EP9 Fintech Inspires The Banking Industry To Transform | Tristan Brandt, Director of Design & Innovation, RAKBANK
11/04/22 • 27 min
HolyWally 👉 https://bit.ly/3h2hkWl
The payments revolution of the past few years shows no sign of slowing. In fact, propped up by the dizzying speed of eCommerce growth since the pandemic, fintech companies around the world have long prepared for a scenario referred to as the death of cash: the accomplishment of a completely cashless society. However, recent evidence has shown that some companies may have been a little too optimistic, and we still have a long way to go before that is realized. Tristan Brandt, Director of Design & Innovation at RAKBANK, dispels a few myths that have been propagated by the hype.
Tristan believes that banks are not going to go anywhere for a long time. While the popular theory may be that people don't want banks, they need banking, Tristan takes the contrary viewpoint. He believes that there is real value in being a safe, trustworthy place to store money and that banks will not be replaced in this capacity any time soon. However, Tristan does admit that fintechs are doing a very important job: one that could redefine finance as we know it.
In this episode of The Future of Financial Services:
- Tristan shares how the traditional approach to banks is mainly to store money and allow transactions for up to 99% of its clientele, and how many services are only offered to the 1% whose income can offset the costs of providing that service
- Tristan points to wealth management and other ways of being smart with your money as examples of how fintechs are bridging the gap between the 99% and historically premium services
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Tristan online: https://www.linkedin.com/in/tristanbrandt/
Find RAKBANK online: https://rakbank.ae/wps/portal/retail-banking
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
HolyWally 👉 https://bit.ly/3h2hkWl
The payments revolution of the past few years shows no sign of slowing. In fact, propped up by the dizzying speed of eCommerce growth since the pandemic, fintech companies around the world have long prepared for a scenario referred to as the death of cash: the accomplishment of a completely cashless society. However, recent evidence has shown that some companies may have been a little too optimistic, and we still have a long way to go before that is realized. Tristan Brandt, Director of Design & Innovation at RAKBANK, dispels a few myths that have been propagated by the hype.
Tristan believes that banks are not going to go anywhere for a long time. While the popular theory may be that people don't want banks, they need banking, Tristan takes the contrary viewpoint. He believes that there is real value in being a safe, trustworthy place to store money and that banks will not be replaced in this capacity any time soon. However, Tristan does admit that fintechs are doing a very important job: one that could redefine finance as we know it.
In this episode of The Future of Financial Services:
- Tristan shares how the traditional approach to banks is mainly to store money and allow transactions for up to 99% of its clientele, and how many services are only offered to the 1% whose income can offset the costs of providing that service
- Tristan points to wealth management and other ways of being smart with your money as examples of how fintechs are bridging the gap between the 99% and historically premium services
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Tristan online: https://www.linkedin.com/in/tristanbrandt/
Find RAKBANK online: https://rakbank.ae/wps/portal/retail-banking
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
Previous Episode
EP8 Saving Time & Money With Fintech Payment Solutions | Imad Gharazeddine, Co-Founder & CEO of Mamo
A report by the MENA Fintech Association found that the region has historically been inclined to cling to cash payments, and the banking sector has been slower to adapt. Despite this, the report also concluded that 7 out of 10 payment transactions in the Middle East will be non-cash in 2023, with the UAE more specifically likely to account for 73 percent of payments in 2023.
Bold and innovative fintech companies like Mamo are part of the driving force behind this change. In this episode of The Future of Financial Services brought to you by HolyWally, we spoke to Imad Gharazeddine, the Co-Founder and CEO of Mamo. Before starting the fintech, Imad spent 8 years with Google.
Vuk and Imad dived into the factors contributing to the MENA region still having a largely cash-based economy, as well as the hidden costs of operating this way. They also explored how Mamo is empowering individuals and businesses to effortlessly access their money, and Imad's take on where the greatest opportunities lie in the financial services industry.
In this episode, get the answer to crucial questions, such as:
- Why does the MENA region still operate as a cash-based economy?
- What was the initial premise behind starting Mamo?
- What challenges did Imad need to overcome to provide a solution to the problems faced by potential customers?
- What are the most pressing pain points that need to be solved in the region when it comes to the financial services sector?
- Where does the biggest opportunity in the financial services sector lie?
Find Mamo online: https://www.mamopay.com
Find Imad online: https://www.linkedin.com/in/imadgharazeddine/
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
Next Episode
EP10 How Tech Is Transforming Financial Services | Omar Halabieh, Head of Technology at Amazon Payments Services
HolyWally 👉 https://bit.ly/3h2hkWl
Omar Halabieh, Head of Technology at Amazon Payment Services joins us as our 10th guest. By now, our panel of guests have managed to sketch an overarching theme of the vast and diverse financial landscape. If financial services are to achieve financial inclusion and answer for the 1.6 billion people unbanked, technology needs to be at the core of the solution.
Omar believes that the biggest problem technology can solve is financial inclusion. Although 1.7 billion people worldwide do not own a bank account, it is estimated that up to 60% of that demographic own a mobile phone. This means that with the right technology and collaboration between fintechs and traditional financial institutions, these individuals could gain access to critical financial services.
As payment technology continues to evolve, Omar says we will begin to see more practical uses for artificial intelligence and machine learning to aid risk prevention and fraud management.
In this episode, Omar also discusses:
- How to balance the bar between security and customer experience
- How mobile phone penetration in Africa represents an opportunity for innovative fintechs
- What areas he would focus on as a change-maker; his surprise may shock you!
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Omar online: https://www.linkedin.com/in/omarhalabieh/
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
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