32 min
#24 Launching a new bank with Jeremy Takle (Pennyworth) Banking on Air
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- Business
Is it easier to set up and grow a new bank within a major financial institution, or is it better to be unencumbered and create a neobank free of those ties? You might well think that large established banks offer a welcoming space for neobanks, providing appropriate expertise and essential technology. But the reality is that being part of a major financial institution could well hold you back...
In this episode, ‘Banking on Air’ host Helene Panzarino talks to Jeremy Takle, co-founder and CEO of start-up bank, Pennyworth.
With many years of experience at Barclays behind him, Jeremy is extremely well placed to talk about this business. And, according to Jeremy, it’s actually easier to set up a new bank outside a major financial institution than it is to grow a new one from within.
Having the banking license already in place, meeting the capital adequacy requirements, and immediate access to full infrastructure is certainly a huge help for start-up neobanks. However, being the new kid in a major organization means having a big parent with a siloed structure. It’s also about how resources get shared, projects are approved, and convincing board level management of the market proposition. Having experience in a big bank brings both advantages and disadvantages in terms of skillsets. Product management and product ownership skills are more prevalent in start-ups than mega corporations with thousands of employees. But if you really know what your customers need, setting up as an independent bank is potentially a mega opportunity. Hence, Jeremy decided to step away from Barclays and co-found his own start-up bank Pennyworth.
Find out more about Jeremy via his LinkedIn profile: https://www.linkedin.com/in/jeremytakle/
‘Banking on Air’ is the official Vacuumlabs podcast covering the challenges, opportunities, perspectives and opinions that matter to you and to our community. In this podcast, we are looking under the hood of the changing face of tech: the acceleration in all things digital, the impact of regulation (and disruption), the need for genuine collaboration – and the specter of competitors old and new as it plays out in fintech and financial services around the world.
This podcast is brought to you by Vacuumlabs – and we’re sharing our experience and expertise in creating solutions for the digital journey for professionals, community banks, and fintechs. We believe that the future is in communities when it comes to digital transformation in financial services, and we invite you to join us and our guests over the coming weeks and months.
And don't forget to subscribe!
Is it easier to set up and grow a new bank within a major financial institution, or is it better to be unencumbered and create a neobank free of those ties? You might well think that large established banks offer a welcoming space for neobanks, providing appropriate expertise and essential technology. But the reality is that being part of a major financial institution could well hold you back...
In this episode, ‘Banking on Air’ host Helene Panzarino talks to Jeremy Takle, co-founder and CEO of start-up bank, Pennyworth.
With many years of experience at Barclays behind him, Jeremy is extremely well placed to talk about this business. And, according to Jeremy, it’s actually easier to set up a new bank outside a major financial institution than it is to grow a new one from within.
Having the banking license already in place, meeting the capital adequacy requirements, and immediate access to full infrastructure is certainly a huge help for start-up neobanks. However, being the new kid in a major organization means having a big parent with a siloed structure. It’s also about how resources get shared, projects are approved, and convincing board level management of the market proposition. Having experience in a big bank brings both advantages and disadvantages in terms of skillsets. Product management and product ownership skills are more prevalent in start-ups than mega corporations with thousands of employees. But if you really know what your customers need, setting up as an independent bank is potentially a mega opportunity. Hence, Jeremy decided to step away from Barclays and co-found his own start-up bank Pennyworth.
Find out more about Jeremy via his LinkedIn profile: https://www.linkedin.com/in/jeremytakle/
‘Banking on Air’ is the official Vacuumlabs podcast covering the challenges, opportunities, perspectives and opinions that matter to you and to our community. In this podcast, we are looking under the hood of the changing face of tech: the acceleration in all things digital, the impact of regulation (and disruption), the need for genuine collaboration – and the specter of competitors old and new as it plays out in fintech and financial services around the world.
This podcast is brought to you by Vacuumlabs – and we’re sharing our experience and expertise in creating solutions for the digital journey for professionals, community banks, and fintechs. We believe that the future is in communities when it comes to digital transformation in financial services, and we invite you to join us and our guests over the coming weeks and months.
And don't forget to subscribe!
32 min