Summary
The UK is a world leader in financial services technology, otherwise known as fintech.
Presenter Evan Davis asks how Britain has beaten Silicon Valley and what challenges fintech poses to traditional banking?
Guests: Antony Jenkins, Founder and Executive Chairman, 10x Future Technologies Ishaan Malhi, Founder, Trussle.com Eileen Burbidge, Co-founder, Passion Capital
Producer: Julie Ball.
Transcript
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| 0:00.0 | This is the BBC. |
| 0:03.7 | In this edition of the bottom line, we're discussing FinTech, the technology that's changing the way we interact with financial services and which could revolutionise traditional banking. |
| 0:15.5 | Hello and welcome to the programme. Is banking about to face its Uber moments? That's the claim that one of my guests today made last year and it is a fashionable view, that technology is about to disrupt traditional business models in financial services, just as Uber has forever changed the world of taxis and minicabs. |
| 0:35.6 | FinTech is the generic term for financial services technology. |
| 0:39.3 | The UK is a global leader in this sector. My guests are all participants in this field. |
| 0:44.8 | So let's hear how radical and disruptive it's going to be and whether new business models will |
| 0:49.4 | wipe out the old names that we know and love or will the old names simply adapt and move on? |
| 0:55.9 | Let's meet my three guests now. First up is Anthony Jenkins. Famous actually has been |
| 1:01.0 | chief executive of Barclays at one time and now has set up a new business 10X future technologies. |
| 1:09.0 | We're not going to talk about your old life, Anthony. That would be a whole |
| 1:11.6 | programming itself or several. What is 10x? Basically, 10x is a platform, a set of technologies |
| 1:18.6 | that allows us to create banking that's 10 times better than the way it's done today. Better for the |
| 1:23.5 | customer, actually better for the bank, and crucially better for society. |
| 1:33.4 | And what is it? It's a software platform. It's basically a set of software that allows us to manage banking activity, banking transactions, payments, mortgages, credit cards, loans, savings, |
| 1:38.9 | those types of things. Yeah. And how many are there at 10X? Are we talking about, you know, |
| 1:43.7 | thousands of people? |
| 1:44.6 | In terms of people? |
| 1:45.5 | Yeah, in terms of size of... We have about 120 people at 10x now. Right. So we're reasonably sized business. I mean, I'm not going to talk about Barclays. Is this your way to try and get your revenge on Barclays? I mean, I guess, but is there a little bit of that? that you had a life in the old banking sector |
| 1:43.1 | and you thought, I need to. |
| 2:03.7 | I worked in the industry for over 35 years. And, you know, for the last 20 years, I've always been asking myself this question. |
| 2:09.6 | Why doesn't technology make more difference in banking? I'd ask all your listeners at home today to pull out their phones, open it up. |
| 2:16.9 | Look at the top two or three |
... |
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