David Brear, Group CEO at 11:FS, talks about the TECH in Fintech. We discuss using technology from connecting with customers, to assessing risk.
David is the Group CEO of 11:FS. He also hosts shows revolving around FinTech and InsurTech. Having pitched, established, and run billion-pound transformations for some of the biggest FS companies on the planet, the realization that digital banking is only 1% finished has spurred his desire to establish an organization that can actually make it happen. Most recently David has led the creation and market establishment of the challenger business bank Mettle for Natwest in the UK and as its CEO, proves that the big banks can fight back against the fintech threat.
The TECH in FinTech – David M. Brear on Video
The TECH in FinTech
This section will contain a summary of our interview with David. But, if you’d like to hear him speak, our Spotify Podcast is embedded below.
Where do you see major rethinking happening in the world of FinTech due to the Corona crisis?
“Normal is going to be an interesting point.” David doesn’t think we’re going to return back to the normal that we used to have before. The world more broadly will be impacted in some positive ways, and some negative ways. It is going to be difficult to get back to normal with new working practices. A lot of organizations globally have had to adopt new, very different working practices. Whether it’s remote working processes or different forms of internal communications. David’s hoping there are going to be a lot of good lessons there.
Obviously from a negative perspective, there’s going to be a huge hit on the economy. Something David fears has its effects for at least a decade. With this comes opportunity. Our markets demand us to constantly evolve.
What are your thoughts on the adoption of AI in FinTech?
Technology has a place for solving problems for consumers. A lot of people get excited about concepts like machine learning and AI- it becomes more of a fixation on the technology than it does the customer’s problems. But when we live in a world where call-centers aren’t available, it’s critical for businesses to maintain a level of service.
The changing markets bring lots of opportunities to adopt these new technologies. But on a broader scale, using algorithms from a risk perspective, or decision making, FinTech is definitely pioneering the way. David still believes the best form for adopting technology to understand consumer problems, but we can expand to decision making, which is very exciting.
The TECH in FinTech – A Spotify Podcast with David M. Brear
The rest of the interview goes over David’s thoughts on Conversational Intelligence and other forms of technology for processes like policy issuance and claim filing. We also discuss how FinTech companies are utilizing social channels to connect with customers and how it can change the direction of the relationships between FinTech companies and their clients. Check out the full interview here.
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We hope you’ve learnt a lot about the tech in FinTech. Engati Engage will be back with a new expert in a new episode soon. Stay tuned.
Find David M. Brear
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