Fintech Insider Podcast by 11:FS
00:30:10 · David M. Brear, Frankie Kay, Lauren Harvey, Pranav Sood
[00:30:10] S0: So that concludes the opening arguments and and to be fair, it's clear the competition is clearly heating up. So what we're gonna be doing is going on to the next question. So which category has seen the most digital innovation? So it's gonna be really really interesting to see this. So I think in terms of each team having two minutes on the on the clock and I think getting that that view of of kind of where we where we go to. So, I mean, starting with you guys, has... How has your area seen a significant digital disruption? [00:30:46] S9: So I think if you just look outside there, it shows the amount of advancement in monitoring employee expenses, using Soldo to control that and know what's coming in. You've got ApprovalMax that controls who buys what and why. You've got Receipt Bank for capturing it that it's it's out there that shows the advancement on our side first. And yeah, that's my point. [00:31:11] S7: Over to you. Yeah. Yeah. [00:31:14] S0: Okay. So, I mean I mean, that was a good twenty three seconds. [00:31:16] S9: Thought I thought I did [00:31:17] S0: well. Based on the first question, you've left him loads of time. [00:31:20] S10: It's good. So [00:31:21] S9: I'll chip in.
00:31:21 · Frankie Kay, Carlo Gualandri, David M. Brear, S3
[00:31:21] S9: I'll chip in. [00:31:23] S8: So I will take the contrarian point of view. And I would say we're just beginning to scratch the surface of what can be done. The whole point is not just the basic transactions, outgoing transactions. It's the whole logic and the management of all the processes that are behind money getting out in one way or another. So exactly as practice is going from compliance into advisory because that's the value added, We're... We still have a long way to go from the execution of payments into the full end to end management of the reason why people pay. Mhmm. We're still doing bank transfer. We need to pay invoices or payroll, bringing the intelligence of understanding the why of the business integrated into the business... Into the banking side. Banks today know nothing about the why. I move money from a to b. That's my job. Not enough. I don't do compliance anymore in a practice. I do advisory because that's not enough. Yeah. This is the evolution. We're just at the beginning. [00:32:33] S0: Nice. With ten seconds to spare. Nice. Feeling confident. Love it. Moving on. Oh. So you [00:32:39] S3: wanna use [00:32:40] S8: this again? Let's... [00:32:41] S0: Do the... Let's send a law... You're gonna give them ten seconds to to... [00:32:46] S8: Yeah. I know. I I I'm sending the law to revenues Right. Because historically, evolution and and and innovation in the revenue side has preceded anybody else because it's where you start.
00:32:46 · Carlo Gualandri, David M. Brear, Pranav Sood, S3, Ben Johnson
[00:32:46] S8: Yeah. I know. I I I'm sending the law to revenues Right. Because historically, evolution and and and innovation in the revenue side has preceded anybody else because it's where you start. [00:32:57] S0: There you go. Alright, guys. You got two minutes. Tell us which category has seen the most digital innovation so far. [00:33:04] S10: Yeah. I think when you look at payments and the innovation across fintech, it's been absolutely incredible where you used to have a small group of high street banks who monopolized and manipulated that industry. And for small businesses now to be able to set up a GoCardless account in kind of a handful of minutes, get it linked to zero, get money rolling in, to now kind of we're seeing stuff with zero pay and being able to manage that outgoing payment process as well. It's just absolutely incredible now the power that small business owners can have and the borders to entry are effectively just completely gone. And it's it's kind of... Some of the other things here, like the innovation across the whole of the industry is incredible. But in some places, we're kind of digitizing things that existed, whereas in payments, you're taking something that just couldn't be grasped by small businesses and giving it to them. [00:33:47] S3: Nice. Yeah. I mean, I fully agree. I think I should also start by saying I think there's been a ton of innovation across [00:33:53] S2: the board, and that's not [00:33:54] S0: Don't start being friendly.
00:33:54 · David M. Brear, S3, Carlo Gualandri, Anil Stocker
[00:33:54] S0: Don't start being friendly. [00:33:55] S3: Well, I'm I'm slightly worried about getting jumped on the way to the DLR tonight. I think I'm gonna rebuild I'll protect you, mate. As the smallest man on stage. I need to rebuild my jack off. Nobody alone. It's [00:34:04] S0: on it. [00:34:04] S3: No. Look. There's been a ton of innovation everywhere. I think building on Jonathan's point, the the salient question is what was the past and what does the future look like, what does the present look like? We look at the past in payments. It's bank transfers. It's checks. Remember those? In The US, still 50% of the b to b payment volume goes through that payment mechanism, believe [00:34:24] S0: it or [00:34:24] S8: not. We've got a lot [00:34:25] S0: of listeners in The US. You've just offended a lot of people. I'm just... That's [00:34:28] S3: fine. Yeah. I'm just stating... [00:34:30] S11: I'm just telling truth It's true.
00:34:30 · Anil Stocker, S3, David M. Brear, Nikki Adams
[00:34:30] S11: I'm just telling truth It's true. [00:34:31] S3: I know. Truth to power. I can't help it. That's the past. Where we are now is a world where you can access payments through your accounting software, through whatever kind of software you want. Payments are in the cloud. And I think as Jonathan just said, we're only just starting to unlock the potential. So, you know, cross border, that's something that we've actually just announced recently ourselves and Xero doing stuff with TransferWise as well, which is fantastic. Looking at things, looking at ways to improve the reconciliation, the reporting experience, looking to ways to make everything that you do as a business owner integrated, seamless, frictionless so that you guys can focus on what you actually care about which is running your business. And I think, you know, as Carlos said, payments has led the way. Payments will continue to lead the way, and I'm super excited about where we can go. [00:35:16] S0: Nice. With a second to spare, we'll go into forecasting. [00:35:20] S12: Oh, well, I'm showing my age here, but we've been in practice for eighteen years. And the the element that's really frustrated me as a business owner and in practice and our clients is not having decent forecasting tools and having to use blooming Excel. Could I swear? Yeah. Bloody Excel. [00:35:40] S0: You could go a little worse than that. I'm just like, we take that and switch it back a long time ago.
00:35:40 · David M. Brear, Nikki Adams
[00:35:40] S0: You could go a little worse than that. I'm just like, we take that and switch it back a long time ago. [00:35:44] S12: Our business completely. So we've been waiting for products like FutureLeads come along. So I'm gonna pass over to Hannah here. So if we strip