Fintech Insider Podcast by 11:FS
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
00:35:52 · S5
[00:35:52] S5: it back and we look at businesses today, they... Or any business, in fact. You you know that you're making a decision here and it affects something over here. You haven't got a full time finance function. You don't have analysts, but you do know that you're working reactively with what you've got. And it's not just about the financial data that you have. It's about the nonfinancial data because often, that's where you're making the decisions. So whilst there has been, you know, to date a ton of innovation in our sector, what we're gonna start seeing, and we're gonna be leading the way, is connecting this ecosystem together from a decision making and forecasting perspective. Because actually, we have to layer in all of the elements of how customers behave, how you're behaving with suppliers, what happens with payments, what's happening below the fold within the balance sheet. Can I take one more stuff? Can I not? Should I bake... You know, can I do create a new product line? Do I need to move premises? All of those things. If I do it blind, if I do it without understanding the implications of it, I don't know whether I need funding. I don't know whether I need... You know, I don't know what I need to do. So being able to reimagine a new experience that changes customer behavior, changes consumer behavior because actually forecasting is quite a bit of a dirty word. It does. You know? It's something that people do for a funding event today. It's not being used as a sat nav, and that's the behavior that I think that the innovation you'll see within our sector is gonna start changing. It will be a completely different behavioral driver that will prioritize the most important things that they need to action on that will impact the future of their business every day.
00:37:23 · David M. Brear, Anil Stocker, S5, Lauren Harvey
[00:37:23] S0: Great. Wow. All... Like, bang on two minutes. That was impressive. You practiced that. Come on. I know. Alright. Team lending. [00:37:30] S11: So, we would argue that lending is one of the hardest things to innovate. Right? Because with lending, have to not only take data, have a great customer experience, you have to make sure that money that goes out comes back with interest. And this is a very very tough thing to do and why it's one of the last preserves of the banks. The banks have been controlling it for so long because they had the data locked up. Now, we're able to ingest it through integrations and be able to make these decisions faster and better. So I would argue that actually the biggest innovation is around the stuff that's the hardest. And, you know, without getting too personal, payments is plumbing. It's just, you know, infrastructure. You know, cash flow is, you know, nice. [00:38:14] S5: Actually, tells people that they need to [00:38:16] S11: is nice to, like... It's basically just taking debt and putting it into charts, which is, you know [00:38:20] S0: And that's [00:38:21] S11: that's that's nice. And now you [00:38:23] S5: need us. [00:38:24] S0: You need [00:38:39] S7: class myself as running a business as well. I think it's super exciting. We've got this new way to help businesses. We've been helping them with spending and buying and forecasting for centuries. All that's what we've been... You know? And now as a business, we're able to help with lending too. So [00:38:55] S11: The maximum value add you can give to a business.
00:38:55 · Anil Stocker, S5, Lauren Harvey, David M. Brear, Craig Walker
[00:38:55] S11: The maximum value add you can give to a business. [00:38:57] S5: Yeah. How how do you know if you can afford the repayments? Oh, the forecast will tell you that. [00:39:01] S7: There we go. Yours is already in place. We're we're, you know, we're new stuff. [00:39:05] S0: Using two minutes and five seconds [00:39:07] S4: if somebody [00:39:07] S0: else is dying. Okay. So you guys done? You good? You you got it all out your system? Interrupted. You good for now? You were interrupted. I mean, I can give you another twenty seconds if you wanna shuffle a little [00:39:17] S7: bit. It's not [00:39:18] S0: I'm fine. Okay. Cool. So, I mean, I think there's a good argument set out for most of these players. And, I mean, I'm sure you have a sort of a favorite here. But why don't we do maybe a minute of closing statements across the piece? So if we do one minute across all of you, so one minute each to do closing statements and then it comes to you in the audience to basically decide who wins. Okay? So really pay attention to this last one because you guys are basically deciding who wins us or not. So start, wrap up, make it the best minute of your life. [00:39:50] S5: Okay.