339. News: Take that, cash. Card is great!

57min listen

339. News: Take that, cash. Card is great!

Simon and Laura are joined by some great guests to talk about some of the most interesting stories of the last 7 days. Including: Deutsche Bank braced for severe cull as head quits, Government-owned bank 'forging signatures' in repossession cases, and Fintech is the ‘new normal' with 55% of consumers regular users! All this and much more on today's Fintech Insider News!

This week we have some great stories for you as Simon and Laura are joined by a couple of great guests:

  • Jonathan Keeling - Partnerships Director at CrowdCube
  • Alastair Thompson - Head of Business Development at Transferwise
  • Ishaan Malhi - CEO of Trussle
  • Simon Rabin - CEO of Chip

We kick off the episode by taking a look at how Deutsche bank has had some pretty bad news lately. Germany's biggest lender has to slash 20,000 jobs and shed €50bn of assets. The first casualty was Deutsche's investment banking chief Garth Ritchie, who resigned on Friday ahead of the restructuring that will cut as many as 20,000 jobs around the world. The cuts have already started, and staff in London were told that their passes would stop working after 11am. The CEO described the job losses as "painful but unavoidable to insure Deutsche Bank's long-term success." Simon argues that compared to competitors, Deutsche Bank have really struggled. With all the costs that comes with the cuts, would it not just be better to start again? (1:43)

Next up, we talk about how Dutch banks have been to told to stop using payments data for personalised marketing. ING received complaints after stating that they to planned to start using transaction data to send its customers more relevant email and text message offers and the Dutch Data Protection Authority has had to write to the Dutch Banking Authority making it clear that banks are "not allowed" to simply send their customers personalised offers based on payment details. Simon argues that this is rather odd, as having targeted ads coming to you is not necessarily a bad thing, as long as it is relevant. Is this just a question of relevance being subjective? (12:43)

Other stories include:

  • Government-owned bank 'forging signatures' in repossession cases (20:20)
  • Bezos-backed Remitly raises $135m for expansion in remittances (27:02)
  • Fintech is the ‘new normal’ with 55% of consumers regular users (34:53)
  • N26 to launch mobile banking in the US on Thursday (38:44)
  • Another state creates tech sandbox as federal agencies tread warily (46:29)
  • Seven-eleven shuts down mobile payments app following ludicrous security breach (51:50)

All this and so much more on today's 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 and edited by Alex Woodhouse.

Special Guests: Alastair Thompson, Ishaan Malhi, Jonathan Keeling, and Simon Rabin.