339. News: Take that, cash. Card is great!

Jul 15, 2019

Ask episode

Chapters

Transcript

Episode notes

This week we have some great stories for you as Simon and Laura are joined by a couple of great guests:

Jonathan Keeling - Partnerships Director at CrowdCube
Alastair Thompson - Head of Business Development at Transferwise
Ishaan Malhi - CEO of Trussle
Simon Rabin - CEO of Chip

We kick off the episode by taking a look at how Deutsche bank has had some pretty bad news lately. Germany's biggest lender has to slash 20,000 jobs and shed €50bn of assets. The first casualty was Deutsche's investment banking chief Garth Ritchie, who resigned on Friday ahead of the restructuring that will cut as many as 20,000 jobs around the world. The cuts have already started, and staff in London were told that their passes would stop working after 11am. The CEO described the job losses as "painful but unavoidable to insure Deutsche Bank's long-term success." Simon argues that compared to competitors, Deutsche Bank have really struggled. With all the costs that comes with the cuts, would it not just be better to start again? (1:43)

Next up, we talk about how Dutch banks have been to told to stop using payments data for personalised marketing. ING received complaints after stating that they to planned to start using transaction data to send its customers more relevant email and text message offers and the Dutch Data Protection Authority has had to write to the Dutch Banking Authority making it clear that banks are "not allowed" to simply send their customers personalised offers based on payment details. Simon argues that this is rather odd, as having targeted ads coming to you is not necessarily a bad thing, as long as it is relevant. Is this just a question of relevance being subjective? (12:43)