Fintech Insider Podcast by 11:FS
01:12:27 · Megan Caywood
[01:12:27] S5: Yeah, so from my perspective, the APIs are on the one hand the retail APIs so third parties can integrate into their product. So from read only account data up to instructing payments by the API. But then when we actually manifested this full set of APIs, what we found is a lot more use cases than we originally predicted. So on the one hand there's banks and fintechs and other companies who want to access payment schemes through our APIs. So as a fully licensed bank, can directly plug into faster payments and backs and everyone in this ecosystem who needs access has to go through one of those main points. So for us being a tech based bank, it's really easy to quickly and inexpensively grant that access. But others who want to manifest banking features from creating an account, direct debits, credits and all of these other features, we can make that available via an API as well. So I think the true platform is there's the power on the retail side for third parties to integrate. There's the power then from just opening up that infrastructure. And then on the other side, it's about the fintechs APIs because it's how do we make these third parties available for customers. So at Starling, it's about how do we take best in class savings and investments and mortgages and insurance and accounting and make that available and visible for customers inside the app. So I think there's many use cases beyond just kind of the five standard examples given by the CMA. Though that is a good starting point.
01:13:46 · Sarah Kocianski, Keri Gohman, Megan Caywood, David M. Brear
[01:13:46] S0: And and Carrie you were nodding along there. Is that is that what you envisage people using your your APIs? Is that what you know what you see them leading to? [01:13:52] S13: Exactly. You know the world is now a set of connected ecosystems. So Starling has their ecosystem. We've got an ecosystem that's relevant. Tide has their ecosystem and their solves and putting those pieces together are what really drives the next level of performance. And when you think about what is a platform, a fundamental definition of a platform is a place where you're sharing data, you're sharing content and others are innovating in ways you hadn't expected. When we started Xero, I'm sure Rod had this vision but probably but what we experienced was that there was innovation happening on the platform that we never could have imagined and solutions being created for small business owners and accountants that we couldn't have anticipated and that's the real definition of a platform and that's what the world's going to look like. A set of connected ecosystems working together to drive success for small business owners. [01:14:43] S5: 100% and just to build on that, think one of the interesting things is that a community of developers can innovate better and faster than any one company alone. Absolutely. So half the beauty of having open APIs is we don't have a monopoly on good ideas. That's right. So now, these other third parties can build these amazing services we hadn't even dreamed about from within Starling Bank. [01:15:01] S10: Yeah.
01:15:01 · David M. Brear, Sarah Kocianski, Megan Caywood, Oliver Prill
[01:15:01] S10: Yeah. [01:15:01] S0: Well, thank you so much guys. I'm actually gonna have to wrap up that first part of the show. I know it goes so quick. Thank you so much to our guests, Megan Kaywood and Oliver Pearl. Megan, where can people find out more about you if they don't already know where to find you? [01:15:14] S5: Twitter at Megan Kaywood or you can find us at starlingbank.com if you want to know more about Starling. [01:15:19] S0: Perfect. And, Oliver, how about you? [01:15:21] S12: Yeah. I would say tight.co. [01:15:23] S0: Perfect. Thank you so much for joining us. Let's have a big round of applause and a cheer for these guys. Feel free to take your drinks with you. [01:15:30] S12: Thank you. [01:15:34] S0: Oliver and Megan provided us with with such great insight and APIs and bank feeds are are super interesting and a really deep topic that everyone's been going into today. But people have been hearing about them all day and it can be a little bit heavy. So, we're gonna lighten the mood. I really hope you're ready for this because this is gonna be like cringe worthy. But we want you, our lovely accounting audience, to get involved and you have to be prepared to laugh at yourselves. Okay. We're not gonna pick any one person, but you have to be prepared to take a joke, please.
01:15:34 · Sarah Kocianski, David M. Brear
[01:15:34] S0: Oliver and Megan provided us with with such great insight and APIs and bank feeds are are super interesting and a really deep topic that everyone's been going into today. But people have been hearing about them all day and it can be a little bit heavy. So, we're gonna lighten the mood. I really hope you're ready for this because this is gonna be like cringe worthy. But we want you, our lovely accounting audience, to get involved and you have to be prepared to laugh at yourselves. Okay. We're not gonna pick any one person, but you have to be prepared to take a joke, please. [01:16:03] S10: Well, and it's not just laugh at yourselves. It's actually laugh at what we're going to be saying now. So, I I kind of feel very much like the dad at the Christmas table telling jokes coming out of a cracker on this one. And believe me, some of these jokes are pretty much the same quality quite frankly. Right? [01:16:18] S0: But if you shout out the answer, the correct answer first and our producers hear you, you will get a free t shirt. Okay? So audience participation along the lines of free t shirts as modeled by me. [01:16:30] S10: It's definitely not it's not requested. It's definitely mandatory. It's mandatory. I'll just be sound. All right. The first one of these. So, why do accountants make good lovers? They do it on a spreadsheet. Who was it who said that? Put your hand up, sir. [01:16:46] S0: It's not the right answer, but it's probably worth a t shirt.
01:16:46 · Sarah Kocianski, David M. Brear, Sian Kelly
[01:16:46] S0: It's not the right answer, but it's probably worth a t shirt. [01:16:49] S10: It is. Yeah. I think it's better than the right answer. So, the right answer to why do accountants make good lovers is they're great with figures. But I I... Honestly, I think that guy... Give give that man a [01:17:00] S0: t shirt. Encounter in the glasses, that gentleman. [01:17:03] S10: Alright. Second up here we have. So what do you call an accountant without a spreadsheet? [01:17:10] S0: Lost. Somebody say lost? Useless. Yeah. [01:17:14] S10: That that that... That's pretty close. So the answer is lost. So, again, another t shirt in the audience. You guys are good at these. [01:17:21] S0: Down there, they've read they've read the notes. [01:17:23] S10: You've honed your skills, isn't it? All right. Third up, we have, why are accounting departments so welcoming? Everybody counts. Aw, it's nice. Like that. This is kind of going into the festive spirit here. So, how does Santa's accountants value his sleigh? Nobody. Net present value. [01:17:48] S0: See, the accountants actually laughed [01:17:50] S9: at that one. [01:17:50] S10: I know. I think we've found their level now. So, this one, if I'm honest with you, I'm not sure I... As like millennial group, I'm not sure we get the answer to this one. So, what do you call Tom Cruise with a low credit score? [01:18:05] S0: Okay. Nobody else has seen it either. Oh, it's I think [01:18:09] S10: this is definitely of a generation. Yeah. Nobody? Okay. This is risky business.
01:18:09 · David M. Brear, Sarah Kocianski, Gary Turner, Caroline Plumb
[01:18:09] S10: this is definitely of a generation. Yeah. Nobody? Okay. This is risky business. [01:18:15] S0: I wish we could capture the groans because we haven't had a single laugh, but there's some really good groans coming out [01:18:20] S1: of [01:18:20] S10: the Okay. Last one. Last one, guys. What do accountants suffer from that ordinary people don't? [01:18:29] S0: What do [01:18:29] S2: you say? [01:18:29] S10: Did we say? That man got it right. Are you the same guy who got the t shirt earlier on? Dude Alright. You're going home with hella swag. The answer was depreciation. That's nice. So, this time of year, it's a sad topic, right? [01:18:42] S0: I was about to say, and on that positive note, [01:18:45] S1: I hope you're [01:18:46] S0: all feeling good about yourselves. Hopefully, people who won t shirts are feeling good about themselves at least. Let's move on to the next part of the show. [01:18:53] S10: Okey dokey. So in this section, we're gonna be talking about automating payment collection and online card payments acceptance, which is a bit of a mouthful, I have to say.