IBS Journal March 2017
07
Wintermeyer, CEO at Innovate Finance, is one for collaborative innovation. US policy makers are rightly envious over how easy it is to get things done in London. Véron, for his part, noted that the city is well positioned in terms of time zones and geographically for nurturing a culture of innovation. It doesn’t have the same reputation as Silicon Valley, especially when it comes to startups, but it certainly is up there as an heir.
On the topic of passporting, another quick poll was taken, this time on how many people in the room weren’t British-born. Just over half put their hands in the air. Zetterburg used it as a way to showcase how much talent London might lose under the most stringent Brexit terms. Wintermeyer added that in his experience only around 20% of companies need a passport, but talent loss should be the number one concern. Burbidge went further, stating that there are more British-born workers operating in and around Europe than Europeans working in the UK. The country needs to make sure that people who come to the UK want to stay.
Metro Bank CEO Craig Donaldson, meanwhile, came out all guns blazing against established banks. “Human beings need relationships,” he argued. Technology should be an enabler for one-to-one interactions and physical communication, rather than an out-and-out replacement.
Metro Bank is a challenger notable in its creation of a branch network. It has just under 50 of them, and plans in motion for that number to be extended to 200. “Technology integration is the way to protect the branch,” said Donaldson. People want to consume things at a time which suits them. “How do we stay close to our customers? We talk to them! A revolutionary idea.” Data is only as good as how you look after it. The FI’s data is real-time due to the “fact” that it is “ahead of the banks in terms of technology”. Legacy tech leaves the older banks playing catch up.
Metro Bank doesn’t advertise or incentivise and people are voting with their feet. 1,100 switch to the bank every day, due to its robust services and digital ease of use: “Unless you get rid of the legacy it doesn’t matter how much digital you pile on top, it will break and it will fail.”
There is space, he admitted, for new digital players to come in. The size of that space is “up to them”. Donaldson fired some shots before taking his leave. One digital player required a customer to go into RBS branches to cash cheques and sends new cards in the post. “That’s not digital.”
The battle between FinTech and banks, it would seem, is far from over.
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