost-effectively and efficiently? (SaaS) platform solution is managed
cloud strategies across the industry, and an IT perspective. If required, clients A RAPID, COST-EFFECTIVE ROUTE by the vendor, valuable in-house
greater reassurance as to the cloud’s can progress to a second step, with REDUCING OVERHEADS TO ADOPTING NEW TECHNOLOGY resources are freed up to concentrate
security, banks are becoming interested in SmartStream taking on IT change Moving back office applications to Financial institutions want to upgrade on strategic projects.
moving back office applications there. management. To further drive down the cloud enables firms to reduce the their technology but are keen to avoid “Taking care of Taking care of upgrades binds
lengthy, expensive implementations. in-house resources. Putting applications
The cloud provides a quick, cost-effective upgrades binds in- into the cloud, where they can be
adoption route. Clients are live within
weeks, while dependence on in-house staff
house resources. managed by the vendor, alleviates
this. The vendor will also ensure that
for hardware set-up, software installation, Putting applications applications are running on the latest
configuration, training and maintenance is version and are kept up to date with
reduced, or even eliminated. into the cloud, where security and other patches. Additionally,
HARNESSING THE POWER OF

they can be managed software providers often guarantee
industry best practices in relation to
DATA: AI ANALYTICS AND MI by the vendor, monitoring back-up, archives and other
DASHBOARDS housekeeping tasks.
The scalability and flexible storage alleviates this.” Blockchain in the cloud – financial
capacity of the cloud make it an excellent institutions are building consortiums to
Peter Hainz, SmartStream
platform from which to analyse data. develop blockchain applications. Thanks
Artificial intelligence (AI) analytics can to its scalability, the cloud is a great place
be run on large amounts of information to establish blockchain services.
to provide business insights and Business continuity – the cloud often
increase competitiveness. In the case provides superior business continuity
of transactions management, AI may and disaster recovery technologies to
potentially support firms to achieve faster on-premise solutions. One reason for this
data loading and exception management. is that cloud computing relies heavily
Financial institutions want to trade on hardware independent virtualisation
more efficiently and are interested in REGULATORY APPROVAL OF technology; another is that cloud services
measurable outcomes that can be tracked CLOUD-BASED SERVICES (for example, AWS) are redundant in
via management dashboards. Building the Regulators’ changing attitudes are different availability zones.
tools to gather such business intelligence also playing a role in encouraging In conclusion, financial institutions
is time consuming and hard to achieve cloud adoption by the financial sector. are under greater pressure than ever to
in house. SmartStream has developed De Nederlandsche Bank (DNB), the control costs and streamline back office
message interface (MI) dashboards as Netherlands’ national banking regulator, operations. They are on the hunt for
part of its cloud offering. These can be was one of the driving forces in Europe innovative, scalable solutions that allow
used to analyse trades; for example, that enacted legislation permitting them to update their legacy infrastructure,
to monitor manual rates, automated financial institutions to use cloud-based reduce the total cost of ownership and
matching rates and straight-through services. FINMA has allowed the use of introduce other efficiencies – increasingly,
processing (STP) rates. cloud-based services in Switzerland, too. they are finding these in the cloud. bt

CONFERENCE RECAP CONFERENCE RECAP
FinovateSpring 2019: focusing

NMSGDCHFHS@KETSTQDNEƥMSDBG
By Greg Palmer, VP, Finovate FinovateSpring returned to San Francisco add value to banks’ everyday operations.
last month, and it was a great week full of Previously, Finovate demos that focused
innovation, networking and strategising on AI were sometimes heavy on amazing
about the long-term future of fintech. technological capabilities and light on real-
With so many innovative companies and world applications. That trend has turned
seasoned thought-leaders on stage, there around in a big way.
are no shortage of takeaways from the Of the 60 companies that were on stage
Image source (all images): Finovate Conferences
event, but here are three that are especially at FinovateSpring, 25 incorporated AI and
worth mentioning. machine learning (ML) in some way. That’s
notable in and of itself, but what’s more
AI IS OFFICIALLY HERE (AND IT’S interesting to see is the variety of areas in
LIVING UP TO THE HYPE) which that technology is being applied. We
Artificial intelligence (AI) has been a hot saw AI applications being applied to areas
topic in fintech for a few years now, but it such as alternative credit scoring, customer
has finally reached the point where it can care, marketing/sales, financial advising, >>

CONFERENCE RECAP CONFERENCE RECAP
FINOVATESPRING BEST OF SHOW NOTES
financial inclusion, stock-trading and call- my answers to those questions would be

centre, among others. “yes” and “probably not”, respectively.
The initial promise that AI offered when
we first started hearing about it is being IS THERE A REAL-WORLD USE FOR
realised, and fintech entrepreneurs are BLOCKCHAIN?
using the technology intelligently and The first time I remember seeing a
creatively. Most importantly, though, the blockchain application on stage was in
way we’re talking about AI has shifted. 2015, when Blockstack.io (since acquired
The technology itself is no longer the focal by Digital Asset) showcased how it could
point; what matters now is what you can build a custom blockchain for anyone who
get it to do. Or to put it another way, the wanted one. In talking to the team during
conversation has progressed beyond “How their pre-event coaching calls, it was clear
does it work?” and moved on to the more that they had amazing technological
important question: “Why does it matter know-how, but they weren’t quite sure
that it works?” We saw a host of possible who should be interested in their tech or ■ Best of Show winner Voca.ai has now participated in three Finovate events and
answers to that question offered by our what their core value proposition should won a trophy each time. Making that more impressive is the fact that these events
FinovateSpring presenters, and we’re still be. Now, four years on, it feels like the were on three different continents. It has now won at FinovateAsia in Hong Kong,
only just starting to scratch the surface of industry is still struggling with those FinovateEurope in London and FinovateSpring in San Francisco. The company’s
what’s possible. fundamental questions. demo clearly resonates with audiences all over the world, and if you haven’t heard
At FinovateSpring, just five companies of Voca.ai yet, now’s the time to do some research on it.
WHEN IT COMES TO DATA BREACHES, used “blockchain” as one of their self-
EVERYONE IS VULNERABLE selected keywords, and only three of those ■ Glia (formerly SaleMove) won its sixth Best of Show at FinovateSpring,
If AI is establishing itself as the engine that (ALTR, Cone and Finhaven) had blockchain taking it into a tie for second place on the all-time leaderboard. MX (formerly
will drive fintech forward, data is its fuel. technology at the core of their value prop. MoneyDesktop) and eToro also sit on six total wins, while Dynamics remains the
After all, a self-learning algorithm can only By contrast, AI first showed up on stage at all-time Best of Show leader with eight wins to its name.
be as strong as the data that feeds it. Data, Finovate in 2016, and now it has worked its
though, continues to represent a massive way into nearly half of all the solutions that
vulnerability for banks and fintechs alike. we saw on stage. This raises a fundamental
During their demo, Best of Show question about how useful blockchain
winner Arkose Labs showed the audience technology really is for banks and other FIs.
just how easy it is for malicious actors to I want to be really clear that I
acquire compromised data and use it to enjoyed the demos from ALTR, Cone
commit fraud (needless to say, they also and Finhaven, and I would encourage
have a solution to help protect against anyone to take a look at their demos for
that problem). In a different 15-minute themselves (available at fionvate.com/
keynote, Alissa Knight of Aite took the videos). That said, there has always been
stage to release some troubling findings an idea that blockchain was a solution
around how possible it is to use APIs to looking for a problem, and based on the
gain access to customer data and exploit number of companies we saw using it at
vulnerabilities in mobile banking apps. FinovateSpring, it looks like the anticipated
BreachRx, another demoing company, adoption of the technology by the industry
went so far as to suggest that data is still a long way off. ■ Have you heard of The Venture Center in Little Rock Arkansas? You’re certainly
breaches are essentially inevitable, which Will blockchain become something not alone if you don’t immediately think fintech when you think Arkansas, but
is why it focuses its technology on how to that banks have to engage with similarly maybe you should. FinovateSpring Best of Show winners Neener Analytics
turn the response to a data breach into a to the way they engage with AI? I (second win) and Invest Sou Sou (pictured, first win) both have ties to The Venture
routine business process. certainly hope so. But the more time that Center, joining previous Best of Show winners Bond.ai (FinovateFall 2018) and
Are data breaches becoming “routine?” passes before blockchain makes it into Alpharank (FinovateSpring 2017 and FinovateSpring 2018), who have also passed
Is any organisation immune? Based on mainstream finance, the less likely it is that through one of The Venture Center’s accelerator programmes. bt
what we saw and heard at FinovateSpring, it will happen. bt

INTERVIEW: DAN MAKOSKI, LLOYDS BANKING GROUP
designers to engineers might be one-to-six

or one-to-eight and there will not be this
Grand designs ratio within financial services but a team,

already made up of a couple of hundred, is
coming together at the bank.
The majority are new recruits, including
apprentices, but some have moved from
other parts of the bank, including branches
and group IT, where they have shown a
(M@VHCDQ@MFHMFHMSDQUHDV+KNXCR!@MJHMF&QNTOŗRBGHDECDRHFMNƧBDQDan passion for design. The most important
Makoski, talks to Martin Whybrow about his role, the need to listen to customers quality, says Makoski, is empathy – “a real
Q@SGDQSG@MENKKNVSGDƥMSDBGRVG@SGTL@MBDMSQDCCDRHFMLD@MRHMƥM@MBH@K desire to meet people’s needs”. These
are “not just visual UX [user experience]
RDQUHBDR@MCVGXGHRřATKKRGHSŚLDSDQVDMSNƤVGDMGDƥQRSRONJDSNSGDA@MJ designers” but have a range of social
science backgrounds, including sociology,
psychology and anthropology. There are
also writers in the team, focused on how
best to communicate with customers.
Will one day every bank have an executive- Makoski’s initial discussions with the That need for empathy stems from the
level chief design officer (CDO)? One of UK bank started about three years earlier. essential role of listening to the customer,
this currently rare breed is Lloyds Banking In the end, what tempted him across was inviting them in not merely to look at what
Group’s Dan Makoski, who has been in the bank’s vision. He admits that when he is under development but to provide input
position since July 2018. He was previously first heard Lloyds Bank’s ‘Helping Britain from the outset. There is no point talking
at Walmart (vice-president of design) and, Prosper’ strategy, on the one hand he was open banking or PSD2 with customers,
prior to this, at Google (head of design/ excited about the potential social impact Makoski points out, it is more about
advanced technology and projects) and but, on the other, “my bullshit meter went issues such as how they want to view and
Motorola Mobility (global head of design off”. Unveiled in 2014, that strategy states: manage their finances in one place.
research), among others. “We believe we have a responsibility to help
In these pioneer CDO days – in financial address some of the social, economic and REIMAGINING A DIGITAL FUTURE
services, at least – it seems pertinent to environmental challenges that the UK faces”. As an early example of the types of work
start by asking, why the switch to financial After discussions with the bank, being undertaken, the bank is integrating
services and, at an even more basic level, including with CEO, António Horta Osório, the Google Maps API with account
what does a CDO do? and transformation group director, Zak statements, so that customers can click on
In Silicon Valley, it is now usual to Mian, he was convinced that this wasn’t a transaction and see where it was made.
find this role at a vice-president or other a glossy sheen for business as usual and Apple Card is doing something similar.
executive level but, says Makoski, “in that the new CDO role was a key one for “We need to reimagine our digital future
the world of finance, there are not a lot putting it into practice. from the perspective of customers,” says
of examples”. Often, where there is a “Design, like technology, is a strategic Makoski. He points to Walmart, arguably
specific design function, it is at a middle superpower that can be used to do the world’s largest company based on
management level and is about “tactical incredibly bold things,” says Makoski. As many dynamics, with 2.6 million associates,
delivery”, making things look “shiny”. Where a reflection of the challenge, he cites the which “completely redesigned every pixel
there are currently such senior level CDOs Google autocomplete suggestions when associated with walmart.com”. It focused
or equivalents, these tend to be in fintechs. you type in “My finances are…”. Its top on people, not competitors, and this is one
That looks set to change. responses include “a disaster”, “a mess”, “out of Makoski’s key messages.
of control” and “making me depressed”. The bank is less focused on fintechs
“That Google search is why I’m here,” he says. and its competitors than on its customers.
Tangibly, the response means finding With fintechs, “there is a lot to admire
“Design, like technology, is a strategic ways to help the most challenging
households and people because, “if we can
and it’s great that they build a higher bar
for everybody” and it is not that Lloyds
superpower that can be used to do incredibly help them, then we know we can deal with Bank is “blasé, lazy or doesn’t care” about
all of the less complicated scenarios”. them, challengers or its fellow big banks,
bold things.” At present, it is a relatively small design but there’s a danger of following the
Dan Makoski, Lloyds Banking Group team within Lloyds’ 75,000 staff but there competition rather than your own strategy.
are “some bold intentions to build the “We take more inspiration from the lives
capability”. In Silicon Valley, the ratio of and experiences of ordinary UK citizens >>

INTERVIEW: DAN MAKOSKI, LLOYDS BANKING GROUP WELCOME TO THE
Makoski is based at the bank’s 48 Chiswell

“I expected [the bank’s large IT infrastructure] to Street office in London, which has a long-
be pretty antiquated and, while we do still have standing reputation within the group for
trying to be more agile and interactive,
a mainframe somewhere, I was really impressed as reflected in the fact that it has long L I B R A R Y
been nicknamed internally as the ‘Google
with our digital estate. In many respects, it is building’. “There are no free lunches, no
pretty darn good.” Sergey [Brin, co-founder of Google] or
Larry [Page, Google CEO] going around
Dan Makoski, Lloyds Banking Group the building, no nappods”, but it does have
more of the feel of a start-up.
That culture change, applicable to
the banking sector as a whole, in part
than the competitors, about the way Makoski can see banking products similarly revolves around a tendency to still view
they think about money,” he says. As linked to individual customers’ attributes digital as something separate rather than
Microsoft, Google and Walmart have where they are willing to share relevant as inherent to the whole business. “When
shown, “when you focus on customers, information. you say ‘digital’ something, then you don’t
amazing things happen”. In terms of the technology to support quite get design,” says Makoski. There is no
He believes the leap forwards could this, artificial intelligence (AI) and robotics ‘digital group’ at Google, for instance.
be comparable with some of the big will have a role, so too virtual assistants
tech milestones of the past, such as (“providing a more conversational CHIEF GOO UNBLOCKER
when command line interfaces replaced connection with their finances”) and, On the reverse of Makoski’s business card
punchcards. Or when, in the first half of the “further out” mixed reality, providing (which he redid on joining as he didn’t like
1970s, a Xerox Park researcher envisaged financial information in context, such as the design) it reads “Chief Goo Unblocker”.
how people might want to use computers, when out shopping. The technology will There will always be the need to be
creating a simple schematic that paved free up staff to work on the more “high- secure, comply with regulations, manage
the way for the world’s first GUI-based touch, complicated customer interactions” risk but there’s also the mentality of “that’s
computer, Xerox’s alto, from which Apple and Makoski foresees employees and just the way we’ve always done it” to
was born. virtual assistants having “a harmonious move away from.
In the financial sector, he sees a likely relationship”. On the up-side, he was pleasantly
transformation of the ledger. Although The bank’s aim is to be “the most surprised by the bank’s large IT
digitalised, it still reflects its 400-year-old advanced human company, powered infrastructure: “I expected it to be pretty
heritage, now being little more than a by technology” and he emphasises antiquated and, while we do still have
spreadsheet and only informing about again that it will be “driven by AI but, a mainframe somewhere, I was really
the past. “Numbers alone don’t help more importantly, by empathy and impressed with our digital estate.” It was
ordinary people to prosper,” he says. He design principles”. Everyone will have AI, more advanced than he expected and “in
anticipates a new design language that will blockchain and so on but the differentiator many respects, it is pretty darn good”.
fundamentally rethink how financials are will be how they are used. This new future And some of the bank’s partners are
presented, constituting a single snapshot will also need to be backed up by deep aligned with the design approach too.
of a person’s overall financial health, data ethics, he adds, with the bank actively For instance, he says Phil Gilbert, general
including aspects such as their spendable engaging with the different potential manager of IBM Design, is “a great partner
cash, credit card debt and expenses. models for this, such as data trusts. for us”. IBM Design is described as focused
The challenge shouldn’t be under- on “recruiting and retaining top designers,
Introducing a brand new section on our website,
GETTING SMART estimated, not least due to the size of scaling the consistent practice of great
Makoski also feels that smart contracts the Lloyds Banking Group and its many design across IBM, and simplifying access where you can find
find a compilation of books from the world of business, finance
finance and technology.
will have a role to play. This concept touchpoints. That design language will to IBM’s broad portfolio of capabilities”.
We’ll be adding new books regularly that we feel are relevant,
underpins the design of Thought Machine’s be needed for every point of a matrix that That new design language that Makoski
emerging Vault platform (Lloyds invested spans the main brands of Lloyds Bank, referred to won’t necessarily be something useful and of interest to you, our readers.
£11 million in this UK company, taking a Halifax and Bank of Scotland, the product that you’ll see written down but rather, he Happy reading!
10% stake, in November 2018). He believes set of current accounts, savings, personal says, something that you will feel. And it’s
smart contracts are “really interesting” and loans, credit cards, mortgages and others, clear that he’s enjoying the challenge. “I
will allow for adaptive, flexible financial
products, rather than the current “one-
and every channel, including branch and
telephone, for its 30 million+ customers.
am in an incredible place of learning,” he
says. While he is a scarce pioneer at present
www.bankingtech.com/library
www.bankingtech.com/library
size-fits-all based on classes of risk”. As is How receptive was the rest of the bank in financial services, there is every chance
happening in car insurance, with premiums to the new function? that, as happened with the CTO position,
linked to customers’ driving behaviour, so There is a need for a cultural change but one day all banks will have a CDO. bt Do you know of a book that should be on our virtual library’s shelf? Contact:
Tanya Andreasyan
24 | www.bankingtech.com | June 2019 e: tanya.andreasyan@fintechfutures.com
and we’ll be happy to consider it. If our team deems the book suitable, it will be included in our library for free.
FOCUS: FINANCIAL INCLUSION FOCUS: FINANCIAL INCLUSION
Uganda hoping to Prosper

with clean energy initiative
In Uganda, clean energy A project is underway in Uganda that claims to have reached more than 100,000 solar lantern can provide 72 hours of high- The devices are sourced from two US
brings together both financial inclusion people in that time. power light after a single day of charge. One companies that manufacture in China
@MCƥM@MBH@KHMBKTRHNM@QD
and clean energy products. Repayments Washington DC-based FINCA model includes two USB ports for charging and are supported by FINCA Ventures, an
BNLHMFSNFDSGDQVHSGHM@M for the latter over 12 months can be used International was established in the mid- mobile phones. There are also solar homes impact investment initiative that provides
HMMNU@SHUDLNCDKGD@CDC to build credit history, which then leads 1980s, offering small loans to transform offers, which include solar lighting, power capital and technical assistance to early-
AX%(-" CDQHUDCRNBH@K to the offer of a savings account. That lives across the world. It is the founder and systems and appliances, including TVs stage social enterprises. FINCA Ventures
offer is seamless and is provided through majority-owner of 20 community-based and radios. BrightLife also offers firewood supports innovative solutions in energy,
DMSDQOQHRD!QHFGS+HED
long-standing financial inclusion specialist, microfinance institutions (MFIs) and banks and charcoal cooking stoves that cut toxic water/sanitation/hygiene, education,
3GDRD@QDD@QKXC@XRATS FINCA International. across Africa, Eurasia, Latin America, the emissions by up to 90% and reduce fuel use health, agriculture and fintech.
SGDHMHSH@KHMCHB@SHNMR@QD The solar products are offered by Middle East and South Asia. by at least 50%. One of these clean stoves The solar homes offerings in particular
ONRHSHUD Martin Whybrow BrightLife, a social enterprise set up by At the low-end of BrightLife’s offerings uses the heat from cooking to generate were often too expensive for one-off
FINCA. Since 2015, BrightLife has offered are standalone solar lights. These can be enough energy to charge a mobile phone purchase so there was a loan option
QDONQSR
a range of solar solutions in Uganda and hand-held, hung or placed on a table-top. A or power an LED light. from the outset. FINCA loan officers
accompanied BrightLife sales agents into
the field; FINCA clients could finance the
solutions via top-up loans.
“That worked pretty well for a time,” says
Stefan Grundmann, BrightLife’s president
and CEO. “But over time, a few lessons
came up.” FINCA was not particularly
geared up for financing consumer goods
and the incorporation of Uganda’s pay-as-
“We realised that if
you-go PayGo technology by BrightLife there was too much
proved more convenient.
While purchases could still be financed friction then no one
via FINCA, the greater flexibility of PayGo
was an attraction, allowing customers
would accept it. So
to repay via mobile money and without we spent a long time
the need for set times and days for those
repayments. BrightLife was effectively figuring out how to
providing the financing itself, via its
balance sheet, using the physical products
do that.”
as collateral. It is able to turn off those Stefan Grundmann, BrightLife
products from a central system if there is a
default on repayments.
“So we started separating from FINCA
Uganda,” says Grundmann. Nearly all
consumers came to choose the PayGo route.
PROSPER – COMBINING FINANCIAL

INCLUSION AND CLEAN ENERGY
The latest initiative is really “flipping our
original business model on its head”, says
Grundmann. Where FINCA was at the
outset the perceived sales channel, it is
now brought into the loop again from a
financial inclusion perspective, addressing >>

FOCUS: FINANCIAL INCLUSION FOCUS: DIGITAL PLATFORMS
Sponsored by
Transforming
is the only offer now being made, with an
excess charge built into the offer price to
accommodate the rebate.
The uptake of the savings account at
the end of the payback period is currently
unknown but Grundmann says the option
has been well-received, particularly
the loan
among women customers, who might not
have access to land titles or collateral for
financial inclusion.
experience
Image source: GoCardless

Why is all of this important? In Uganda,
nearly 67% of adults lack a financial Simple and flexible digital platforms could be
FINCA International/Alison Wright

institution account. There is similarly deep
the key to improved customer repayment rates.
energy exclusion, with 73% of Ugandans
unserved by on-grid electricity. BrightLife’s
solar offerings are targeted at Ugandans
earning less than $4 a day. The clean energy
products create healthier and safer homes, Recent survey data shows us that the addressing them at a systems level could 87% saying they should be able to make
increase productivity, reduce household risk of missed loan repayments, for a be transformative for both lender and repayments online. Managing repayments
expenses and provide additional income- significant percentage of borrowers, boils borrower. And, while lenders have little online seems like a no-brainer in today’s
In Uganda, nearly 67% of adults lack a financial generating opportunities.
Off-grid living stifles productivity,
down to customer experience. While lack
of funds is a major issue – and always will
control over borrowers’ lack of funds, by
paying closer attention to the customer
market, but barriers such as paper Direct
Debit mandates may put people off.
institution account. There is similarly deep reduces earning potential and increases be – other barriers such as technology experience and addressing these issues, Reminders ahead of repayment dates
household energy expenditures. Children troubles and lack of clear information they could make a big dent in loan are also important – 87% of respondents
energy exclusion, with 73% of Ugandans cannot study after sunset, leaving them on when and how much to pay are also delinquency. would like this. And 85% said they would
unserved by on-grid electricity. academically disadvantaged, while
businesses must close at sundown, reducing
significant. This presents lenders with
an exciting impetus to transform the KEEPING UP TO DATE
like to ‘set and forget’ all upcoming
repayments in one go.
the available working hours. And poorer repayment experience; if customers are So what does a better repayment Flexibility of payment method is also
households that are reliant on traditional offered a clear and easy-to-use digital experience look like for the borrower? desired. Lenders who offer multiple
fuels spend a relatively larger share of their repayment system, the chances are they’ll Survey data tells us that customers want payment methods may be more likely to
total expenditure on energy. All of which miss fewer repayments. What’s more, a better visibility, ease of use and control. In attract customers. As would lenders who
perpetuate a vicious cycle of poverty. loan product proposition with a simpler terms of visibility, 91% of those surveyed allowed borrowers to change the due
customers who are usually beyond its Grundmann. “We realised that if there For the future, says Grundmann, repayment system and better options agreed that being able to see the status of dates of each repayment. Direct Debit has
reach, typically because they do not have was too much friction then no one would BrightLife is looking to add appliances to becomes more attractive compared with all their repayments is important. Online a huge potential to improve the customer
collateral or credit histories. accept it. So we spent a long time figuring its offerings, particularly for agriculture and others on the market. repayments are hugely desired, with experience, too: 92% of those surveyed
Called Prosper, the scheme leverages out how to do that.” The offer is made and probably starting with solar water pumps. When asked about their borrowing would be happy to pay by Direct Debit if a
the 12-month credit history built up via can be accepted by text, is mobile-only A plan for a pilot is being drawn up and, experience, 84% of the 400 loan lender offered it and 75% would be more
PayGo. That is valuable data to a bank, and has no need for the client to enter once more, there will be an offer of a FINCA customers surveyed* said payment likely to use a lender that offered Direct
says Grundmann, and the initial plan was a branch. This is enabled by BrightLife loan product linked to this. experience is important to their overall Debit as a payment option. This means
to hand it over and allow the financial collecting all of the data required for know Uganda itself still has a huge unfilled borrowing experience. A large proportion that incorporating Direct Debit with a
institution to make use of it. However, you customer (KYC) at the outset, within its need but it is also the intention to take (50%) of all those surveyed said they clear, flexible and easy-to-use digital
Prosper is much more integrated than that. sign-up process. the model to one or more countries, says had missed a repayment or had made platform could greatly improve customer
At the end of the 12 months, customers Also involved in the planning was Grundmann, probably in the next 18 a repayment after the due date. Yet numbers and repayment reliability.
who repay their loans in full and on time Financial Inclusion on Business Runways months, once it is proven in Uganda. interestingly, while 50% missed their “Transforming the Transforming the customer
receive a 20% rebate and are eligible (FIBR), an initiative of consulting firm BFA These are early days but the theory, at repayment because they did not have the experience of loan repayments could be
to become FINCA Uganda clients. With and the Mastercard Foundation, that seeks least, looks sound and, while Grundmann funds, significant numbers of respondents
customer experience a win-win for businesses and borrowers.
the customer’s agreement, the rebate is to connect financial services to low-income admits there might be a few glitches, the highlighted experiential reasons as well. of loan repayments Automated payment collection platforms
deposited into a FINCA Uganda savings populations in Africa through digital aim has been to make take-up as simple Technology troubles led to 34% of such as GoCardless offer to do exactly
account, as opposed to being repaid via innovation. as possible. The true test will come as the borrowers missing a repayment, while could be a win-win that – providing the clarity, flexibility
PayGo as mobile money. In addition, based Prosper was launched in early March loans start to mature in large numbers 31% said they didn’t know which date and ease of use that could lead to better
on the credit history, the customer is 2019 and, in the first couple of months, but there are already customers who have their repayment was due and 21%
for businesses and repayment rates. bt
pre-approved for a loan with no collateral within pilots in the Masindi and Mityana paid them back early and have accessed didn’t know how much to pay. These borrowers.”
needed beyond the savings deposit. The regions, it had gained about 300 the loan offer as a result. All in all, Prosper sorts of figures can have a big impact Get paid on time, every time
loan offer is based on a multiplier of at customers, says Grundmann, at which looks to be a neat dovetailing of two on business and personal credit ratings; www.gocardless.com
least four times the deposit. point between 200 and 250 people were important requirements – clean energy
It is a totally digital product, says signing per month. In these regions, this and financial inclusion. bt * GoCardless survey of 400 borrowers who have taken out at least one personal loan within the last two years and had missed at least one repayment.

SPOTLIGHT: CHALLENGER BANKS SPOTLIGHT: CHALLENGER BANKS
German challenger banks: HOLVI

Helsinki-based Holvi, established in 2011, offers a business current account and a debit card, Holvi Business Mastercard.
who’s who and what’s their tech It launched in Germany in 2016. The same year it partnered with SumUp for the German market – combining
SumUp’s mPOS offering with Holvi’s online business account – to serve SMEs and the self-employed in the country.
Also in 2016, Holvi was acquired by BBVA.
The Holvi platform is a bespoke build, and is essentially a core banking system with integration built into the various
payments ecosystems around Europe. The technology stack comprises a proprietary Javascript UI framework, along
with Backbone.js, CSS and HTML at the front-end and Python, Django and PostgreSQL at the back.
Dynamic Deutschland! With several new entrants looking to prosper in the German The entire infrastructure is hosted in the cloud with Amazon Web Services (AWS) from a data centre in Ireland.
banking sector and be part of the Zeitgeist, Banking Technology has created a list of
the known challengers to date and the technology they are using.
HUFSY
Hufsy, a Denmark-based fintech start-up focused on SMEs, expanded into Germany in 2017.
Its banking partner in the country is solarisBank.
Its banking offering is tailored for start-ups. “It is a one-point entry and therefore an easy
and time-saving way for small businesses to handle finances,” Hufsy explained. It also uses
CONSORSBANK artificial intelligence (AI) tools.
The bank is the name in Germany for Hello bank! – a digital direct bank – which in turn is part of BNP Paribas. It In 2017, the company said it will focus on Berlin, as its research found that 30% of German
was launched in Germany in 2013 and offers online products, such as credit cards, loans, savings and insurance. start-ups are in the country’s capital and the region has 177,000 SMEs.
The roots of the bank in Germany is Cortal Consors, a European broker in consumer investing and online Hufsy’s founders are software engineer Rafal Lipinski and entrepreneur Maria Flyvbjerg Bo.
trading, owned by BNP Paribas. In 2013-2014 it was rebranded and joined different parts of BNP Paribas’
businesses in Europe. In Germany, it was merged into Consorsbank. In 2016, Consorsbank also absorbed DAB
Bank, a German bank that BNP Paribas bought in 2014.
In 2017, German fintech firm figo’s technology became the backbone for the launch of Consorsbank’s
MultiBanking service. Customers can now use accounts and deposits they have with other banks after logging KONTIST
into their online banking. Berlin-based banking app provider Kontist
was founded in early 2016 by Christopher
Plantener (CEO), Alexander Baatz,
Sebastian Galonska and Madison Bell.
It offers a German IBAN, Mastercard,
FIDOR integrations with accounting systems
Digital-only Fidor was founded in 2009 and is based in Munich. (FastBill and Debitdoor) and deposit
The bank holds a full banking licence and uses its own in- insurance. It is a partner of solarisBank,
house developed technology, which it also licenses to other which holds a full banking licence.
financial institutions (such as Penta Bank) via its technology In October 2018, Haufe Group provided
arm, Fidor Solutions. an undisclosed amount of Series A funding
In 2016, Fidor was acquired by BPCE, France’s second and acquired a stake in Kontist. The two
largest banking group, but remained as an independent partners’ first task together was a technical
business. However, the relationship did not prove successful integration of the online accounting
and BPCE set out to sell Fidor in H2 2018. Fidor’s founder and software Lexoffice and the Kontist bank
CEO, Matthias Kröener, left the company in spring 2019. account. Users get automated accounting,
In 2017, it partnered with Eight Inc to launch Fidor a real-time estimate of tax payments
FinanceBay, its digital marketplace. The two firms said they due, and an integrated Mastercard for
are jointly designing Fidor’s customer experience for the expenditure management.
community-based marketplace for financial services. The The bank has got the backing of
project was initially launched to Fidor’s customers in Germany Founders, a company builder and VC
as a beta test, followed by a global roll-out. Fidor FinanceBay in Copenhagen that develops software
is a standalone market infrastructure and white-label solution solutions for the self-employed and SMEs.
for distribution partners. Founders provides financial, development,
marketing and administrative support.
>>

SPOTLIGHT: CHALLENGER BANKS SPOTLIGHT: CHALLENGER BANKS
REVOLUT SOLARISBANK
London-headquartered Revolut was founded in 2015 and sees itself as a digital Berlin-based solarisBank was
MONEYOU banking alternative designed for a global lifestyle. It offers fee-free spending, founded in spring 2016. With
Moneyou, ABN Amro’s digital banking subsidiary, launched its Tikkie mobile payment interbank exchange rates, free international money transfers and different support from local fintech incubator
app in the German market in 2018. currencies in-app. FinLeap it launched the “first” global
The app and its underlying software were jointly developed with Munich-based It applied for a European banking licence in 2017 and launched in Germany banking platform, called Solaris
FinTecSystems. the same year. The licence was secured the following year. – a Banking-as-a-Platform (BaaS)
Tikkie can be used by anyone, regardless of who they bank with, and only the In April 2018, it raised an additional $250 million in Series C funding, which service. The service is used by other
person receiving the money needs to have the app. Once they enter their name, saw the fintech valued at $1.7 billion – a five-fold increase in less than a year. challengers and start-ups today,
mobile phone number and the IBAN number, they are ready to start sending payment Earlier in 2018, it fully launched its open API – allowing users to integrate including Penta (see left).
requests via WhatsApp, Facebook Messenger, Telegram, QR-Code or text (SMS). Revolut for Business accounts with third-party software and in-house systems. FinLeap brought the team of
Payments are executed as direct transfers from accounts at any bank in Germany. It also built its own in-house processor, following a string of outages caused entrepreneurs together, provided
In September last year, it launched Moneyou Go, a new payment and savings app, by its then third-party provider, Global Processing Services (GPS); and brought seed funding and support during the
developed together with Bankable. It is free for German customers. the card issuing function in-house, ousting its external supplier Wirecard. development phase for solarisBank.
In early 2019, it signed an agreement with regtech start-up ClauseMatch to The bank offers a B2B2C
adopt its technology to streamline management of internal policies, controls (business-to-business-to-consumer)
and regulatory compliance, following a two-month trial period. product. It is a modular-based toolkit
Not long after, Revolut was rocked by compliance and culture criticisms, and offering account and transaction
saw its CFO resign. services, compliance and trust
N26 solutions, working capital financing
Berlin-based mobile banking challenger N26 is one of the more active banks. It and online loans. In addition, it offers
has taken its business fully across 17 European countries, including Spain, Italy, payment and escrow services – all
Greece, Ireland and Slovakia. accessible via APIs.
It was founded in 2013 by Maximilian Tayenthal and Valentin Stalf. In 2016, it It holds a full banking licence and
received a full banking licence from the German regulator, BaFin, and changed its SILICON VALLEY BANK has passporting rights across all EU
name from Number 26 to N26. Silicon Valley Bank (SVB) arrived in Germany in May 2018. states. As of mid-2018, it is active
N26 provides a free basic current account and a debit Mastercard card for its It was granted a lending licence by Germany’s banking regulator, in seven countries and has more
customers. Additionally, customers can request overdraft protection, investment BaFin, and is based in Frankfurt. It is a subsidiary of California-based SVB; than 60 corporate clients using its
products and premium current accounts. PENTA and is the bank’s second European location (the first one was the UK). It banking platform.
N26 works with TransferWise on cross-border money transfers. It also Berlin-based Penta is a digital bank is also in China and Israel. In spring 2018, it completed a
partnered with Raisin – to enable N26 customers to save money and choose account for “high-tech” start-ups and SVB already has several German tech firms on its client list, including Series B funding sound, raising €56.6
interest rates from banks across Europe – as well as integrated Vaamo into the SMEs in Germany, founded in spring HelloFresh, Lilium and Babbel. million for further international
N26 app to enable customers to invest their money and manage a customised 2016. In early 2018, it raised a €2.2 million It will offer lending to growth stage technology and life science expansion (it has raised more than
investment portfolio. seed round. The investment was led by businesses in Germany, as well as financing acquisitions and €92 million since its launch). Among
For its back-office processing, N26 uses Mambu’s core banking system, Inception Capital, a fintech-focused VC working capital. the investors are ABN Amro, Visa,
supplied on a hosted basis. based in the UK. For its tech, SVB is a long-standing Oracle customer, including the BBVA and Japan’s SBI.
In March 2018, the bank closed a €110 million Series C funding round as it Penta was acquired by European Flexcube core banking system, business process management (BPM), In June 2018, solarisBank
sought to consolidate its presence in Europe and expand to the US. This was fintech ecosystem Finleap in April 2019. As content management and ERP software and middleware products. It teamed with Poland’s Alior Bank,
followed by a $300 million Series D funding round in early 2019. a result, the bank started a collaboration also uses ACI Worldwide’s software for online banking. Germany-based online marketplace
Earlier this year, N26 has come under scrutiny by German regulator BaFin, with Beesy, another Finleap portfolio for savings products Raisin, and
which found several deficiencies in its processes. It ordered N26 to address company that provides digital business Mastercard to unleash a pan-
staffing, outsourcing and engineering issues. banking for freelancers in Italy. European digital bank. bt
Its technology is provided by another
German bank, Fidor, and it also uses the
Banking-as-a-Platform service from yet
another local start-up, solarisBank, which
holds a full banking licence. All deposits
are held at solarisBank.
Penta says it differentiates from its
competitors by offering third-party
products only. These include automated
accounting, international transfers and
cash flow management.
We are updating this list on a regular basis. If you have any amendments and/or additions, please get in touch with our editorial team (see p3).

COMMENT COMMENT
Rise up women – Looking back at a career in banking

and fintech that spans over 30 years, I
sometimes stop and wonder where I would
“If I can help inspire
just one person to
you can do it, you have been had it not been for key mentors
who believed in me – and spurred me on
to be the best version of myself. So when
be bold and ‘rise up’
above what could
really can!
I had an opportunity to become a mentor
myself through Money20/20 Europe’s Rise otherwise be a less
Up Academy 2019, and to share my story,
I jumped at the chance and applied – and than ideal path in life,
am proud I have been chosen to represent
the Academy in Amsterdam in June.
then I will be a proud
By Jackie Barwell, director of fraud and risk
product management, ACI Worldwide
My personal story is not quite the woman.”
conventional, but if by telling
it I can help inspire just Jackie Barwell, ACI Worldwide
one person to be
bold and “rise
up” above
what could
otherwise academic school. I also took the initiative
be a less than ideal path in life, then I will of enrolling into a night school to learn
be a proud woman. My start in life wasn’t the art of touch-typing – a skill that has
the kind that could be viewed as a firm stood me in good stead ever since. That
foundation for a successful and purposeful skill enabled me to be promoted to
future. I was born, a middle child of three, telesales within the newspaper where,
into a house whose parents were totally after a year, I typed up a situations-vacant
unequipped to raise a family. After a short advertisement over the phone from
life together filled with financial pressures someone at Clydesdale Bank. They were
and evictions due to unpaid rent, my father looking for an audio secretary for a post at
Money20/20 Europe, the region’s left when I was five, quickly followed by their St James’s Street Branch in London.
AHFFDRSO@XLDMSR@MCƥMSDBG my mother deciding that abandoning us I cheekily asked that they interview me
event (held in Amsterdam on 3-5 at a local police station was the best thing for the role and if I turned out to be
for all of us. After some difficult years in unsuitable, they were still in time for this
June 2019), featured Rise Up week’s newspaper. Well, they interviewed
multiple foster and children homes, my
Money20/20, a global programme father retrieved us after remarrying and me and I got the job! That was the start of
designed to address the gender securing a council house to accommodate a 30-year career within the banking and
imbalance in leadership positions us all, including a new stepmother who, for fintech world.
reasons of her own, resented the three of I stayed with Clydesdale Bank in a
VHSGHMSGDƥM@MBH@KRDQUHBDR@MC variety of roles, moved on to Bank of
us enormously.
ƥMSDBGHMCTRSQX Despite my less than ideal start in life, I America and then went on to spend
showed signs of academic potential. I was ten years at Citigroup – specialising
Among 30 female professionals encouraged by my junior school teachers and focusing on the prevention side of
to take the 11+ exams, which I passed, thus managing fraud risk across all businesses. I
that took part is Jackie Barwell, eventually became SVP and global head of
allowing me to attend a grammar school.
director of fraud and risk product I gained eight “O” levels, left school at 16, fraud prevention at Citibank, and created a
management at global payments and pretty much grabbed the first job I network of almost 300 business unit fraud
RNESV@QDOQNUHCDQ "(6NQKCVHCD could find! managers, whose task was to understand
I worked at a local newspaper, where fraud and take their new knowledge back
Here she talks about why she is into the business.
I was an office junior and I would order
excited to be part of Rise Up and stationery, deliver mail and operate the I now work as director for global
VGXHSRVNQJHRRNHLONQS@MS switchboard at lunch time; this was all a payments software powerhouse ACI
good starter-for-ten for someone who Worldwide, as director of the company’s
had come out straight of a straight-laced fraud and risk products, to make sure our >>

Sponsored by
COMMENT INDUSTRY INSIGHTS
Core modernisation is essential

highly sophisticated fraud-prevention of the day and other elements of fraud
solution performs at a competitively high prevention, away from the very “closed”
level and our merchants are sufficiently fraud communication forums, which
protected against exposure to fraud risk. unfortunately at the time, typically viewed
I also represent ACI at industry events
around the world and I am often asked the
question: how do you promote your career
women as misplaced in their midst.
This started with just two of us, quickly
growing to double figures – and soon the
for truly digital banking
as a woman in the still male dominated Fraud Women’s Network was born. I was a Banks have only to look at how innovators have transformed retailing and music to recognise this truth, says Sanat Rao,
fintech and payments industry? This is an founding member (and their first treasurer,
Chief Business Officer and Global Head, Infosys Finacle.
interesting question, as I never thought and membership secretary). This network
that my gender has been holding me back has now been going for 12 years, and has a
at any stage of my career. However, when strong membership running into the 100s.
I think about some of the things I used Women supporting and encouraging In recent years, UK high street banks have collaboration with ecosystems – to drive
to do (and to a degree still do) and when each other, talking to each other about been under siege as newer, seemingly business value, enhance profitability,
I put those in the context of gender, I do their experiences on their own career more adept competitors have entered the compete with agile digital banks and
believe there are some interesting lessons “Unconscious bias paths, is probably the most valuable market. However, recent developments be sufficiently scalable to meet the
to be learnt. thing women can do for themselves. It’s indicate that the newer rivals are volumes that digital banking demands.
exists, not necessarily surprising how many individuals have had experiencing problems of their own and Their customers still want the traditional
BE BOLDER AND TAKE RISKS just in regard to similar experiences where their gender has the incumbents have an opportunity to services that they have always availed,
According to many studies, women been almost a hindrance or an invisible hold back the invaders. but in addition seek expert guidance on
tend to only apply for roles for which gender, but also age, barrier to progress, or have experienced Metro Bank made waves with its bricks- managing their finances better.
they can evidence all the requested unconscious bias of some kind – but have and-mortar presence nearly a decade ago New technology is an enabler for
experience. Women often over-analyse
personal situation and taken steps to overcome the negative and has steadily extended its network innovation, opening up a market where
the written job description and either even education. Be effects of those experiences. since then. However, the revelation early existing off-the-shelf products and services
dismiss roles where all the “boxes” are I also think that it is inspiring to hear this year of a massive accounting error and can be supplemented by more tailor-made
not ticked in terms of evidenced aware of unconscious the stories of individuals who have almost consequent investor rebellion has clouded “To survive and thrive, offerings designed around customers’
experience or – almost worse – over-talk stumbled into the successful career path its future, and may have deterred many specific lifestyle, circumstances and
about the missing ticks in the interview
bias and challenge it!” for little more reason than being mentored potential new customers. banks must simplify individual needs.
itself! This is something that many (if not
most) men do not do. They trust that
Jackie Barwell, ACI Worldwide at key points in their careers by individuals
who “saw something” in them, guided
More recently, Tesco Bank’s decision to
pull out of the mortgage market points
their operating models Some banks have begun their
journey of transformation by placing
they can smash the role regardless of the them and encouraged them to believe in towards the downward profitability trend through APIs and new digital channels on top of their core
missing ticks in those boxes. themselves, and step through that door to of the mortgage business for challenger systems. However, many progressive others
Being aware of the fact that the inner- grab a suggested opportunity and run with banks. Nimble digital upstarts are known automation.” have been quick to realise that creating
need to prove our capability upfront it. And sometimes that’s all that is needed to pick and choose parts of the banking Sanat Rao, Infosys Finacle a truly digital bank of the future requires
remains with us women is a first step to give you the push you need to soar! value chain or the business of banking a more radical approach than the rather
to being bolder and taking risks. Also, My final message, linked to my and create disruptive propositions. Tesco’s short-term approach of adding another
I believe that job descriptions need to experience, is that I had little to no move underscores this strategic intent of digital channel.
be written in a way that allows for this such biases, as we debate these issues encouragement in my early years that focusing on attractive business instead of In the future, customer-centric
behaviour trait – making small adjustments more honestly and openly, these bias told me “you can do it – you really can”. offering the full range of services, which mobile wallet app in 2014, it predicted that innovation and collaboration with
will result in more women applying for barriers will shift and hopefully cease If anything, I was standing out for all the has been the norm in banking, traditionally. half of all banking transactions would move ecosystems will be the norm. To survive and
these roles. to exist. wrong reasons – such as being a child in If the recent developments portend to distribution channels from Google, Apple thrive, banks must simplify their operating
Be aware of unconscious bias and care, or always in the “free school dinners” even a slight decline in threat from new and others by 2022. Five years on, with models through application programming
challenge it! FEMALE NETWORKING IS CRUCIAL queue, or the fact I was sent off on my market entrants, it is a no brainer that Open Banking and other transformational interfaces (APIs) and automation to
Yes, I absolutely do. Unconscious bias There was a time in my career where first day at a posh grammar school in my incumbents would like to take advantage regulations coming into effect, the introduce new propositions quickly and
exists, not necessarily just in regard to being a woman in the world of fraud junior school uniform. I could so easily of this to reaffirm their relevance. prediction is likely to be a reality even create new revenue streams profitably.
gender, but also age, personal situation investigation was seen to be a rarity. have decided to hide away in the shadows However, to be able to do that, updating sooner. Driving this wave of change further Not surprisingly, winning in the digital
and even education. Despite open debates Back then, at most financial institutions or take the wrong path in life. But there core legacy systems has to be their top are emerging technologies. An example future will require investment, but the
in the UK about gender pay gaps and the investigative workforce was almost were those key individuals, starting with priority. It’s equally important for both is blockchain which is now seeing wide gains from reduced costs, improved
creating equal opportunities for men and exclusively made up of ex-law enforcement my junior school teacher who said I could retail and corporate banks, as the twin adoption in areas such as trade finance. security and ability to innovate make that
women in the workplace, the fact remains officers on second careers and typically, achieve more, and then two successive forces of regulation and distribution have investment worthwhile. And looking at
that men are still miles ahead when it they were men. managers who pushed me through overturned the established order across all PROACTIVE, NOT REACTIVE how e-retail has been transformed by
comes to senior and leadership positions in As I progressed through my career I that door of opportunity. I trusted their quarters in banking. Banks must be proactive rather than Amazon, or the music sector by Apple, the
the technology and fintech industry. came, slowly but surely, into contact with judgement and took the courage to give it Less than 20 years ago, the bank branch reactive if they intend to ride the digital longer-established players in the banking
Unconscious bias is often the point other women in similar roles to mine, and a go. Recognise those situations because housed more than half of all banking wave. It is imperative for them to sector must realise that they can either
where challenges start, but as society we created an informal regular meeting they will be there one day – anything is transactions. Today, that figure has fallen to revitalise legacy systems, move workloads place themselves at the forefront of change
changes and is becoming more aware of of the minds (in person) to discuss issues possible if you want it enough. bt less than 10%. When Apple launched its first to the cloud and open their core for or become its quickly-forgotten victims. bt

FOOD FOR THOUGHT FOOD FOR THOUGHT
There were a bunch of questions on my card and returned the card. There is
“Thank God for the
A banker goes a-banking how the cashiers performed. Were they
courteous? Yes. Were they helpful? Were
they taking care of my needs?
free-form box where
another way. There is a better way. Why
don’t you give them this better way?
Why don’t you make your employees’
chapter 2: the party is All I have to say to this is thank God

for the free-form box where I could
actually say what needed to be said. And
I could actually say
what needed to
lives better, and through theirs, mine?
So, yes, I got the task done.
But not in the way I should have,
only just beginning what needed to be said is this: no matter

how polite your staff, if they don’t know
why they are doing what they are doing,
they can never be truly helpful. No
be said. And what
needed to be said is
given the year, the maturity of certain
technologies and the size of your
innovation spend.
matter how hard they smile, how

this: no matter how GO AHEAD AND ASK ME FOR
By Leda Glyptis
obliging their small courtesies, how polite your staff, if they MY NAME
winning their manner. I don’t name the bank in my blogs. I never
A few weeks ago, I had a rather comical They are following a process blindly. don’t know why they do. I occasionally refer to them as the
experience at my local bank and of course, Scrap that. They are following a bad Giant in Red (pick one, your options are
being me, I wrote about it. You may have and outdated process blindly.
are doing what they limited) for a few reasons.
read it (you can find it in the May 2019 They never asked and were never told are doing, they can First, it’s not just them.
edition of the magazine and also online). why each step is how it is. Why options are Second, it’s not about shaming them,
We talked with thoughtful and well- not available for some things that seem never be truly helpful.” it’s about bettering the industry.
informed consideration about the failures so obvious (I am here, I have ID; you are Plus, it seems a little petty. It’s not
of high street banking, the purpose of here you have access to the system, you
Leda Glyptis about venting. It’s about reflecting and
branches, the failings of our analogue asked me a question last asked in 1997, collectively moving forward.
past and how they still haunt us… the the answer has changed, let’s update this So I filled out the feedback form.
options for the future. thing together, you and me baby. But no. And I gave the free-form feedback
And we were done and moved on to “Computer says no”, and they don’t even because, hey, it’s an opportunity. If
the next topic… or so we thought. know why. Teach them why.) someone genuinely reads this stuff and
Well, almost. That’s it. Teach them why. they don’t just feed it to a calculator
I knew I wasn’t entirely done as I To know the cause of things. It’s a for the NPS score (they totally do but
needed to repeat the cash withdrawal wonderful thing. hey, here’s to having faith in humanity)
exercise a couple of times after the blog And your people don’t know why they they will get real feedback. Actionable
incident and of course, as expected, it do what they do and why they don’t do feedback. So that is what I gave: genuine
was equally arcane but – keeping things what they don’t do and it’s your fault, not And it was hard because your folks feedback. With adjectives, adverbs and
interesting – in different ways each time. theirs. And no amount of courtesy will didn’t have the right tools. punctuation and everything.
What I wasn’t expecting was an algorithm make up for that. And it’s a terrible thing Because you spent none of your And then the last question came: are
with a sense of humour. But that is exactly to be put in a position where you cannot innovation budget or your venture you happy to disclose your name and
what I got. Because a day or two ago I got improve your own performance. Don’t do investment budget on making your for someone to call you to discuss your
an email. From my bank. “Dear Customer,” that to your people. Teach them. colleagues’ lives easier. On skilling them up. answers?
it said. “We read your blog.” On tooling them up. On equipping them to You betcha. So here we are. You asked.
No, it didn’t. DON’T ASK ME ABOUT MY TASK, meet my need and get the task done. I answered. You challenged and I said
It said, did you visit our Old Broad ASK ME ABOUT YOUR CAPABILITIES They used pen and paper. bring it.
Street branch on such and such a day Did you do what you came here for? They filled out forms. It was bad enough before you asked.
and such and such a time? Why, yes, I Sure. They copied the information off the But now if nobody calls me, we are
did. Would you complete a customer Eventually. form to the screen and stamped the form beyond hope.
satisfaction survey? But it was hard. and then copied the information off Your move, Giant in Red. bt
Boy oh boy, would I?
Now, things get interesting.
This was merely a statistical exercise in
calculating NPS. A play in numbers. A play Leda Glyptis is FinTech Futures’ resident thought provocateur – she leads, writes on, lives
for numbers. and breathes transformation and digital disruption as chief of staff at 11:FS and CEO of
But I am big on eating my own dog 11:FS Foundry. She is a recovering banker, lapsed academic and long-term resident of the
food. So I answered the questions. And banking ecosystem.
this is what I told them: All opinions are her own. You can’t have them – but you are welcome to debate and
comment!
DON’T ASK ME ABOUT YOUR Follow Leda on Twitter @LedaGlyptis and visit our website for more of her articles.
PEOPLE, ASK ME ABOUT YOURSELF

ASK THE EXPERT ASK THE EXPERT
Ask the expert QUESTION 1

One of the most common – and
frustrating – challenges for fintechs is
priorities, targets, challenges and areas
in which they need support and help?
effective. Do your research and take a
personalised approach.
securing meetings with target clients. And crucially, how can you help them
I’M STRUGGLING TO Many believe that simply sending a

LinkedIn mail or emailing the prospect
address their challenges and/or meet
their objectives?
3. You haven’t leveraged your
network – or your team members’
Introducing a new regular column designed to provide SECURE A MEETING is enough to secure a meeting. However, Building a detailed view of your target networks – to secure an introduction
readers with practical advice on how to grow their WITH A PROSPECT – in the majority of cases, that message client or prospect – in other words, a An introduction from a mutual
will be ignored or, more likely, deleted. buyer persona – will help you understand connection is more likely to result in a
businesses. Our resident expert is Greg Watts, the HOW CAN I SHARPEN Here are some reasons for a lack of them and tailor your approach. positive response. Yet this approach is
founder of Demand Creation Partners, a London-based MY APPROACH? cut-through, and some suggestions to often overlooked. Here’s how to do it:
FQNVSGBNMRTKS@MBXSG@SGDKORƥMSDBGR@MCO@XLDMS sharpen your approach: 2. Your approach is too generic. 1. List targets on an Excel spreadsheet.
Cultivating relationships takes time; 2. Under each company, add job
ƥQLRSNRB@KD 'DV@ROQDUHNTRKXGD@CNEL@QJDS 1. You don’t know enough about employing a long-term approach yields descriptions based on buyer personas,
acceleration at Visa Europe. your target the best results. plus names of individuals if you have
Do you really know your prospect? Do your homework. Know what your them. If you don’t, leave gaps.
You might know their name, title and prospect’s interests are, what events 3. Go through the list and make a note
where they work, but what about their they attend, and what social channels of the people in your organisation who
they engage with. Most importantly, have connections with them.
consider why they should invest time in 4. Print everything out and stick it on
meeting you – what’s in it for them? your wall so everyone can see who
Once you better understand you’re targeting, and who knows
QUESTION 2 their behaviours, translate that into

targeted outreach – for example,
who. This is likely to spark additional
connections you weren’t aware of.
rather than crafting a generic LinkedIn 5. Ask your team members if they’re
HOW CAN I CONVINCE mail, consider a 1:1 approach: a happy to introduce their connections,
handwritten note from your CEO; an and to initiate an approach.
A PROSPECT’S CFO TO invitation to participate in a relevant PR
PARTNER WITH US? opportunity; or an offer to be quoted BRINGING IT ALL TOGETHER
in a thought leadership piece. The By taking a focused, researched approach
possibilities are endless but the point to securing prospect meetings, you’re far
You’ve had a successful first is: don’t expect generic outreach to be more likely to get a positive outcome.
meeting with a retail prospect: they
understand your product and can
see how it could help them improve
their customer experience. Now you
need to prove how it can enhance better to be candid about integration is their margin; how is their cost base
their business and bottom line. upfront and build it into the business case constructed?
You’ve been asked to meet with and development plan.) These inputs can then be validated
their finance team to develop a Once you’ve identified the retailer’s by the prospect at the meeting, and
business case. The challenge is: how commercial opportunities and challenges you can even conduct modelling
do you persuade their CFO to buy – for example, acquiring new customers, together. If approached correctly, the
into a partnership? increasing the value of existing CFO and finance team will relish the
First, you need to demonstrate an customers or attaining higher operational opportunity to co-create with you at
understanding of their business and efficiencies – create an Excel value model an early stage.
how your offering adds value – as to validate your assumptions and use it as
opposed to weighing them down a tool to secure the CFO’s buy-in. BRINGING IT ALL TOGETHER
with additional costs or resource Gather inputs by reviewing annual By conducting a robust assessment of
complexities. (Many fintechs claim reports, financial statements and other the prospect’s business and validating
they have simple or no integrations, sources that provide deep, factual your assumptions with them, you’ll
but that’s not always the case – insights into the prospect’s business. For have a strong basis for a commercial
frustrating retailers when they need example: what are their strategic goals; case and a foundation on which to
to allocate technical resources. It’s what was last year’s performance; what launch a partnership.
>>

ASK THE EXPERT
QUESTION 3 1. Your website isn’t attracting visitors

People need to know about your product
5. You’re not retaining customers or
effectively upselling
An effective demand generation
or service before they purchase it, so a
WHAT IS DEMAND demand generation strategy should programme should incorporate retention
start with brand awareness. If prospects and cross or upselling opportunities as
GENERATION; HOW aren’t reaching your website, there part of the client lifecycle after the initial
FinTech BankingTech PayTech RegTech WealthTech LendTech InsurTech DOES IT DIFFER FROM might be an issue with your brand sale has been achieved. Client marketing
LEAD GENERATION; AND identity, blogging strategy, SEO strategy,

social media strategy or buyer persona
provides the opportunity to enhance
your product roadmap, create compelling
WHY IS IT IMPORTANT development. case studies and cultivate advocacy.
FOR MY BUSINESS? However, if you’re marketing to current
2. You don’t understand your audience clients and it isn’t paying off, you might
Because a demand generation strategy have an issue with your buyer personas.
The terms ‘demand generation’, ‘lead considers every touch point along a
generation’ and ‘inbound marketing’ are buyer’s journey, you need a thorough 6. You have difficultly tracking and
often confused. Here are the definitions: understanding of those buyers: who they measuring results
K Demand generation uses targeted are; what their organisational challenges The best demand generation strategies
marketing to drive awareness and are; what solutions they’re looking for; are driven by data and powered by
interest in a company’s products and/ what content they engage with; and, technology. If you don’t know which
900,000+ 42,000+ 50,000+ or services.

K Lead generation is a sub-category of
demand generation. It’s the practice
most importantly, how your product or
service can help them.
Improve your effectiveness by
of your tactics are working and which
are falling short, you won’t be able to
optimise them in the future. Define the
AVG. MONTHLY PAGE VIEWS NEWSLETTER SUBSCRIBERS CONTACTS IN CUSTOMER DATABASE of collecting information on targeted creating buyer personas with your critical metrics for your business and
individuals that can then be used to marketing and sales teams. track them using analytics software such
qualify and nurture prospects into sales- as Hubspot or Pardot.
ready leads, pipeline opportunities and 3. Your website doesn’t have
– eventually – customers. conversion opportunities BRINGING IT ALL TOGETHER
39,000+ 3,400+ 2,200+ K Inbound marketing is a technique Too often, marketers make the mistake Creating a demand generation
for drawing customers to products of thinking that accurate buyer personas, programme that has the needs target
and services via content marketing, great content and lots of web traffic are buyers at its heart – and which is adopted
social media marketing, search engine enough. To generate leads, you need to fully by your marketing and sales teams –
Interested in placing your brand in front of FinTech Futures’ extensive global audience?
optimisation and branding. motivate site visitors to share personal will more likely result in increased revenue
Think of demand generation as the information in exchange for valuable for your business. bt
We can help you raise your company’s awareness through: umbrella term for lead generation and content you’ve created. In other words,
inbound marketing, and something you need conversion opportunities
Q Exclusive interviews and thought-leadership features that gets customers excited about your spread strategically across your website.
company’s products and services. Demand If you have a question for Greg and would
Q Product reviews generation programs can help your 4. Your leads aren’t becoming like a practical, no-nonsense answer/
Q Webinars organisation reach new markets, promote customers advice, please get in touch! We’ll be
product features, create buzz, generate PR One of the most frustrating things a answering your questions in the Ask
Q Videos and re-engage existing customers. demand generation marketer can hear is the Expert column in this magazine and
Demand generation bridges the gap that the leads they’re bringing in aren’t online (fortnightly) – free and open to
Q Industry surveys and white papers between your sales and marketing teams, converting into customers. This could everyone.
and it should result in inbound growth. indicate issues such as: You can email Greg Watts at greg.
Q Advertising But co-ordinating sales and marketing K '/:3A/<2;/@93B7<5;7A/:75<;3<B watts@demandcreationpartners.com
efforts – from the first interaction with K !/19=4A/:3A3</0:3;3<B;/B3@7/:A and/or Banking Technology
Q Sponsorship opportunities and more! your brand to client retention and upsell K "7AC<23@AB/<27<5B631CAB=;3@ editor, Tanya Andreasyan
– isn’t easy. journey at tanya.andreasyan@
Request your copy of FinTech Futures media pack for more information Here are the common challenges Meet with your sales team regularly to fintechfutures.com. You
marketers have with creating and understand how they qualify leads and can also get in touch via
deploying a customer-centric demand what they need from marketing to be social media platforms
generation strategy: successful. LinkedIn and Twitter.
Visit www.bankingtech.com/media-kit or contact
Jon Robson
Tel: +44 203 377 3327 | Email: jon.robson@fintechfutures.com
June 2019 | www.bankingtech.com | 43
@FinTech_Futures
Movers and shakers EVENTS CALENDAR
Scale
operations
June
Troy Bradley has joined NCR Corporation
as VP, chief information and technology
officer (CITO).
Kate Frankish has been appointed as
director of strategy and standards at
Pay.UK, the UK’s retail payments authority.
12: The Mayor of London’s TechInvest:
Gov Tech, London
and increase
Bradley had a lengthy career spanning
two decades at a US-based banking
technology vendor, Metavante, as VP and
She is also IT director, payments and open
banking at Barclays.
Frankish joined Barclays last year. Prior
http://techinvest.london
24-27: FundForum International,

Copenhagen
revenues
CTO. Following the company’s acquisition to that, she spent more than seven years at
by FIS, he spent nearly eight years there in Tesco Bank, most recently as head of PSD2 finance.knect365.com/fundforum-
a similar role. and open banking delivery. Before that, she international
He left FIS in 2017 to work as an worked for a nearly a decade at RBS.
independent consultant. 25-26: MoneyLIVE: Digital Banking,
B2B payment solutions provider Bento for London
German challenger bank Penta has got Business has appointed Paula Bachman marketforcelive.com/money-live
a new CEO – Marko Wenthin. Wenthin as CFO and Tracy Hansen as CMO.
co-founded solarisBank, a banking-as- The two will be the first to serve in these 28: Customer Intelligence Banking
a-service platform with banking licence, capacities, as both roles have been newly Summit, Amsterdam
which Penta also uses as a banking created (the company itself was founded cibankingsummit.com
provider. in 2014).
He also spent 16 years in various Prior to Bento, Bachman worked at July
management positions at Deutsche Networked Insights, a data analytics
4-10: London Fintech Week 2019,
Bank, with ten of those years residing in SaaS firm; while Hansen worked at B2B
London
Argentina and Poland. In Poland, at 30, companies including Tealium, NetApp,
www.fintechweek.com
he was the youngest member of a bank’s and CA Technologies, and was most
management board and responsible for IT, recently CMO of Renaissance Learning, an
5: PayTech Awards 2019, London
operations, back and middle office. education software company.
www.bankingtech.com/paytechawards
After his time at Deutsche Bank, Chicago-based Bento offers an all-in-
Wenthin founded several SaaS firms and one platform to help small businesses
23–24: Hong Kong BFSI Innovation
helped Asseco, one of Poland’s largest manage their spending.
Summit 2019, Hong Kong
IT software companies, to expand into www.hongkongbfsi.com
Western Europe. Jeremy Hubbard has left his CIO position
at UBank (a digital banking subsidiary of
Paysafe Group also has a new CEO – National Australia Bank) to join Rest, a
August
Our customers tell us that they need to use transformative digital strategies to
Philip McHugh. He replaces Joel Leonoff, Sydney-based fund management firm, 5-8: Intelligent Automation Week,
remain relevant in today’s challenging financial landscape. Strategies that will
who is taking up a new position as as group executive, innovation and Chicago allow them to improve operational control, reduce costs, build new revenue
vice-chairman of the company’s board transformation. www.aiia.net/events- streams, mitigate risk and comply accurately with regulation.
of directors. Leonoff founded Paysafe Hubbard spend over a decade at intelligentautomation-chicago
To help you make the journey towards digital transformation, we provide a
(originally Optimal Payments) in 1997 and UBank/NAB in various tech roles.
range of solutions for the transaction lifecycle. AI and Blockchain technologies
held the position of CEO and president are now embedded in all of our solutions, which are also available in a variety
since 2008. BNY Mellon has appointed Subhankar Banking Technology is a prominent of deployment models.
McHugh joins Paysafe from another Sinha as head of blockchain, based in media partner of many financial services, Digital transformation. Reaching the summit just got a little easier.
paytech firm, TSYS, where he was New York. He moves from Nabartham LLC, insurance and payments technology
responsible for heading up their merchant which he founded to advise other start-
solutions division (TSYS is in the process ups on strategic partnerships, ecosystem
events worldwide. If you are interested in a
media partnership with us and marketing
info@smartstream-stp.com
of being acquired by Global Payments, governance and product-market fit for opportunities, please contact: smartstream-stp.com
see p13). blockchain products.
Prior to TSYS, McHugh worked for Prior to that, Sinha was a director at David Taylor, Marketing Manager
Barclays in London, where he was global PwC where he co-founded and co-led Tel: +44 (0) 207 017 5379
CFO of Barclaycard and CEO of Barclaycard the firm’s blockchain consulting practice Email: david.taylor@fintechfutures.com
Business Solutions. in the US. bt
44 | www.bankingtech.com | June 2019

STAY
INFORMED
Sign up to the FinTech Futures
free daily newsletter,
your go-to resource
on all things tech,
delivered straight
to your inbox.
Visit
www.bankingtech.com
for the industry’s top news, in-depth analysis,
expert commentary and world-class intelligence.
Interested in advertising and marketing opportunities?

Contact Jon Robson
i\°ÀLÃJwÌiVvÕÌÕÀiÃ°V]Ì\³{{ä®ÓäÎÎÇÇÎÎÓÇ @FinTech_Futures

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The deﬁnitive source of news and analysis of the global ﬁntech sector | June 2019 www.bankingtech.

Challenger banks worldwide

38 Food for thought

40 Ask the expert – practical and free advice on how

Align your brand with excellence and innovation Editor

EXPLORE SPONSORSHIP OPPORTUNITIES sharon.kimathi@ﬁntechfutures.com

WITH PAYTECH AWARDS 2019 +44 207 017 5709

@FinTech_Futures June 2019 | www.bankingtech.com | 03

04 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 05

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14 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 15

Cloud adoption: the future

HARNESSING THE POWER OF

16 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 17

FinovateSpring 2019: focusing

18 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 19

FINOVATESPRING BEST OF SHOW NOTES

financial inclusion, stock-trading and call- my answers to those questions would be

20 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 21

designers to engineers might be one-to-six

Grand designs ratio within financial services but a team,

22 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 23

Makoski is based at the bank’s 48 Chiswell

Uganda hoping to Prosper

PROSPER – COMBINING FINANCIAL

26 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 27

Image source: GoCardless

FINCA International/Alison Wright

28 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 29

German challenger banks: HOLVI

30 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 31

32 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 33

Rise up women – Looking back at a career in banking

34 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 35

Core modernisation is essential

36 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 37

chapter 2: the party is All I have to say to this is thank God

only just beginning what needed to be said is this: no matter

matter how hard they smile, how

38 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 39

Ask the expert QUESTION 1

I’M STRUGGLING TO Many believe that simply sending a

QUESTION 2 their behaviours, translate that into

40 | www.bankingtech.com | June 2019 June 2019 | www.bankingtech.com | 41

QUESTION 3 1. Your website isn’t attracting visitors

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