In this special episode of Deciphered, recorded LIVE from Money20/20 USA in Las Vegas, Jeff Tijssen, Expert Partner and Global Head of FinTech, Bain & Co, Mike Cashman Partner, Bain & Co, are joined by Sophia Bantanidis, Future of Finance, Citi Global Insights, Citi and Peter Hazlehurst, Co-founder and CEO, Synctera, to discuss disequilibrium across the banking industry in 2023, restoring balance, and exploring the potential for new growth within the Financial Services industry going into 2024.Timestamps:00:00 Introduction05:04 Disequilibrium in banking: Have we restored balance, and where can we find new growth?08:05 The importance of understanding disequilibrium in banking10:20 Reflecting on what's been going on in the industry over the past 12-18 months12:53 Changes in the interest rate environment: Is the worst behind us? In what ways has finance & the banking sector resorted to balance in 2023?17:11 Turmoil in the FS industry & BaaS19:03 How do regulatory changes impact an organisation's ability to achieve new growth?21:44 Stimulating innovation vs protecting consumers24:28 The current funding landscape & projections for next year29:37 Significant challenges and opportunities when achieving sustained growth32:49 Where will new growth come from next year in FS?34:39 Surprising positive predictions for '24Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Jeff Tijssen hereYou can find Mike Cashman hereYou can find Sophia Bantanidis hereYou can find Peter Hazlehurst hereFor more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, Bhavi Mehta Partner, Bain & Co, are joined by Sarah Hinkfuss, Partner, Bain Capital Ventures and CJ Przybyl, Co-founder and CEO, Reserv, to discuss how AI will impact fintech, whether or not it will level the competitive advantages of larger financial institutions, and just what this technology means the Financial Services industry. Timestamps:00:00 Introduction06:57 AI & Fintech: Will this level the competitive advantage & playing field?10:50 Why is generative AI such a game changer in this industry?13:10 Is generative AI just another tech bubble?15:32 What key ingredients do smaller vs bigger organisations need to benefit from AI?22:04 Who will take the majority of the market share with AI services?28:10 How difficult will it be for FIs to get their hands on data across multiple LLMs?29:59 Use cases & funding35:42 How will AI affect jobs in the future?39:31 Ethical considerations & biases of AI44:28 Implementation and execution of AI46:30 Maintaining competitive advantage50:30 Speed differences with utilising AI51:52 Over the next 10 years, which unexpected ways will consumers use AI?Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Bhavi Mehta hereYou can find Sarah Hinkfuss hereYou can find CJ Przybyl hereFor more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Co, and Maureen Burns, Partner, Bain & Co, are joined by Ather Williams III, Head of Strategy, Digital, Innovation & Enterprise Payments, Wells Fargo to discuss how Wells Fargo continue to innovate, and embrace new technologies, despite a myriad of different influences, as well as being a ‘systemically important financial institution’ in the United States.Timestamps:(02:55) The growth imperative: How do you keep innovating in the largest financial institutions?(05:03) Is there a change in customer expectations from their banks?(07:14) Difference in the younger generation's needs vs traditional customers & serving both(10:44) Top 3 challenges to innovation at Wells Fargo & contextual banking(14:53) Principles & innovations practise adopted by teams at Wells Fargo(20:45) Impact of fintechs on competition & collaboration(24:56) A2A payments & vast adoption(28:22) Exciting new products when thinking about growth areas over the next 3-5 years(32:28) If you were to create an FS startup now, what field of finance would you focus on?Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Maureen Burns hereYou can find Ather Williams III hereFor more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Jeff Tijssen, Partner, Bain & Company, Janine Hirt, CEO, Innovate Finance and Shannee Braun, Director, EQT, to discuss the decisions behind fintech acquisitions in 2023.The fintech investment landscape has changed dramatically, what are the reasons behind this, and are the tides slowly changing...?Timestamps:- (03:43) Tuck-in or take-out: The decisions behind fintech acquisitions in 2023- (06:38) Fundamentals: Investments & profitability- (08:38) Fintech multiples: How have they changed since recent correctional valuations across fintech verticals & which ones are becoming more prominent?- (11:21) Newer-stage companies getting funded in the UK & success in deal flow- (13:03) Fintech to fintech acquisitions- (14:40) Will things return to how they were in 2021?- (17:14) Large FIs & acquisitions- (18:58) What spots are hot at the moment?- (23:31) What can incumbent banks learn from acquisitions by big techs?- (25:43) Interesting opportunities in other industries- (27:54) Keeping the UK competitive- (29:14) Major takeaways from the conferencePlease subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Jeff Tijssen hereYou can find Janine Hirt hereYou can find Shannee Braun hereFor more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by an all-Bain line up; Partners Joe Fielding, Maria Teresa Tejada and Guilio Naso to discuss whether or not there is a current crisis when it comes to banking liquidity.  The unfolding liquidity issue across banking has been benchmarked in some quarters against the great financial crisis of 2008…the question we want to answer is - is this fair?Timestamps: (04:34) Banking liquidity: Is the talk of a crisis fair?(06:27)Will this period in banking be as challenging as other periods with dramatic upwards rate cycles?(08:01) Catalysts that have contributed to dramatic upwards rate cycles(10:44) Which banks are in trouble?(13:37) How much has deregulation led to this?(16:43) How would we fix this problem?(20:04) Representations of demand & characteristics of banks/financial institutions that are offering solutions(23:18) The bigger, the better?(24:26) Trust within neobanks/new digital players(25:35) Where does this lead? And will the changes be permanent?(29:33) Credit and credit provisioning(31:08) Will there be any differences in how The Fed supervises banks because of this?(33:58) How will innovation be impacted by this in the short–medium term?Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Joe Fielding hereYou can find Maria Teresa Tejada hereYou can find Giulio Naso hereFor more insights from Bain & Company on the current disequilibrium we’re seeing across the banking sector currently, check out the content below:Disequilibrium in Banking: Five Actions to Restore BalanceIn a Time of Disequilibrium, Banks Face New Liquidity ChallengesNot a Banking Crisis, But a Battle for Street CredFor more insights from Deciphered: The Fintech Podcast, visit the page on Bain’s website.

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Karim Ahmad, Partner, Bain & Company, Kelly Devine, President, UK & Ireland, Mastercard, and Colin O’Flaherty, Head of SME for Barclaycard Payments, to discuss the future of retail transactions.Retail payments is both a rich and growing industry, with Bain & Company estimating the total revenue value at $356 billion dollars, with a projected annual growth of 6% over the next 5 years. But the balance of power between traditional and new entrants in this area of finance is slowly shifting. In this hotly contested market, some 90% of today’s revenue pool could migrate to software vendors, major technology firms, and other contenders.How will the retail transaction market evolve over the next 10 years?Timestamps: - (03:14) Consumer to business payments - what is the future of retail transactions?- (05:53) Which providers/industry players have been driving the change in banks' monopoly vs reacting to the change in & how do you see that evolving in the market short term?- (10:07) Which trends interest you from the perspective of your role at Mastercard?- (13:27) Within the SMB segment, how important are virtually integrated platforms, do you see the same proliferation in the UK/Europe as in the US, and where do you see those trends fitting into the SMB context?- (16:45) Card growth and looking towards alternative payment methods for growth.- (22:26) Potential innovations that relate to card volumes and the rise of A to A payments.- (26:09) Embedded payments, the proliferation of wallets and connected devices - (27:51) How do Barclaycard build confidence in supplying payments to organisations where the end users are unknown?- (33:18) Are investments in sales, marketing, and brand increasing to positively impact customer trust?- (39:13) Open banking  Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Karim Ahmad hereYou can find Kelly Devine hereYou can find Colin O’Flaherty hereFor even more information, check out Bain’s latest report – Consumer-to-Business Payments: A Strong Growth Outlook, but Only for the Well-Prepared.For more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Henrik Naujoks, Partner, Bain & Company, Prashant Agarwal, Head of Digital, Customer & Ecosystem Marketing, AIA, and Ben Luckett, Chief Innovation Officer, Aviva, to discuss what customers want from their insurer.What's the most exciting area of insurance to build on right now, and will a significant share of customers use services beyond coverage for insurance providers in the next 10+ years?Timestamps:- (04:35) The Answer First: From claims payers to solution providers - what does a customer want from their insurer? - (09:16) What key elements of the value proposition will allow insurers to increase customer engagement in the right way? - (13:18) Is having a purpose-driven message/narrative important for insurers when it comes to customer loyalty? - (15:57) Best examples of insurers benefiting from a niche proposition when it comes to customer engagement & how has this impacted the industry with regards to consumer dynamics? - (21:35) Preventative proposition features, preventing customer risks - (23:39) Elements of value within risk prevention & how data can help this - (27:49) Can connected devices & technology help with over-intrusive data use? - (34:14) Customer's expectations on insurers playing a role in reducing climate change - (40:23) What's the most exciting area of insurance to build on right now? - (43:42) Will a significant share of customers use services beyond coverage for insurance providers in the next 10+ years?Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Henrik Naujoks hereYou can find Prashant Agarwal hereYou can find Ben Luckett herePlease do check out our report; Customer Behavior and Loyalty in Insurance: Global Edition 2023, for more insights from Bain about the insurance market. For more insights from the Deciphered podcast, visit the page on Bain’s website

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Charlotte Crosswell OBE, Chair of the Centre for Finance, Innovation and Technology (CFIT), Keith Grose, COO at Sequence, and Alex Johnson, Creator of Fintech Takes to discuss everything Open Finance.What does the future state of Open Finance look like and how will Open Banking develop in global markets?Timestamps:- 00:18: What is the future of Open Banking? - 02:58: What’s the role of industry associations in the Fintech industry? - 07:27: Making banks work harder for you? - 09:13: Why has Open Banking taken so long? - 12:03: The benefits of Open Banking and Open Finance. - 14:06: How Open Banking has become a “default” piece of infrastructure for new financial apps. - 15:38: The challenges of getting the nine largest banks to agree on a common set of standards. - 17:46: What’s the biggest impact on adoption? - 18:41: What’s the impact of Open Banking on SMEs? - 21:51: What is the best iteration of Open Banking around the world?- 25:47: Why the implementation of Open Banking has been so hard in the UK. - 27:30: The stage of the country’s maturity of their banking system and what they are trying to open up. - 29:10: What are the implications of the new proposals for the industry? - 30:18: What’s the future of Open Finance? - 37:21: The pace of change is unlike anything that we’ve ever seen before. - 38:56: What’s going to happen in the banking industry in 10 years. - 41:26: What are the benefits of using Open Banking?Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Jeff Tijssen hereYou can find Charlotte Crosswell OBE hereYou can find Keith Grose hereYou can find Alex JohnsonFor more insights from the Deciphered podcast, visit the page on Bain’s website.

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Bain & Company partners Karim Ahmad, Michael Smith and Mike Cashman to discuss what they think the hottest trends in Fintech will be in 2023. After a turbulent 2022, what are some of the areas that will drive growth?Timestamps:- 3:57: Top 3 Fintech trends for 2023 - 11:00: Things that won't change in the fintech sector - 13:10: Consolidation & acquisitions: Differences between the UK vs US - 15:44: Will VCs continue to see B2B as more shielded from volatility than B2C going into next year? - 18:30: What's investable right now? - 22:22: The pace of change in the financial services industry - 23:29: Hotly-anticipated payments infrastructure projects that will be implemented in 2023 - 27:08: Real-time payments in the US & what's happening there vs Europe - 32:15: How will the crypto space evolve in the future? - 34:52: What's changed in the world of M&A in fintech - 38:06: What are some of the trends in 2022, and how adaptable will they be in 2023? - 42:08: What will Apple do for consumer financial services? Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Jeff Tijssen hereYou can find Karim Ahmad hereYou can find Mike Cashman hereYou can find Michael Smith here   

In this special episode of Deciphered, live from Money 20/20 Vegas, Adam Davis, Associate Partner at Bain & Company, and Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company are joined by Laura Spiekerman, Co-Founder of Alloy, and Simon Taylor, Head of Strategy & Content at Sardine, to delve into the effects that macroeconomic trends such as rising inflation and CPI have on fintechs and neobanks, as well as highlight some of the innovations and products that our guests are liking in spite of, or because of, the macroeconomic climate.Timestamps:04:40: Fight or flight what's in store for Fintech in a changing rate environment? 09:07: Incumbent revenues - are they sustainable? 12:43: Neobank revenues being impacted by interest rates 15:15: What percentage of challenger banks will be acquired or fail in the next 12 months?22:40: Internal bank teams procuring Fintech services 26:39: What is exciting considering the macro environment? Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Jeff Tijssen hereYou can find Laura Spiekerman hereYou can find Simon Taylor here