299. News: Buzzwords for everyone

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299. News: Buzzwords for everyone

David and Simon are joined by Tom Blomfield and Romi Savova to talk about some of the most interesting stories of the last 7 days. Including: Britain's banks predicted to reveal the biggest profits since the financial crisis, the latest announcements from the RBS Remedies fund and Santander pays IBM $700M to help them transform.

This week we have some huge stories for you as David and Simon are joined by two fantastic fintech CEOs:

  • Tom Blomfield, CEO of Monzo
  • Romi Savova, CEO of PensionBee

We kick off the episode with a story that'll give you 24 billion reasons to be impressed with the state of the UK's financial industry. It's the first time the four biggest lenders have made more than £20BN since 2007 and while it might appear to be a return to the good old days of pre-financial crisis finances, Romi points out that although the numbers are great, they might not be as great as they would have been in 2007 due to balance sheets. Tom also points out that banks have only made superifical changes so far but that's about to change (02:14).

Next up, we talk about Santander's $700M deal with IBM. Tom points out that we only ever see headlines like this at the start of project, never at the end describing the results. Romi talks about how it's a sign that change is coming, but why are companies that market themselves as technology companies outsourcing for technology? (13:34).

Later on in the show we discuss the RBS Remedies Fund. In a special segment with 11:FS' Adam Davis we discuss how this situation came to pass and the state of play of the fund at the moment. Tom puts the fund in the context of Monzo and how the challenger bank has £100M, the same amount of the second prize fund, to date on development (34:10).

We also announce the winners of the fund, just in case you've missed out (49:42).

Other stories included:

  • Ant Financial buy WorldFirst
  • SoFi plans new lending products and move into stock trading
  • Chase goes down
  • Yolt means business - we've got a great interview with Leon Muis, Chief Business Officer at Yolt to get a bit more insight
  • And Finally, a Natwest call handler channels his inner Piers Morgan

All this and much much more on this week's news show.

Don't forget to subscribe so you never miss an episode, leave a review on iTunes and let us know your thoughts on the stories @FintechInsiders on Twitter where you can also ask the hosts questions, or email podcasts@11fs.com

This week's episode was produced by Laura Watkins, written by Dhanum Nursigadoo and edited by Alex Woodhouse.

Special Guests: Adam Davis, Leon Muis, Romi Savova, and Tom Blomfield.