Transforming SME Banking Through Data and Automation

In This Episode Digital banking is reshaping market share. All the fastest growing banks these days are fintechs.  After a three year battle, fintech challenger Revolut has provisionally secured a UK Banking License. With this, Revolut can now represent themselves as a bank, having the rights and obligations of a chartered financial institution in the UK. Revolut already had a license in the EU but the UK license could help with entry into the US. With 45M customers, revenue over $2B and profitable, they are making a mark for themselves. Listen as hosts Brett King and JP Nicols share their take on the news and implications for the industry. Then, it's Tyme....TymeBank, South Africa's (and the African continent's) most successful challenger bank aimed at the lower income market. Listen as Co-Founder, Coen Jonker, speaks with Brett to share Tyme's origin story and progress. Tyme is challenging the notion of how neos might work in this space. It began with BaaS and several years later, 2019, TymeBank launched in South Africa (SA). Launching during CoVid taught Tyme (Take Your Money Everywhere) to build an anti-fragile business.One of three banks since 2000 to have been granted a SA banking license, TymeBank uses a phygital operating model to work towards it's goal of financial inclusion and democratizing access to banking. In 2022 they expanded to the Philippines, GoTyme, and now, Vietnam. Via digital kiosks for onboarding in physical retail stores -- you can open an account in 3 - 5 minutes and be issued a debit card -- they are building trust and educating customers, integrating banking into the shopping proposition. TymeBank is in it for the long game. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Introduction: Breaking News in Fintech The hosts introduce the episode with key updates: Revolut's provisional UK banking license and an exploration of TimeBank’s rapid growth. Chapter 2: 03:15 - Revolut’s UK Banking License: A Game Changer Revolut’s recent milestone is discussed, highlighting how the license impacts its global expansion strategy and positions it as a competitive force. Chapter 3: 12:40 - Scaling Success: How Digital Banks are Outpacing Incumbents An analysis of digital banks like Revolut and NewBank, comparing their customer acquisition strategies, scalability, and profitability to traditional banks. Chapter 4: 24:30 - SME Banking and the Future of Commercial Services The hosts discuss how digital banks are entering the SME sector, leveraging data to provide tailored services and disrupting traditional commercial banking. Chapter 5: 33:45 - TimeBank’s Story: Building Financial Inclusion in Africa TimeBank’s co-founder, Kuhn Yonker, shares the bank’s origin story, its mission to democratize access to banking, and its impressive growth in South Africa. Chapter 6: 45:10 - The Hybrid Strategy: Digital Meets Physical TimeBank’s unique approach of combining digital services with in-store kiosks is examined, showing how this model fosters trust and reduces acquisition costs. Chapter 7: 55:20 - Expansion into Southeast Asia: TimeBank Goes Global TimeBank’s entry into the Philippines and Vietnam is discussed, focusing on its strategy to replicate its African success in new, emerging markets. Chapter 8: 1:05:30 - AI and the Next Frontier for Digital Banks The role of AI in enhancing productivity, customer service, and personalized banking experiences at TimeBank is explored. Chapter 9: 1:16:45 - Looking Ahead: What’s Next for Revolut and TimeBank? The episode concludes with reflections on the future of digital banking, from Revolut’s growth trajectory to TimeBank’s upcoming capital raise and global aspirations. Related Content: Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? UK is "All In" for FinTech Episode 124: Cross Border Payments: Revolut, Visa & Currencycloud Huawei Does Gen-Fi