Dave and Dharm DeMystify Dave and Dharm DeMystify

In this podcast episode, hosts Dave and Dharmesh welcome authors Anette Brolos and Erin Taylor to discuss their new book "Customer-Centric Innovation in Finance".

Erin, an anthropologist, and Anette, an economist, share their journey into studying financial behaviours and founding Finthropology, a company that combines finance and anthropology.

In discussing their book, they emphasise the importance of qualitative research, such as interviews and observations, alongside quantitative data to understand customer behaviour deeply.

They also highlight how traditional financial services often fail to meet customer needs, especially women, and why it's crucial to incorporate customer-centric design in financial products. The book captures their research over the past five years and explores how financial companies can benefit from qualitative insights.

The book is available here: https://www.amazon.co.uk/Customer-Centric-Innovation-Finance-Leveraging-Insights/dp/1398613894

0:00 Welcome and Introductions
01:07 Meet the Authors: Anette and Erin' s Journey
03:54 Uncovering Financial Behaviors: The Finthropology Approach
07:37 Unveiling 'Customer Centric Innovation in Finance'
08:26 The Importance of Qualitative Research in Finance
10:42 Digital Transformation and Customer-Centric Solutions
15:31 The Future of Finance: Adapting to Rapid Changes
20:02 The Role of Technology in Financial Observations
23:55 Is the Finance Industry Ready for Change?
30:42 Practical Steps for Implementing Anthropological Methods

Roger Rouhana, founder and CEO of Alpheya, talked to Dave and Dharm at the Dubai Fintech Summit.

Roger discusses Alpheya, a B2B wealth tech platform delivering AI-first solutions to institutional clients. Roger explains the need for digitalisation in the wealth management sector and the unique features of Alfea's cloud-native and AI-first platform.

Roger also discusses the challenges and opportunities in the wealth management market, the company's significant funding, its technology-focused approach, and the choice of ADGM in Abu Dhabi for operations.

He highlights the optimism and growth opportunities in the Dubai market, along with insights on regulatory comparisons between the US and the UAE, emphasising the collaborative and business-friendly environment in the region.

Overall, the conversation sheds light on Alpheya's innovative approach, strategic partnerships, and commitment to addressing complex challenges in the financial sector.

In the episode, Dave and Dharm speak with Mohamed Abdel Razek, Mashreq's Head of Technology, during the Dubai Fintech Summit.

Mohamed shares his tech background, which spanned various industries like telco, oil and gas, and fast-moving consumer goods before joining the financial sector. He discusses bringing insights from other industries into banking technology, focusing on digital transformation at Mashreq. The bank emphasises client experience, utilising digital tools for seamless customer journeys.

Mohamed highlights Mashreq's adoption of new technologies like AI, ML, and robotics, along with their resilience-focused approach and core banking transformation.

He also discusses the bank's collaboration with fintechs, the regulatory environment in the UAE, and the country's digital growth trajectory. Mohamed elaborates on the Agile approach within Mashreq, emphasising the relationships between IT and business units.

Additionally, he shares insights into AI initiatives, the bank's venture into Egypt and Pakistan, and their corporate stack transformation project, aiming for a seamless and innovative customer experience.

The episode features a conversation with Mohammad Alblooshi, CEO of DIFC Innovation Hub and Fintech Hive, discussing the rapid growth of Dubai's FinTech ecosystem over the past seven years.

The focus is on creating a supportive environment for FinTech startups with initiatives like regulatory sandboxes, access to capital, co-working spaces, and talent development. The hub aims to be a global leader in financial innovation, attracting local and global companies.

The episode underscores the pivotal role of collaboration in Dubai's FinTech market. Regulators, government, and industry work hand in hand to drive the market, ensuring both safety and growth. This collaborative approach is a key factor in the stability and growth potential of the ecosystem.

The ambition is to establish DIFC as a top player in the FinTech landscape, producing unicorns and attracting big tech companies to leverage the ecosystem. The conversation highlights Dubai as an attractive location for FinTech investments and talent, inviting a broader audience to explore the opportunities in the region.

In this episode, Jayesh Patel, the CEO of Wio Bank, shares insights on establishing a neobank in Dubai.

He discusses the vision behind Wio Bank, focusing on serving tomorrow's businesses and customers through improved banking apps, embedded finance, and banking as a service.

Wio's success lies in focusing on SMEs first, prioritising user experience over technology, and understanding the diverse needs of different business types. Patel highlights the importance of customer research, simplicity in financial products, and industry partnerships for addressing evolving revenue models.

He emphasises Dubai's vibrant FinTech ecosystem, driven by government initiatives, access to capital, and a diverse talent pool, making it an ideal location for FinTech startups.

Jayesh's strategic approach and customer-centric focus have quickly led Wio Bank to profitability, showcasing the potential for growth and innovation in the region's financial sector.

Arcady is a veteran, serial fintech entrepreneur!

Over twenty-four years ago, he was part of the founding and management of a challenger digital bank that grew to over $37bn in assets. The same group then launched the 1st generation of BaaS solutions, and with that, they grew to over $60bn in assets under custody.

Now, he is the founder and CEO of Agora, a third-generation banking platform at the intersection of BaaS and embedded Fintech. Agora has built its own modern composable cloud-core banking solution and is working with sponsor bank(s) for the compliance and bank charter aspects.

Arcady demystifies the differences between the US and European Banking Markets and some of the challenges of addressing the US market, which is spread across over 9000 banks. He also provides some great insights on bank partnerships with FinTechs.

Inevitably, we also discuss the challenges of legacy technology, not only for banks but also for incumbent core banking providers.