Scouting for Growth Elizabeth Lumley: FinTech Trends
On this episode of the Scouting For Growth podcast, Sabine VdL talks to Elizabeth Lumley, an all-around FinTech expert who is currently the deputy Editor at The Banker, a company from the FT. Elizabeth has received State Street's UK Press Award for Journalist of the Year for Technology and Digital Finance in 2022.
For 20+ years, Elizabeth has been a global specialist commentator on regulations, risk, data, and technology in investment, retail, and global transaction banking. She is recognized internationally as one of the leading voices in FinTech and banking technology innovation as well as a well-established global conference speaker, as well as conference organizer.
During this discussion, Sabine and Elizabeth dive into the trends affecting FinTech in the upcoming year.
KEY TAKEAWAYS
- I’ve been in this industry for about 28 years – kind of by accident, I wanted to be a journalist, specializing in politics. Still, most of what I’ve done in this space is being a reporter or an editor covering how banks and financial insurance firms use data and technology. Now, I’m deputy editor of The Banker magazine as part of the Financial Times. It’s been an exciting journey through this really varied and immense industry of banking and financial services.
- I got on Twitter when it was first starting, and my voice became amplified. I’m full of opinions, and I can’t keep them silent, so I write blogs next to doing interviews with people, webcasts, and events, and I started posting on Twitter, and people really responded to that. Social media has been perfect for me and my career. This was also when smaller FinTech companies started emerging, it was a perfect storm.
- A lot of people are talking about where financial services are going with the metaverse and web 3.0 and how payments and services are going to be embedded in that world in the future. That’s an interesting conversation, but right now, it’s very innovative theatre-y, something to talk about on stage, and nothing is actually happening. What’s actually happening right now is that we’ve had so much growth over the years – not just in startups but in banks as well – there is a focus on efficiency, cost-cutting, saving money, and talent retention. It’s not a sexy thing to talk about, but I guarantee you that it's what every bank is working on right now.
- Insurance is one of those sectors where the sexiest part of it is that you don’t know it’s there. We’ve had insurance embedded into things for a very long time when you buy a car, for example. You only know it’s there when you need it. I think that having that service there for the customer when they need it is harder to achieve than people realize. I think the idea of owning the customer so you can sell them more stuff is the mindset of a lot of people in the industry, instead of acknowledging the customer so you can serve them better, which I think would actually make them more profitable customers actually in the long run. But that’s not the mindset a lot of people have.
BEST MOMENTS
‘Pick your investors wisely.’
‘Journalism has changed a lot in the past 30 years. I wanted to be a magazine editor, and I’m glad I didn’t go into that world because I probably wouldn’t have a job. You’ve got to pay for quality, which is why the FT and The Banker are behind paywalls.’
‘Social media puts you in charge of what you’re putting out into the world and the narrative you’re putting out into the world.’
‘To me, FinTech is any way of using technology to improve banking and other financial services.’
ABOUT THE GUEST
Elizabeth Lumley is an all-around FinTech expert who is currently deputy editor at The Banker, a company from the FT. For 20+ years, she has been a global specialist commentator on services, regulations, risk, data and technology in investment, retail, and global transaction banking
Elizabeth is internationally recognised as one of the leading voices in FinTech and banking technology innovation, and is a well-established global conference speaker, as well as conference organiser.
Her expertise includes: technology installations and market data usage at global investment banks, retail banks, institutions and exchanges as well as the emerging FinTech ecosystem of new entrants and startups.
LinkedIn: https://www.linkedin.com/in/elizabethlumley/
ABOUT THE HOST
Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew, a venture lab that accelerates the curation, validation, & commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers & accelerating over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.
Twitter: SabineVdL
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Website: www.sabinevdl.com