In this conversation, Duena Blomstrom and Nektarios Liolios discuss the early days of fintech and the challenges faced in driving innovation within the banking industry. They reflect on the lack of fundamental change in the banking experience and the burnout experienced by those OGs working to digitally transform banks. They highlight the disconnect between the ambition for change and the lack of delivery capability within banks. They also discuss the need for banks to focus on the care towards their customers and the importance of addressing the needs of underrepresented communities. They conclude with a hopeful message that meaningful change can come from startups and complementary services rather than relying solely on traditional banks.

TakeAways

• The early days of fintech were characterized by enthusiasm and a belief that technology would fundamentally change the banking industry.
• Despite efforts to drive innovation, there has been a lack of fundamental change in the banking experience.
• The disconnect between ambition for change and delivery capability within banks has hindered progress.
• Banks need to focus on the care towards their customers and address the needs of underrepresented communities.
• Meaningful change can come from startups and complementary services rather than relying solely on traditional banks.

Titles

• Addressing the Needs of Underrepresented Communities in Banking
• The Disconnect Between Ambition and Delivery Capability in Banks

Sound Bites

• "The most important figure you can even bring to mind when it comes to the people that have constructed digital and fintech."
• "The effort that has gone into digitally transforming banks has turned into an amount of burnout for the most of us."
• "The banking industry doesn't need to be the innovative."

Chapters

00:00
Introduction and Nektarios' Role in Fintech

09:12
The Lack of Fundamental Change in the Banking Experience

13:04
The Need for Human-Centered Design and Care Towards Customers

21:16
The Obstacles to Innovation: Procurement, Legal, and Compliance

26:05
Technology-Enabled Business Model Innovation

31:54
The Role of Startups in Driving Innovation

33:14
High (Short)