Breaking Banks

In This Episode The future of open banking is being built by visionaries like Aaron Swenson, a fintech leader and "Solutioner" who has transformed financial data access, open banking, and governance. On this final episode of Breaking Banks' series from Fintech Xchange, powered by U.S. Bank, host Jason Henrichs dives into Aaron’s story, vision and journey to date, spotlighting three key initiatives driving fintech innovation: Finicity – Revolutionizing open banking by giving individuals and businesses secure, high-quality access to financial data FDX (Financial Data Exchange) – Leading the charge for 1033 compliance and open banking standards, and ensuring seamless, permission-based data sharing across the financial ecosystem The Stena Center for Financial Technology – Bridging education and industry to accelerate fintech innovation and financial inclusion Aaron’s problem-solving mindset and deep industry knowledge have made a lasting impact on the future of financial services. Listen to the compelling conversation to hear how these notable impacts are reshaping the fintech landscape, improving data usage and security, and driving smarter financial decision-making in financial services. https://www.youtube.com/watch?v=g7UyoDGpfFo

In This Episode Powered by U.S. Bank and recorded live at Fintech Xchange hosted by the Stena Center for Financial Technology, this episode dives into the most pressing issues shaping financial services today. In our first segment, Jason Henrichs chats with Sima Ghandi, Sr Advisor FS Vector, Co-Founder of Coalition of Financial Ecosystem Standards (CFES) and Phil Goldfeder, CEO American Fintech Council (AFC). AFC, a standards-based organization representing large financial technology (Fintech) companies and innovative banks, promotes a transparent, inclusive, and customer-centric financial system supporting innovation and access to responsible financial products. CFES is a new (2024) industry-led organization with the goal of developing standards that promote safety and soundness for non-banks participating in financial services. They cover: ·  The growing role of bank-fintech partnerships in innovation and growth, and expanding access to financial services.·  The importance of clear risk management and compliance standards in maintaining operational and business viability in the fast-moving world of financial services Then, the conversation shifts to AI and fraud prevention as Jason speaks with John Sun, CEO of Spring Labs, and Simon Taylor, Head of Content & Strategy at Sardine. Sardine offers an AI risk platform for fraud, credit and compliance, and Spring Labs provides an AI-Native conversational intelligence platform that turns chatter into actionable insight. Together, they explore: ·  The future of financial services in a world increasingly reliant on automation and robots·  The broader implications of AI and Generative AI in shaping the future of financial services From standards setting in banking and fintech to AI and fraud this episode delivers hot takes and expert insights on the opportunities, risks, and evolving landscape of financial technology. https://www.youtube.com/watch?v=mBdMjPG1rvE

In This Episode This week, we bring you Part III of exclusive insights from Fintech Xchange '25 at the Stena Center for Financial Technology and the University of Utah, powered by U.S. Bank. Host Jason Henrichs engages in a dynamic discussion with Jason Mikula of Fintech Business Weekly and Chris Black, CEO & President of Thread Bank. Their conversation spans topics from Banking-as-a-Service (BaaS) and regulatory shifts under the new administration to the dual-edged nature of innovation in today's financial landscape. Chris delves into Thread Bank's unique transformation as it evolved from the historic Civis Bank—established in 1906—into a fintech-enabled community bank. In 2021, new leadership recapitalized and revitalized the institution by adopting an industrial approach to BaaS and launching Thread. Thread's goal is to deliver the unparalleled value of a community bank to individuals and businesses, leveraging intuitive technology to meet customers where they are. Maintaining two local branches, Thread is delivering on its mission of embedded banking -- deposits, loans, and payments, and exemplifies the integration of traditional banking services with modern embedded banking solutions. By transcending geographical limitations and focusing on scalable, durable models, Thread collaborates with partners to manage risks and capitalize on the strengths of partnership banking. In the second segment, University of Utah alumnus Rhett Roberts, CEO & Co-founder of LoanPro, joins "the Jasons" to discuss the evolving fintech ecosystem and APIs. Are they coming of age? Naturally they talk about cores, and how banks are in the process of conscious decoupling to build resilient infrastructures in order to weather future disruptions. Rhett shares LoanPro's journey from inception to powering some of the biggest lenders in fintech. LoanPro offers a scalable, API-first lending and credit platform that fosters innovation by streamlining origination, servicing, collections, and payments across various loan types, lines of credit, and credit cards. This narrative underscores the transformative impact of fintech solutions in modernizing financial services. Listen and watch to explore these compelling stories! https://www.youtube.com/watch?v=8RC9Gt9PodA

In This Episode In this episode we continue the series powered by U.S. Bank and recorded at the University of Utah's Fintech Xchange. CAUTION: The episode is hot! Breaking Banks' Hot Takes host Jason Henrichs, regulars Alex Johnson (Fintech Takes) and Jason Mikula (Fintech Business Weekly) are joined by David Ness, U.S. Bank's SVP Innovation, R&D and Peter Renton, Fintech Nexus, Chairman & Co-Founder. The newcomers jump right in, going straight for Fintech on Fire (#11 on a scale of 1 - 10), and comfortably deliver hot takes from the hot seats, recapping major themes from the event, and making predictions as to what 2025 brings to our industry. Plenty of insights are shared and there's plenty for the risky spice-takers to tackle including BNPL (acronym for a popular industry term, of course, and also our new Burn Now Pay Later hot sauce). Two other clues as to what the group might have talked about....the RegTech Reaper and Stable Coin Scorch . Don't worry, there's plenty more where these came from! Listen now on your favorite podcast platform! It's a hot conversation, worth being in the room for...to catch the visuals check it out on YouTube (@provokefm and while you are there, hit subscribe)!

In This Episode This week we introduce you to a series profiling the digital banks and founders that are changing the world of banking. Focused on first hand accounts from founders all over the globe, the series chronicles the NeoBanking movement from the early days though to today, documenting the players building a new category of digital banking, reshaping the digital movement. Throughout our series we look at foundation stories, challenges each had, and the regulatory approach each took -- a look at the pioneering history of the neo and challenger bank movement. In this episode, Breaking Banks host Brett King connects with bunq's Founder & CEO. Ali Niknam. bunq is based in The Netherlands, a small country doing big things. bunq, bank of The Free, offers mobile banking that makes life easy for every new chapter in one's life, and for the digital nomad in everyone. Born out of Ali's interest in creating products that people like to use, bunq began in 2012 and its mobile app came out in 2015, all with the aim to help the world forward and do banking a little differently. bunq has brought lasting change to the European banking industry. Having built a product rooted in customer needs and wants, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest. On a mission to build the first global neobank for digital nomads, bunq announced its bid to enter the US market (April 2023) by applying for a banking license. It's an intriguing story, not to be missed! https://youtu.be/xflfJpM60NI?si=oKMhKcL13Q_eJM9s

This week on Breaking Banks, we take you inside fintechXchange, hosted by the Stena Center for Financial Technology at the University of Utah. As a proud media partner of the event, we explore how industry, academia, and policymakers are coming together to drive the future of financial services.Host Jason Henrichs sits down with Meghan Kober, VP of Fintech Partnerships & Investments at U.S. Bank, Taylor Randall, President of the University of Utah, and Ryan Christiansen, Executive Director of the Stena Center for Financial Technology. Together, they discuss the power of ecosystem building, highlighting the incredible human capital fueling innovation: VCs, startups, and institutions of all sizes collaborating to shape the next wave of fintech growth and banking transformation. Then, it’s time for the first Hot Takes of 2025, recorded live from 'Silicon Slopes'! Alex Johnson (Fintech Takes) and Jason Mikula (Fintech Business Weekly) are back in the hot seats with Jason Henrichs to break down the latest fintech headlines with sharp insights and no-holds-barred opinions. They dive into: The latest in open banking, the CFPB and regulation The fate of BaaS Island, Synapse, and Patriot Bank’s BSA & AML challenges What really is possible with bankruptcy proceedings and what does it mean for fintech’s future This episode is packed with insight, energy, and hard-hitting discussions you won’t want to miss! https://www.youtube.com/watch?v=tJ-bdJNLu60

In This Episode We are excited to introduce you to Provoke.fm's newest podcast....a-spinoff-of-a-spinoff of Breaking Banks. Bankers Bookshelf brings cutting edge banking and fintech research to life, sharing the stories and strategies behind financial innovation, bridging the gap between technology and finance -- a perfect fit for the Breaking Banks family! Host Paolo Sironi, global research leader in banking and financial markets at IBM Institute for Business Value, is a trailblazer in fintech himself. In this episode, Paolo connects with Ronit Ghose who runs the Future of Finance team in Citi's thought leadership unit "Citi Global Insights", and is the author of Future Money: Fintech, AI and Web 3. The world of money is rapidly changing, but what does it all really mean? The duo discuss insights from the book with Ronit bringing technical topics to vivid life via narrative deep dives into selected founders and their companies. From London to Lagos, via Ahmedabad, Dubai, Hong Kong, Karachi and more, this episode pulls together the story of how money is changing in the internet era. Subscribe to Bankers Bookshelf https://provoke.fm/show/the-bankers-bookshelf/ or listen via your preferred podcast platform now! https://www.youtube.com/watch?v=Yp1E9Fs3rco

In This Episode Getting digital right can be challenging for anyone --small banks, big banks, incumbents, challengers, you name it. In this episode, Brett King meets up with Akbank's Consumer Banking & Digital Solutions, EVP, Burcu Civelek Yuce to talk about Akbank and Akbank LAB, Akbank's Innovation Lab. The discussion focuses on the incumbent bank 's digital engagement and excellence in collaborating and partnering with fintechs and big tech. Turkey is the 18th largest country in the world in terms of population size, with Akbank one of the largest banks (77 years young) in Turkey. Akbank has nimbly undergone a smoothe digital transformation with the majority of its customers now coming through digital channels -- be it new customer acquisition, servicing or sales. Akbank LAB is the innovation center that coordinates Akbank’s pioneering fintech developments. Here, they study best working models and implement solutions to make the lives of Akbank's customers easier. Fintech partnership and collaboration are key components of Akbank LAB's success, with partners working hard to create value for their customers. Akbank is embracing AI with Banking IQ, hyper personalized information on customers, and is actively reskilling employees to lead the way forward. Listen to this engaging conversation to learn best practices relevant for all banks and financial institutions. For further information: akbanklab.com or akbanklab@akbanklab.com Read the entire transcript here. Related Content: Chapter 1: Introduction – The Evolution of Incumbent Banks (00:00) An introduction to the discussion on digital transformation in traditional banks. The host shares insights from a recent visit to Istanbul and the rapid changes observed in the Turkish banking sector. Chapter 2: Akbank’s Digital Transformation and Growth (05:15) EVP Bircu Sivilek shares key data on how Akbank has embraced digitalization, with significant growth in digital customer acquisition and engagement. The discussion covers the bank’s transformation into a digitally-led institution. Chapter 3: Fintech Collaboration and Open Innovation (12:40) How Akbank fosters partnerships with fintechs and big techs through Akbank Lab. The conversation explores how the bank accelerates innovation through strategic collaborations. Chapter 4: AI-Driven Personalization in Banking (19:20) A discussion on the role of artificial intelligence in banking, including how Akbank uses AI for hyper-personalized financial insights, enhancing the customer experience. Chapter 5: Supporting SMEs with Fintech Innovations (26:30) An exploration of how Akbank integrates fintech solutions to help small and medium enterprises (SMEs) manage their financial operations, including a successful partnership with a Spanish fintech. Chapter 6: The Agile Approach to Product Development (32:45) Comparing Akbank’s development process to digital-first banks like Nubank and Revolut. Insights into how Akbank has reduced time-to-market for new banking products. Chapter 7: Modernizing Banking Infrastructure for Agility (39:10) A deep dive into how Akbank rebuilt its technology stack from the ground up to support seamless fintech integrations and AI-powered banking services. Chapter 8: The Future of Banking – AI, Generative Tech, and Digital Strategy (45:50) How Akbank is positioning itself as a leader in AI-driven banking, with a focus on generative AI, customer experience, and further digital transformation in the next three to five years. Chapter 9: The Transformation of Branch Banking (52:30) How Akbank’s digital push has reshaped the role of physical branches, transitioning to a cash-light model with a stronger focus on customer advisory services. Chapter 10: The Global Perspective and Final Thoughts (58:10) Final reflections on Akbank’s innovation journey and how fintech partnerships will continue to shape the bank’s future.

In This Episode What’s the key to financial security today? As technology and a shifting economy reshape how we save, spend, borrow, and plan for the future, mastering the art of money management is critical for achieving financial health. Listen as Jennifer Tescher, host of sister podcast Emerge Everywhere and Founder of the Financial Health Network, speaks with Suze Orman – personal finance expert, author, Emmy Award winner, and Co-Founder of workplace emergency savings platform SecureSave – about the critical role of savings and an important step companies can take to support employees’ financial success today. Dedicated to improving financial health for all, especially the most vulnerable among us, Emerge Everywhere tackles the complex issues intersecting the financial well-being of people across America while exploring how to build an inclusive economy. Listen now! Read the entire transcript here. Podcast Content: Chapter 1: Introduction and the Changing Landscape of Personal Finance (00:00) A reflection on how financial habits have evolved over the past two decades, with a focus on new tools, technology, and the challenges people face today. Chapter 2: The Disconnect Between the Economy and Everyday Americans (05:20) Suze Orman discusses the stark difference between national economic indicators and individual financial realities, emphasizing that many Americans are still struggling despite a strong stock market. Chapter 3: Lessons from the 2008 Financial Crisis and Beyond (12:10) A look back at how financial behaviors changed after the Great Recession, the long-term effects of financial fear, and how past economic crises still impact people’s financial decisions today. Chapter 4: The COVID-19 Effect: A False Sense of Security? (18:45) Examining how government stimulus during the pandemic created short-term financial stability, only for many people to fall into debt when support was removed. Chapter 5: Financial Behavior vs. Systemic Barriers (24:30) The debate between personal financial responsibility and the role of systemic challenges, including inflation, job access, and government policies in shaping financial well-being. Chapter 6: Educating the Next Generation on Money (31:15) Suze Orman raises concerns about how young people are learning about personal finance, questioning whether influencers and social media platforms are reliable sources of financial education. Chapter 7: The Importance of Emergency Savings (38:40) A deep dive into SecureSave, Suze Orman’s initiative to help employees build emergency savings, and why she believes savings—not investing—should be the foundation of financial security. Chapter 8: The Role of AI in Personal Finance (46:20) Suze speculates on the future of AI-powered financial advisors, discussing both the potential benefits and risks of AI replacing human financial guidance. Chapter 9: The Changing Face of Retirement and Aging (52:10) A discussion on financial security for aging populations, including how women often outlive their partners and the financial struggles they face later in life. Chapter 10: Closing Thoughts – Financial Security for All (58:30) Suze Orman shares her final thoughts on how individuals and businesses can take action to improve financial stability, and the need for a more holistic approach to financial education. Related Content: Episode 127 - Unconventional Saving Products Will Financial Advisers Be Replaced By Crowd, How Does Tech Change GenYs Plan Investment & Saving? Moving From Personal Financial Management To Personal Financial Performance A Penny Saved, in A Bank, Is A Penny Earned? Digital Identity- FinTech keeping ahead of fraud

In This Episode 2024 is a wrap! Listen as industry leaders and fintech influencers share insights on the year that was before turning the lens forward to 2025. What will be hot in this new year? Back by popular demand, Breaking Banks hosts Brett King and JP Nicols assemble banking industry leaders and fintech influencers to get their takes and predictions on what 2025 has in store for the banking industry. Joining the discussion are Jim Marous (The Financial Brand, Banking Transformed), Ron Shevlin (Chief Research Officer, Cornerstone Advisors and Forbes Contributor), and Mary Wisniewski (Cornerstone Advisors, Money Isn’t Everything). Together, they explore critical topics shaping the industry, from fraud, risk, and efficiency to cutting-edge innovations like Agentic AI and LLMs, as well as developments in open banking, 1033, and the CFPB. And what about the lingering impact of the Synapse story from 2024? Will 2025 bring a reckoning, or are brighter days ahead for the industry? Tune in for a lively and engaging conversation packed with expert insights and bold predictions. Happy New Year from the team at Breaking Banks Read the entire transcript here. Podcast Content: Chapter 1: A Look Back at 2024 (00:00) The discussion opens with reflections on the major events of 2024, from economic shifts to major fintech and banking milestones. The panelists explore how the industry evolved and what lessons were learned. Chapter 2: The Fintech Reckoning and Market Optimism (07:20) The fallout from the Synapse failure and regulatory challenges dominated 2024. The discussion highlights how fintechs have adapted, and why, despite hurdles, optimism is growing for 2025. Chapter 3: The Rise of AI in Banking (15:45) AI took center stage in 2024, from fraud detection to customer service enhancements. The conversation explores how AI’s role in banking is expanding and what that means for both traditional banks and fintechs. Chapter 4: The Global Perspective on Fintech Innovation (25:10) While much of the conversation is U.S.-focused, the panel examines key developments worldwide, including digital banking growth in Latin America, China, and Africa. Chapter 5: The Future of Open Banking and Regulation (32:40) With Section 1033 and the CFPB's evolving stance, the discussion turns to the state of open banking and data ownership. What are the regulatory barriers, and how will they impact fintech innovation? Chapter 6: Agentic AI and Banking’s Next Transformation (41:00) The emergence of AI-driven financial agents is set to reshape personal finance. The panel debates how AI could soon manage customer financial lives better than traditional advisors. Chapter 7: The Fintech IPO Landscape and Market Predictions (50:30) With Klarna and Chime considering IPOs, the panel speculates on the first big fintech public offering of 2025. They also discuss when the first AI fintech unicorn might emerge. Chapter 8: The Future of Financial Services in a Digital-First World (58:10) The conversation wraps up with a bold look at how fintech, AI, and regulatory shifts will shape the financial industry. Will 2025 truly be a stellar year for banking? Related Content: Episode 529: Is 2024 the Year That BaaS Goes Boom? Episode 561: Demystifying Fintech: Insights on Banking's Future Episode 545: Buzzword Bingo Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Bank-Fintech Partnerships, Open Banking and AI...oh my! https://www.youtube.com/watch?v=yahPylU7TCw

In This Episode Regular listeners of Breaking Banks are likely familiar with the Killing It series, hosted by Jason Henrichs and Alex Johnson, where they explore candid stories of success, failure, and the pivotal and sometimes tough decisions that drive the journey from VCs to unicorns in the high stakes world of entrepreneurship. (If you’re not, check it out!) In this episode, Brett King shifts gears with a “Starting It” theme, sitting down with industry veteran Anthony Thomson —an entrepreneur, marketer, speaker, author, and founder of Metro Bank, Atom, and 86 400. Metro Bank challenged traditional banking in the UK, while Atom and 86 400 brought innovation as neo-banks in different markets, with 86 400 later acquired by NAB (National Australia Bank) and then merged into UBank. Join this enlightening discussion as Brett and Anthony dive into the unique missions and lessons behind each of these groundbreaking ventures. And who knows? You might even get a sneak peek at the next big breakthrough in the industry!  Read the entire transcript here. Podcast Content: Chapter 1: (00:00) - Introduction and Setting the Scene Brett King and Jason Henricks open the episode, reflecting on their history of exploring financial disruption. Special guest Anthony Thompson joins from Abu Dhabi, sharing memories of past debates on the future of banking. Chapter 2: (03:45) - The Genesis of Metro Bank Anthony recounts his journey from marketing in financial services to founding Metro Bank. The discussion highlights how Metro Bank disrupted traditional banking by focusing on customer-centric value and trust. Chapter 3: (12:30) - Cognitive vs. Associative Trust in Banking The hosts and guest delve into the dual dimensions of trust: competence versus intent. Anthony explains how Metro Bank leveraged customer-centric policies, like dog-friendly branches, to foster associative trust. Chapter 4: (20:15) - The Shift to Digital Banking Anthony reflects on the rise of digital banking, including his transition to founding Atom Bank. The conversation examines how mobile banking became the cornerstone of modern financial services. Chapter 5: (28:50) - Building Atom Bank The discussion explores Atom Bank’s founding principles, focusing on delivering a superior mobile experience and balancing liabilities with assets. Anthony contrasts Atom’s approach with competitors like Monzo and Starling. Chapter 6: (40:00) - Lessons Learned and 86 400 Anthony describes his move to Australia to establish 86 400. He shares how lessons from Atom influenced his strategy, particularly the importance of engagement and transaction accounts. Chapter 7: (51:30) - Challenges in Traditional Banking Transformation The conversation shifts to why traditional banks struggle with digital transformation. Anthony and Brett critique cultural and regulatory hurdles faced by legacy institutions. Chapter 8: (58:10) - The Role of Regulators in a Digital World Anthony discusses how regulators worldwide are adapting to digital banking innovations, emphasizing the importance of competition and better consumer outcomes. Chapter 9: (1:06:20) - Reflections and Future of Banking Anthony shares his hopes for the future of banking, emphasizing customer-centricity as the industry’s ultimate goal. Brett and Anthony speculate on the next breakthrough, pointing to adjacencies and AI in banking. Chapter 10: (1:12:50) - Closing Thoughts and Takeaways The hosts summarize the key themes of the episode, including trust, customer value, and the evolution of banking. They close with a call to action for listeners to engage with the podcast and its community. Related Content: Big And Small Preparing For Shifting Generational Expectations Episode 17: You can bank on it: trust and winning customers from incumbent banks Episode 550: Cease and Desist Build The Necessary And Useful ...

This week, host Brett King sits down with Colin Walsh, Founder and CEO of Varo Bank, to explore the journey of building the first all-digital, FDIC-insured de novo bank in U.S. history. Designed to improve financial health and serve a diverse range of customers—from those with financial abundance to those facing economic hardship—Varo Bank is on a mission to create a banking experience that truly works for everyone. With the unique distinction of being the first consumer fintech to be granted a bank charter in US history, Varo is redefining banking with innovative products tailored to modern consumers' needs. From managing fraud and credit risk to building trust and leveraging a cutting-edge tech stack, they delve into the strategies that power Varo’s ability to stay agile and customer-focused. Whether it’s delivering accessible savings and lending solutions or tackling the challenges of financial inclusion, Varo Bank’s story is one of innovation and impact. Tune in for a wide-ranging discussion on how Varo is using digital banking to create financial inclusion by addressing the real financial challenges that Americans face every day. Read the entire transcript here. Podcast Content: Chapter 1: (00:00) - Introduction and Varo Bank's Unique Path Brett King introduces the episode and welcomes Colin Walsh, founder and CEO of Varo Bank, to discuss their journey as the first pure-play digital bank with a de novo charter. Chapter 2: (04:15) - Navigating Industry Challenges Colin reflects on the pandemic's impact, funding market changes, and navigating regulatory challenges while focusing on profitability and customer-centric innovation. Chapter 3: (10:45) - The De Novo Advantage A discussion on Varo's strategic decision to pursue a de novo national bank charter, contrasting it with fintech sponsorship models and highlighting its benefits. Chapter 4: (16:30) - Building a Competitive Tech Stack Colin details Varo’s proprietary technology investments, including AI, machine learning, and the migration to React Native, ensuring agility and innovation in product offerings. Chapter 5: (24:50) - Lending Innovation and Financial Inclusion Varo's approach to cash-flow-based lending and leveraging technology to responsibly serve non-prime, paycheck-to-paycheck consumers is explored in depth. Chapter 6: (32:10) - Tackling Fraud with Technology The team discusses how Varo combats sophisticated fraud through advanced tech and the advantages of being a technology-first bank in risk management. Chapter 7: (37:40) - Scaling with Discipline A look at Varo’s approach to disciplined customer acquisition, organic growth, and creating high lifetime value customers through deep engagement. Chapter 8: (44:00) - The Future of Financial Inclusion Colin explains Varo’s mission to become a financial operating system for underserved Americans and discusses innovations like embedded financial tools. Chapter 9: (50:30) - IPO Plans and Market Consolidation The conversation shifts to Varo’s long-term goals, including profitability milestones, potential IPO timelines, and strategic opportunities in a consolidating market. Chapter 10: (58:15) - Looking Ahead Colin previews upcoming initiatives, including a new app launch and partnerships, and emphasizes Varo’s role in addressing financial stress for customers. Related Content: Special Episode: Navigating the Crisis Episode 553: The Secret of NIM Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection Huawei Does Gen-Fi A Digital Banking Revolution in SEA: GXBank and Mastercard https://www.youtube.com/watch?v=1lIqYB3d4IY

In This Episode Southeast Asia’s fintech revolution is here, and GXBank is leading the charge. From its roots as a ride-hailing service to becoming Malaysia’s first digital bank, GXBank is transforming how Malaysians access and manage their money. This week on Breaking Banks, host Brett King sat down with GXBank’s Chief Commercial Officer, Kaushik Chowdhury, and Mastercard’s Senior Vice President & Country Manager for Malaysia and Brunei, Beena Pothen. They discuss the incredible journey of GXBank, the partnership with Mastercard, and how the bank is reshaping financial inclusion in Southeast Asia. GXBank, a subsidiary of GXS Bank Pte. Ltd. (a joint venture between Grab and Singtel), officially launched operations September 1, 2023, introducing its app two months later. In a year, the bank has amassed over 750,000 customers, offering innovative and personalized solutions to support financial resilience and inclusion. Learn how GXBank is making banking accessible to all Malaysians while setting a new standard for digital banking in the region. Discover how Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem. Resources:Learn more about GXBank: gxbank.myExplore how Mastercard supports fintech innovation: Mastercard Fintech Services Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King introduces the episode, focusing on digital banking trends in Southeast Asia with GXBank and Mastercard as key players. Chapter 2: 03:30 - GXBank: Building a Digital Bank from Scratch Kaushik Chowdhury discusses GXBank’s journey, from user research to creating a mobile-first digital bank in Malaysia. Chapter 3: 10:15 - The Evolution of Banking in Southeast Asia Bina Pothan highlights the rapid adoption of digital banking in Southeast Asia, driven by smartphones, internet access, and changing consumer expectations. Chapter 4: 18:00 - Financial Inclusion through Digital Innovation Exploring how GXBank and Mastercard aim to serve underserved and financially vulnerable populations across Malaysia and the region. Chapter 5: 26:30 - Leveraging Partnerships for Success Insights into GXBank’s partnership with Mastercard, enabling rapid launches and delivering impactful financial products to consumers. Chapter 6: 34:45 - Payments Innovation and Embedded Finance Examining GXBank’s focus on payment solutions, including QR systems, debit cards, and embedded banking experiences with Grab. Chapter 7: 42:00 - Overcoming Challenges in Digital Banking Kaushik discusses the challenges of building a digital bank, including hiring, partnerships, and balancing innovation with trust and security. Chapter 8: 50:15 - Future Plans and Scaling Ambitions GXBank outlines its roadmap, aiming for profitability and becoming a top bank in Malaysia by leveraging its ecosystem and customer-centric strategies. Chapter 9: 57:30 - Key Takeaways and Final Reflections Bina and Kaushik emphasize trust, utility, and collaboration as essential elements for succeeding in the digital banking revolution. Related Content: Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? Bank-Fintech Partnerships, Open Banking and AI...oh my! Huawei Does Gen-Fi Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Recorded end of September

In This Episode Good leaders drive day-to-day results. Great leaders share visionary ideas and then inspire organizations and stakeholders to find a way to get there. In today's second segment, Jennifer Tescher, host of sister podcast Emerge Everywhere, introduces this year’s Financial Health Visionary Award honoree, Brian Moynihan, Chair and CEO of Bank of America. The Visionary Award recognizes those who have shown unparalleled leadership in building a more inclusive financial system and empowering the next generation of leaders to innovate solutions that improve financial health for all. Listen to hear about Brian's commitment to financial health and the upcoming headwinds and tailwinds impacting customers’ financial health. But first, bestselling author Michael J Casey, the chairman of DAIS (Decentralized AI Society), senior advisor on MIT Media Lab’s Digital Currency initiative, and previous Chair of Consensus at CoinDesk, joins Brett to talk about the reality of decentralized and open source AI. The intersection of DeFi and DeAI appears to be a logical path if not for the hundreds of billions being invested in big tech efforts to create AGI. Is it possible to really make AI less centralized and still deliver the promise of a highly automated world? You’ll need to tune in to find out! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King introduces Michael J. Casey, discussing his transition from Coindesk to leading decentralized AI initiatives at DAIS. Chapter 2: 03:45 - The Concept of Decentralized AI Michael explains the importance of decentralizing AI to avoid monopolies and to democratize access to AI-driven innovations. Chapter 3: 12:30 - Challenges and Innovations in Decentralized AI Exploring technical and economic challenges in implementing decentralized AI, including blockchain integration and distributed computing. Chapter 4: 22:00 - Data Ownership and Privacy in Decentralized Systems The shift from data privacy to data ownership, with blockchain providing traceability and ensuring compliance in AI applications. Chapter 5: 30:15 - Financial Inclusion through Decentralized AI How decentralized AI can drive financial inclusion, especially for underbanked communities, by creating fairer access to financial tools. Chapter 6: 38:45 - Open Health Data and Decentralized Models A comparison between open banking and the potential for open health data, emphasizing secure, decentralized systems for sensitive data. Chapter 7: 46:15 - The Future of Decentralized AI in Financial Systems Michael and Brett discuss the long-term potential of decentralized AI to reshape financial services, creating smarter and more inclusive systems. Chapter 8: 54:00 - Reflections on Michael’s Book: "Our Biggest Fight" Insights from Michael’s book on reclaiming digital autonomy, setting the stage for the critical role of decentralized AI. Related Content: Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI...oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? AI is coming to help! https://www.youtube.com/watch?v=-QSByxCEUbA

This week on Breaking Banks, host Brett King takes us to Shanghai for a riveting discussion with Jason Cao, CEO of Huawei's Global Financial Services competency. In this eye-opening episode, they uncover how China is shaping the future with AI—not as a mere tool for profit, but as core infrastructure driving the world's fastest-growing economy. Discover why GenFi LLMs (Generational Financial Language Models) don’t exist yet—and what’s holding AI like ChatGPT back from transforming banking as we know it. Explore how China’s unique approach to technology infrastructure is setting them apart from the rest, helping them to create a Smart Economy of the Future. Tune in for a conversation that could redefine the future of global finance and AI! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King and Jason Henricks introduce the episode, recorded in Shanghai, featuring Huawei's Jason Tsao discussing fintech innovations. Chapter 2: 03:30 - Global Fintech Highlights: NewBank and Beyond Exploring global fintech trends, including NewBank's growth and the technological strides of digital-first banks like WeBank. Chapter 3: 10:45 - Huawei’s Vision for Smarter Finance Jason Tsao shares insights into Huawei’s initiatives in digital finance, AI integration, and the transformation of customer experience in banking. Chapter 4: 20:00 - Resilience in Financial Infrastructure A discussion on the critical need for resilience in banking systems, addressing latency, zero downtime, and advanced fraud prevention technologies. Chapter 5: 30:15 - AI-Driven Banking and Generative Finance Exploring how Huawei collaborates with banks to leverage generative AI for efficiency, value creation, and customer-centric innovations. Chapter 6: 40:00 - Digital Infrastructure in China: A Global Example Highlighting China's advancements in digital payments, infrastructure, and regulatory approaches that drive a highly digital economy. Chapter 7: 50:30 - Cloud Strategies for Financial Institutions Examining the rise of hybrid cloud strategies and the pivotal role of cloud computing in transforming banking operations. Chapter 8: 59:00 - The Future of Autonomous Finance How AI and automation are shaping the next generation of financial services, inspired by China's digital transformation. Chapter 9: 65:00 - Invitation to Explore the Future in China Jason Tsao extends an invitation to global audiences to witness the rapid technological advancements in Shenzhen and across China. Related Content: Bank-Fintech Partnerships, Open Banking and AI...oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? Episode 189: Disruption Stories: Generative AI for Investments Episode 405: Driving Change Through Talent and Infrastructure https://www.youtube.com/watch?v=bCqmVDiKms4

In This Episode Strong partnerships and value creation can make even solid companies better! Serving over 80% of the top digital payment and neobank fintechs on the CNBC Global Fintech list, Mastercard takes a collaborative approach to innovation. By viewing fintechs as true partners—and bringing data insights, market expertise, and solutions to the table—Mastercard helps fintechs scale by unlocking new opportunities and driving smarter decisions for better outcomes. In today’s episode, Brett King connects with Jenique McNaught, Mastercard’s Senior Principal, Advisors & Consulting Services, UK & Ireland, and Revolut’s Fiona Davies – Head of Growth UK, Ireland & Nordics. Together, they discuss important market dynamics and the trends they see in the regions they cover. One big takeaway is how customers want to have a meaningful relationship with their financial services provider. Trust is more than just a cool factor, it is earned through a solid track record of picking the right partner and interacting with customers in their preferred manner. Everywhere, customers are embracing innovative fintech solutions that embrace convenience and meet their changing needs, with many consumers multi-banked. The trio then dive into Mastercard and Revolut’s exciting partnership and spotlight Revolut’s incredible growth story.Marking a major milestone -- 50M customers in less than 10 years—Revolut is celebrating and sharing its success with “Revolutionaries,” a one-of-a-kind two-day experiential event for Revolut customers, highlighting revolutionary figures who have challenged norms and pushed boundaries. Then, the latest on bitcoin...Bitcoin has seen a 42% increase in price in just the past month, lots of crypto is up. Listen as Brett King and Henri Arslanian, author, industry expert and speaker, share thoughts on the election impact on #bitcoin and #crypto markets. Hear about this and more in this engaging and dynamic episode! ******************************************************************Interested in learning more about how Mastercard Services can help you innovate? Explore https://go.mastercardservices.com/fintech For more about Revolut and the Revolutionaries:https://www.wired.com/sponsored/story/the-revolutionaries/ Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King introduces the episode, focusing on fintech innovation and Bitcoin's evolving role in financial markets. Chapter 2: 02:45 - Mastercard and Revolut: Driving Fintech Growth Exploration of Mastercard's partnership with Revolut, emphasizing their efforts in enabling fintech innovation and customer trust. Chapter 3: 12:30 - Revolut’s Journey to 50 Million Customers Fiona Davies shares Revolut's milestones, including the UK banking license and expansion into new markets. Chapter 4: 20:15 - The Trust Equation in Fintech Discussion on how fintechs like Revolut and Mastercard redefine trust in the digital financial ecosystem. Chapter 5: 30:45 - Bitcoin’s Market Surge and U.S. Crypto Policy Shift Analysis of Bitcoin's dramatic price increase and the implications of a new, crypto-friendly U.S. regulatory stance. Chapter 6: 38:00 - Crypto Market Trends with Henry Aslanian Henry Aslanian provides insights into the global crypto landscape, focusing on institutional adoption and M&A trends. Chapter 7: 45:30 - Future of Digital Money and Smart Contracts Speculations on the future of digital currencies, stablecoins, and AI's role in shaping autonomous financial marketplaces. [53:00] Closing Thoughts and Fintech’s Future Reflections on Revolut's impact, the role of partnerships like Mastercard, and the disruptive potential of fintech innovations. Related Content: Bank-Fintech Partnerships, Open Banking and AI...oh my! Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of ...

In This Episode We kick off with a crossover segment featuring Fintech Takes host and fintech insider Alex Johnson, who joins Jason to break down major themes from Money20/20 2024. Together, they explore the hot topics shaping fintech right now: bank-fintech partnerships, Banking-as-a-Service (BaaS), open banking (1033), and the evolving role of AI. Alex shares highlights from his on-stage interview with CFPB Director Rohit Chopra, where they discussed the finalized 1033 rule, the ongoing legal pushback from big banks, third-party risk management, and new BaaS standards aimed at creating more balanced partnerships. The duo also dives into the rapid-fire world of AI. Is it all just hype, or are we approaching real innovation? With regulation on the rise, there’s a lot for the industry to figure out—standards, safeguards, and perhaps even a looming digital divide. Finally, Jason wraps things up with a lively chat with Mary Wisniewski, Editor-at-Large for Cornerstone Advisors. They discuss financial therapy, Mary’s perspective on the latest 1033 updates, and even squeeze in a bit of Texas Hill Country fun. Hit play and join us for a packed episode! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Overview of Money 2020 Brett King introduces the episode, discussing highlights from Money 2020, including insights into fintech trends and key partnerships. Chapter 2: 04:30 - Money 2020 Recap: Open Banking and 1033 Drama A reflection on the regulatory and industry conversations around open banking and the CFPB's finalized 1033 rule. Chapter 3: 12:15 - Bank-Fintech Partnerships: Collaboration and Challenges Insights into third-party risk management, standard-setting challenges, and the evolving dynamics of bank-fintech partnerships. Chapter 4: 20:45 - The AI Hype Cycle: Balancing Reality and Expectations Exploring the current state of AI in financial services, separating meaningful use cases from overhyped promises. Chapter 5: 29:00 - The Role of Regulators in Banking Innovation A deep dive into regulatory implications for open banking, AI, and fintech partnerships, featuring insights from Director Chopra of the CFPB. Chapter 6: 36:45 - The Digital Divide: Small vs. Large Banks Analyzing how smaller banks face challenges in adopting open banking and AI, and the competitive advantages of larger institutions. Chapter 7: 45:30 - Financial Therapy: Behavioral Insights and Spending Habits A discussion on the emerging field of financial therapy and its applications for understanding consumer behavior. Chapter 8: 52:00 - Platform vs. Point Solutions in AI Examining the pros and cons of platforms versus point solutions in banking, with examples from the Glia conference. Chapter 9: 59:30 - Looking Ahead: Open Banking as a Competitive Opportunity Final thoughts on how banks can leverage open banking proactively rather than just complying with regulations. Related Content: Shopify Finance: Fueling Merchant and Small Business Growth Banks and Fintechs: Tips for Partnership Episode 465: Balancing Friction and Fraud in the Global Economy Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity Special Episode - Finovate: Financial Insights & Breaking Banks Anniversary Trailer https://youtu.be/ZPQWCMOHOWI

In This Episode How can merchants take control of their finances and fuel growth directly through their commerce platform? This week, Shopify unveils Shopify Finance, a powerful new hub that unifies financial tools for merchants directly within the Shopify admin and mobile app. In this episode of Breaking Banks, Brett King sits down with Vikram Anreddy, Head of Product, Financial Services for Shopify, to break down how Shopify Finance empowers merchants to manage their business, cash flow, and make strategic decisions on-the-go. From Shopify Capital, offering flexible growth loans for merchants and lower costs for faster repayment, to Shopify Balance and Bill Pay for better cash management, Shopify Finance brings a comprehensive suite of tools to merchants. With Shopify Credit—a Visa card with 3% cashback on business purchases—and Shopify Tax for simplified tax compliance, this hub offers a complete view of financial health anytime, anywhere. Good things in store! ********Define your career in fintech with a Masters of Science in Fintech, NYU SternTo learn more stern.nyu.edu/MSFT-BreakingBanks Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King and Jason Henricks introduce the episode, highlighting the intersection of fintech and e-commerce with Shopify as the centerpiece. Chapter 2: 03:15 - Meet Vikram Anredi: From Consulting to E-commerce Innovation Vikram Anredi, Head of Product for Financial Services at Shopify, shares his career journey from engineering to building products that empower entrepreneurs and small business owners. Chapter 3: 10:00 - Shopify’s Role in the Creator Economy Discussion on how Shopify supports creators and influencers with easy-to-use tools for setting up merchandising stores and monetizing their online presence. Chapter 4: 15:30 - Launch of Shopify Finance Vikram explains Shopify Finance, a suite of financial services integrated within the Shopify platform, designed to simplify money management for merchants. Chapter 5: 22:45 - Financial Barriers for SMBs and Shopify’s Solutions An exploration of the difficulties small businesses face in accessing banking services and how Shopify Finance is addressing these challenges through tailored offerings like Shopify Balance and Shopify Capital. Chapter 6: 30:20 - Embedded Finance: Credit and Risk Management How Shopify uses its data and technology to offer customized credit solutions and manage risk, with examples of merchants scaling their businesses with Shopify Capital. Chapter 7: 37:00 - Automating Complexity: Sales Tax and Bill Payments Details on Shopify’s tools for automating complex tasks like sales tax management and bill payments, making operations seamless for merchants. Chapter 8: 44:10 - AI and the Future of Shopify Finance Discussion about the potential of AI to enhance financial services and support for merchants, including current tools like Sidekick and future plans for more AI-driven insights. Chapter 9: 50:30 - The Platform Advantage in SME Banking A reflection on the growing importance of platforms like Shopify in the SME banking space, where embedded finance offers a seamless experience compared to traditional banks. Chapter 10: 58:00 - Closing Thoughts and Future Outlook Final reflections on Shopify’s mission to empower merchants and the broader implications for the fintech and e-commerce ecosystem. Related Content: Episode 451: AWS Bets Big on Black and Women Founders & Harmonizing Taxes Episode 555: Killing It... Again. With Bill Harris Bill Bynum: HOPE for All Tech Tools To Assist In Making Life's Big Purchases! FinTech tackling Investment Management https://www.youtube.com/watch?v=Ap3B6S1m0Gs

In This Episode This week, we’re shining a spotlight on our sister podcast, Breaking Banks Europe, as they celebrate their 250th episode! Host Matteo Rizzi marks the milestone by reflecting on five incredible years and 500 unique guests. He’s joined by six of the show’s hosts for an engaging conversation on what fintech means to them, each summing up the past 15 years with a single word. From culture (which shapes fintech’s future) to strategy (the key to success), and foresight (looking ahead at how fintech is evolving), these hosts dive deep into the industry. They also explore the possibilities found in challenges, the rollercoaster ride that is fintech, inclusion in emerging markets, and the crucial role of talent and upskilling.Join us as we celebrate the show’s favorite moments and raise a toast to five more years of exploring what fintech means. Don’t miss out! Podcast Chapters: Chapter 1: 0:00 - Celebrating the Journey A retrospective on Breaking Banks Europe’s journey to 250 episodes, highlighting key milestones such as 500 unique guests over five years and the evolution of fintech. Chapter 2: 5:30 - The Role of Corporate Culture Matteo and Matthias Krohner discuss the critical impact of corporate culture in fintech, reflecting on its evolution since 2019 and changes prompted by the pandemic Chapter 3: 15:20 - Strategy in Fintech Paolo delves into the importance of strategy in the fintech world, exploring themes from the platform economy to AI advancements, and shares insights from his segment, The Banker's Bookshelf. Chapter 4: 26:45 - The Future is Fintech Roberto offers a perspective on the innovative potential of fintech, emphasizing blockchain, decentralized systems, and the evolving role of banks as software houses. Chapter 5: 35:10 - Fintech for Good Liz champions the social impact of fintech, focusing on its ability to create opportunities for the unbanked and its transformative potential in underserved markets. Chapter 6: 44:00 - A Rollercoaster of Innovation Don reflects on the ups and downs of the fintech industry, touching on rapid changes in payment systems and digital identities, and shares his optimism for future developments. Chapter 7: 52:35 - Inclusion in Fintech Francesca highlights inclusion as a core value of fintech, discussing ongoing initiatives to tackle financial exclusion and plans for the Inclusive Fintech Forum in Africa. Chapter 8: 1:02:00 - Talent as a Catalyst Matteo closes by emphasizing the importance of nurturing talent, particularly in emerging markets, and celebrates the team that brought Breaking Banks Europe to its milestone 250 episodes. Read the entire transcript here. Related Content: Episode 564: AI Baseball Episode 440: Innovation To Be Celebrated: No Slaps Allowed Fintech Awards! Episode 200: Celebrating 4 Years of Breaking Banks Europe Episode 354: Talents and Rebels Episode 141: From Corporate to Entrepreneurship Life https://www.youtube.com/watch?v=Bfu10WzZsx4

In This Episode This week cohosts Brett King and Jason Henrichs have a far reaching conversation, tapping into guest expertise on all things open banking and digital finance. John Pitts, Global Head of Policy at Plaid, Christy Sunquist, Head of Open Finance at Plaid, and Cameron Taylor, Chief Product Officer at Ninth Wave join Jason and Brett as they dive into topics from international open banking and the standards that we can expect out of open banking in the U.S., to how Plaid and Ninth Wave are partnering to assist financial institutions ahead of the rulemaking here in the States. Plaid recently announced their Gateway Partner Program, which gives financial institutions a way to streamline their integrations ahead of open banking requirements, to make it easier for financial institutions to choose an approach that works for their unique needs as they enable open banking. Ninth Wave is Plaid’s inaugural partner for the Gateway Program, and will support financial institutions who want to simplify their API integrations while ensuring their customers have access to the thousands of apps and services in the Plaid network. Together, Plaid and Ninth Wave are solving open banking requirements for financial institutions who may be at varying stages of preparedness. Hear about this and much more on this episode of Breaking Banks. Podcast Chapters: Chapter 1: 0:00 - Introduction Title: Welcome to Gateway for Open BankingBrett King and Jason Henricks introduce the episode, highlighting the topic of open banking and featuring experts from Plaid and Ninth Wave. Chapter 2: 2:15 - Lessons from Europe's Open Banking Journey Title: What Six Years of Open Banking in Europe Taught UsA discussion of Europe’s open banking progress, challenges, and the implications for U.S. implementation, including lessons from the UK and EU. Chapter 3: 10:45 - Industry-Led vs. Regulatory-Driven Models Title: How the U.S. Open Banking Model Differs from EuropeExploration of how the U.S. approach, driven by industry collaboration, contrasts with the more prescriptive regulatory frameworks in Europe. Chapter 4: 17:30 - Compliance Challenges for U.S. Financial Institutions Title: The Road to Open Banking ComplianceInsights into how financial institutions in the U.S. are preparing for compliance, with a focus on challenges faced by smaller banks and credit unions. Chapter 5: 26:15 - Strategic Benefits Beyond Compliance Title: From Compliance to Competitive AdvantageDiscussion on how open banking can enhance customer experiences, reduce fraud, and position banks as digital leaders, rather than just meeting regulatory mandates. Chapter 6: 35:40 - Partnerships Between Banks and Fintechs Title: Building Bridges: Banks and Fintech CollaborationsHow partnerships like those between Plaid, Ninth Wave, and financial institutions are driving innovation and supporting open banking transitions. Chapter 7: 44:25 - Data Control and Consumer Trust Title: Consumer Data Rights and the Future of Open FinanceExploration of consumer data control, privacy, and the shift toward trust-driven ecosystems, emphasizing transparency and security. Chapter 8: 52:10 - The Future of Open Banking Title: What Open Banking Will Look Like in 10 YearsPredictions on the evolution of open banking into a seamless, integrated part of financial services, fostering trust and innovation across sectors. Chapter 9: 1:00:45 - Closing Thoughts and Call to Action Title: Get Ready for Open BankingFinal reflections from the hosts and guests, including advice for financial institutions on preparing for compliance and leveraging open banking for strategic growth. Read the entire transcript here. Related Content: Episode 567: What Fintech Means To Us: Celebrating 250 Episodes of Breaking Banks Europe Episode 564: AI Baseball Episode 129: Breaking Payments: Open Banking Evolution Episode 53: PensionTech,