Wharton FinTech Podcast
11:FS CEO David M. Brear — the banking battlefield, fintech for SMEs & financial ecosystems globally
Dec 6, 2023
David Brear, CEO and co-founder of 11:FS, discusses the innovation in commercial banking driven by digital technologies and fintechs. He also talks about the changing competitive landscape in the banking industry and how it impacts incumbent banks. Additionally, he explores the differences in fintech and financial ecosystems globally, highlighting the role of generational and cultural differences.
45:57
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Quick takeaways
- Fintechs are addressing the unmet needs of SMEs by offering more service-based models and easier access to financial systems.
- Incumbent banks need to prioritize providing efficient and impactful services through operational capabilities and technology infrastructure to stay competitive in the digital-focused banking landscape.
Deep dives
Innovation in Commercial Banking
Digital technologies and FinTechs have unleashed innovation in commercial banking, particularly in the underserved SME market. Both the unmet financial needs of SMEs and the limitations of traditional banking approaches are driving the demand for more service-based models. FinTechs have been able to address these needs by providing easier access to financial systems, offering more diverse and tailored services, and streamlining complex business processes.
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