Deciphered: The Fintech Podcast: Recent Episodes
Bain & Company
Deciphered is a fintech podcast brought to you by Bain & Company.
Each episode brings insight and analysis on specific industry topics, dissected with data with help from fantastic guests.
We're deciphering the financial services world in a way that is digestible, to help add context to your day to day industry conversations.
In this episode of Deciphered, Jeff Tijssen, partner and global head of Fintech, Bain & Company and Mike Cashman, partner, Bain & Company are joined by Mike Edmonds, VP of Agentic Commerce, Commercial Growth, PayPal and Pahal Patangia, Head of Payments Strategy, NVIDIA to discuss the future of AI in financial services.
Timestamps:
- 00:00 Introduction
- 04:50 Personalization and friction reduction through agentic AI
- 05:13 Supercharging workflows in financial services with AI
- 06:19 Distinction between traditional, generative, and agentic AI
- 09:24 Shift from reactive to predictive banking with AI
- 13:46 Current adoption curve of agentic AI in finance
- 15:01 Promising use cases of agentic AI in commerce
- 17:27 Autonomous agents and redefining customer engagement
- 21:45 Barriers to adopting AI at scale in organizations
- 26:38 Building and maintaining trust in AI-driven decisions
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Jeff Tijssen here
- You can find Mike Cashman here
- You can find Mike Edmonds here
- You can find Pahal Patangia here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Mike Cashman, partner, Bain & Company is joined by Alex Robinson, CEO, Juniper Square to discuss AI’s growing impact on fund services.
Timestamps:
- 03:52 Digital interfaces for investor experience in private markets
- 13:54 Automation in repetitive fund administration tasks
- 18:58 Probabilistic vs deterministic models in AI applications
- 27:19 Future industry structure of fund administration services
- 34:20 Passporting KYC identities across funds and platforms
- 39:04 Protocol-based solutions for universal KYC in private markets
- 39:32 How to learn more about Juniper Square's innovations
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Mike Cashman here
- You can find Alex Robinson here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Mike Cashman, partner, Bain & Company is joined by Ricardo Correia, partner, Bain & Company, Dante Disparte, CSO and Head of Global Policy and Operations, Circle, Jane McEvoy, SVP Fintech, BVNK and Cindy Turner, Chief Product Officer, WorldPay to discuss the state of stablecoins in 2025.
Timestamps:
- 03:22 Stablecoin infrastructure providers and enterprise integration
- 04:53 WorldPay's stablecoin payout solutions for marketplaces
- 06:11 Stablecoins disrupting traditional cross-border payments
- 10:00 Singleness of money and stablecoin interoperability
- 14:40 Elasticity of money and stablecoin reserves
- 17:41 Productization of stablecoins in payouts and escrow
- 27:03 Regulatory harmonization for stablecoins across jurisdictions
- 31:27 Future use cases of stablecoins beyond cross-border payments
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Mike Cashman here
- You can find Ricardo Correia here
- You can find Dante Disparte here
- You can find Jane McEvoy here
- You can find Cindy Turner here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Jeff Tijssen, partner and global head of Fintech, Bain & Company is joined by Georgios Kolovos, EMEA Payments & Fintech Leader, NVIDIA and Phoebe Wallis, Chief Revenue Officer, Griffin to discuss what’s next for Fintech.
Timestamps:
- 5:51 What's next for Fintech?
- 8:50 Evolution of Fintech landscape post-funding boom
- 11:26 Emerging trends: AI, stablecoins, and data challenges
- 16:17 Nvidia's work with FS firms on AI efforts
- 20:20 Practical AI applications in fraud and risk mitigation
- 24:04 Outlook for Fintech IPOs and market sentiment
- 27:45 Future of Fintech: Personalization and vertical payments
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Jeff Tijssen here
- You can find Georgios Kolovos here
- You can find Phoebe Wallis here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, expert associate partner at Bain & Company and Jeff Tijssen, partner and global head of Fintech, Bain & Company are joined by an all-Bain lineup, Karim Ahmad, expert partner, Mike Smith, expert partner, and Tevia Segovia, partner to discuss what will be the top Fintech trends of 2025.
Timestamps:
- 03:13 Looking Ahead: What Are the Top Trends for Fintech in 2025
- 09:42 Has a stable environment materialised over the last year?
- 14:19 Fintech investment
- 15:46 Impact of the election on private markets
- 18:28 What excites you in the FS ecosystem in 2025?
- 20:47 What's caught your eye in the world of payments?
- 24:05 PSD regulations
- 27:11 Stripe & becoming processor agnostic
- 29:39 How will stablecoins affect the market in 2025?
- 31:18 Is Klarna's IPO valuation vindication for the BNPL model?
- 33:17 How will the election affect fintech & FS endeavours going into 2025?
- 34:49 Pre-election crypto promises
- 38:32 Growth in valuations for tier 1 players
- 42:26 AI use case break throughs
- 44:32 How can digital banks stand out to investors in 2025?
- 47:43 FS predictions for 2025
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Mike Smith here
- You can find Tevia Segovia here
- You can find Karim Ahmad here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Jeff Tijssen, partner and global head of Fintech, Bain & Company, is joined by Kelvin Tan, chief executive officer, Audax and Rishi Sethi, head of Fintech, Torch Partners to discuss Fintech investment trends in Asia.
Timestamps:
- 03:30 Why is Asia such an exciting Fintech market?
- 07:13 Upcoming Fintech trends
- 11:57 What does the current Fintech investment landscape look like in Asia?
- 17:18 How has the Fintech ecosystem in Asia evolved in recent years?
- 20:50 What challenges do Asian Fintechs face looking to expand across the region?
- 24:24 How will the Asian FinTech landscape evolve over the next 2-3 years?
- 27:08 How can the region attract more investments?
- 29:32 How can the government create an environment for Fintechs to thrive?
- 33:23 Advice for aspiring entrepreneurs building in Asia
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Jeff Tijssen here
- You can find Kelvin Tan here
- You can find Rishi Sethi here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, host Jeff Tijssen, partner and global head of Fintech, Bain & Company, is joined by Mike Cashman, partner at Bain & Company, Nik Milanović, founder of This Week in Fintech and general partner at The Fintech Fund and Clara Jackson, director of investments at TA Associates, to discuss if we're about to witness the great Fintech rebound.
Timestamps:
- 04:36 From Turbulence to Triumph: Are We About to Witness the Great Fintech Rebound?
- 06:24 Are there any changes to how Fintech companies are being evaluated for investments?
- 08:01 How have growth investors and private equity firms been looking at the industry?
- 09:04 Early stage venture capital
- 11:02 Fintech funding in 2024
- 12:50 What's giving companies confidence in pushing for IPOs?
- 15:52 Interesting sub sectors in the current market
- 20:28 What makes a great Fintech company to invest in?
- 24:30 Are there any particular countries where Fintech is flourishing?
- 26:25 Outlook for 2025
- 30:34 One piece of advice for investors
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Jeff Tijssen here
- You can find Mike Cashman here
- You can find Nik Milanović here
- You can find Clara Jackson here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, expert associate partner at Bain & Company, is joined by Chris Kuiper, Director of Research at Fidelity Digital Assets, Edward Woodford, CEO at Zero Hash and Jeremy Fox-Geen, CFO at Circle to discuss whether crypto has crossed the institutional and consumer chasm.
Timestamps:
- 06:22 Has crypto crossed the institutional and consumer chasm?
- 09:41 What's underpinned this crypto bull run over the last 12 months?
- 12:56 How do Bitcoin ETFs differ from other ETFs?
- 15:11 Regulatory hurdles with Bitcoin ETFs
- 17:21 Is there a correlation between user adoption and ETF approvals?
- 18:57 Bitcoin: Will the use cases grow, or is it just a store of value?
- 23:16 Which other crypto assets could go through this regulatory process in the near future?
- 25:23 The future of stablecoins
- 32:52 What are the blockers stopping widescale adoption of stablecoins?
- 42:59 How has crypto influenced global culture and society?
- 48:37 What role will crypto play in Financial Services once it has fully matured?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Chris Kuiper here
- You can find Edward Woodford here
- You can find Jeremy Fox-Geen here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, recorded live from Money20/20 Europe, host Adam Davis, Bain associate partner, is joined by Jeff Tijssen, Bain partner and global head of fintech, Ronit Ghose, Citi Future of Finance global head of banks research and cohead of fintech and Anthony Craufurd, Visa Europe director of ventures and startup engagement, to discuss which transformative technologies will shape the future of Fintech.
Timestamps:
- 04:46 Betting on Fintech: Which transformative technologies will shape the future?
- 09:48 Practical applications of new technologies in financial services
- 13:50 How is the research at Citi translated into investment and product decisions?
- 16:12 Dividing up ventures from a tech perspective
- 18:09 Integrating investments back and driving revenue
- 19:22 Overhyped technologies
- 22:59 Proof points when looking at companies pioneering new technologies
- 24:58 Money 2020 takeaways
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Ronit Ghose here
- You can find Anthony Craufurd here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, expert associate partner at Bain & Company, is joined by Erin McCune, expert partner at Bain & Company, Ed McLaughlin, President and Chief Technology Officer at MasterCard, Sladjana Jovanovic, Chief Information Officer for the Canadian Personal Business Banking at BMO Financial Group, and Daragh Morrissey, director of AI at Microsoft Worldwide Financial Services, to discuss if the world is ready for AI and quantum's impact on payments.
Timestamps:
- 06:06 AI and Quantum: Is the World Ready for the Impact on Payments?
- 12:19 Based on Bain's surveys on AI, are those expectations realistic? And what timeframe are we looking at?
- 15:29 How will AI transform our experience with payments?
- 18:32 How is Mastercard implementing AI to meet future expectations?
- 21:05 How does the growth and maturation of accountability change as AI models develop?
- 26:27 What are the most interesting use cases of AI?
- 31:48 Quantum computing: What is it? And how will it impact us?
- 37:01 How will quantum computing impact fraud?
- 40:46 Who will be the biggest benefactors of quantum?
- 45:36 How have partnerships effected POCs & go-to-market solutions?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Erin McCune here
- You can find Ed McLaughlin here
- You can find Sladjana Jovanovic here
- You can find Daragh Morrissey here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, expert associate partner at Bain & Company, is joined by Wendy Redshaw, Chief Digital Information Officer at NatWest, and Jason Maude, chief technology advocate of Starling Bank, to discuss if there is still a technology gap between incumbents vs challengers.
Timestamps:
- 04:15 Incumbents vs Challengers – is there still a technology gap?
- 05:24 How would you explain the technology gap previously between large tier 1s and neobanks?
- 09:57 What are the key differences between a challenger stack and an incumbent stack?
- 12:31 How have Starling maintained a simple / flexible architecture through the launch of new products and the scaling of your customer base?
- 15:24 Occasional vs repeatable releases
- 16:02 Centralisation efforts that have happened with NatWest’s tech estate over recent times
- 19:36 Is the money banks spend on IT transformation programmes worth it?
- 21:33 Do you believe the combination of ML / AI and Generative AI, alongside exclusive Cloud deployment, will level the playing field?
- 25:15 What underpins the culture you want to see at your organizations, and how do you encourage it?
- 29:57 How do you keep up with Futurology and trends, and does any of that thinking feature in your tech roadmaps?
- 34:30 What is your one prediction for tech trends into 2024?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Wendy Redshaw here
- You can find Jason Maude here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, expert associate partner at Bain & Company, is joined by Erin McCune, expert partner at Bain & Company, Manish Kohli, head of global payments solutions at HSBC, and Thierry Chilosi, chief strategy officer at Swift, to discuss what’s at stake in the world of Wholesale Payments.
Timestamps:
- 00:00 Introduction
- 04:07 What’s at stake in the world of Wholesale Payments?
- 08:06 Why are wholesale payments so important?
- 10:05 From the FI's perspective, what are the profit pools and ways of making money within wholesale payments?
- 14:51 How have wholesale payments changed in the last 10 years? What's driving innovation?
- 23:39 Will real-time payment networks lower the barrier to entry for new payment products?
- 29:00 What are the effects on working capital and liquidity with real-time infrastructures working 24/7?
- 33:48 Swift's modernisation journey - from telex to the new XML standards
- 36:57 How will Swift's new collaborations with Visa and Wise serve businesses and banks going forward?
- 38:38 What makes a successful partnership in the fintech space?
- 42:19 What will the wholesale payments industry look like in 15 years?
You can read more about Bain’s POV on Wholesale Payments in the recently published brief: The Fragmentation of Wholesale Payments Calls for Banks to Remake Their Approach
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Erin McCune here
- You can find Manish Kohli here
- You can find Thierry Chilosi here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, is joined by Aman Narain, Global Head of Platforms and Embedded Banking, HSBC, to discuss the topic of embedded finance.
Timestamps:
- 00:00 Introduction
- 02:42 Embedded finance use cases
- 05:08 Maturity of integrated, insightful & instant in embedded finance
- 06:09 Integrated definition & use cases
- 07:06 Building a proposition inside HSBC
- 10:14 Biggest business challenges in embedded finance
- 11:38 Who will disrupt embedded finance in the future?
- 13:56 Embedded finance sales plays for non-FIs
- 16:05 Working capital
- 17:47 Is gen AI overhyped?
- 19:04 Given $10M to start a fintech - what would you do?
- 19:40 Advice to your younger self about banking and the FS industry
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Aman Narain here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, is joined by Jeff Tijssen, Expert Partner and Global Head of FinTech, Bain & Co, Christina Riechers, General Manager, Square Banking and Richard Davies, Chief Executive Officer, Allica Bank, to discuss SMB: Is there still a growth opportunity, or are they now over-served?
Timestamps:
- 00:00 Introduction
- 07:37 SMB: Still a growth opportunity, or now over-served?
- 12:52 Strategy of Square banking & what is your remit?
- 15:27 Differentiating Square banking & gaining autonomy
- 17:40 Success factors at Allica Bank
- 19:33 Have SMB margins held for providers through the cost of living crisis/rising interest rates?
- 23:52 How much share should fintechs take from incumbent FIs and banks?
- 27:46 How hard is it to capture ongoing SMB engagement without a full integrated banking offering?
- 29:53 What new products are Square and Allica Bank looking to provide?
- 34:15 Jobs for small businesses: What are they, and how are they effected by technology?
- 39:55 What are the differences in serving increasingly larger businesses, and how do jobs change with this?
- 44:47 Should we expect consolidation in facets of SMB? And who's competitive in the space?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Christina Riechers here
- You can find Richard Davies here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, is joined by Jeff Tijssen, Expert Partner and Global Head of FinTech, Bain & Co, Mike Cashman, Partner at Bain & Co, Mariagiovanna Di Feo, Partner at Bain & Co and Mike Smith, Partner at Bain & Co, to discuss what trends will arise and what changes to the industry we will see in 2024.
Timestamps:
- 00:00 Introduction
- 03:38 What will we see in fintech in '24?
- 10:35 2023 rewind: Rising rates, regulations, open banking & digital assets
- 13:30 Profitability
- 16:40 Investor sentiment going into Q1 '24
- 21:31 Differentiation between VC & PE
- 23:43 Geographical nuances, investor appetite & growth
- 25:13 Payment predictions for '24
- 28:18 Growth, card flows, & alternative payment methods
- 31:00 Embedded finance & connected vehicles - will we see growth?
- 35:33 How will blockchain evolve over the next year?
- 39:19 How can digital banks/players position themselves for the change in growth?
- 44:59 No. 1 predictions for 2024
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Mike Cashman here
- You can find Mariagiovanna Di Feo here
- You can find Mike Smith here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this special episode of Deciphered, recorded LIVE from Money20/20 USA in Las Vegas, Jeff Tijssen, Expert Partner and Global Head of FinTech, Bain & Co, Mike Cashman Partner, Bain & Co, are joined by Sophia Bantanidis, Future of Finance, Citi Global Insights, Citi and Peter Hazlehurst, Co-founder and CEO, Synctera, to discuss disequilibrium across the banking industry in 2023, restoring balance, and exploring the potential for new growth within the Financial Services industry going into 2024.
Timestamps:
- 00:00 Introduction
- 05:04 Disequilibrium in banking: Have we restored balance, and where can we find new growth?
- 08:05 The importance of understanding disequilibrium in banking
- 10:20 Reflecting on what's been going on in the industry over the past 12-18 months
- 12:53 Changes in the interest rate environment: Is the worst behind us? In what ways has finance & the banking sector resorted to balance in 2023?
- 17:11 Turmoil in the FS industry & BaaS
- 19:03 How do regulatory changes impact an organisation's ability to achieve new growth?
- 21:44 Stimulating innovation vs protecting consumers
- 24:28 The current funding landscape & projections for next year
- 29:37 Significant challenges and opportunities when achieving sustained growth
- 32:49 Where will new growth come from next year in FS?
- 34:39 Surprising positive predictions for '24
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Jeff Tijssen here
- You can find Mike Cashman here
- You can find Sophia Bantanidis here
- You can find Peter Hazlehurst here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, Bhavi Mehta Partner, Bain & Co, are joined by Sarah Hinkfuss, Partner, Bain Capital Ventures and CJ Przybyl, Co-founder and CEO, Reserv, to discuss how AI will impact fintech, whether or not it will level the competitive advantages of larger financial institutions, and just what this technology means the Financial Services industry.
Timestamps:
- 00:00 Introduction
- 06:57 AI & Fintech: Will this level the competitive advantage & playing field?
- 10:50 Why is generative AI such a game changer in this industry?
- 13:10 Is generative AI just another tech bubble?
- 15:32 What key ingredients do smaller vs bigger organisations need to benefit from AI?
- 22:04 Who will take the majority of the market share with AI services?
- 28:10 How difficult will it be for FIs to get their hands on data across multiple LLMs?
- 29:59 Use cases & funding
- 35:42 How will AI affect jobs in the future?
- 39:31 Ethical considerations & biases of AI
- 44:28 Implementation and execution of AI
- 46:30 Maintaining competitive advantage
- 50:30 Speed differences with utilising AI
- 51:52 Over the next 10 years, which unexpected ways will consumers use AI?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Bhavi Mehta here
- You can find Sarah Hinkfuss here
- You can find CJ Przybyl here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, and Maureen Burns, Partner, Bain & Co, are joined by Ather Williams III, Head of Strategy, Digital, Innovation & Enterprise Payments, Wells Fargo to discuss how Wells Fargo continue to innovate, and embrace new technologies, despite a myriad of different influences, as well as being a ‘systemically important financial institution’ in the United States.
Timestamps:
- (02:55) The growth imperative: How do you keep innovating in the largest financial institutions?
- (05:03) Is there a change in customer expectations from their banks?
- (07:14) Difference in the younger generation's needs vs traditional customers & serving both
- (10:44) Top 3 challenges to innovation at Wells Fargo & contextual banking
- (14:53) Principles & innovations practise adopted by teams at Wells Fargo
- (20:45) Impact of fintechs on competition & collaboration
- (24:56) A2A payments & vast adoption
- (28:22) Exciting new products when thinking about growth areas over the next 3-5 years
- (32:28) If you were to create an FS startup now, what field of finance would you focus on?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Maureen Burns here
- You can find Ather Williams III here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Jeff Tijssen, Partner, Bain & Company, Janine Hirt, CEO, Innovate Finance and Shannee Braun, Director, EQT, to discuss the decisions behind fintech acquisitions in 2023.
The fintech investment landscape has changed dramatically, what are the reasons behind this, and are the tides slowly changing...?
Timestamps:
- (03:32) Tuck-in or take-out: The decisions behind fintech acquisitions in 2023
- (06:27) Fundamentals: Investments & profitability
- (08:27) Fintech multiples: How have they changed since recent correctional valuations across fintech verticals & which ones are becoming more prominent?
- (11:10) Newer-stage companies getting funded in the UK & success in deal flow
- (12:52) Fintech to fintech acquisitions
- (14:29) Will things return to how they were in 2021?
- (17:03) Large FIs & acquisitions
- (18:47) What spots are hot at the moment?
- (23:20) What can incumbent banks learn from acquisitions by big techs?
- (25:32) Interesting opportunities in other industries
- (27:43) Keeping the UK competitive
- (29:03) Major takeaways from the conference
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Janine Hirt here
- You can find Shannee Braun here
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by an all-Bain line up; Partners Joe Fielding, Maria Teresa Tejada and Guilio Naso to discuss whether or not there is a current crisis when it comes to banking liquidity.
The unfolding liquidity issue across banking has been benchmarked in some quarters against the great financial crisis of 2008…the question we want to answer is - is this fair?
Timestamps:
(04:34) Banking liquidity: Is the talk of a crisis fair?
(06:27)Will this period in banking be as challenging as other periods with dramatic upwards rate cycles?
(08:01) Catalysts that have contributed to dramatic upwards rate cycles
(10:44) Which banks are in trouble?
(13:37) How much has deregulation led to this?
(16:43) How would we fix this problem?
(20:04) Representations of demand & characteristics of banks/financial institutions that are offering solutions
(23:18) The bigger, the better?
(24:26) Trust within neobanks/new digital players
(25:35) Where does this lead? And will the changes be permanent?
(29:33) Credit and credit provisioning
(31:08) Will there be any differences in how The Fed supervises banks because of this?
(33:58) How will innovation be impacted by this in the short–medium term?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Joe Fielding here
- You can find Maria Teresa Tejada here
- You can find Giulio Naso here
For more insights from Bain & Company on the current disequilibrium we’re seeing across the banking sector currently, check out the content below:
- Disequilibrium in Banking: Five Actions to Restore Balance
- In a Time of Disequilibrium, Banks Face New Liquidity Challenges
- Not a Banking Crisis, But a Battle for Street Cred
For more insights from Deciphered: The Fintech Podcast, visit the page on Bain’s website.
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Karim Ahmad, Partner, Bain & Company, Kelly Devine, President, UK & Ireland, Mastercard, and Colin O’Flaherty, Head of SME for Barclaycard Payments, to discuss the future of retail transactions.
Retail payments is both a rich and growing industry, with Bain & Company estimating the total revenue value at $356 billion dollars, with a projected annual growth of 6% over the next 5 years. But the balance of power between traditional and new entrants in this area of finance is slowly shifting. In this hotly contested market, some 90% of today’s revenue pool could migrate to software vendors, major technology firms, and other contenders.
How will the retail transaction market evolve over the next 10 years?
Timestamps:
- (03:14) Consumer to business payments - what is the future of retail transactions?
- (05:53) Which providers/industry players have been driving the change in banks' monopoly vs reacting to the change in & how do you see that evolving in the market short term?
- (10:07) Which trends interest you from the perspective of your role at Mastercard?
- (13:27) Within the SMB segment, how important are virtually integrated platforms, do you see the same proliferation in the UK/Europe as in the US, and where do you see those trends fitting into the SMB context?
- (16:45) Card growth and looking towards alternative payment methods for growth.
- (22:26) Potential innovations that relate to card volumes and the rise of A to A payments.
- (26:09) Embedded payments, the proliferation of wallets and connected devices
- (27:51) How do Barclaycard build confidence in supplying payments to organisations where the end users are unknown?
- (33:18) Are investments in sales, marketing, and brand increasing to positively impact customer trust?
- (39:13) Open banking
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Karim Ahmad here
- You can find Kelly Devine here
- You can find Colin O’Flaherty here
For even more information, check out Bain’s latest report – Consumer-to-Business Payments: A Strong Growth Outlook, but Only for the Well-Prepared.
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Henrik Naujoks, Partner, Bain & Company, Prashant Agarwal, Head of Digital, Customer & Ecosystem Marketing, AIA, and Ben Luckett, Chief Innovation Officer, Aviva, to discuss what customers want from their insurer.
What's the most exciting area of insurance to build on right now, and will a significant share of customers use services beyond coverage for insurance providers in the next 10+ years?
Timestamps:
- (04:35) The Answer First: From claims payers to solution providers - what does a customer want from their insurer?
- (09:16) What key elements of the value proposition will allow insurers to increase customer engagement in the right way?
- (13:18) Is having a purpose-driven message/narrative important for insurers when it comes to customer loyalty?
- (15:57) Best examples of insurers benefiting from a niche proposition when it comes to customer engagement & how has this impacted the industry with regards to consumer dynamics?
- (21:35) Preventative proposition features, preventing customer risks
- (23:39) Elements of value within risk prevention & how data can help this
- (27:49) Can connected devices & technology help with over-intrusive data use?
- (34:14) Customer's expectations on insurers playing a role in reducing climate change
- (40:23) What's the most exciting area of insurance to build on right now?
- (43:42) Will a significant share of customers use services beyond coverage for insurance providers in the next 10+ years?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Henrik Naujoks here
- You can find Prashant Agarwal here
- You can find Ben Luckett here
Please do check out our report; Customer Behavior and Loyalty in Insurance: Global Edition 2023, for more insights from Bain about the insurance market.
For more insights from the Deciphered podcast, visit the page on Bain’s website
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Charlotte Crosswell OBE, Chair of the Centre for Finance, Innovation and Technology (CFIT), Keith Grose, COO at Sequence, and Alex Johnson, Creator of Fintech Takes to discuss everything Open Finance.
What does the future state of Open Finance look like and how will Open Banking develop in global markets?
Timestamps:
- 00:18: What is the future of Open Banking?
- 02:58: What’s the role of industry associations in the Fintech industry?
- 07:27: Making banks work harder for you?
- 09:13: Why has Open Banking taken so long?
- 12:03: The benefits of Open Banking and Open Finance.
- 14:06: How Open Banking has become a “default” piece of infrastructure for new financial apps.
- 15:38: The challenges of getting the nine largest banks to agree on a common set of standards.
- 17:46: What’s the biggest impact on adoption?
- 18:41: What’s the impact of Open Banking on SMEs?
- 21:51: What is the best iteration of Open Banking around the world?
- 25:47: Why the implementation of Open Banking has been so hard in the UK.
- 27:30: The stage of the country’s maturity of their banking system and what they are trying to open up.
- 29:10: What are the implications of the new proposals for the industry?
- 30:18: What’s the future of Open Finance?
- 37:21: The pace of change is unlike anything that we’ve ever seen before.
- 38:56: What’s going to happen in the banking industry in 10 years.
- 41:26: What are the benefits of using Open Banking?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Charlotte Crosswell OBE here
- You can find Keith Grose here
- You can find Alex Johnson
For more insights from the Deciphered podcast, visit the page on Bain’s website.
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Bain & Company partners Karim Ahmad, Michael Smith and Mike Cashman to discuss what they think the hottest trends in Fintech will be in 2023. After a turbulent 2022, what are some of the areas that will drive growth?
Timestamps:
- 3:57: Top 3 Fintech trends for 2023
- 11:00: Things that won't change in the fintech sector
- 13:10: Consolidation & acquisitions: Differences between the UK vs US
- 15:44: Will VCs continue to see B2B as more shielded from volatility than B2C going into next year?
- 18:30: What's investable right now?
- 22:22: The pace of change in the financial services industry
- 23:29: Hotly-anticipated payments infrastructure projects that will be implemented in 2023
- 27:08: Real-time payments in the US & what's happening there vs Europe
- 32:15: How will the crypto space evolve in the future?
- 34:52: What's changed in the world of M&A in fintech
- 38:06: What are some of the trends in 2022, and how adaptable will they be in 2023?
- 42:08: What will Apple do for consumer financial services?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Karim Ahmad here
- You can find Mike Cashman here
- You can find Michael Smith here
In this special episode of Deciphered, live from Money 20/20 Vegas, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Laura Spiekerman, Co-Founder of Alloy, and Simon Taylor, Head of Strategy & Content at Sardine, to delve into the effects that macroeconomic trends such as rising inflation and CPI have on fintechs and neobanks, as well as highlight some of the innovations and products that our guests are liking in spite of, or because of, the macroeconomic climate.
Timestamps:
04:40: Fight or flight what's in store for Fintech in a changing rate environment?
09:07: Incumbent revenues - are they sustainable?
12:43: Neobank revenues being impacted by interest rates 15:15: What percentage of challenger banks will be acquired or fail in the next 12 months?
22:40: Internal bank teams procuring Fintech services
26:39: What is exciting considering the macro environment?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Laura Spiekerman here
- You can find Simon Taylor here
In this episode, we explore how the latest cycle in the cryptocurrency market has impacted institutional adoption of the underlying technology; blockchain. Enterprise adoption of the technology is still prevalent. In Finance we are seeing blockchain technology adapted for multiple use cases, for instance, International Payments, to address some specific niches in Capital Markets, in Trade Finance, looking to solve Digital Ownership, looking to disrupt Loyalty and the tokenization of private assets.
Within Financial Services, the ‘purists’ have been building underneath the hype.
We will look at where the institutional adoption of blockchain is at right now, what are some of the most applicable use cases, and where we might see it go in the future.
Timestamps:
- 06:23: Institutional blockchain adoption - What is the current state, and where are we heading?
- 10:24: What are the appeals and use cases of organisations using blockchain technology?
- 18:12: What are the different types of blockchains, and where will adoption head in the future of the financial services industry. - 24:16: Risk focuses and adopting new use cases on chain.
- 36:00: Risk controls when using blockchain infrastructure.
- 41:23: Will Web2 companies continue to invest in this space?
- 45:48: Where will blockchain technology develop, and be adopted, looking 10 years into the future from now?
- 49:02: Will the adoption of blockchain technology by other industries outside of FS lead to widespread adoption?
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Thomas Olsen here
- You can find Morgan McKenny here
- You can find Todd McDonald here
Sources cited:
In this episode, we explore what the future holds for neobanks, with so few currently profitable in the face of a current economic downturn. We’ll discuss the challenges of setting business strategies over the next couple of years, answering key questions such as whether neobanks should pursue growth at the expense of unit economics, how they can continue to differentiate their revenue streams from one another, and ultimately what they should do as rising rates pressure investors to stay clear of potentially “riskier” assets.
Neobanking Revenue: How to Differentiate in a Crowded Market
Timestamps:
- Neobanking revenue: How do you differentiate in a crowded market? (3:21)
- Where are we right now with Neobanks? And how healthy are they? (6:08)
- VC funding: How will this play out with regards to Neobanks vs Fintech in general (10:17)
- Examples of Neobanks diversifying revenue & BaaS (17:15)
- Subscription based revenue: Does it work globally? And how will it impact the revenue of Neobanks? (21:50)
- Does becoming a licensed bank slow down the creation and shipping of products? (23:42)
- Embedded vs standalone banking in the future (28:55)
- How should we bank with a Neobank? (33:53)
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Nik Milanović here
- You can find Valentina Kristensen here
Sources cited:
- Nubank Customer Base - Statista
- Revolut Customer Base - Revolut
- Neobank Profitability - Forbes
- Goldman Consumer Banking Revenue - Pyments.com
In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company and Jeff Tijssen, Global Head of Fintech, Bain & Company, are joined by Matt Harris, Partner, Bain Capital, and Sophie Guibaud, Co-founder & CCO of Fiat Republic, to discuss embedded finance marking a new era in how consumers and businesses build and manage relationships with financial services.
Embedded Finance: What Does it Take to Prosper in the New Value Chain?
Timestamps:
- Defining embedded finance (11:10)
- Sticky & data rich relationships (12:42)
- A new value chain & how organisations are positioning themselves within it (13:16)
- Who wins from a revenue perspective, and how will that shift in the next 2-5 years? (16:42)
- New use cases of embedded finance (26:20)
- What capabilities are needed to operate in this value chain? (29:29)
- Are we seeing other platforms bringing financial services in-house? Or is this limited to bigger companies? (34:31)
- Risk within the value chain, and embedded finance model (38:24)
- Stepped approach to embedded finance (40:10)
- Regulations in an embedded finance context (41:39)
- Most important points to consider about risk and compliance (45:54)
- Implications of complete embedded financial services (48:05)
Sources & Resources cited:
- Sophie's Book Co-Authored by Scarlett Seiber: Embedded Finance: When Payments Become An Experience
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!
- You can find Adam Davis here
- You can find Jeff Tijssen here
- You can find Matt Harris here
- You can find Sophie Guibaud here
In the second episode of Deciphered, Adam Davis, Associate Partner at Bain & Company and Mike Cashman, Partner, Bain & Company are joined by Sarah Kocianski, Strategic Insights Lead for Fintech at Founders Factory, and Tim Levene, Partner and CEO, Augmentum to discuss the future of Fintech valuations.
Where do the market correction and current volatility leave Fintechs?
Timestamps:
- Volatility & market correction, where are fintech valuations heading? (3:08)
- Fintech funding (5:37)
- Macroeconomic pressures vs dry powder in the current market (6:36)
- Are lower risk assets back in favour? (8:01)
- What investors and founders are looking for (10:40)
- Fintech valuations (11:53)
- Are Fintechs overvalued on hype and hope vs fundamentals? (13:21)
- Will companies stay private for longer? (18:10)
- Superior geographies, in terms of investment and valuation perspectives? (19:39)
- What type of fintech do you want to be in this market? (24:52)
- BNPL (25:03)
- Advantages of rising rate environments vs consumer/business defaults (26:41)
- Investing in sectors and trends, from services or product perspectives (27:40)
- PE, VC, and growth equity splits (29:35)
- Sentiments around raising investment (34:30)
Sources & Resources cited:
-CB Insights: State of Fintech Q1'22 Report
-BBC UK: What is the UK's inflation rate and why is the cost of living going up?
-Axios: Fintech Deals Newsletter, Fintech SPACs go splat
-Dealroom: Fintech 2021 Report
-SoFi: Q1 2022 Results Report
-Bain & Company: Macro Trends
In this episode, Adam, Ryan, Nigel and Alex look at how Buy Now Pay Later (BNPL) has evolved, where it is in the present day and where it is heading.
-What percentage of transactions currently use BNPL?
-When will the rate of growth for BNPL slow?
-How do retailers and providers evolve to meet consumer needs?
-How will regulators impact this new financial phenomenon?
Timestamps below:
- Divergence & convergence? The Bain answer first! (2:36)
- Macroeconomic pressures (5:32)
- The background of BNPL (6:16)
- Credit modules (8:36)
- What has led to the rise of BNPL? (10:20)
- Effects of consumer experience on change (10:36)
- Data analytics team overview (16:02)
- Incorporating human psychology into algorithms (19:58)
- Merchant benefits (23:06) & (24:07)
- BNPLs are becoming platforms (23:47)
- Where does BNPL fit in with retailer's payment strategies (27:00)
- Where does your biggest cost space sit (29:26)
- Generational shifts & future projections for growth (32:22)
- Who should be getting into BNPL? (33:53)
- Regulators (42:33)
Please subscribe to the show so you never miss an episode, and leave us a review if you enjoyed the first-ever episode of Deciphered.
- You can find Adam Davis here
- You can find Ryan Garner here
- You can find Nigel Verdon here
- You can find Alex Lang here