IBS Journal December 2016
47
IBS Journal: What have been the biggest challenges?
GB: Tide is a complex product with a very intuitive and simple interface. Acting as both a fully functional current account (with the added benefits of intuitive categorisation, multiple users and integrated invoicing), and also a hub bringing together the best FinTech services, it helps small business owners save time and money. Services such as business credit, foreign payments and accountancy software will be fully integrated. So, our biggest challenge to date has been building the product and as a result we spent nearly two years in development before we even unveiled.
Looking forward, we now face different challenges: awareness and adoption. We are satisfied that Tide is better than any other small business banking service available on earth. But we need to get noticed and we need to help people along the journey of adopting FinTech over legacy banking. It can be all too easy to get carried away with our convictions about the benefits of much of the innovation in this space but the truth is, small business owners are perpetually short of time and money and while they may have the most to gain, they may fear they also have the most to loose if things don’t go as expected. We need to educate and reassure at every step of the way to help people feel empowered to make fully informed decisions about what is right for them.
IBS Journal: Tide is one of many UK challenger banks jostling for prominence. What sets you apart from the rest?
GB: Tide is the only banking service designed specifically for small businesses to help them save time and money. And while it is a bank challenger, I feel it’s important to note that it is not a bank and we don’t have any ambitions to become one.
Practically speaking, a Tide account gives its members a fully functioning business current account, a Mastercard etc. – all for free. We’ve used cutting-edge technology to create useful and intuitive tools that make it easier for our members to categorise payments in and out, manage expenses, send invoices – with automatic reminders if not paid on time – all simple yet highly effective solutions to some of the little frustrations of running a business.
And in addition, Tide acts as a hub where members can access the best of other fintech services that can help them save time and money. These services include credit, forex and accountancy will be fully integrated and so will significantly
reduce the amount of time that small business owners have to spend on admin.
IBS Journal: Unlike some of your rivals, Tide is not yet a bank in its own right.
GB: Yes, as already mentioned, a Tide account gives its members a fully functioning business current account, a Tide Mastercard etc. – all for free. Tide member funds are then held under an e-money licence and kept in a ring-fenced account at Barclays under an FCA- regulated e-money licence by PrePay Solutions (PPS). PPS service more than 50 blue chip organisations including PayPal, EE, and Virgin Money. Holding member funds under an e-money licence means that PPS are unable to take investment risks with your deposits. We don’t intend to manufacture financial services but rather act as the glue that brings them all together, in one place, to help small business owners save time and money.
IBS Journal: What can you tell us about the technology underpinning the bank?
GB: We know where we can add real value for small business owners and it is by being an exceptional software layer that drives efficiencies and makes it easier to use the best FinTech services that help them save time and money. And in order to do this we have used the latest open source frameworks and secure cloud- based services to build a platform far nimbler than any traditional bank could ever hope to offer.
IBS Journal: Where do you stand on Brexit?
GB: If it happens, I believe Brexit will be bad news for UKPLC but I am not concerned about the impact it will have on our prospects. We’re building a global business (albeit starting in the UK) and in doing so have planned for many different scenarios to address the needs of a number of markets. Our strength is the adaptability of our software layer and we can partner any banking institution in any country whether the UK retains financial passporting rights or not.
IBS Journal: Looking at the year ahead, are there some milestones we should be looking out for?
GB: Absolutely. By the end of autumn this year, we hope that Tide will be available to all and we will be announcing our key FinTech partners in the next six months. Come January 2017, our multi- channel marketing launch will go live and we have high hopes of having substantial numbers of Tide members within the first half of year.
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
