FINTECHS

TO WATCH
April 2024 | fintechmagazine.com

MOBILE
BANKING
A new era of
innovation

PAYMENTS
PROVIDERS
Delivering
flexibility to
customers

POWERING AN

INCLUSIVE
DIGITAL
ECONOMY
Amnah Ajmal, EVP Market Development for EEMEA,
outlines how Mastercard is building different segments
across multiple geographies with one mission

SANTANDER ZENDESK
MAGAZINE | WEB | EVENTS | REPORTS | DATA

Connecting the W
FinTech Leaders
Place Your Business in Front of
The No.1 FinTech Network with
an In-depth Executive Interview.

Are You The Next Cover Star?

Get Connected
World’s

WILL WRIGHT
COO
SANTANDER
INTERNATIONAL
 Never miss
an issue!
+
Discover the
latest news
and insights
about Global
FinTech...

JOIN THE COMMUNITY

The FinTech Team

EDITOR-IN-CHIEF LEAD DESIGNER VIDEO PRODUCTION MARKETING MANAGER
LOUIS THOMPSETT VICTORIA CASEY MANAGER ANDREW STUBBINGS
KIERAN WAITE
EDITOR SENIOR DESIGNERS PROJECT DIRECTOR
TOM CHAPMAN SAM HUBBARD DIGITAL VIDEO PRODUCERS KIERAN DELANEY
REBEKAH BIRLESON ERNEST DE NEVE
CHIEF CONTENT OFFICER THOMAS EASTERFORD GLOBAL MEDIA DIRECTOR
NEIL PERRY FEATURE DESIGNERS DREW HARDMAN JAMES WHITE
JULIA WAINWRIGHT SALLY MOUSTAFA
CHIEF DESIGN OFFICER VICTORIA CASEY MANAGING DIRECTOR
MATT JOHNSON EMMA WALLER PRODUCTION DIRECTORS LEWIS VAUGHN
GEORGIA ALLEN
HEAD OF DESIGN ADVERT DESIGNERS DANIELA KIANICKOVÁ CEO
ANDY WOOLLACOTT CALLUM HOOD GLEN WHITE
ADRIAN SERBAN PRODUCTION MANAGERS
JANE ARNETA
YEVHENIIA SUBBOTINA
KENDRA LAU
 FOREWORD

MOBILE BANKING:
THE AGE OF HYPER-
PERSONALISATION
For financial institutions, mobile banking
is the gateway to most consumers’ hearts.
In this issue, we ask what makes a great
mobile banking offering…

For financial institutions today, mobile banking

is the primary point of contact they have with
consumers, whether it be for making payments or
organising finances in the latest banking apps.
‘Personalisation’ may have always been a banking
buzzword, but perhaps now we’re reaching the
“FOR FINANCIAL realm of hyper-personalisation, where there
INSTITUTIONS, MOBILE is increased pressure to meet the needs of
BANKING IS THE consumers on an individual level.
Mobile banking is, therefore, the key battleground
GATEWAY TO MOST for banks today. While it may be said we’re more
CONSUMERS’ HEARTS” likely to get divorced than change our bank account,
as new and bespoke mobile banking services hit
the market, it is becoming more important than
ever for banks to match the leading innovations and
personal mobile banking services available today.
In this issue, we look at the rapid rise of
digitalisation in mobile banking and what makes
a quality, hyper-personalised mobile offering.
We’ll also delve into the growing popularity
of Buy Now Pay Later (BNPL) among consumers,
the fintech investment landscape in 2024 and
the latest technology platforms on the market.
And, as always, there’s plenty more
content over on our website. Just head
over to fintechmagazine.com.

FINTECH MAGAZINE
IS PUBLISHED BY LOUIS THOMPSETT
louis.thompsett@bizclikmedia.com

© 2024 | ALL RIGHTS RESERVED

fintechmagazine.com 5
 CONTENTS
12 M ONTH IN REVIEW
Stories from April 2024 16
you may have missed

14 PEOPLE MOVES
Highlighting some of the
latest executive moves

Malcolm deMayo, VP of
16 E XECUTIVE INSIGHT Global Financial Services
Malcolm deMayo, VP of Global at NVIDIA
Financial Services at NVIDIA

26 LIFETIME OF
ACHIEVEMENT 26
IN FINTECH
Zach Perret, CEO at Plaid

35 TOP 10
FIntechs to watch in 2024

Zach Perret,
CEO at Plaid

34

FINTECHS
TO WATCH
IN 2024

6 April 2024
 APRIL 2024

52

Amnah Ajmal,
EVP Market Development
for EEMEA, Mastercard

52 MASTERCARD
Leading from the heart 64
64 MOBILE BANKING
Poised to enter new
era of innovation

78 SANTANDER UK
Laying the groundwork
for a digital future
98
98 PAYMENTS
PROVIDERS
Delivering flexibility to customers

112 ZENDESK
A CX leader promoting 78
value chain sustainability

fintechmagazine.com 7
 THE TOP 100

WOMEN
OUT NOW
Championing women from global
organisations, celebrate those who
elevate the industry day in, day out

Read Now
 APRIL 2024

122
122 FINSERV TECHNOLOGIES
In this roundtable, we speak to
industry experts on how tech
is driving finserv forward

144 CLOUD PLATFORMS

Inside the cloud’s transformative
impact on Finserv

144

fintechmagazine.com 9
The Portfolio
WORK WITH US
 MONTH IN REVIEW
MICROSOFT
LAUNCHES COPILOT
FOR FINANCE IN
MICROSOFT365
Microsoft has launched
a public preview of Microsoft
Copilot for Finance, its newest
Copilot offering that extends
the current Copilot available on
Microsoft365 to revolutionise
how finance teams approach
their daily work.
Businesses can now access
Copilot for Finance alongside
Copilot for Sales and Copilot
for Service.
12 April 2024
PAYPAL LAUNCHES
GLOBAL PAYMENTS
SOLUTION FOR SMES
PayPal has launched PayPal
Complete Payments, an all-
in-one payments solution
that allows SMBs to accept
PayPal payments, Apple Pay,
Google Pay, credit and debit
cards as well as alternative
payment methods.
With PayPal Complete
Payments, SMBs can be
empowered with its widest
range of payment options for
businesses yet.
CAPITAL ONE AG
US$35.3BN ACQU
OF DISCOVER
Capital One is set to ac
Discover Financial in wh
represent one of the big
in financial services in re
The US$35.3bn deal brin
two of the US’ largest cr
companies, positioning
entity closer to credit-
leaders JPMorgan and C
 ERICSSON AND HPE

W
PARTNER TO LAUNCH
FINTECH CLOUD SERVICES

Leading telecom company Ericsson

has announced a new collaboration
with Hewlett-Packard Enterprise
(HPE) to help empower digital
transformation in financial services.
Per the latest partnership, the
Ericsson Wallet Platform will
integrate with HPE GreenLake,
providing enterprises with cloud-
based services, increased agility
and scalability.

EU COUNCIL ADOPTS
GREES NATIONWIDE SECURES INSTANT PAYMENTS
UISITION DEAL TO ACQUIRE VIRGIN REGULATION
MONEY FOR £2.9BN
The Council of the European
cquire Leading UK building society Union has adopted a new
hat would Nationwide has reached an regulation that will make instant
ggest deals agreement to acquire Virgin Money payments fully available in the
ecent years. in a major £2.9bn (US$3.72bn) deal. euro currency across all EU and
ngs together The acquisition will eventually see EEA countries.
redit card Virgin Money disappear altogether The new regulation has
g the new as Nationwide gradually absorbs been introduced to improve the
-lending the financial arm of Sir Richard strategic autonomy of Europe’s
Citigroup. Branson’s Virgin Group empire. economic and financial sectors.

fintechmagazine.com 13
PEOPLE MOVES
FinTech Magazine highlights some of the latest
executive moves, either newly-appointed or
promoted from across the industry

Raman Bhatia,
Group CEO,
Starling Bank
“I have long
admired Starling
because it believes
passionately in
using the power
of technology to
do the right thing”
RAMAN BHATIA
GROUP CEO,
STARLING BANK
RAMAN BHATIA
JOB FROM: CEO, OVO
JOB TO: GROUP CEO, STARLING BANK
Starling Bank has appointed Raman Bhatia
as its new Group CEO, taking over from
John Mountain who was Acting CEO
following Founder Anne Boden’s decision
to step back from the role in 2023.
Bhatia brings with him a wealth of
experience, from his most recent role
as Chief Executive at OVO to Head of
Digital Bank for HSBC’s Retail Banking and
Wealth Management business.
Having worked in both scaled,
regulated businesses and in
entrepreneurial challengers, Starling
believes Bhatia is well-positioned to
take it forward.
Raman holds an MBA from Harvard
Business School and is a Trustee of
Business in the Community.
MIKE STAWCHANSKY
JOB FROM: SVP OF PLATFORM
AND PRODUCTION
ENGINEERING,
COLLIBRA
JOB TO: SENIOR VICE PRESIDENT, CHIEF
TECHNOLOGY INNOVATION
OFFICER, FINASTRA
Leading fintech Finastra has appointed
Mike Stawchansky to the role of Senior Vice
President, Chief Technology Innovation
Officer. In his new position, Stawchanksy
will work in the office of the CEO.
IAN OSWALD
JOB FROM: TECHNOLOGY
CONSULTANT,
FINANCIAL SERVICES
JOB TO: EXECUTIVE DIRECTOR OF
STRATEGY AND OFFERINGS,
GFT
GFT Technologies has appointed Ian
Oswald as its new Executive Director of
Strategy and Offerings. In his new position,
Oswald will be responsible for driving the
business’ capabilities and client offerings.
MICHAL FERGUSON
JOB FROM: HEAD OF GLOBAL DEMAND,
SNYK
JOB TO: CHIEF MARKETING OFFICER,
FIREBLOCKS
Michal Ferguson is Fireblocks’ new CMO.
Her appointment comes as part of the
company’s strategic move to capitalise
on growing market opportunities and
address the demand for secure
blockchain infrastructure.
fintechmagazine.com 15
 EXECUTIVE INSIGHT

MALCOLM
DEMAYO
We speak to VP of Global Financial Services at
NVIDIA, Malcolm deMayo, about his career in finance
technology and taking NVIDIA to new heights

WRITTEN BY: LOUIS THOMPSETT

16 April 2024
fintechmagazine.com 17
 EXECUTIVE INSIGHT

Q. HI MALCOLM. YOU’RE VP OF
GLOBAL FINANCIAL SERVICES
AT NVIDIA. IS WHERE YOU ARE
NOW ANYTHING CLOSE TO YOUR
DREAM JOB WHEN YOU WERE
GROWING UP?
» What an interesting question! When
I was very young I wanted to be an Air
Force pilot. As life would have it, I’m
now ‘piloting’ NVIDIA’s financial services
group. I’m glad I ended up here, and I’m
sure the younger me would have been
just as proud seeing what NVIDIA is
doing today.

Q. LOOKING BACK, WHAT KEY

PIECE OF ADVICE WOULD YOU
GIVE YOUR YOUNGER SELF GOING
THROUGH EDUCATION AND Y
OUR EARLY CAREER?
» Read more biographies. Learn
from the experiences of fascinating
and world-changing individuals, like
the Founding Fathers, Albert Einstein
and Steve Jobs. Find mentors in real
people who broke down barriers,
weren't afraid to experiment and
solved real-world problems.

Q. YOU’VE ONLY BEEN AT NVIDIA In terms of what we’ve achieved,

A SHORT WHILE, BUT HOW MUCH
HAS THE COMPANY EVOLVED IN
THAT TIME, AND WHERE ARE YOU
HEADED FOR THE FUTURE?
» NVIDIA operates at the speed of light.
Although we’re a large company, we have
not lost our roots as a startup or as an
innovator, so we continue to evolve on
an almost weekly basis.
NVIDIA has pioneered the
development of a full-stack
accelerated compute platform.
This platform has been embraced
by the financial services industry to
enhance the alpha generation of trading
platforms and improve the productivity
and operational efficiency of
banking workflows.

18 April 2024
 MALCOLM DEMAYO
TITLE: VP OF GLOBAL
FINANCIAL SERVICES
COMPANY: NVIDIA
INDUSTRY: TECHNOLOGY

The payments sector has utilised it to LOCATION: US

mitigate transaction fraud. Additionally,
we’ve established the leading DGX Cloud
reference architecture platform for
training and inferencing AI.
This means that as we project into the
future, NVIDIA is strategically positioned to
play a pivotal role in the financial services
industry's adoption of high-performance
compute and AI to transform the business.
Malcolm deMayo is Global Vice
President for the Financial Services
Industry at NVIDIA. In his role,
deMayo is a trusted advisor striving to
understand customers’ goals, applying
innovative technology to help them
grow revenues and optimise costs.

fintechmagazine.com 19
 This improves client experiences
by removing friction and personalising
engagement, lifting employees from dull,
tedious, tiresome tasks via automation
to ideate and solve big problems,
and leveraging AI to become more
environmentally conscious.
The results of our 2024 State of
AI in Financial Services survey indicate
a significant uptick in AI adoption, poised
to accelerate this year.
While organisations dedicated the
previous year to experimentation and
framework recalibration, the upcoming
year signals a shift toward moving more
workloads into production, enabling
enterprises to efficiently leverage the
unstructured data they collect every day.
20 April 2024
Organisations are gearing up to
provide truly personalised services
to their clients, driven by the deeper
understanding that high-performance
compute and AI provide.
Q. WHAT KEY CHALLENGES
DO YOU FACE DAY-TO-DAY,
AND HOW DO YOU GO ABOUT
OVERCOMING THEM?
» One of our primary challenges
revolves around dispelling the
common misconception that
NVIDIA is a chip company.
Ironically, despite the widespread
recognition of the NVIDIA brand,
many still don’t understand exactly
what we do.

Accelerating Financial Services with AI
I AM AI
WATCH NOW
In essence, NVIDIA is the engine of AI.
Our accelerated compute platform is
available everywhere; in cloud, on prem
and in colo, and is helping to reshape
every industry.
Our ongoing efforts are focused on
fostering a deeper understanding among
organisations regarding how we can help
accelerate their adoption of AI.
And so we have built and continue
to expand our platform ecosystem.
Through our inception programme, we
have tech-enabled over 16,000 startups
and fintechs.
Look at our partnerships like
ServiceNow where we are helping them
accelerate AI adoption at the speed of
light! Just this week we agreed with the
EXECUTIVE INSIGHT
CTO of a leading wealth management
fintech company to help them train AI
models to improve the service their
wealth managers deliver.
Q. SOMEONE SAID THAT IF 2023
WAS THE YEAR OF AI HYPE, 2024 IS
THE YEAR OF AI IMPLEMENTATION.
HOW IMPORTANT IS IT FOR
FINANCIAL INSTITUTIONS TO
BEST LEVERAGE AI TODAY?
» 2024 is poised to be a transformative
year for AI implementation, especially
in the financial sector. AI will
fundamentally change the way financial
institutions run their business, and the
firms that embrace innovation will
leap forward.
fintechmagazine.com 21
 EXECUTIVE INSIGHT
There are three key value drivers for
implementing AI in financial services.
The first is enhancing productivity.
Imagine a large financial institution
with a vast team of software engineers.
Providing them with a generative
AI co-pilot to support their coding
efforts can lead to an exponential
increase in productivity.
Another example would be in trading
organisations, where using generative AI
to analyse vast amounts of unstructured
data can identify trading signals, enabling
more effective risk management and
ultimately resulting in higher profits.
The second value driver is operational
efficiency. There are thousands of
manual processes in the day-to-day
running of a financial firm.
Financial firms typically grapple with
numerous manual processes, such as
sorting through extensive contracts
and relying on skilled professionals to
navigate paperwork. AI offers a solution
by automating these manual tasks,
allowing employees to allocate more
time to higher-level work.
The third value driver is revenue
generation, and an increase in
productivity and operational efficiency
as described above will translate
to a healthier bottom line.
Embracing AI implementation in
financial services promises a future
marked by increased productivity,
streamlined operations and enhanced
revenue-generating capabilities.
22 April 2024
“NVIDIA is the
engine of AI.
Our accelerated
compute platform
is helping to
reshape every
industry”
Q. WHAT IS NVIDIA PROVIDING TO
SUPPORT FINANCIAL INSTITUTIONS
WITH ONBOARDING AI?
» NVIDIA extends comprehensive
support to financial institutions
addressing key challenges in their journey
toward AI integration. Foremost among
these is the longstanding issue of data
quality, a challenge that has persisted
for decades.
The second is that while AI models
have grown by an astonishing 3,600 times
in size, computational capabilities have
not kept pace. Consequently, the current
IT resources and infrastructure of firms
are ill-equipped to meet the demands
of the burgeoning AI landscape.
Third is the challenge of finding and
retaining talent. Organisations must invest
heavily in their workforce and provide
ample opportunities for upskilling.
Recognising the intricate
interconnection of these challenges,
NVIDIA has strategically built platforms
fintechmagazine.com 23
 EXECUTIVE INSIGHT

Q. DESCRIBE YOURSELF
IN THREE WORDS.
» A trusted advisor.

to support financial institutions in

addressing these concerns.
Our objective is to streamline the
adoption of AI technology by simplifying
the use of microservices, reducing
configuration times from weeks to
a mere few minutes.
Financial services firms with high-
quality data training sets can use our
tools for scanning, deduplication,
compression of white space and bias
elimination, resulting in a remarkable 10x
advantage in training time. This not only
enhances efficiency but also leads to
substantial cost savings.
Furthermore, we actively collaborate
with our customers, supporting them in
prioritising and comprehending the key Q. TIME TO END WITH OUR
steps in their AI implementation journey. CUSTOMARY FUN QUESTION! IF YOU
WERE STUCK ON A DESERT ISLAND,
Q. WHAT DO YOU ENJOY MOST WHAT THREE PEOPLE WOULD
ABOUT BEING PART OF NVIDIA YOU WANT TO HAVE WITH YOU
AND HELPING LEAD ITS FINANCIAL AND WHY? (FAMILY AND
SERVICES DIVISION? FRIENDS EXCLUDED)
» I find the most enjoyable aspects » If I were to find myself stranded on
of being part of NVIDIA in the a desert island, my ideal companions
collective energy, the Esprit de Corps, would include a proficient farmer with
the collaboration and teamwork — a knack for cataloguing and nurturing
all centred around addressing our natural food sources, a skilled fisherman
customers' significant challenges. to harvest the fruit of the sea and an
It's genuinely inspiring, and I'm experienced boat-builder to help get
grateful to be a part of it. us safely home!

24 April 2024
“One of our primary
challenges revolves
around dispelling
the common
misconception
that NVIDIA is
a chip company”

fintechmagazine.com 25
LIFETIME OF ACHIEVEMENT IN FINTECH
 ZACH
PERRET
Zach Perret recognised as a young man that millions
of people were facing financial exclusion – and
decided to do something about it by launching Plaid

WRITTEN BY: TOM CHAPMAN

fintechmagazine.com 27
 LIFETIME OF ACHIEVEMENT IN FINTECH
O
ver the past 11 years, Plaid
has become one of fintech’s
most recognisable names
and biggest success stories.
In truth, it is something of a fintech
facilitator, allowing other firms in the
industry to connect to their customers’
bank accounts – covering no fewer than
12,000 financial institutions across North
America and Europe.
Plaid is, ultimately, focused on
democratising financial services through
technology, empowering millions around
the world to live a healthier financial life.
At the very top – and heart – of
proceedings is CEO Zach Perret, who
co-founded the company alongside
a colleague back in 2013.
His relentless drive and innovative
ideas have resulted in immense growth
and ensured Plaid now finds itself in the
upper echelons of the fintech universe.
Sure, there have been difficult periods
and experiences to overcome, not least
the collapse of a deal that would have
seen Plaid sold to Visa for more than
US$5bn, but Perret has always emerged
with key learnings under his belt and
a desire to improve.
Shaking up the market
Hailing from the relatively small village
of Clemmons, North Carolina, a young
Zach Perret witnessed first-hand the
financial injustice facing millions of
people across the US as members of
his community struggled to find suitable
lending options.
28 April 2024
The seed for Plaid was, it seems,
well and truly planted as Perret went
off to study at Duke University.
After graduating with a Bachelor
of Science in Chemistry and Biology, he
jumped straight into a professional career
by taking on an Associate role with the
consulting giant Bain & Company, where
he met William Hockey.
The pair both worked extensively
with financial institutions and were
united in their belief that the sector was
desperately lagging from a technological
standpoint and still presented a host of
barriers to financial inclusion.
“The sentiment came through that
consumers were frustrated with the
quality and prevalence of financial
products they were able to have access
to,” Perret told the Financial Times in 2023.
And so, in 2013, Plaid was officially
created to shake up the market and
provide everyday consumers with
a transparent, high-quality product.
Soon after, in the hope of expanding
and recruiting a deeper pool of talented
engineers, Perret and Hockey moved the
operation to San Francisco.
The mission stays the same
It wasn’t all smooth sailing in the
early days for Perret, Hockey and their
fledgling venture.
Their big idea – to build an API that
would link customers’ bank accounts
with exciting new fintech applications
seamlessly – was initially shunned at
virtually every turn by banks and investors.
ZACH PERRET
TITLE: CEO
COMPANY: PLAID
INDUSTRY: FINTECH
LOCATION: SAN FRANCISCO

Zach Perret is CEO at Plaid, the

fintech firm he co-founded alongside
William Hockey in 2013. Prior to this,
he worked as an Associate with the
consulting giant Bain & Company.

fintechmagazine.com 29
 LIFETIME OF ACHIEVEMENT IN FINTECH
Plaid's Mission
WATCH NOW
The alternative was to go directly
to fintechs. Venmo, which was fast
becoming something of a byword for
sending money between friends and
family, was an early adopter of the
API because leaders recognised they
needed an improved system for
connecting their own tech to a user’s
bank account.
Perret has admitted in the past
that he had to overcome some
reluctance to take this approach
but soon saw the results.
30 April 2024
Speaking to CNBC back in 2018, he
said: “It was a great proof point to see
tonnes of people using Plaid at scale
inside of Venmo, which then helped
launch us into a lot of other applications.”
It’s certainly true that a prosperous
relationship with Venmo appeared to be
the catalyst that would truly propel Plaid
into the mainstream.
The wider financial services
community was taking notice and,
in early 2020 – just before the COVID-
19 pandemic hit – payments giant Visa
agreed to buy Plaid for a sum in the
region of US$5.3bn.
However, after the US Department of
Justice launched an attempt to block the
transaction on the grounds of it potentially
damaging competition within the sector,
the parties mutually agreed to call it off.
Perret recalls this topsy-turvy few
months as being the toughest period of
his life, but things were looking up when,
in April 2021, Plaid sealed a US$425m
Series D funding round which boosted
its valuation to US$13.4bn.
Today, the firm is working with
numerous Fortune 500 companies,
including many of the largest banks in
the world, to make it easy for people to
connect their financial accounts to the
apps and services they want to use.
“The mission barely changes,” Perret
continued, during his conversation with
the Financial Times.
And with Perret at the helm,
Plaid will surely remain steadfast in its
bid to fulfil this mission for many years
to come.
fintechmagazine.com 31
 CONNECTING FINSERV,
BANKING & INSURANCE
LEADERS IN APAC

16 APRIL 2024
VIRTUAL CONFERENCE, SINGAPORE

HEADLINE SPONSOR A BizClik Event

 MEET OUR AMAZING SPEAKERS

Alice Shawn Polinah

Chen Douglass Gatawa
Co-founder & General Counsel Co-Founder and CEO Operations Executive

InvestaX Amberdata Financial Services Industry

Khwanchai Kashif Jessica

Huailuk Khan Lam
Vice President, Transaction Banking,
Vice President of Innovation,
Payments, Channels & Global Banking Group Chief Strategy Officer
Digital Banking
Technology Service Mgmt.

CIMB Standard Chartered WeLab

Ramesh Khang Dan

Narayanaswamy Ngoc Pham Villaroman Ramirez
Senior Vice President - Head of
Chief Technology Officer Chief Financial Officer Transformation Office; Office of the
Chief Operating Officer

Aditya Birla Capital Home Credit Vietnam ING

GET YOUR FREE TICKETS BECOME A SPONSOR

 FINTECHS
TO WATCH
IN 2024
FinTech Magazine looks at the fintechs to watch in this Top 10
edition, featuring companies with some exciting updates and
growth prospects for 2024

F
WRITTEN BY: LOUIS THOMPSETT

intechs sit at the pinnacle In this Top 10, we look at the

of innovation in the financial fintechs to watch this year following
services sector, offering the latest some exciting announcements
payments technologies, security and updates from the industry’s
features and customer offerings. biggest players.

34 April 2024
TOP 10
10
TRADIAC
CEO: MICHAEL BUCHBINDER
FOUNDED: 2019

Technology-led funded trader

programme Tradiac is one of the fastest-
growing fintechs today, enabling remote
traders to oversee capital allocated by
a hedge fund specialising in alternative
investments. Tradiac’s bold new
approach essentially helps traders get
funded by a hedge fund and gamifies
the process of scaling one’s trade. Today,
Tradiac is spearheading the second
generation of its alternative investments
trading initiative. Its mission is to identify
and nurture talented traders, supporting
them to thrive in financial markets.

36 April 2024
 TOP 10

09
PAYPAL
REVENUE: US$29.77BN (FY 2023)
EMPLOYEES: 27,200
CEO: ALEX CHRISS
FOUNDED: 1998

PayPal was one of the earliest pioneers to

transform electronic money transactions,
providing billions with access to an online
payment alternative to traditional money
orders and checks. Today, it functions
much like a payment processor for
online vendors too. In January this
year, it unveiled six innovations to
revolutionise commerce alongside
its partner, Venmo. These include the
introduction of passkeys to transform
the checkout process; the launch of
Fastlane, a one-click guest checkout
experience for shoppers; PayPal Smart
Receipts; an advanced offers platform
and a revitalised PayPal app.

fintechmagazine.com 37
 CONNECTING FINSERV,
BANKING & INSURANCE
LEADERS IN MEA
17 APRIL 2024
VIRTUAL CONFERENCE, DUBAI

GET YOUR FREE TICKETS BECOME A SPONSOR

HEADLINE SPONSOR A BizClik Event

 TOP 10

08
SQUARE
REVENUE: US$5.94BN (FY 2023)
EMPLOYEES: 12,985
CEO: JACK DORSEY
FOUNDED: 2009

Established by Block, Square

empowers SMEs to seamlessly
process credit card transactions,
promoting the use of small devices
such as smartphones and tablets as
point-of-sale (POS) terminals. Since
its founding 15 years ago, the fintech
has expanded its product portfolio to
include Square Wallet, Square Market
and Square Payroll. The organisation
has continued to grow in recent
times, launching a new reader for its
magstripe terminals, releasing Square
Stand, a tablet POS system, Square
Register, a new digital till system,
and Square Directory.

fintechmagazine.com 39
 TOP 10

07
PLAID
REVENUE: US$64.88M (FY 2023)
EMPLOYEES: 1,200
CEO: ZACH PERRET
FOUNDED: 2013

Plaid serves as a data network and

payments platform, providing its partners
with open banking capabilities through
a unified integration offering. The firm
has enjoyed a significant rise since its
acquisition by Visa, as it continues its
ZACH PERRET

mission to simplify linking customers’

financial accounts with third-party fintech
services. Today, Plaid collaborates with
more than 12,000 financial institutions,
fostering the development of at least
8,000 digital financial services on the
Plaid platform. With six offices worldwide
and an employee base of nearly 1,000
people, 2024 looks set to be a year that
Plaid continues to scale.

40 April 2024
06
ROBINHOOD
REVENUE: US$200M (FY 2023)
EMPLOYEES: 2,300 EST.
CEO: VLAD TENEV
FOUNDED: 2013

US finserv company Robinhood is

one of the largest financial trading
services on the market today. Its
digital trading platform enables users
with commission-free stock trades,
exchange-traded funds (ETFs) and
VLAD TENEV

cryptocurrencies. The company is

set for a massive 2024 after launching
crypto trading in the EU last year, with
plans to extend its full-service offering
in the UK very soon, offering free trading
on 6,000 US stocks. This comes as part
of Robinhood’s global expansion plans.
The trading platform has already scaled
its offering in recent times, introducing
extended trading hours, a stock
lending platform and automated
recurring investments.

fintechmagazine.com 41
 TOP 10

05
CHIME FINANCIAL
REVENUE: US$3.16BN (FY 2023)
EMPLOYEES: 1,500 EST.
CEO: CHRIS BRITT
FOUNDED: 2012

Chime is the fintech revolutionsing the

overdraft fees landscape for customers.
The US fintech is one of the most rapidly
expanding today, collaborating with
regional banks to create customer-
centric products that emphasise
CHRIS BRITT

members’ financial well-being. This

approach has helped Chime fork out
a more competitive market offering with
cost-effective alternatives for Americans
who believe traditional banks fall short
in effectively serving their clients. After
a significant funding round of US$750m
in the summer of 2021, during a peak
period of investor interest in fintech
startups, Chime attained a valuation
of US$25bn.

42 April 2024
04
STRIPE
REVENUE: US$14BN (EST. FY 2023)
EMPLOYEES: 7,000 EST.
CEO: PATRICK COLLISON
FOUNDED: 2009

Stripe is the fintech transforming the

world of online payments infrastructure.
Today, the fintech serves the financial
infrastructure needs of some of the
biggest organisations in the world,
including Amazon, Meta, Target Corp
PATRICK COLLISON

and Sony. Known for its APIs that

allow web developers to incorporate
payments processing into mobile apps
and websites, Stripe continues to sit
at the peak of fintech innovation with
new products and services. It recently
introduced Data Pipeline, a service
facilitating data synchronisation, and
Stripe Financial Connections, a tool
granting businesses direct access to
customers’ bank accounts.

fintechmagazine.com 43
 THE TOP 100

WOMEN
OUT NOW
Championing women from global
organisations, celebrate those who
elevate the industry day in, day out

Read Now
 TOP 10

03
INTUIT
REVENUE: US$14.36BN (FY 2023)
EMPLOYEES: 18,200
CEO: SASAN K. GOODARZI
FOUNDED: 1983

Widely regarded for its accounting

software QuickBooks and tax platform
Turbotax, Intuit’s technological platforms
assist financial workers worldwide
in tackling the prevalent, day-to-day
financial challenges encountered by
SASAN K. GOODARZI

businesses. In recent years, the fintech

has expanded its portfolio through
strategic acquisitions and the launch
of complimentary products. Notable
additions include the credit score tool
Credit Karma, procured in 2020 for
US$3.4bn, and the email marketing
client Mailchimp, acquired in 2021 for
US$12bn. Ambitious product launches
such as this have helped transform
Intuit into one of the most robust
fintechs in the industry, boasting
revenues surpassing US$12bn. Today,
its workforce exceeds 18,000 employees.

fintechmagazine.com 45
 TOP 10

02
WISE
REVENUE: US$1.07BN (FY 2023)
EMPLOYEES: 5,000
CEO: KRISTO KÄÄRMANN
FOUNDED: 2010

Formerly known as TransferWise, Wise

has helped pioneer international money
transactions with its quick, affordable
and streamlined money transfer service.
In recent years, Wise has added debit
cards, multi-currency accounts and
business accounts to its offering. It has
also scaled up its compliance efforts to
meet regulatory requirements across
different markets, and partnered with
Frontier in the last 12 months as part
of its carbon reduction pledge. Wise
received its highest funding round in
2020, raising US$319m at a valuation
of US$5bn with lead investment coming
from D1 Capital Partners and then-
already-existing shareholder Lone Pine
Capital. Wise, the UK-headquartered
fintech, continues to be a leader in
Europe and across the world today
with offices in London, Estonia,
Turkey, Singapore and the US.

46 April 2024
KRISTO KÄÄRMANN
CONNECTING THE WORLD’S
TECH & AI LEADERS
21 MAY 2024
VIRTUAL CONFERENCE, LONDON

1,000+ 100s 1-DAY

VIRTUAL NETWORKING LEARNING AND
ATTENDEES OPPORTUNITIES NETWORKING EVENT
 MEET OUR AMAZING SPEAKERS

Alper Kirsty Christopher Tia

Benli
Head of Transformation & Strategic
Programs, Europe & Latam | Cloud
Software & Services
Biddiscombe Blatchford Cheang
Director of IT Data and Information
UK Sales BDM for AI, ML & Analytics Group Chief Technology Officer
Services (UK & EMEA)

Ericsson NetApp Kingfisher Gallagher

Simon Ali Roger Kristie

Cox Farahani Graell Sole Grinnell
Senior Vice President and Chief
Chief Transformation Officer Head of CIO Strategic PMO Chief Digital Officer (CDO)
Information Officer

ServiceNow FIEGE Bata DXC Technology

Lisa Maria Grazia Kristof Marco

Moneymaker Pecorari Riecke Vernocchi
Chief Technology Officer
Strategy & Wholesale Director Field CISO Global Chief Data Officer
and Chief Product Officer

Saama Vodafone Rackspace Technology EY

GET YOUR FREE TICKETS BECOME A SPONSOR

NIKOLAY STORONSKY
 TOP 10

01
REVOLUT
REVENUE: US$2BN (FY 2023)
EMPLOYEES: 7,500
CEO: NIKOLAY STORONSKY
FOUNDED: 2015

Topping our list of fintechs to watch

in 2024 is Revolut. The neobank, which
is the largest in the UK today and one
of the biggest in Europe, has this year
announced it will be offering mobile
phone plans in the UK. The move comes
amid Revolut’s aim to create a mobile
‘super app’ of integrated services outside
of just financial services. This would
mark a significant move for Revolut as
it looks to scale up its customer offerings
in competition with incumbent banks.
The neobank has already launched
a new AI feature to help protect against
card scams, as its widening portfolio
increases the attack surface from which
fraudsters can strike. Achieving these
next steps in its development will be
huge for Revolut, which has already
established itself as a global leader in
fintech with a presence in 150 countries,
35 million personal customers and
500,000 business clients.

TO READ MORE TOP 10s,

CLICK HERE

fintechmagazine.com 51
LEADING
FROM THE
HEART
AD FEATURE
WRITTEN BY:
TOM CHAPMAN

PRODUCED BY:
STUART IRVING

AMNAH AJMAL
EVP Market Development for EEMEA

52 April 2024
MASTERCARD
 MASTERCARD
Amnah Ajmal, EVP Market Development for EEMEA,
outlines how Mastercard is working with companies
and individuals from across the financial spectrum
M
astercard is a vast entity,
employing tens of thousands
of people in dozens of
countries around the world.
But at the heart of its
business is a universal desire to connect
and power an inclusive digital economy
that benefits everyone, everywhere.
The payments giant is achieving this by
making transactions safe, simple, smart
and accessible, providing a seamless,
omnichannel experience along the way.
“I love the fact that so many of our
clients also have the same mission,” says
Amnah Ajmal, EVP Market Development
for the EEMEA region. “If you’re aligned at
the top from a mission standpoint, it really
makes it easy to do business.
“People buy from people, and we make
sure our purpose is directly from the heart.
I look after different segments that cut
across multiple geographies and have
different needs but one mission: to make
people’s lives better and transform their
digital experiences.”
She adds: “Most of our clients are
venturing into new lines of business,
for example financial services, where
we leverage data, trust and distribution
with telcos, retailers and marketplaces.
They have bold ambitions and we support
them in bringing their visions to life.
The financial services industry is
complex, but every innovation isn’t about
54 April 2024
transformation. We offer simple solutions
to complex problems to fuel the bold
ambition of our clients.”
There are two simple, fundamental ways
Mastercard is helping clients diversify their
businesses. Firstly, by enabling acceptance
on SMEs’ phones, and secondly, by equipping
consumers with digital cards enabled in their
mobile phone wallets.
Ajmal says: “As we enable this hyper
growth of new business lines, we also
support future-proofing of their businesses
by leveraging our security and safety
assets.”Plenty has changed since Ajmal
joined Mastercard in 2015.
Nobody was talking about artificial
intelligence nine years ago, she says, whereas
now it’s become almost impossible to have
a single meeting without AI being raised.
What’s more, the topics of sustainability
and diversity have gone from being
afterthoughts to everyday conversations.
“Sustainability wasn’t really top of mind
back then,” Ajmal continues. “But in the last
decade a lot of our work has been around
protecting the planet and fostering
prosperity around the world. Gender
and diversity, too, has become a mindset,
a way of working.
“My journey in this role has definitely
changed as well, given we’ve historically
focused on financial institutions and banks.
Now we have partnerships across digital
merchants, governments and telcos.”
 Amnah Ajmal, EVP
Market Development for
EEMEA at Mastercard

fintechmagazine.com 55
 MASTERCARD

Diversifying businesses
As has already been outlined by Ajmal,
she and her team work closely with
countless non-financial institutions,
enabling them to get closer to their
customers and deliver value.
Many of these organisations want
to generate meaningful growth momentum
or improve their profit margins by entering
into financial services.
Expanding into financial services,
Ajmal goes on, represents a promising
opportunity to change the picture.
“Not only are the margins great in this
line of business,” she explains, “but it also
gives them the ability to serve people at
the bottom of the pyramid and to drive
financial inclusion. Historically, large
organisations have not done a great job
when it comes to servicing that segment.”
Bringing this strategy to life, Ajmal
references Mastercard’s work alongside
telcos in the region, not to mention food
delivery companies like Delivery Hero
and ride-hailing specialists such as Uber.
Many of these firms have millions of
active customers and, with Mastercard’s
help, they are enjoying new revenue
opportunities thanks to the availability
of digital wallets and digital payments. Ajmal’s own take is that women –
Ajmal adds: “That’s the strategy – to entrepreneurs or not – have faced barriers
actually diversify our clients’ businesses compared to their male peers when it
and, in return, it’s helping us to diversify comes to both networking and celebrating
our own business.” their own achievements.
Enter Mastercard’s annual Women
Providing a platform for SME Leaders Awards, which welcomes
female entrepreneurs nominations from across the Eastern
One of the many areas where Ajmal and Europe, Middle East and Africa region,
Mastercard are united is in their desire and is designed to recognise and empower
to fuel growth among the next generation women-owned and run SMEs. Additionally,
of female entrepreneurs. in 2023, Mastercard collaborated with

56 April 2024
the Global Summit of Women conference
in Dubai to host many of these ambitious
women, presenting them with an
opportunity to take to the stage and
share their stories.
Commenting on the women-focused
initiatives she has led, Ajmal says: “When I
speak to women entrepreneurs they believe
they have very ordinary stories but, when
they share them in a conference room filled
with hundreds of people, it’s so inspirational
and makes a huge difference.
“These women have the
opportunity to talk to other
successful entrepreneurs, network,
and figure out the challenges they may have
and drive learnings from them.”
Mastercard also has an active partnership
with Women Choice, an international
organisation on a mission to create one
million jobs for Arab women.
The collaboration is aimed at empowering
female social entrepreneurs across the Arab
world with the proper training and resources
fintechmagazine.com 57
 MASTERCARD

to place at least 1,000 women in their

respective enterprises.
“As a mother of
“It has a multiplier impact, which I think a daughter I’ve
been able to give
is really important,” says Ajmal. “When
you train a set of women in creating their
personal brand, you’re also ensuring they
give something back to other women and choices to her
it becomes a cycle. This is something I’m
very passionate about. As a mother of a
that I didn’t have”
daughter, I’ve been able to give choices
to her that I didn’t have. It’s important for AMNAH AJMAL
me to uplift women and make them believe EVP MARKET DEVELOPMENT, EEMEA,
in their dreams.” MASTERCARD

Helping fintechs to grow and scale

Ajmal’s personal take is that a strategy
of innovation must always be based
on collaboration.
“I always say no-one can innovate alone
in today’s world,” she emphasises. “We have
to make sure we’re partnering with different
players of the ecosystem.”
Fintech is, evidently, a crucial part of
the modern-day ecosystem, especially for
a payments powerhouse like Mastercard.
Ajmal reveals there are two primary ways
in which the organisation is partnering with
fintech companies, helping them to grow
and scale along the way.
She explains: “When I meet clients,
be it the region’s largest retailer, a payment
service provider or an airline, they’re looking
for a specific problem to be solved, but we
as Mastercard may not have all the assets
and capabilities to provide the solution.
“So, we co-create solutions with
fintech companies and, because we
adhere to compliance, data security and
privacy standards, the fintech benefits
from our expertise and receives access
to the distribution network of our clients.

58 April 2024
AMNAH AJMAL
TITLE: EVP MARKET
DEVELOPMENT, EEMEA
INDUSTRY: FINTECH

Amnah Ajmal is the Executive Vice

President of Market Development, EEMEA
at Mastercard. In this role, she leads the P&L
across multiple business verticals including
merchants, telcos, governments, fintechs
and digital players in 80 markets. In addition,
she also heads the strategy, pricing, analytics
and M&A function for the region. Prior to this
role Amnah led the North America product
and innovation organisation, based out of
the US, creating sustainable, competitive
differentiation for Mastercard and its
customers by delivering digitally-integrated
consumer experiences across consumer
and commercial products.
Prior to joining Mastercard, Amnah was
CEO for Standard Chartered Consumer Bank
Malaysia. She was also responsible for retail
banking strategy for Indonesia, Malaysia
and Taiwan in a global role based out of
Singapore. Prior to Standard Chartered,
Amnah worked at Citigroup in the UAE,
Egypt, the UK and Poland. She held a
number of leadership positions at Citigroup
including Asset Business Head for Poland,
taking responsibility for the full range
of consumer asset products, innovation
and distribution including credit cards,
co-brands, personal loans and mortgages.
Amnah was honoured to be listed
in: Forbes Middle East’s 100 Most Powerful
Businesswomen 2024; and the Top 100
Women in Fintech 2021 by IBM and
FinTech Magazine.
 “Our clients are very well-established
industry leaders with a huge customer
base, but need tailored solutions to
provide superior consumer and merchant
experience. It’s a win-win situation.”
In addition, Mastercard is continuously
equipping fintech companies with the
capabilities required to future-proof their
businesses, whether in relation to risks
like cybersecurity or fraud.
“As fintech companies enter into
business,” Ajmal adds, “they always
think about growth which comes with
the risk of fraud and cyber attacks.
“We make sure they’re on the right
path in terms of profitability because one
such attack can set you back for years.”
60 April 2024
Enhancing CX with AI
Ajmal is a passionate believer in artificial
intelligence. She reflects on the term first
being coined back in the 1950s, long before
the increased speed and power of computing
made it possible for AI to scale.
“Given your mobile phone now has more
capacity than computers had in previous
decades, AI is no longer science fiction
– it’s a reality,” Ajmal declares.
On the relatively recent rise of generative
AI, Ajmal highlights the launch of OpenAI’s
ChatGPT as an important milestone.
Like millions of people around the world,
she admits to experimenting with the
groundbreaking chatbot, even asking it
for parenting advice.
 MASTERCARD

Businesses have, of course,

been prioritising personalisation for
years – attempting to achieve a better
“In today’s world ROI on their marketing techniques.

plenty of solutions
AI, Ajmal says, is now driving
personalisation and ensuring consumers can

are there, but the enjoy the most personal service possible.
“How many of us keep clicking ‘close’
key is to find the on the ad we don’t want to see when

right problem”
we’re online shopping or on a social media
platform?” she asks. “This is because
companies, when targeting us for marketing
AMNAH AJMAL efforts, haven’t been able to personalise
EVP MARKET DEVELOPMENT, EEMEA, what I want to see compared to what
MASTERCARD you want to see. Now, personalisation
is possible and can be delivered at scale
thanks to AI.”

fintechmagazine.com 61
 MASTERCARD

We’re already seeing countless
AI use cases in action, both in business
and everyday life.
Ajmal recalls reading some research
during an AI course at Harvard University,
where respondents were asked whether
they would be happy for their dentist to
use AI to validate their diagnosis – and more
than half said ‘yes’.
“You could argue, ‘why would anybody
be okay with AI validating the diagnosis,
especially when it comes to their teeth?’,”
she continues. “But the answer is very
simple: it’s in human nature to like anything
that adds predictability and evidence.
The human eye can only see so many shades
of grey, so there will always be variation
in decisions. AI can plug a lot of the gaps in
decision-making across different industries
and will transform a lot of businesses.
“The key to scaling AI use cases is to
start from a customer problem you want
to solve. Don’t force-fit AI as a solution
to every problem. In today’s world plenty
of solutions are there, but the key is to find
the right problem.”
The foundation of business
Ensuring partnerships have the potential to
become healthy, collaborative relationships,
rather than simply transactional, is a crucial
element of Mastercard’s operations. Ajmal
references telcos like e&, which has millions
of subscribers across multiple countries in

“Trust and thinking

from your heart
is the foundation
of doing business
in today’s world”
AMNAH AJMAL
EVP MARKET DEVELOPMENT, EEMEA,
MASTERCARD

62 April 2024
the Middle East, as well as MTN and Airtel
in Africa.
“These kinds of partnerships are
crucial in the financial inclusion space,”
says Ajmal. “You’re making sure the person
selling apples from a farm can digitise their
transactions, become part of the financial
services ecosystem and then get access
to lending.”
Ajmal also highlights Mastercard’s
links with companies like Marriott and
Uber, which are about bringing personalised
experiences to a more affluent segment,
and the aforementioned partnership
with Delivery Hero which is digitising
payments so that drivers receive their
salaries without delay.
“These are different
kinds of partnerships in
different parts of the region,
but each one has an element
of creating a new experience or giving
something back to the community,”
Ajmal concludes.
“Partnership is not about two businesses
coming together. People do business with
people, based on trust and alignment
of your values and mission.
“Trust and thinking from your heart
is the foundation of doing business
in today’s world.”
DIGITAL BANKING
MOBILE BANKING
POISED TO ENTER
NEW ERA OF
INNOVATION
Financial institutions are working hard to ensure their
mobile banking provision integrates the very latest
technology and offers unprecedented convenience

WRITTEN BY: TOM CHAPMAN

fintechmagazine.com 65
 DIGITAL BANKING
T
here can be no doubt that
the rise of mobile banking
has changed the way both
individuals and businesses
interact with their respective financial
institutions over the past decade or so.
A trend propelled by the prevalence
and availability of smartphones,
customers these days can manage their
finances in various ways at the touch of
a button – on the go or from the comfort
of their own homes.
The level of accessibility and
convenience on offer across financial
services has reached new heights thanks
66 April 2024
to mobile banking advancements,
which have simultaneously encouraged
unprecedented fintech innovation.
Technologies like P2P payments
and biometric authentication, to name
just a couple, have been spurred on by
mobile banking, emphasising the need for
traditional banks to adapt and modernise
– or find themselves being left behind.
Look no further than a recent study
from Juniper Research, which forecasts
that the total value of digital wallets
transactions will rise by a staggering 77%
in the five years from 2023 to 2028, from
US$9tn to more than US$16tn.
The age of hyper-personalisation
It’s often said that we’re more likely to get
divorced than change our bank account.
But one thing mobile banking
has certainly hammered home is the
immense need for financial institutions
to tailor their offerings. Fail to do so and
they risk losing huge swathes of their
previously-loyal customer base.
‘Personalisation’ may have
always been a banking buzzword,
but we’re reaching the realm of hyper-
personalisation, where there is increased
pressure to understand and meet the
needs of each individual.
“Customer experience is more
important than ever and mobile banking
has paved the way for banks to excel,”
asserts Louise Potts, Head of Banking
Customer Advisory at the software giant
SAS. “Not only is it more accessible, it’s
also more convenient. From the palm
of their hand, customers can manage
transactions, income and outgoings
in real time.
“Personalisation and mobile banking
go hand-in-hand. For one, users can
set up tailored notifications based
on what matters to them, whether
it’s encouraging them to meet their
fintechmagazine.com 67
WHITEPAPER
How financial services
are leveraging the
subscriber economy
In this report, you’ll discover :
The role that subscription-based

1 spending plays in consumers’

daily lives.
How subscribers feel about

2 the subscription economy

and its challenges.
How consumer behavior and

3 preference has changed due to

the increase in the cost of living.
Why it’s time to move away from

4 the subscription economy and

towards a subscriber economy.
Super Bundling is the future,

5 giving subscribers control over

their entire subscription ecosystem.

Download now

77%
The forecast rise in digital wallet transactions
from 2023 to 2028 (Juniper Research)
1,556
Number of US bank branches for which
closure notices were filed in 2023 (OCC)
70%
Proportion of UK bank account holders who
used mobile banking in Q3 2023 (Statista)
saving goals or reminders to pay bills
throughout the month. And, as the
demand for enhanced personalisation
grows, the wider industry is taking note
of the innovations within
mobile banking.”
A world of exciting opportunities
This theme of tailoring financial services
is also raised by Michael Wallis-Brown,
VP and Global Head of Mobile Financial
DIGITAL BANKING
Services at Ericsson, who has more than
15 years of experience under his belt
across fintech, mobile banking payments
and consumer mobile applications.
Wallis-Brown is particularly
enthusiastic about the integration
of open APIs within interconnected
ecosystems, an innovation “driving
remarkable growth in mobile money”.
He adds: “This evolution in embedded
finance promises a seamless banking
experience for customers, offering
tailored financial services through
a single platform.
“Moreover, it presents an exciting
opportunity for non-financial merchants
to integrate advanced financial solutions,
leading to new revenue streams.”
Operating on the same wavelength
is Brandon Till, Director of Business
Solutions at Soldo, one of Europe’s
fastest-growing fintech firms.
fintechmagazine.com 69
 LOUISE POTTS
TITLE: HEAD OF BANKING
CUSTOMER ADVISORY
COMPANY: S
 AS
INDUSTRY: TECHNOLOGY
LOCATION: U
 K
Potts has 17 years of experience
working in the banking and financial
services sector, during which time
she has seen the use of data and AI
accelerate significantly. In her role
with SAS, she communicates directly
with banks to help them solve various
modern-day challenges.
70 April 2024
His belief is that any challenge
associated with mobile banking can
be seen as an opportunity for innovation,
but he is most excited about mobile
banking as part of connected finance
– namely using open banking APIs to
connect tools and exchange data for
more individuals.
“I think there is potential to
go one step further,” says Till, “and
use APIs to simplify international
transactions and integrate financial
services into everyday apps –
like connecting budgeting and
shopping apps.”
 DIGITAL BANKING

Far from a level playing field

Not everything in the mobile banking “Customer
space is worth celebrating though,
as Till is keen to point out.
experience is more
While the positives are undoubtedly important than ever,
plentiful, especially when it comes to
accessibility and convenience, the reality and mobile banking
is that access around the world remains has paved the way
for banks to excel”
imbalanced due to the fact not all
customers have access to a smartphone
or the internet connection required
to benefit from online services. LOUISE POTTS
HEAD OF BANKING
The older generation, for example, is
CUSTOMER ADVISORY,
one demographic where members may SAS
find themselves excluded for this reason.

fintechmagazine.com 71
 DIGITAL BANKING
Ericsson Wallet Platform:
Building a brighter financial future
WATCH NOW
“Security is another issue,” adds
Till, “as with convenience comes
vulnerability. Online phishing scams
are getting more sophisticated, so
users of mobile banking are at risk.
“Finally, although banks are
transforming digitally and moving
their services online, some people
still value a trusted human connection
when managing their money and
making complex financial decisions.
Mobile banking might lack this
human touch.”
The death of the physical branch
This leads neatly onto the most hotly-
debated topic surrounding banking at
a consumer level: the slow death of the
physical branch.
72 April 2024
According to data from US regulator the
Office of the Comptroller of the Currency
(OCC), financial institutions filed notices
to close more than 1,500 branches
across the country in 2023, while outlining
their intentions to open just 472.
Across the pond, independent
consumer organisation Which? says
banks and building societies have closed
a staggering 5,835 physical branches in
the UK since January 2015, at a rate of
around 54 a month.
Potts explains: “Difficulties with
internet access, finding a solution
online and navigating complex financial
matters – especially those involving
extensive paperwork or guidance –
are all reasons someone may prefer
an in-branch consultation.
fintechmagazine.com 73
 MICHAEL
WALLIS-BROWN
TITLE: V
 P AND GLOBAL
HEAD OF MOBILE
FINANCIAL SERVICES
COMPANY: E
 RICSSON
INDUSTRY: TELECOMS
LOCATION: F
 INLAND

Wallis-Brown has more than 15

years worth of experience under his
belt across fintech, mobile banking
payments and consumer mobile
applications. As Global Head of Mobile
Financial Services at Ericsson, his main
responsibility is to enhance current
capabilities and craft value-added
services tailored for mobile operators.

74 April 2024
 DIGITAL BANKING

“We’re at the precipice of a

realised digital future where
people, assets and value are
able to connect seamlessly”
MICHAEL WALLIS-BROWN
VP AND GLOBAL HEAD OF
MOBILE FINANCIAL SERVICES,
ERICSSON

“A hybrid banking approach,

whereby people and businesses have
access to in-person and online banking
capabilities, is the way forward, enabling
customers to manage their finances from
wherever suits them most.”

Increased integration on the horizon

What next, then, for mobile banking?
The proliferation of AI and widespread
adoption of open banking are a couple
of trends anticipated to underpin the
mobile banking landscape over the
coming years.
Wallis-Brown is sure that the
continued evolution of digital identity,
furthering a secure and seamless
user experience, will prove to be
a critical piece of the puzzle. He says
advancements in identity management
to further implement ‘know your
customer’ (KYC) processes can ensure
compliance and security in a rapidly-
evolving financial landscape, while
implementing a more transparent
manner of managing data usage.

fintechmagazine.com 75
 DIGITAL BANKING

“Although banks are

transforming digitally and
moving their services online,
some people still value a
trusted human connection”
BRANDON TILL
DIRECTOR OF BUSINESS SOLUTIONS,
SOLDO

He adds: “Platforms such as the

Ericsson Wallet provide a unique
standpoint in their ability to manage
the converging ecosystems of traditional
banking versus mobile, payments
versus fintech and emerging versus
established markets.
“We’re at the precipice of a realised BRANDON TILL
digital future where people, assets and TITLE: D
 IRECTOR OF BUSINESS
value are able to connect seamlessly.” SOLUTIONS
Till, meanwhile, foresees mobile COMPANY: S
 OLDO
banking even more interwoven with our
INDUSTRY: FINTECH
daily lives, seamlessly integrating with
services both financial and non-financial. LOCATION: S
 WEDEN
“I expect to see budgeting within
shopping apps, AI-powered spending Till has spent the last decade-and-
analysis and instant personalised loan a-half working with fast-growing
approvals,” he says. tech companies including Trustpilot,
“However, physical branches won’t KAYAK and now Soldo, where he is
entirely vanish. They will evolve to cater Director of Business Solutions. His
to specialised needs, offering human role involves helping to drive rapid
interaction and expert advice when growth by showing the value that
customers need to make complex SaaS products can deliver for people
financial decisions, or for those and businesses.
seeking trust-based relationships.”

76 April 2024
fintechmagazine.com 77
LAYING THE
GROUNDWORK
FOR A DIGITAL
FUTURE WRITTEN BY:
LOUIS THOMPSETT
PRODUCED BY:
KIERAN DELANEY

78 April 2024
SANTANDER UK

fintechmagazine.com 79
 SANTANDER UK

Jasmeet Narang, Chief Transformation

Officer & Director of Financial Crime at
Santander UK, on establishing the bank’s
future through digital transformation

A
s Chief Transformation Officer
and Director of Financial Crime at
Santander UK, Jasmeet Narang has
accrued extensive experience in banking
technology throughout his career.
“I’ve been in banking for a long time
– around 25-26 years in fact,” Narang says.
“I came to Santander as part of its GE
Money Bank acquisition back in 2008.
“I worked for several years at GE in its
consumer finance business, before moving
over to work laterally with Santander on its
banking side. Throughout that time, I’ve had
a plethora of roles, from running commercial
P&Ls to different operations and so on.”
Indeed, it was thanks to these roles
that Narang was given the opportunity
to run transformation for Santander UK,
a responsibility he has felt unable to
relinquish ever since.

Narang: Aligning Santander

to a shared vision
“The way I saw my role in transformation was
like an orchestrator sitting in the middle of
all banking operations, working with IT and
digital teams, as well as front-facing teams
and data teams,” Narang continues.
“In this way, I’m able to bring everything
together to help transform the bank as we
embark on our digital journey as a financial
services provider looking to best serve our
customers across both retail and corporate
banking divisions.

80 April 2024
fintechmagazine.com 81
 SANTANDER UK
“So, that’s what I do, and I couldn’t
imagine doing anything else.”
Of course, life as a Chief Transformation
Officer doesn’t come without its challenges,
particularly when you’re at a large financial
institution like Santander.
For Narang, it’s pulling together the
breadth of the organisation into an aligned,
transformative path forward that is the
most challenging feat to achieve.
“One day you’re dealing with a tech team,
the next day a data team and then the third
day a customer-facing team,” he says.
82 April 2024
“So, managing relationships across
different divisions can, of course, be
challenging, particularly when you’re bringing
everyone on board to the same vision, the
same goal for transformation and the same
objectives for banking transformation.
“At the same time, covering the breadth of
the organisation is what I like. It’s a challenge
I relish and it’s why I’m in the job, to help
align up to 20,000 employees with one aim.
“The only way you can achieve this
is by collaborating effectively with
various stakeholders at every level of the
 JASMEET NARANG
TITLE: CHIEF TRANSFORMATION
OFFICER & FINANCIAL
CRIME DIRECTOR
LOCATION: UNITED KINGDOM

Jasmeet (Jas) Narang is currently Chief

Transformation Officer & Financial
Crime Director at Santander UK.
As part of the CTO role, Jas
and team are responsible for
and working with teams across
Santander UK & Group to build core
capabilities including Customer
Interactions, Digital, Process
Re-engineering, Data, Agile Way of
Working, Supply Chain Management
& People/ Organisation levers to
help set the foundations for the
bank to grow in the future whilst
maximising productivity. He also
manages the teams that deter,
detect and disrupt financial crime
across Santander UK.

“We’ve completed
the single largest
transformation from a
banking point of view and
dramatically optimised
the cost-income ratio”
JASMEET NARANG
CHIEF TRANSFORMATION OFFICER &
FINANCIAL CRIME DIRECTOR,
SANTANDER UK
Empowering
banks
for the Future
We are spearheading transformation in banks to deliver
exceptional customer experiences. We leverage our expertise
in Banking processes, Emerging technologies and most of all
People to help several global banks thrive in the digital world.

OUR BANKING EXPERTISE

Open-banking Legacy Modernisation Cloud Migration

Advanced Data Analytics Personalised Digital Customer Experiences

Cyber Security Automation via Low-code/ No-code

Learn more →
Arming Financial Firms with the Tools to Innovate and Transform
Coforge, the leading digital services and solutions provider, is ensuring financial
institutions can balance cost optimisation with digital transformation
Coforge started as a training
company almost 40 years ago,
arming people with the skills to
succeed in technology.
Today, the organisation is one
of the world’s fastest-growing
digital services and solutions
providers, delivering real-world
business impact to clients.
However, those roots in training
still serve Coforge well when
it comes to talent acquisition,
development and retention, as
Gautam Samanta, Global Head of
Banking and Financial Services
(BFS), explains.
“Coforge has one of the lowest
attrition rates in the industry,”
says Gautam.
“There is a huge focus on
upskilling, our employee wellbeing
policies are some of the best in
the industry and we encourage
people to give back to society.
With this combination, we have a
highly-motivated workforce.”
DELIVERING COMPELLING VALUE
As his title indicates, Gautam
oversees the BFS unit, Coforge’s
largest vertical.
Financial institutions are,
of course, under huge pressure
to balance cost optimisation with
the need to stay competitive,
while also considering the ever-
changing regulatory landscape
and an increasing cybersecurity
threat.
Coforge’s focus, therefore, has
been to use newer capabilities
like automation to improve cost
efficiency for banks, while also
assisting with core modernisation.
“The BFS unit is a full spectrum
service covering both technology
and operations, while enabling
newer technologies and offering
contextual solutions,” Gautam
continues. “We’ve started focusing
on the core sub-verticals beyond
just BFS, so we’re able to deliver
compelling value.”
CONSTANT INNOVATION
Gautam reveals the BFS unit has
shown exceptional growth thanks
to its ability to drive efficiency
and boost customer loyalty.
Recent engagements have seen
Coforge work alongside major
industry players to build new
products and platforms, and
transform customer experience.
This included helping a large UK
bank to transform its financial
crime platform and delivering
a next-generation payment
platform for a large global bank.
“Things like this help financial
institutions get value in a timely
manner and help us to increase
the stickiness we see with
our customers,” Gautam goes
on.“We’re constantly innovating
and embracing emerging
technologies like generative AI
so that we can keep delivering
the value our customers expect.”
 SANTANDER UK

WATCH NOW

organisation, bringing them together

towards that one common goal and
laying the groundwork for how to
achieve that.”
Indeed, over the past three to four years,
this is what Narang has helped Santander
UK to achieve through the successful
implementation of digital transformation
across the organisation.
Understandably, Narang reveals this
is his proudest achievement at Santander UK.
“We’ve completed the single largest
transformation from a banking point of
view and dramatically optimised the
cost-income ratio for the bank,” he adds.
“Some years back, we used to be close
to the bottom quartile, and today we’re
very much in the top quartile.
“That’s a direct result of the
transformation programme that we’ve
been through over the last few years.”

86 April 2024
“Covering the breadth of
the organisation is what I
like. It’s a challenge I relish
and it’s why I’m in the job,
to help align up to 20,000
employees with one aim”
JASMEET NARANG
CHIEF TRANSFORMATION OFFICER &
FINANCIAL CRIME DIRECTOR,
SANTANDER UK

Santander UK: Leading a digital

transformation journey
Santander UK has been on a remarkable
digital transformation journey over the
past few years, and Narang has been
leading the charge.
But it isn’t just him; hundreds of
Santander employees have been working
together in a concerted effort to achieve
the bank’s transformative aims. The
journey has brought together more than
300 initiatives to improve the digital
experience for Santander’s customers.
Transformation has touched all areas
of the bank, from simplifying the
customer journey to building new data
capabilities, and from streamlining strategic
partnerships to re-engineering initiatives.
“I think we’ve achieved the biggest
transformation of any bank in the UK
over the last few years,” says Narang.
As far as he is concerned, the
transformation journey Santander UK
and the wider group have been on so far
has merely laid the groundwork for the
bank’s future growth and success.
“These are just the building blocks,”
adds Narang. “Now we can build
a skyscraper on top of it from a growth
point of view.”

fintechmagazine.com 87
 SANTANDER UK

88 April 2024
 Santander UK’s future growth will also
be propelled by changing winds in the
macroeconomic landscape. Challenges in
the past few years, including inflation and the
cost-of-living crisis, are expected to subside,
giving Santander the perfect opportunity to
scale its digital banking services.
“We have to take the foundations we’ve
built and generate business growth from
those changes,” Narang notes. “So, it’s not
just efficiency that we’re trying to achieve,
but actually growing in the market. That’s
the next phase of our development.”
This goal to secure future growth is not
constrained to just Santander UK, either.
The bank’s transformation journey has
been implemented across the wider
Banco Santander group. It’s even got
a name: One Transformation.
“It doesn’t matter if it’s Santander in the UK,
Spain, Germany, the US or Brazil; the vision is
streamlined across the globe, and you can see
that in the similarities between the group’s
different digital platforms,” adds Narang.

Scaling mobile banking across the group

A streamlined vision is matched by
Santander’s approach to using one common
mobile banking application across the four
key European markets in which it operates:
the UK, Spain, Poland and Portugal.
“In our key European markets, we brought
the talent, thinking, infrastructure and core
layers together to create our mobile banking
application,” says Narang. “Around 70-80% of
our mobile banking components are similar
across the board, with nuances in place for
each of our European marketplaces to best
meet consumer needs.
“The last 25-30% of the stack is tailored
to specific local markets, but the core of
what we offer is aligned to what we do as
part of the larger group.”

fintechmagazine.com 89
Over 40%
of SMEs consider
availability of online and
mobile tools as the most
critical area when selecting
a primary bank
Even more prefer availability
of branches and robust
relationship management

Create a digital experiences which is

Streamlined Integrated AI enabled Personalised

Minimize steps in Connect with 3rd For better Use real-time

customer journey party business customer service, data analytics to
to complete apps to deliver navigation and identify instant
onboarding added value support cross-sell
oppotunities

Connect with us
Balancing Tradition and Innovation: The Role
of Digital in the Future of Banking
Vikram Nair, President, EMEA Business, Tech Mahindra
With the rise of technological advancements,
businesses believed their customers would
solely migrate to digital channels, causing offline
business models to become obsolete. However,
it has become apparent that customers seek
more than the mere convenience provided by
digital channels; they desire human interaction
and tangible experiences. This observation
accentuates the critical importance of striking a
balance between traditional and contemporary
approaches, and of leveraging digital tools to
complement, rather than supplant, the personal
touch in banking services.
It is hardly surprising that numerous businesses,
which initially launched as purely online entities,
have progressively transitioned towards
establishing physical stores and branches. This
strategic shift aims to forge deeper connections
with their customers and cater more effectively
to their needs. However, this evolution should
not be misconstrued as a diminishing relevance
of digital platforms. The underlying issue
resides in the perception of digital technologies
by industries. Digitalization has often been
regarded merely as a distinct channel, rather
than recognizing its potential to enhance and
complement physical customer experiences.
Businesses embracing a blend of physical and
digital operations are setting themselves up
for unparalleled success, outshining peers who
limit themselves to just one realm. This hybrid
approach broadens their reach and enhances
their resilience, making them more adaptable
and competitive in today’s dynamic market
landscape. For instance, a banking mobile
application built for small business customer
onboarding can be used by the customer
directly. Moreover, it can also be used by the
branch staff to quickly and seamlessly onboard
walk-in customers, allowing them to form
relationships immediately.
Concurrently, real-time data analytics can
provide inputs on other value-added services
that might be relevant for customers, leading
to cross-selling opportunities for banks and
a smooth customer experience. AI-enabled
processes can help the customers and the
bank fill out applications faster with the help of
information that otherwise might not be readily
available. With an intuitive application that
allows quick and seamless on-boarding, banks
can now reach larger audiences which were
previously inaccessible.
During our research work with one of the
largest UK banks, the head of SME onboarding
shared, “it is imperative that we innovate, keeping
our customer at the center of everything we do,
crafting every experience with their journeys in
mind, right from when they see us for the first time
to when they have become long time customers,
so that we can enable them in life, and do so with
elegance and speed.”
To maintain customer-centricity, banks with
a legacy of prioritizing their customers must
embrace digital technologies. This will enable
banks to cater to the specific needs and
preferences of the customers and provide
them with the best possible experience. With
this, banks can ensure that their customers
engage with them through the channel they
prefer, thereby enabling customers to be their
best selves. It is not just about going digital
fast but leveraging digital to build a complete,
wholesome customer experience.
“Our stated vision Indeed, Santander’s latest mobile
banking app is relatively new, and Narang

is that we’re is pleased to see it receiving rave reviews

and challenging the best practices set by

going to be a the likes of other challenger banks.

“In the UK, we’re in the process of

digital bank with migrating customers from the old platform

to our new one,” adds Narang. “We’re doing

branches, and a this in a controlled manner over the next

couple of months, as opposed to going crazy

human touch” about it. It’s about making sure customers

JASMEET NARANG
CHIEF TRANSFORMATION OFFICER &
FINANCIAL CRIME DIRECTOR,
SANTANDER UK
are comfortable shifting over.”
Narang continues: “The advent of
digital mobile banking post-COVID-19
amongst the population in the UK has
gone sky-high, frankly.

92 April 2024

“There is no option but to be the best
at that in the marketplace. The reality
is we were lagging behind some of the
competition previously, but now we’re not
just catching up, we’re trying to leapfrog
them. And I’m pretty confident that given
what we’ve got on the table, we’ll do
that in the coming months and years.”
Digital banking: Part of the
omnichannel experience
Of course, while Santander is scaling its
digital banking capabilities as it looks to
outperform neobank rivals, it’s vital to
Narang and the wider group that these
digital endeavours are balanced against
SANTANDER UK
continuing to offer in-person banking
options for those who need them.
“Our stated vision is that we’re going
to be a digital bank with branches, and
a human touch,” Narang emphasises.
“That means continuing to operate
branches, and we’re not shying away
from that.”
He adds: “We’re very happy with where
we are with the number of branches we have.
This brick-and-mortar setup is our way of
continuing to serve certain sections of
society that still need in-person services.
We are also investing in refurbishing some
of our branches and opened two new
Work Cafes last year.
“We’re going to keep growing in-person
banking for the customers that need it. We’re
working with the government to set up cash
hubs, ensuring there remains access to cash
for consumers at the high street level.
“The needs of these customers remain
at the front of our minds, and our strategy
is crystal clear – going both hard and fast
with our digital adoption strategy while
remembering that other customers of certain
demographics need physical help, advice and
a personal experience. We’re committed to
continuing that presence on the high street.”
Santander: Leveraging
emerging technologies
Indeed, while the needs of some
demographics rely on in-person banking
services, the requirements of other
Santander customers sit at the cusp
of innovation.
That is why Santander UK has recently
set up an internal AI working group, to see
how AI (particularly Gen AI) can be further
applied across the organisation, including
in risk compliance, data privacy, data
protection and more.
fintechmagazine.com 93
SANTANDER UK
 Banco Santander
financial campus

fintechmagazine.com 95
 SANTANDER UK

“It’s not just efficiency that we’re

trying to achieve, but actually
growing in the market. That’s the
next phase of our development”
JASMEET NARANG
CHIEF TRANSFORMATION OFFICER &
FINANCIAL CRIME DIRECTOR,
SANTANDER UK

Narang explains: “All our relevant experts
gathered round the table and said, ‘this is
the framework we’re going to set up, this is
how we’re thinking about use cases where
we can apply AI on the ground, and this
is the support we’re going to give team
members who come up with new ideas on
how to best use AI’. It’s about finding the
best use for AI, not using it for the sake of it.”
For Narang and co, they’d rather not
let the possible applications of AI languish
in the bureaucracy of the organisation,
instead testing possible applications
as quickly as possible.
“The aim is to continue to
implement AI,” adds Narang.
We believe in working with and
building strong partnerships with
third-party strategic partners where
their expertise will enhance our ability to
deliver for our customers. We make sure
their solutions are closely aligned with
our existing frameworks and standards.
Santander: Scaling the skyscraper
Indeed, while the foundations Santander
has in place will help it on its growth
path, for Narang and co, today it’s about
scaling the skyscraper from
established foundations.
“We’re looking to scale from all angles,”
asserts Narang. “So, not only for personal
customers but for businesses too.”
Of course, Santander UK will look to stay
at the forefront of technological innovation.
For Narang, the financial institutions that
succeed in implementing solutions like
Gen AI will be those that apply it to the
right use cases.
“The technological landscape will always
continue to change and evolve,” he says.
“There’s always innovation coming for the
big tech giants and other niche players.
“For me, the key to success is how an
organisation best utilises the technology
on offer because there’s no technological
dearth right now; it’s booming.
“It’s about using technology most
suitable for individual needs – that will be
the hallmark of an organisation’s success
and, at Santander UK, we have a strategic
workforce plan to ensure we’re using the
latest innovations in the right way.”

96 April 2024
fintechmagazine.com 97
PAYMENTS PROVIDERS:
DELIVERING FLEXIBILITY
TO CUSTOMERS
We look at ways payments providers can deliver flexible
payments experiences, and how they can help businesses
overcome fraud and meet sustainability needs
WRITTEN BY: LOUIS THOMPSETT

P
ayments providers have a lot to
consider in 2024 when completing
their offering. Businesses, whether
large-scale e-commerce providers or
SME retailers, have to meet customers’
needs to maximise revenue and end-
user satisfaction.
It’s up to payments providers to
deliver businesses with the payments
solutions they need, be it digital
payments, contactless payments,
embedded payment offerings or
Buy Now, Pay Later (BNPL) solutions.
For payments providers, meeting
the diverse needs of their clientele
may make it hard to pinpoint the core
qualities needed in their technology
stacks and product suites.
Making transformative
payments integration seamless
Maciej Pitucha, VP of Product and Data at
Mangopay, believes the most important
thing to consider is “seamless integration”.
Of course, this means a business’
payments transformation efforts
ultimately have the potential to
be effortless.
Pitucha adds: “Being able to provide
every part of the payments infrastructure,
combined with the ability to integrate
with the existing technology stack, offers
a modularity that has proven powerful
and appealing to our clients.”
By providing seamless integration,
not only do payments providers
boost their prospects of growing their
customer base, but they can also help
drive the development of all-in-one
operational ecosystems.
PAYMENTS
“Here, businesses can not only
make transactions but also access
a range of financial services, including
instant payments, BNPL options,
real-time invoicing and quick credit
access,” adds Pitucha. “For end-
users, this greatly streamlines their
shopping experience.”
Indeed, giving end-users the flexibility
to complete a payment in the way
they want is a massive advantage for
businesses today, particularly when
it comes to boosting acquisition and
retention rates.
As Nicole Olbe, Managing Director
UK at Adyen, tells us: “Consumer trends
move fast, so payments providers need
a solution to adapt quickly.”
Businesses not only need to
offer the payments options consumers
seek today, but must also be able to
adapt to new payments options that
hit the market.
“It’s important to stay one step ahead
by enriching the omnichannel approach
with a unified commerce offering,”
adds Olbe.
“Merchants need to know the
customer behind each payment.
With valuable cross-channel insights,
merchants are connecting transactions
to individuals to build a deeper
understanding of customer behaviour.”
This is helped by consolidating
payments into one system, which
enables merchants to “easily track their
business performance across channels
and regions, and therefore make
more informed business decisions,”
according to Olbe.
fintechmagazine.com 99
 FREE FINSERV GUIDE

Don’t let
downtime
cost you
(or your customers)

Discover why and how Fortune 500 financial

service companies use Distributed SQL to grow
their business, eliminate risks, optimize costs,
and ensure an ideal customer experience.

Download now

“Fraudsters are using
technology
in more
innovative and
sophisticated ways
to trick consumers”
JOHAN GERBER
EXECUTIVE VICE PRESIDENT OF
SECURITY AND CYBER INNOVATION,
MASTERCARD
“Merchants can offer their
customers a more personalised
shopping experience by connecting
the dots between their various sales
channels,” Olbe continues. “This makes
it easier to cater to customer needs.”
Of course, if there’s one thing
businesses shouldn’t forget, it’s that
“payments are personal for people”,
notes Gabriel de Montessus, Head
of Global Enterprise at Worldpay.
He adds: “Whether it’s a digital,
contactless, embedded or BNPL
payments, it is paramount to offer an
array of options to accommodate the
varying preferences we see today.
PAYMENTS
“By accomplishing seamlessness
across channels, consumers can feel
confident that neither security nor
convenience is affected by their
choice of payment method.
“Ultimately, this helps retailers not
just deliver faster, smarter and easier
payments to their customers, but
enhances their ability to understand their
consumers and how they are interacting
with the brand across these channels.”
For Olbe, this seamless approach “not
only allows merchants to introduce new
technologies but open new channels
and expand to new regions more simply
while empowering them to become
a truly unified commerce business.”
Payments providers:
Being ready for new technologies
Evidently, being ready to introduce
new technologies quickly will be
fintechmagazine.com 101
 PAYMENTS
a key differentiator for those payments
providers that succeed and those
that don’t.
One such technology with game-
changing potential to transform payments
is, of course, blockchain technology.
For De Montessus, the potential
of blockchain is tremendous.
He asserts: “Its decentralised,
secure and programmable nature
opens the door to many potential
benefits, including enhanced
transparency, reduced transaction
costs, faster transaction settlement
and programmability.
“In particular, smart contracts
on blockchain platforms can
automate complex payment
processes and the open network-
based approach can reduce the
need for intermediaries.
“Additionally, blockchain’s potential
to tokenise various financial and non-
financial assets opens new possibilities
for fractional ownership and innovative
payment and value delivery models.”
While the potential for blockchain
is there, for now, barriers remain
to its wider adoption, including
scalability issues and a fragmented
regulatory framework.
However, from De Montessus’
perspective, blockchain “continues to
hold the promise of ushering in a new
era of further efficiency, trust and
innovation in payments.”
For providers, the key is to be ready
for when blockchain technology
starts spreading across the payments
landscape more widely.
102 April 2024
“Smart contracts
on blockchain
platforms can
automate complex
payment processes”
GABRIEL DE MONTESSUS
HEAD OF GLOBAL ENTERPRISE,
WORLDPAY
Mitigating fraud risk
While meeting the needs of end-users
with flexible payments solutions and
providing merchants with seamless
integration processes may be front
of mind for many payments providers,
today the biggest challenge comes in
mitigating the rising risk of fraud.
As payments providers leverage
the latest technology to enhance
their offerings, this same technology
is opening new avenues which can
be utilised by fraudsters to attack.
It’s no wonder Johan Gerber,
EVP Security and Cyber Innovation at
Mastercard, says fraudsters are “using
technology in more innovative and
sophisticated ways to trick consumers.”
The problem is growing, with global
e-commerce fraud losses expected to
top US$48bn in 2023.
Indeed, as Olbe notes: “The
mainstream use of generative AI has
changed the game. Use of deepfakes is
just another new tool fraudsters can use
against individuals as well as businesses.”
MASTERCARD: CONSUMER
FRAUD RISK SOLUTION

Mastercard’s John Gerber discusses

how the company’s Consumer Fraud
Risk (CFR) solution, launched in 2023,
has helped the organisation fight
against impersonation scams.
“Beyond automated attacks,
fraudsters also use impersonation
scams to trick people and
businesses,” says Gerber. “To combat
this, Mastercard launched its award-
winning Consumer Fraud Risk
solution (CFR) in 2023.
“CFR addresses APP fraud on
real-time payments by monitoring
thousands of data points within
milliseconds, providing banks with
the insight they need to identify and
stop payments heading to fraudsters.
Currently operational at 10 UK
banks, initial evidence shows it has
increased fraud detection by 20%
and could save up to £100m in
APP fraud in the UK alone, should
remaining banks adopt it.
“We recognise that fraudsters
are always looking for new ways
to scam individuals and businesses,
which is why at Mastercard we are
continuously investing in innovative
new solutions to stay two steps
ahead, protecting our digital
world and the opportunities and
possibilities it holds for all.”
 PAYMENTS

Adyen’s latest research found 33% of

UK businesses had experienced a rise in
payment fraud, with just 53% saying their
fraud systems were effective.
This is why Olbe believes investing
in AI and fraud protection systems is
“more important than ever to ensure
the best defence.”
Just as fraudsters may leverage Gen
AI for malicious gains, so can payments
providers offer defence mechanisms
using the same technology.
Olbe adds: “Risk management
solutions like Adyen’s RevenueProtect
have a range of tools to tackle fraud.
RevenueProtect follows a three-step
approach – detect, prevent, respond –
and uses a global, cross-industry network
of data to accurately make the best risk
decisions and protect customers.”
Today, there are many anti-
fraud solutions available to help
ensure future payments innovations
are not constrained by potential “It’s important
to stay one step
security concerns.
“At Mastercard, we have a Safety
Net solution that helps protect issuers ahead by enriching
the omnichannel
and acquirers from large-scale fraud,
preventing a record US$21bn being lost
to fraud attacks on our network in 2023,” approach
with a unified
notes Gerber.
“Elsewhere, our AI-solution Decision
Intelligence scores more than 125 billion commerce offering”
transactions each year in real time,
identifying potentially fraudulent card
NICOLE OLBE
transactions and providing card issuers MANAGING DIRECTOR UK,
with the necessary intelligence to protect ADYEN
their customers.”

104 April 2024

fintechmagazine.com 105
 NICOLE OLBE
TITLE: M
 ANAGING DIRECTOR UK
COMPANY: A
 DYEN
MACIEJ PITUCHA
INDUSTRY: FINTECH
TITLE: V
 P PRODUCT AND DATA
LOCATION: U
 K
COMPANY: M
 ANGOPAY

Nicole Olbe is an experienced INDUSTRY: PAYMENTS

Managing Director with a demonstrated
history of leadership working in the
global payments industry. She has
expertise in payment acceptance
including PSPs, point of interaction
(POI), software partner ecosystems,
B2B and acquiring.
LOCATION: E
 UROPE
Maciej Pitucha is an experienced
manager focused on building
products from data for fun and profit.
He became part of the Mangopay
group in November 2022.

106 April 2024

 PAYMENTS

With a plethora of anti-fraud solutions

entering the market to better protect
consumers from fraud, De Montessus is
confident of a secure future where fraud
is on the decline.
“Compared with historically rules-
based methods of fraud detection,
AI and ML can build real-time models
on a variety of data assets that can
respond to new and emergent threats
in a nearly autonomous fashion,”
he explains.
“As we’ve seen in the past 18 months
alone with the rapid evolution
of AI systems, I fully believe that
the technology has the potential to
go well beyond fraud and will play
a crucial role in efforts to fully optimise
payments, whether that is with enhanced
authorisation rates or smart routing.”

The future of payments:

Sustainability front of mind
As payments technology moves into the
future (as discussed with the emergence
of blockchain technology), one need that
payments providers will have to meet is
the end-users’ growing desire to adopt
sustainable practices in their purchases.
According to Worldpay’s recent Future
Shoppers report, almost three-quarters
(73%) of all consumers said they would
likely be influenced by sustainability and
the environment when deciding where
to shop in the coming years.
Tracking the environmental impact
of spend could, therefore, become a key
consideration for payments providers in
the future.

fintechmagazine.com 107
 De Montessus
continues: “Sustainable
protocols in eco-friendly
payments involve minimising the
environmental impact of payment
processes.
“This includes transitioning to
renewable energy sources for transaction
validation, reducing paper usage,
promoting carbon offset initiatives and
alternatives to first-use PVC plastic He concludes: “Collaboration
payment cards. across the industry to establish
“The increased adoption of standardised eco-friendly practices
biodegradable cards, as well as digital and raising awareness among
and contactless payments, will ultimately consumers about the environmental
lower resource consumption in impact of their payment choices are
comparison to cash and plastic cards.” crucial for fostering a sustainable
What’s more, payments software payments ecosystem.”
providers can also look to implement So, by adopting the latest
digital receipt options to drive down the technologies in payments and offering
use of paper by retailers. leading fraud prevention services,
“This is something acquirers like payments providers can work towards
Worldpay can offer merchants – solutions a consumer-friendly, sustainable future
for e-invoicing,” De Montessus adds. for payments.

108 April 2024

 PAYMENTS

JOHAN GERBER
TITLE: E
 XECUTIVE VP OF SECURITY
GABRIEL DE AND CYBER INNOVATION
MONTESSUS COMPANY: M
 ASTERCARD
TITLE: H
 EAD OF GLOBAL INDUSTRY: PAYMENTS
ENTERPRISE
LOCATION: U
 S
COMPANY: W
 ORLDPAY
INDUSTRY: PAYMENTS As a corporate executive
LOCATION: U
 K and member of Mastercard’s
management committee, Johan
As Head of Global Enterprise at Gerber is experienced in global
Worldpay, Gabriel de Montessus has business strategy, technology
extensive experience in technology, innovation, product development and
digital Industries, fintech and M&A. He has a track record of defining
payments, among other sectors. and implementing a strategic vision
In his current role, he is helping for the company’s services portfolio
to lead Worldpay in reaching top of products, building new scalable
industry results. business lines focused on innovation.

fintechmagazine.com 109
A CX Leader
Promoting
Value Chain
Sustainability

WRITTEN BY:
TOM SWALLOW

PRODUCED BY:
JONATHAN
MOORE

110 April 2024

ZENDESK
112 April 2024
 ZENDESK

Uncovering Zendesk’s ESG journey,

Sustainability Director Shengyuan Su
shares a story of climate action
through its CX software-as-a-service

F
or a software company, there
are two routes to take when
approaching sustainability. The first
is dealing with direct emissions–
items such as Scope 1 emissions
that drive the company towards immediate
carbon neutrality. The other is addressing
the impact that its product has on the wider
value chain, which is where software-as-a-
service (SaaS) providers look to enrich their
clients’ experiences through their offerings.
This broadens the scope for impact.
As one company intrinsically impacts the
other, supplier success hinges on customer
success whether that be profitability or
scalability of digital solutions. This also aligns
businesses based on their sustainability goals
and how they can collaboratively reduce
their environmental impact.
At Zendesk, provision of a great customer
experience (CX) aligns with low-carbon
operation, and the technology company

“Our mission is to
power exceptional
service for every
person on the planet”
SHENGYUAN SU
SUSTAINABILITY DIRECTOR,
ZENDESK

fintechmagazine.com 113
 ZENDESK

SHENGYUAN SU
TITLE: SUSTAINABILITY DIRECTOR
INDUSTRY: SOFTWARE
DEVELOPMENT
LOCATION: UNITED STATES

Shengyuan is the Sustainability

Director at Zendesk where she
leads the company's sustainability
and climate strategy. In this role,
she guides the setting of ambitious
and meaningful environmental
targets and empowers cross-
functional leaders to embed
sustainability across the business.
She also oversees Zendesk's carbon
offsetting and removal programs
with a goal of accelerating the global
transition to net zero. Previously,
Shengyuan led climate programmes
at Salesforce, where she incubated
the very first sustainability product,
'Net Zero Cloud.' She holds a
Master's degree in Environmental
Management from Duke University.

employs expertise to help drive this down

further. At the helm of this is Sustainability
Director Shengyuan Su, who touts Zendesk’s
technical excellence as a SaaS provider.
“We are a SaaS leader and we focus on
helping companies unlock the power of
customer experience and build lasting
relationships,” says Su, sharing the essence
of the company and its mission. “We offer
our customers intelligent customer service
solutions. Ultimately, this simplifies business
and makes it easy for companies and
customers to create connections.”

114 April 2024

 The software development business
prides itself on its mission to “power
exceptional service for every person on
the planet”. What this means for clients
is collaboration with a dedicated team
with more than 15 years of experience in
revolutionising online CX for clients. Most
recently, though, the organisation has been
evolving to further enhance its offering
by harnessing the power of artificial
intelligence (AI).
“Today, we have our complete customer
service solution powered by AI, and
we connect over 100,000 brands with
hundreds of millions of customers over
phone chat, messaging, and social and
health centres,” Su highlights.
This statement is inclusive of
organisations around the world, including
the likes of Uber, Tesco and Disney in
the corporate world, as well as small-to-
medium enterprises.

116 April 2024


“We believe that
forging robust
partnerships is
imperative in
tackling the climate
crisis, because no
one company can
do it alone, and we
must take collective
actions”
SHENGYUAN SU
SUSTAINABILITY DIRECTOR,
ZENDESK
Sustainability: A key part of business
The transformation for Zendesk is centred
around environmental, social and governance
(ESG) as it builds a strategy for the future and
a team to execute. This journey began in 2019
when the company published its inaugural
sustainability report. “Sustainability is a key
component of our value, ‘care for others’,”
says Su. “That includes caring for our planet
and our communities. And we firmly believe
that businesses can be a major force to make
the world a better place”.
One strategic area of focus for Zendesk
is decarbonisation across its value chain,
which hinges on the team’s ability to
integrate sustainability into core parts of the
business, as Su explains.“This includes our
workplace, product development, cloud
operations and supply chain,” Following this,
she highlights some key figures, indicating
the success of the organisation through
its achievements:
ZENDESK
• Adoption of 100% renewable
energy across its global offices
• Delivery of carbon-neutral
products to its customers
• Achieve carbon neutrality on employees’
business travel and commuting activities
To continue reducing emissions at a speed
and scale that is most needed by the planet,
further commitments have also been made
by Su and the Zendesk team, pertaining to
the emissions of the business and those
embedded in third-party operations. These
commitments are validated and approved
by the Science-Based Target initiative (SBTi):
• 84.2% reduction in Scope 1 and
Scope 2 emissions from its offices
by 2030–based on 2019 figures
• Continue sourcing 100% renewable
electricity through 2030
• 68.4% of suppliers by emissions to set
Science-Based Targets (SBTs) by 2027
Cultivating strong partnerships
to accelerate sustainability
“We believe that forging robust partnerships
is imperative in tackling the climate crisis,
because no one company can do it alone,
and we must take collective actions”, said Su.
Beyond partnering with internal cross-
functional groups to reduce emissions,
Zendesk is an early pioneer in purchasing
engineering-focused carbon removal
technologies, which are essential for
achieving societal-level net zero, but in
a very early commercialisation stage.
Most recently, Zendesk joined Frontier.
fintechmagazine.com 117
 ZENDESK

It is an advance market commitment to buy

US$1bn+ of permanent carbon removal
between 2022 and 2030. Through partnering
with other climate leaders and experts in the
community, Zendesk aims to send aggregate
demand signals, bend the cost curve, and
help these critical technologies to scale.
Su also mentions Zendesk’s partnership
with Amazon Web Services (AWS), which is
one its key technical vendors, in reducing
product emissions.
“We built an impactful partnership with
AWS to reduce product emissions,” says Su.
“Sustainability has been top of mind for our
product engineering team. And we know the
best opportunity we have to decarbonise our
product is to optimise cloud infrastructure
and really improve the energy efficiency of
our data instances.”
Through this partnership, the majority
of its workloads was migrated to more
efficient equipment and IT services, which
significantly reduced its product emissions
while also improving cloud performance
and cost-effectiveness.
“The partnership with AWS really kick-
started our supplier engagement journey,
and we strive to create a systemic impact
throughour science-based supplier
engagement target”, Su said. “By setting
targets, we hope that our suppliers will not
only reduce emissions that are attributable
to the products or services that they
deliver to Zendesk, but also inspire their
own suppliers and communities to act
on sustainability.”

Beyond reporting: derive ESG

value from compliance practices
Zendesk is subject to the increasing
ESG regulations and legislations, such
as the Corporate Sustainability Reporting
Directive (CSRD).

fintechmagazine.com 119
 ZENDESK
“While our ESG initiatives are primarily
value-driven and our commitment to
climate leadership extends well beyond
compliance and legal obligations, we believe
the rising regulations play a major role in
enhancing ESG transparency, comparability,
and accountability,” Su said. “And at Zendesk,
our goal is to continue to drive progress
towards our voluntary climate targets, while
also ensuring compliance best practices,
to keep improving the rigour of our data
and pinpoint opportunities for deeper
integration of sustainability principles
into our business dynamics.” Enhancing
compliance is a dedicated working
group, which brings together a variety
of expertise from internal auditing
and legal to enterprise risk management.
“On an annual basis, we work with third-
party auditors to independently verify our
key environmental data and metrics, and we
share our sustainability progress and learnings
with our communities and all stakeholders
through our Global Impact Report,” says Su.
“Most recently, as part of our climate
leadership roadmap, we completed our
inaugural climate risk assessment aligned
with the TCFD and ISSB recommendations.
Throughout this process, we engaged more
than 12 cross-functional teams, and identified
the climate-related risks and opportunities
that are most relevant to our company.”
This shows the extent to which ESG is
embedded throughout the organisation,
but equally important, the collective efforts
required to get the entire company on
board. Furthermore, this process helped Su
and the team to unlock critical opportunities
to integrate climate risks into Zendesk’s
business strategic planning, improve
climate risk mitigation and adaptation
capabilities, and enhance Zendesk’s
resilience to the climate crisis.
120 April 2024
“We believe the rising
regulations play a
major role in enhancing
ESG transparency,
comparability,
and accountability”
SHENGYUAN SU
SUSTAINABILITY DIRECTOR,
ZENDESK
A future approach to ESG
as a CX technology leader
As a technology leader focusing
on customer experience, Zendesk
is committed to decarbonising its
AI-powered solutions for customers,
by working with partners to minimise
the carbon footprint of its AI products
and features, and transparently disclosing
its AI’s environmental footprint.
“AI has big potential to help combat
climate change, and we are really at an
inflection point to shape how we utilise
this powerful tool in a manner that is both
responsible and effective,” Su says. “Every
part of the AI value chain, from utilities and
data centre operators to machine learning
engineers, has a role to play in reducing
the environmental cost of AI. Zendesk’s AI
engineering team has been implementing
green engineering principles to help lower
the carbon footprint of our AI models
and we hope to partner with broader
communities to truly harness the full
potential of AI for the environment.”
 Use more image
captions as often
as possible

fintechmagazine.com 121
FINSERV TECHNOLO
PROPELLING THE FU
In this roundtable, we speak to industry experts on how
tech is driving finserv forward in key areas such as ESG,
CX, digital currencies and Gen AI use cases

WRITTEN BY: LOUIS THOMPSETT

122 April 2024

 FINANCIAL SERVICES

OGIES:
UTURE OF FINANCE

fintechmagazine.com 123
 Fintech is propelling financial services into a new era
like never before. As consumer demand for easier,
more accessible and user-friendly services grows, so
too does the industry’s drive to innovate in key areas.
In this roundtable, we speak to industry experts
on the crucial areas where technology is powering
financial services in 2024. This includes how
technology is powering ESG initiatives, fuelling the
growth of digital currencies and the application
of Gen AI at financial services providers today.
We’ll also ask our experts for the
‘perfect formula’ on how to best implement
technology to improve customer services in
a balanced way, tailoring to all demographics
as financial services march into the digital age.
Our experts are:

SAMINA HUSSAIN-LETCH JOHN STEPHENS

Head of Industry Industry Principal,
Relations and Banking and Financial
Operations UK Services
at Square at Workiva
OLAF BAUNACK JEREMY GRINBAUM
Head of Sales Financial VP EMEA
Services & Insurance at Amplitude
at Intellias
DOUG POLLOCK
WILSON CHAN Vice President of
CEO Customer Success
at Permutable AI at IDnow

124 April 2024


1
What new
initiatives are
we starting to see
when it comes
to Gen AI in
financial services?
Can it help with
personalised
financial planning
and bespoke
investment
strategies?
Samina Hussain-Letch,
Head of Industry
Relations and Operations
UK at Square
Gen AI can be used to
strengthen cybersecurity
measures by improving threat
detection and response. Adaptive and
self-learning algorithms may prove to
assist financial services to stay ahead of
the curve. It can help the sector combat
fraud more effectively and better
understand customers by optimising
the customer experience.
AI-powered algorithms can analyse
market trends and execute trades
at a speed and frequency that is not
achievable manually. This means
businesses can develop sophisticated
and adaptive investment strategies,
which is particularly useful for personal
planning. Gen AI also has predictive
FINANCIAL SERVICES
analytics which can analyse historical
data to forecast market trends, again
helping with financial planning.
The integration of Gen AI in financial
services is an ongoing process, as the
technology advances, we can expect
to see even more sophisticated and
personalised solutions in the financial
services sector.
Olaf Baunack, Head
of Sales Financial
Services & Insurance
at Intellias
For financial services,
AI-powered risk models
can evaluate complex
financial scenarios and assess potential
risks associated with investments, loans,
or business ventures. By providing risk
analysis in real-time, AI helps decision-
makers mitigate potential losses and
optimise risk management strategies.
Overall, the dawn of Gen AI is
transforming financial services by
introducing innovative solutions that
enhance security, personalisation,
automation, and risk management. As
Gen AI technology continues to evolve,
its impact on the payment industry is
expected to grow even further, shaping
the future of how we make payments.
The year 2024 is shaping up to
be a pivotal year for Gen AI in the
financial services industry. We’re
seeing a shift from experimentation
to concrete initiatives, with a focus
on enhancing customer experience,
streamlining operations, and unlocking
new opportunities.
fintechmagazine.com 125
W E BI NA R

Guardians of Trust:
Shielding Customers from
Deepfakes & AI Fraud
Watch Now

!

Here are some key initiatives to watch:
Customer Experience:
• Personalised financial assistants:
Expect chatbots and virtual assistants
powered by Gen AI to become more
sophisticated, offering personalised
advice, generating reports and
answering complex questions
about accounts and investments.
• Content creation for customer
education: Gen AI can tailor educational
content (articles, videos) to individual
needs and risk profiles, improving
financial literacy and engagement.
• Dynamic marketing & product
recommendations: Leveraging
customer data and market trends,
FINANCIAL SERVICES
“Adaptive and self-
learning algorithms
may prove to assist
financial services
to stay ahead of
the curve”
SAMINA HUSSAIN-LETCH
HEAD OF INDUSTRY RELATIONS
AND OPERATIONS UK,
SQUARE
Gen AI can personalise marketing
campaigns and suggest relevant
financial products in real-time.
Operational Efficiency:
• Document automation and analysis:
Automate tasks like KYC/AML
compliance, loan applications
and claims processing, freeing up
human resources and reducing errors.
• Fraud detection and risk management:
Gen AI can analyse vast amounts
of data to identify suspicious activity
and predict potential fraud, mitigating
losses and enhancing security.
fintechmagazine.com 127
“The millennial generation is
highly motivated to get rewards
for purchases and engage
with brands using immersive
and interactive technology”
OLAF BAUNACK
HEAD OF SALES FINANCIAL SERVICES
& INSURANCE,
INTELLIAS

• Algorithmic trading and portfolio financial products for underserved

management: Advanced algorithms
powered by Gen AI can analyse
market data and generate investment
strategies, potentially offering higher
returns and diversifying portfolios.
New Product Development:
• Microinsurance and tailored financial
products: Gen AI can help develop
personalised insurance policies and
populations, increasing access to
financial services.
• Algorithmic wealth management
for mass market: AI-powered robo-
advisors can offer affordable wealth
management solutions to a broader
audience, democratising access to
investment expertise.
• Chatbots for financial inclusion:
Conversational AI interfaces can reach

128 April 2024


unbanked populations in remote areas,
offering basic financial services and
promoting financial literacy.
Important Considerations:
• Ethical considerations and
responsible AI development: As Gen
AI plays a bigger role, addressing bias,
explainability and data privacy are
crucial for building trust and ensuring
responsible use.
FINANCIAL SERVICES
• Building the right skillset: Financial
institutions need to invest in talent
with expertise in AI, data science
and ethics to guide and oversee
these initiatives.
• Collaboration and ecosystem
building: Partnerships between banks,
technology companies and startups
can accelerate innovation and foster
the responsible development of Gen
AI in finance.
fintechmagazine.com 129
 FINANCIAL SERVICES

2
This year has
been touted as one
where sustainable
finance will come
into sharper focus.
How will support
for green initiatives
and investment
in ESG strategies
continue to grow?

Wilson Chan, CEO,

Permutable AI
One notable trend
in recent years is the
increasing transparency
on green initiatives and
the integration of ESG factors
into portfolio management decisions.
Companies and funds are now more
willing to disclose their sustainability
practices and initiatives, providing
investors with valuable information
to make informed investment choices.
This transparency enables investors to
assess whether companies and funds align
with their own sustainability goals and
values. As a result, investors are more likely
to support green initiatives and choose
to invest in companies that demonstrate
a strong commitment to ESG principles.
While fund performance remains
a critical factor in investment decisions,
it is becoming increasingly clear that fund
performance cannot be detached from
ESG principles.

130 April 2024

fintechmagazine.com 131
 FINANCIAL SERVICES
“Neobanks can’t improve the customer
experience without understanding the
broader financial end goals of each user”
JEREMY GRINBAUM
VP, EMEA,
AMPLITUDE
Investors are recognising that
companies with poor ESG practices may
face significant risks and challenges in the
long run, which could ultimately impact
their financial performance.
As a result, there is a growing
understanding that integrating ESG
factors into investment strategies can
contribute to long-term value creation
and risk mitigation.
This realisation has led to a shift
in mindset, with investors seeking
investment opportunities that not
only deliver strong financial returns
but also align with their
sustainability objectives.
John Stephens, Industry
Principal, Banking and
Financial Services
at Workiva
We continue to see
indications from leading
banks, including JP Morgan and
Bank of America – two of the largest
in the world by market capitalisation –
that point to a commitment to facilitating
billions of dollars, of not only bridge
132 April 2024
financing, but also direct financing,
to address climate change and
green initiatives.
Since 2021, some of these leading
global banks have financed and facilitated
more than US$400bn toward sustainable
development targets – this level of
commitment and the amount of spending
is expected to continue into 2024.
Additionally, in 2024, US tax equity
could be the single most important
financing market for the energy
transition in the world.
The market is expecting demand for
traditional tax equity from renewable
energy projects to continue to outstrip
supply, creating opportunities for
corporations to purchase tax credits,
either directly from the developers
or from tax equity partnerships.
Ultimately, the financial services
industry is anticipated to continue to
integrate ESG strategies into mainstream
initiatives, to not only manage risk
or compliance, but also to transform
business models to meaningfully
contribute to net-zero initiatives,
and account for complex externalities.
fintechmagazine.com 133
 FINANCIAL SERVICES

3
How will crypto’s
growth continue
this year, will
we see a move
towards greater
regulation?
And will we
see a continued
increase in
CBDC adoption?

Olaf Baunack, Head of Sales Financial

Services & Insurance at Intellias
Looking forward, as cryptocurrency
continues to evolve, it promises to lower
barriers to entry, reduce transaction
costs, and improve transparency.
Cryptocurrencies also offer secure
and decentralised storage of value,
reducing the risk of inflation and
government interference.
Taken together, digital payments
and crypto have the potential to make
a notable impact on ESG strategies,
making us all more sustainable.
Digital and cryptocurrencies have
seen a resurgence in 2024, following
a volatile 2023. Predicting the future
is always tricky, but here’s a breakdown
of potential trends:

Continued Growth:
• Increased adoption: Cryptocurrency
use for payments and investments
might rise with growing awareness
and infrastructure development.

134 April 2024

• Innovation: New projects
and applications fuelled by
blockchain technology could
attract users and investors.
• Maturing market: Institutional
involvement and investment
could bring stability
and confidence.

Regulatory Scrutiny:
• Greater regulation: Governments
are likely to introduce stricter
regulations to address concerns
about money laundering, fraud
and consumer protection.
• Compliance challenges: This
could create hurdles for crypto
businesses and potentially
hinder innovation.
• Potential crackdown:
Extreme scenarios could involve
bans or limitations on certain
crypto activities.

CBDC Adoption:
• Increased adoption: Central
banks worldwide are exploring
and launching Central Bank
Digital Currencies (CBDCs),
potentially impacting traditional
finance and crypto landscapes.
• Competition and collaboration:
CBDCs might compete
with or complement existing
cryptocurrencies, depending on
their design and implementation.
• Uncertainties: The long-term
impact of CBDCs on overall
crypto adoption and usage is
still unclear.

fintechmagazine.com 135
 FINANCIAL SERVICES

4
How important is it
today that financial
services providers,
particularly legacy
institutions, tailor
new onboarded
technologies to
meet customer
demands? What
will be the formula
for providing the
best CX?

Jeremy Grinbaum,
VP EMEA, Amplitude
Customers have remained
loyal to their local legacy
bank branches for the
same reason they remain
loyal to other local amenities: the
trust built through personal relationships.
Now, bank branches are shuttering,
but the desire for personalisation
remains - which means financial
institutions must recreate these personal,
small-bank experiences digitally.
With long-established banks
encumbered by legacy systems,
this opportunity truly falls to the
cloud-native, agile neobank.
Firstly, neobanks can’t improve
the customer experience without
understanding the broader financial
end goals of each user. Take the example
of someone using a product to pay off
student loans.
While the transactional
component of making payments
and saving money is important,
the way to go above and beyond
is to ask the question, ‘why does
a particular person want to pay
off their student loans?’
Maybe to buy a house, start a family
or open a savings account for their
kids. Challengers need to view their
product from the user’s perspective:
start with a financial goal and then build
an exceptional product experience to
support that.

136 April 2024

 To create a data-driven personalised
experience, challengers can serve
notifications and recommended actions
where and when appropriate.
For instance, delivering an in-app
push notification about progress
toward a financial goal. Pairing this with
a recommended next-best action can be
a game-changer for retention — and trust.
If a fintech understands its users’ goals
and why they take the journeys they
do, then it can tailor communications
to improve the product experience.
Establishing this type of trust will increase
retention and present opportunities
to cross-sell into more areas of
financial portfolios.
Olaf Baunack, Head of Sales Financial
Services & Insurance at Intellias
Customer experience and Open Banking
(seamless integration) are now a defining
competitive differentiator in the financial
services sector.
Millennials and Gen Zs are growing
their disposable income and personal
wealth. Fintech product adoption is
surging. When you pair these two facts
fintechmagazine.com 137
together, it’s obvious that to stay
competitive every bank will need to
set a higher CX bar.
Here are two examples of the
technologies and smart techniques
banks are adopting to deliver the
best CX experience and stay ahead
of their competitors:
• Gamification - the powerful
mechanism to propel smart
banking services and drive customer
engagement: By using gamification
in banking apps, a bank can target
customers according to their specific
needs. Games appeal to people’s desire
138 April 2024
for fun, entertainment, simplicity, social
interactions, rewards and competition.
It’s an especially good way
considering the proliferation of
smart devices, the mass popularity of
gaming and the hobbies of tech-savvy
millennials and Gen Zs.
The millennial generation is
highly motivated to get rewards for
purchases and engage with brands
using immersive and interactive
technology. There are some good
examples of smart banks that are taking
the lead in utilising gamification to drive
customer loyalty, build trust and upsell
to more customers.

Barclaycard US in partnership with
Mastercard, launched Barclays Ring,
a social credit card. By applying game
design techniques to make card-related
activities more engaging, they’ve created
a social community of cardholders.
Online and offline rewards, like
badges for switching to paperless
billing and charity contributions
through Barclaycard’s Giveback
program, help to market the product
as user-friendly and appeal to active
and socially responsible users.
• Digital Wallets for Mobile Cashless
Payments: Integrated QR code-
FINANCIAL SERVICES
based payment system benefits
banks, e-wallets, payment
platforms, retailers and consumers
by allowing fast and secure
transactions via a smartphone
or smartwatch.
The user connects their bank
account with the system and
completes the transaction with a one-
time scan. No personal data or bank
details enter the system, making it
completely anonymous and safe.
A solution can be smoothly
integrated into banking applications,
cash registers, vending machines and
retailer loyalty rewards programmes.
fintechmagazine.com 139
140 April 2024
 FINANCIAL SERVICES

Take Intellias’ client, an innovator of

QR payment technologies and one of the
official providers of Alipay, China’s biggest
payment processor. The mobile QR
platform helps merchants interact with
consumers more efficiently, speeding
up the payment processes, cutting down
point-of-sale (POS) equipment costs and
enabling customers to use their preferred
method to pay abroad.
Its integration with other QR systems,
including Alipay mobile payment
services, allows these systems to use its
European infrastructure to get access to
all participating stores and retail chains.
As a result, users can enjoy exceptional
customer experiences, while traders win
more buyers.

Doug Pollock, Vice

President Customer
Success at IDnow
The finserv industry
has always been at the
forefront of innovation,
with a reliable and steady
finger on the pulse of current
consumer behaviour.
Our research in the UK market has
shown what banking customers want
from their digital experience.
For example, according to our survey
of more than 2,000 UK adults, well
over 60% believed that digital banking
processes – such as remote account
opening, online banking options or an
easy-to-use app – were either extremely
important or important when it came to
deciding which bank they should entrust
with their money.

fintechmagazine.com 141
 The research also showed that it
does not matter if the business is a well-
established name in its sector or if it was
founded last week. Though customers
want digital, they also want to be safe.
The responsibility for safety rests with the
business, which should put in place the
highest security standards.
This need for safety must be balanced
with a good CX process. If registering
to use a business’s online services is
cumbersome or fraught with what the
users see as unnecessary steps, they may
simply lose interest and abandon the
onboarding process.

The best CX is intuitive and
flexible, and reassures the user
of the need for good friction during
onboarding for the important processes
in the background that help keep them
and their data safe. Banks should
engage with their customers in a way
they find appropriate and provide
flexible and inclusive solutions
wherever possible.
One big CX development in financial
services is the increasing use of digital
identity solutions. Digital wallets are
already maturing across markets,
including the UK and the European
FINANCIAL SERVICES
Union in particular, which is pushing
for the adoption of digital identity
wallets across its member states by
the end of this decade.
The widespread adoption of
wallets is viewed as a milestone
towards helping businesses, citizens
and public authorities conduct secure
and seamless electronic interactions.
While the adoption rates of
these digital wallet solutions in the
UK remain in the early stages, all
financial services providers should
be ready for the upcoming transition
to reusable identities.
fintechmagazine.com 143
 THECLOUD’S
INSIDETHE
INSIDE CLOUD’S
TRANSFORMATIVE
TRANSFORMATIVE IMPA
IM
ON FINSERV
ON FINSERV
Without the power of cloud computing, major
fintech and insurtech players may never have
become the pioneers they are today
WRITTEN BY: TOM CHAPMAN

144 April 2024

 TECH & AI

S
I
n this increasingly digital age, cloud
computing has transformed the lives

ACT
MPACT
of millions of people around the
world, whether they realise it or not.
More specifically, in business circles,
the cloud has reshaped the everyday
work of the technology function, not to
mention wider business operations and
how goods and services are delivered.
Inevitably, the same is true of the
financial services sector. Cloud-
based capabilities have shaped and
are continuing to influence product
development, payments infrastructure,
customer service, cybersecurity
strategies – the list goes on.
“The biggest and most innovative
finserv businesses see cloud and financial
service excellence as indivisible,”
contends Steve Morgan, Global
Banking Industry Lead at Pegasystems.
“On-premises systems simply don’t
offer the scalability and efficiency
needed to deliver banking and insurance
services today.
“Having been cautious about moving
frontline applications and data to the
cloud, the reverse is true today. Cloud
is now the platform on which much of
retail banking, and increasingly corporate
banking, is run.”
Rory Yates, Chief Strategy Officer
at insurtech innovator EIS, is in full
agreement.
“We’re almost at a stage where we
could describe the cloud and financial
services as synonymous,” he adds.
“We’ve seen a shift from, ‘we need to
experiment’ to ‘cloud is in our future’.

fintechmagazine.com 145
Managing Risk,
Regulation and Data
Governance
Report Themes Include:

• The Core Characteristics of a Sustainable Compliance Programme

• Common Use Cases of Sustainable Compliance

• Supporting ESG with Data Compliance

• Adding Value through Sustainable Compliance

Read the Report

ing
w govern
Graph ho sport,
ce is a team
complian siness
aching across a bu
re

Featured Authors:
Risk,
ging and
u pull tha
n, “Once yo
organisatio toget

a
als of each information

n
specific go at different

a
liance be gin e ab le to sco
nable comp rney ma y you’r

M
tai jou

tion ance
g sus the
Achievin esses e critical ste
p is
you also ha
ve to
many busin places. On er
is a goal for data togeth ty pro

a
ta to make data quali

l
, bringing
to utilise da integration

u
that want areas of to sta

g
tte r s an d ne ed

ern
and be silo u

Re
nt “Yo
decisions from differe n says:
intelligent t just tick tion. Nelso normalise,
and

v
mers – no an organisa

o
ser ve custo infram es,
informati
on tha
ing into ma

G
nc e bo x. “In teg rat ud
lia the clo

Data
the comp tems and Then you
need
e dis tributed sys t in mo de rn
lianc en data
ble comp a requirem utilise the
n, sustaina is certainly to have
For Nelso n has an u also need sources to
info
tha t an organisatio ec osy stems.” “Yo ha ve
is a sign ’ approac
h.
nce proce
ss, you
you, as a
fina
listic ‘da ta integrity a governa es ap ply to to
ho lici
that are o what po are trying
institutions visibility int the data
“Financial ully are lidate where historical
da
ssi ng mo st successf wh at data, va ask
progre need to
mpliance from. You ser vices pro
eraging co is coming of the
the ones lev ses to achie
ve d impact
looking to
le
port use ca lineage an
what the ess proce
sses
data to sup tives er bu sin As Nelson
le go als or objec da ta is on oth ry terms
multip n.” e your glo
ssa
location da
JEFF NELSON JD DONNELLY across the
organisatio

ltiple
– and ensur
are prope
rly identifie
d from mu
ltiple
useful als
o

sts of mu s.
int eg rity consi data source
Managing Director – Financial Senior Director – Da ta
d depend
ing on the
steps – an
Crimes & Compliance Division Professional Services

Precisely Precisely

Grap
‘dat
 TECH & AI

“Cloud is a catalyst for enterprise

business transformation and has
already shown it’s a game-changer for
how financial services organisations
will operate.” STEVE MORGAN
TITLE: G
 LOBAL BANKING
The foundation for fintech innovation INDUSTRY LEAD
Cloud computing has arguably been the COMPANY: P
 EGASYSTEMS
catalyst for the very existence of leading
INDUSTRY: TECHNOLOGY
fintechs and insurtechs. Perhaps big-
name brands operating in these spaces LOCATION: U
 NITED KINGDOM
would never have been considered, let
alone launched, without it. Steve Morgan is part of Pega's
Steve Williams, Financial financial services team and
Services & Insurance Lead at works as Global Banking Industry
Orange Business, is unequivocal Lead. Morgan is an experienced
in his belief that this particular leader of teams, managing operations
technological advancement bears and delivering complex business
significant responsibility for ensuring transformations from sales through to
fintechs can rival more established operations.
finserv institutions.

fintechmagazine.com 147
 TECH & AI

“Cloud has already

shown it’s a game-
changer for how
financial services
organisations
will operate”
RORY YATES
CHIEF STRATEGY OFFICER,
EIS

“The cloud is the foundation for

much of the innovation that is reshaping
the fintech industry for the better,”
says Williams.
“Cloud platform providers are enabling
fintechs to deploy new services quickly
and scale them seamlessly to meet
market demand, all while maintaining
performance, security and compliance.
“It’s cloud providers that encompass
the entire digital services value chain –
from cloud-enabled data management
and compliance expertise to worldwide
scale – that have driven the most
innovation in fintech. They allowed
fintechs to focus on growth and
ultimately gave them the edge over
traditional financial services institutions
that had legacy IT infrastructure.”
It’s much the same story in the world
of insurance.
Like banks, insurers have faced a host
of market, customer and regulatory
pressures in recent years, forcing

148 April 2024

RORY YATES
TITLE: C
 HIEF STRATEGY OFFICER
COMPANY: E
 IS
INDUSTRY: INSURTECH
LOCATION: U
 NITED KINGDOM

Rory Yates is a seasoned

business leader with almost
three decades of experience in various
domains, including digital, marketing,
innovation and sustainability. As Chief
Strategy Officer at EIS, he oversees the
strategic direction and growth of the
company, ensuring alignment with its
vision, mission and values.

fintechmagazine.com 149
 What is a Sovereign Cloud?
WATCH NOW
them to rebuild their business models
and technology foundations around
customers.
Crucially, the cloud has allowed these
firms to adapt at pace and keep up with
the rapid rate of change.
“Scalability, adaptivity in change and
extensibility have made cloud strategies
fundamental rather than optional or just
desirable in insurance,” continues Yates.
“Cloud technologies provide these
businesses with a far greater ability to
build, test and deploy seamlessly and
easily. Vitally, this allows business change
to be more frequent, lower-risk and at a
lower relative cost of change.”
150 April 2024
A boost for banks
Increased collaboration between
banks and fintechs in recent times has
pushed the former towards a new era of
modernisation.
Traditional institutions have been left
with little choice but to do away with
outdated IT infrastructure and, inevitably,
cloud migration has played a pivotal role
in the transition.
It’s a development that has facilitated
far easier integration of fintech solutions,
helping banks to provide added value to
their customers.
They can also engage with fintech firms
on their own terms, as Morgan explains.
 TECH & AI

“When a bank has a cloud platform,

“The biggest and they can more easily take on board the

most innovative
specific capabilities of a fintech,” he says.
“Greater cloud migration and
finserv businesses development of a cloud-native mindset

see cloud and

means the bank can think and behave
more like the fintechs with which it wants
financial service to collaborate.”
Williams acknowledges that, by
excellence as embracing, adopting and migrating to the

indivisible” cloud, banks can unlock increased agility,

innovation and efficiency, ensuring
they remain competitive and provide
STEVE MORGAN outstanding customer experiences
GLOBAL BANKING
INDUSTRY LEAD, in what is a rapidly evolving financial
PEGASYSTEMS landscape. It’s not all smooth sailing,

fintechmagazine.com 151
 STEVE WILLIAMS
TITLE: F
 INANCIAL SERVICES &
INSURANCE LEAD
COMPANY: O
 RANGE BUSINESS
INDUSTRY: TECHNOLOGY/
CONSULTING
LOCATION: L
 ONDON

Steve Williams has helped

dozens of large, multinational
organisations to transition from
traditional IT models to ITaaS cloud
models. In his current role, he
translates clients’ challenges into
practical solutions by harnessing the
full potential of Orange Business and
Orange Cyberdefense.

152 April 2024

 TECH & AI

“The cloud is the

foundation for much
of the innovation
that is reshaping the
fintech industry for
the better”
STEVE WILLIAMS
 FINANCIAL SERVICES
& INSURANCE LEAD,
ORANGE BUSINESS

however. The inherent inflexibility of

legacy banking platforms makes their
integration with modern systems
challenging, to say the least.
This can not only end up hindering
innovation but may also lead to
expensive maintenance costs and
security vulnerabilities.
“Data sovereignty, security and
privacy remain top concerns for banks
migrating to the cloud,” Williams goes on.
“They’re key factors in the speed at which
traditional banking has adopted cloud –
and finding the right cloud is of utmost
importance.
“For banks, managing the migration
process requires careful planning and
expertise to ensure a smooth transition
and continued compliance.”

fintechmagazine.com 153
MAGAZINE | WEB | EVENTS | REPORTS | DATA

Connecting
the World’s
FinTech
Leaders
Be Seen by The No.1
FinTech Network...

Get Connected