Fintech Insider Podcast by 11:FS
00:24:29 · Valentina Kristensen, Sarah Kocianski
[00:24:29] S3: I mean, another thing, I guess, I mean, it was picked up less, which I I guess is to be expected. But the fact that we became one of the first banks globally to achieve net carbon zero, which is something else that we're, you know, super, super proud of. I mean, for scope one and two emissions. So, I mean, I won't go into the sort of boring detail of scope one and two... What scope one, two, and three emissions. But, again, you know, it's it's sort of looking at our carbon footprint, every flight that our employees take, you know, the cost for our our IT servers, you know, AWS, you know, those those big, you know, those... The the big servers you'll see out in the desert. So, you know, I think we're we're just really mindful of of, you know, being sustainable in terms of economic sustainability and having a business that makes sense, but also being sustainable in terms of, you know, doing what's right for, you know, the businesses that for the environment that we're we're obviously in and for the the communities that we're obviously, helping to grow. Can I [00:25:21] S1: ask a quick question about that, actually? I just wondered how much of that is driven by customer demand and how much of that is driven by... Or or customer... You know, on both sides, customers, or how much of it is just driven by the ethos of the company itself?
00:25:21 · Sarah Kocianski, Valentina Kristensen
[00:25:21] S1: ask a quick question about that, actually? I just wondered how much of that is driven by customer demand and how much of that is driven by... Or or customer... You know, on both sides, customers, or how much of it is just driven by the ethos of the company itself? [00:25:31] S3: So I think, I mean, if you look at a business like Leon, obviously, a really great example of a business that's very socially minded. You know, they're very much the sort of forefront of the vegan movement, you know, no plastic packaging. So it is something that, know, we are very conscious of, you know, the businesses that we lend to. We don't lend to businesses that are doing, you know, oil and gas or leather tanning or gambling, anything like that. So that's that's one piece of it. But then also... But you [00:25:55] S1: do do alcohol. Right? Get back to our pub point. Bars.
00:25:55 · Sarah Kocianski, Valentina Kristensen, Ross Gallagher
[00:25:55] S1: do do alcohol. Right? Get back to our pub point. Bars. [00:25:59] S3: Sure. Bars bars and restaurants, places that serve alcohol. But, know, I mean, if you think about, like, a Leon, you know, that's a that's a business that's very socially minded. So I think if we were being seen to be, you know, creating a huge detriment to the environment, then that would probably make businesses like Leon question whether we're really the right funding partner for them. But it is also because, as I say, I mean, it's... We're all very mindful of the the, damage that's been done to the environment. You know, if we don't... We... You know, we all have, well, a lot of people obviously at Open North have children or want children, or just, you know, don't want... You know, want to ensure that the planet is still here in in fifty years, a hundred years, two hundred years, etcetera. So, yeah, just making sure that we're we're doing... You know, we're being sustainable and being a good business. Yeah. Both economically, but also, environmentally. [00:26:43] S0: And this is the thing, isn't it? Because you... You're almost sort of proving the model. Right? You're showing that you can be socially aware and that, you can be sustainable, but at the same time, you can be ranked in the top 1% of banks globally in terms of performance, you know, named by the Feet as Europe's fastest growing company. So, yeah, you guys are booking some serious trends.
00:26:43 · Ross Gallagher, Sarah Kocianski
[00:26:43] S0: And this is the thing, isn't it? Because you... You're almost sort of proving the model. Right? You're showing that you can be socially aware and that, you can be sustainable, but at the same time, you can be ranked in the top 1% of banks globally in terms of performance, you know, named by the Feet as Europe's fastest growing company. So, yeah, you guys are booking some serious trends. [00:27:04] S1: Sorry. Was just gonna say going back to the wider point as well, I know that Oat North does a certain amount of work with investing money back into women entrepreneur... Female entrepreneurs and and helping women out through the chain. And going back to a podcast I recorded earlier this week for International Women's Day, you can make money doing the right things. And I think we need more companies coming out and saying, look, we are profitable. It does make good business sense. It really works. And to being held up as that example because a lot of companies will take the easy way out and say, can't make any money doing that, the business will fold, you know, whether that's green credentials with that supporting female entrepreneurs, whatever it is. So I think, you know, the the more we see, the better and the more examples that are out there, the better.
00:27:43 · Ross Gallagher
[00:27:43] S0: No. I think at a time when we're being bombarded with negative news, I think it's nice to go to break on a positive story. We will be back very shortly. This podcast is brought to you by Stake, the digital brokerage app bringing you unrivaled access to The US market. Invest in over 3,500 US stocks and ETFs, including game changing companies like Google, Amazon, and Tesla. Trading is instant, direct, and commission free. And with a fully digitized sign up, you'll be in the market in minutes. So visit hellostake.com or search stake trade to seize The US market's $31,000,000,000,000 worth of opportunity today. Here at ElevenFS, we deliver work all over the globe. From North America and throughout Europe to The Middle East, South Africa, and across APAC, we've helped clients deliver truly digital propositions. With that in mind, we've added an exciting new page to our website. If you head over to 11fs.com, you'll see a new page in our top nav called work. We've got some brand new case studies for you to look at. They feature some of the companies and propositions that ElevenFS have worked for. There's interesting stuff up there with RBS, Virgin Money, Grab, and Atom Bank. Head over to the ElevenFS website and have a look. And if you think we can help you build truly digital propositions, then drop us an email via hello@11fs.com. Now on to the international news. Our next story comes from Finextra and concerns Zynga barring new customers after interest rates drop. The Australian neobank is no longer letting customers sign up for its 2.25% savings account. This comes after the RBA and has a 0.25 percentage rate cut and has left Zingja weighing up the cost of servicing an account that has already attracted what's really quite a staggering 350,000,000 Australian dollars in deposit inflows since its launch in January. So while Zynga can hold deposits, it hasn't launched its credit or loan offerings yet, and the account is thought to cost the bank 7,500,000 Australian dollars per year just to keep afloat. So I've got a couple of quotes here from Zynga CEO Eric Wilson that I just wanted to throw out there. So I think he was trying hard here to put a positive spin on things. He said, as always, Zynga wants to break the traditional banking model. When faced with higher than expect...
00:30:04 · Ross Gallagher
Expected deposit flows and an RBA rate cut, most banks would just drop deposit interest rates, hurting existing customers while chasing new ones, and that's not what Xinji is about. He said managing these costs as a new bank in a way that cares about existing customers means pushing the pause button on opening new accounts for a while. So I guess I'm most interested in sort of getting people's thoughts on that little bit of spin in the first instance.