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Fintech Insider Podcast by 11:FS
Bonus: David M. Brear on the Wharton Fintech Podcast
Dec 6, 2023
David M. Brear, CEO of 11:FS, discusses the challenges faced by traditional financial services in adapting to digital enhancements and the importance of prioritizing employees over customers. He also explores the concept of marketplace solutions and the integration and orchestration of providers in the financial services industry. The conversation touches on Bank as a Service and Bank as a Box, as well as the changing landscape of the industry with competition between big incumbents and fintech disruptors.
46:58
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Quick takeaways
- Banks need to shift their focus from being product providers to delivering financial services that help businesses succeed.
- Creating a tech-savvy and empowered workforce is crucial for banks to enhance their customer service and overall capabilities.
Deep dives
Unmet financial needs of commercial businesses
The SME space is the largest category of underserved people and slice of financial services globally. SMEs struggle with the retrospective way in which business banking is often approached, which does not align with how businesses actually operate. The financial services for businesses end up being a significant distraction from the core activities of running the business.
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