Fintech Insider Podcast by 11:FS
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.
00:39:50 · S5, Carlo Gualandri, David M. Brear, Frankie Kay
[00:39:50] S5: Okay. [00:39:50] S8: Oh, come on. So, yeah. About us. As we said, as as payment or let's say, more in general, any kind of spend or even more in general, any kind of process handling money and the information about money. This is just the beginning. What we're building is the next step. It's... If you think what has been the greatest level of innovation, It's not the greatest level of innovation what we've seen so far. That's not even started the movie. It's just the, you know, the trailers before the movie starts. What's gonna happen is a blend between the bank and the information about the bank. Something that has been separated at birth originally by the difference between a regulated business being a banker and the information technology business. The information about this thing. And and between these two world, there is a huge gap filled with manual labor in the McOffice. [00:40:49] S0: Nice. [00:40:50] S8: No help at all. So that's that's the future. What we're building is something... [00:40:54] S9: It's my turn. [00:40:55] S0: It's your turn. [00:40:56] S8: That's what we're building. And that's that's... [00:41:00] S0: Building a platform for everybody. [00:41:02] S8: Yeah. And and we're proud to be infrastructure. Somebody said that that's just infrastructure. Yes. We will... We wanna be the infrastructure. And in any stack, you build things on top of the infrastructure. Yeah. Great. Go on. Give me [00:41:14] S0: twenty seconds. Yeah. I'll give me twenty seconds.
00:41:14 · David M. Brear, Frankie Kay
[00:41:14] S0: twenty seconds. Yeah. I'll give me twenty seconds. [00:41:16] S9: Spend management is something that as accountants, we can educate our clients on. It's something... Accountants are weirdly obsessed with what our clients buy. That means we're talking to them. We're educating them. If they don't understand it, they are going down the toilet because they will spend all their money that they don't have. They need to understand the pattern and the growth of their company and how to flex their spending. The software and tech outside gives accountants insight, control. We can give advisory and make sure that [00:41:50] S0: You good? [00:41:50] S9: Yeah. Make sure that people stick to spending correctly and that they manage their money. If they don't manage it, you're all out the picture. [00:41:59] S0: Alright. Thank you team spending. Alright. Team payments, you got two minutes to wrap up.
00:41:59 · David M. Brear, Pranav Sood, Ben Johnson, Carlo Gualandri, Anil Stocker, S3
[00:41:59] S0: Alright. Thank you team spending. Alright. Team payments, you got two minutes to wrap up. [00:42:03] S10: Cool. So obviously, we've got four really important elements here. Part of the thing with running a small business is you face a huge amount of uncertainty, so you need the planning piece and you need the other bits to help you through. But none of it works if you don't have that lifeblood coming in, the cash coming in, the ability to manage it and control it. I think anyone who owns a business knows, and I've I've been through this myself, having switched on GoCardless in my own business about four or five years ago, that first time I saw those payments automatically drip into my bank account. No phone calls, no emails to chase, none of that stuff that causes stress and... [00:42:33] S0: I mean, the the love in this team is real. Oh, I know. It's absolutely... Mean, we've a chance. Genuine. [00:42:38] S2: It really is. [00:42:38] S10: But, you [00:42:39] S0: know, you you threaten [00:42:40] S10: that breakdown of relationship as soon as you have to chase people. Having that certainty and that control in your hands rather than relying on something else or, you know, a forecast where you're guessing what's happening, you've got real certainty there of what's gonna happen. That's when kind of life suddenly gets easier as a business owner. [00:42:56] S8: Cool. [00:42:57] S11: I agree with all that. [00:42:59] S3: I think Done. [00:42:59] S0: I'll move on. Lesson. I've got