Tearsheet Podcast: Exploring Financial Services Together

Tearsheet Studios
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Tearsheet Podcast: Exploring Financial Services Together

Tearsheet Podcast explores financial services together. We're the podcast of record for news and opinion about the finance industry. Weekly, we identify, track, and analyze top trends impacting the business of finance, with an eye on the digital disruption wrought by fintech and new financial technology. Every week, your host, Zack Miller, Tearsheet's founder and editor in chief, interviews thought leaders, senior executives, and entrepreneurs helping to form the next generation of financial services and technologies.

  1. From Bitcoin to Tokenized Assets: A roadmap for Web3 in finance with Rumi Morales

    -6 J

    From Bitcoin to Tokenized Assets: A roadmap for Web3 in finance with Rumi Morales

    Is the promise of Web3 in finance finally coming to fruition, or are we still in the early stages of a long journey from Bitcoin to tokenized assets? As the cryptocurrency and Bitcoin market evolves, Bitcoin's price swings draw attention. Traditional banks explore blockchain cautiously. People are curious about the current stage of Web3 development. The question remains: where are we on the timeline? Today's episode of the Tearsheet podcast features Rumi Morales. She is a partner and board member at Outlier Ventures. She discusses the current state and future potential of Web3 in the financial sector. Morales brings extensive experience from her roles at CME Group, Digital Currency Group, and Goldman Sachs. Morales reflects on her decade-long journey in the cryptocurrency and Bitcoin space. She shares, "I would have answered this question a lot better 10 years ago when I first got into the space. I think I was full of hope and excitement and a lot of ambition." Her perspective offers a nuanced view of the industry's progress. She recognizes the progress and challenges of Web3 technologies in achieving mainstream adoption. As the discussion unfolds, Morales provides valuable insights into the current state of Web3. She discusses the role of decentralization. She elaborates on the potential for blockchain technology to reshape traditional financial services. Her position bridges traditional finance and emerging technologies. This gives readers a well-rounded view of the future of digital assets and decentralized systems. The Big Ideas Morales emphasizes the importance of data ownership and privacy in the Web3 ecosystem. She states, "I do think when it comes to data and data ownership and privacy and individual rights, this idea that humans and individuals should be owning their data. And not giving it away to centralized entities is becoming more and more and more important." There is tension between centralization and decentralization (such as with Bitcoin) in the Web3 space. Morales notes, "The question is, is that theory of decentralization ever gonna take over centralization? The jury is completely out for me on that one." This observation highlights a fundamental challenge in the Web3 ecosystem. It is balancing the ideals of decentralization with practical implementation and human nature. Web3 startups face significant hurdles when trying to collaborate with traditional financial institutions. These challenges stem from mismatches in resources, bureaucracy, and operational timelines. Morales explains, "Many times to get that contract signed, it has to go through how many layers of checks. And you're just hoping that they don't run out of money to get something done to prove that you can do this."  Accelerators are essential for nurturing Web3 innovation by supporting early-stage startups. This highlights the importance of investing in startups. Morales explains the role of Outlier Ventures in this ecosystem. She says, "We've probably accelerated around over 200 companies at this point, helping them in their earliest stages of growth. So these are pre-seed or seed stage companies." Tokenization of real-world assets represents a promising area for convergence between Web3 and traditional finance. Morales states, "That is around being able to tokenize most anything. It doesn't have to be a traditional security in the stock or bond sense of things."

    26 min
  2. How U.S. Bank is reinventing itself for the digital age with CPO of Digital Platforms, Gareth Gaston

    30 OCT.

    How U.S. Bank is reinventing itself for the digital age with CPO of Digital Platforms, Gareth Gaston

    In an evolving financial landscape, US Bank has emerged as a leader in digital transformation. It has reshaped the way customers interact with their finances. Today's episode of the Tearsheet podcast features Gareth Gaston, Chief Product Officer of Digital Platforms at US Bank. He discusses the bank's decade-long journey of innovation and customer-centric development. "We've been on a multi-year journey on digital transformation across all facets that you can think of digital," Gaston explains. This transformation has been more than just a technological upgrade. It's been a cultural shift that has positioned US Bank at the forefront of banking innovation. The journey began with the recognition that customers were using more than just physical branches. "When we started this journey, we were renting all our digital tools," Gaston recalls. "We didn't have a mobile app. We were kind of renting our online banking and bill pay." From these humble beginnings, U.S. Bank has built its own digital platform and in doing so, laid the groundwork for successful future product development. In doing so, it has created award-winning apps and platforms that serve millions of customers. Here’s my conversation with U.S. Bank’s Gareth Gaston.

    28 min
  3. Banks need a north star for successful core modernization ft. Galileo and Valley Bank

    23 OCT.

    Banks need a north star for successful core modernization ft. Galileo and Valley Bank

    Most banks right now are at a crossroads: Either they choose to overhaul their legacy systems or come to a point where they will continue to battle the complex legacy spaghetti of multiple software systems, struggle to access talent that can manage their tech, and alienate customers that expect the best of everything. Although the choice is obvious, going through with core modernization is extremely hard. Guests on the show have been excited about moving to the cloud for many years, but very few have really taken it on, which is why when I have the chance to talk to not one, but two individuals that have hands-on experience with helping banks modernize, I really dive into their recipe of success. Joining us on the show today is Russell Barrett, COO at Valley Bank, who shares the path to modernization his $60 billion institution took, how he and his leadership team devised the bank’s change management policies, the role of consultants in this process, and the challenges the bank faced. Pouring his deep experience into this conversation on Valley Bank’s work is David Feuer, CPO of Galileo Financial Technologies, who brings his expertise of handling and guiding multiple banks of all sizes on their transformation journey.

    49 min
  4. How supporting SMBs creates a thriving economy & community

    22 OCT.

    How supporting SMBs creates a thriving economy & community

    SMBs face critical challenges such as lack of access to credit, barriers for women entrepreneurs, and lower levels of digital enablement, which have limited their growth and success globally. Salah Goss takes us through the Mastercard's SMB strategy, which through initiatives like Strive, focuses on easing credit access, providing digital tools, and building networks, with a particular emphasis on empowering women-led enterprises and fostering community-driven growth.

    11 min
  5. FIs and fintechs can learn to partner more intelligently with Pacemakers' Alessandro Hatami

    21 OCT.

    FIs and fintechs can learn to partner more intelligently with Pacemakers' Alessandro Hatami

    As the financial world evolves, open banking and digital transformation are opening up new opportunities. This comes with several challenges for banks and fintechs. In today's episode, I sit down with Alessandro Hatami. He is a managing partner of Pacemakers, a consulting firm that offers a systematic approach that allows its clients to find the partner that is right for them. Today we discuss some of these seismic shifts in the fintech industry. Hatami has a unique background in financial services, spanning both upstart tech companies like PayPal and traditional institutions like Lloyds Bank. His background offers a compelling perspective on the future of financial services. "Financial services is the ideal digital product," Hatami asserts. "because there isn't a real tangible exchange," he says. Yet, despite this potential, many institutions are struggling to embrace digital transformation. I’ve been saying for years on this podcast that the ability for both larger and smaller institutions to partner – to partner well, at scale, quickly, and deeply – can be a differentiated, defensible model moving forward. Hatami explains, "They have gone through an evolution. But they haven't gone through a transformation." The challenge facing the industry today lies in balancing adaptation with true transformation. from legacy systems to cultural barriers. Through Pacemakers, Hatami aims to bridge this gap. He wants to improve partnerships between established financial institutions and agile fintech innovators. Here’s my conversation with Pacemakers’ Alessandro Hatami.

    28 min
  6. How to get the most out of partnerships in serving SMBs ft. Citizens' Mark Valentino

    18 OCT.

    How to get the most out of partnerships in serving SMBs ft. Citizens' Mark Valentino

    SMBs need more from their FIs, and data echoes this demand. 62% of SMB owners have reported feeling like their business banking options don't go any further than the services already available in their personal accounts.  So banks have to find a way to not only differentiate their business banking products from fintech and platform competitors but their own personal banking products as well. One bank that is leading the way is Citizens, which has a three-pronged strategy for SMBs, according to its President & Head of Business Banking, Mark Valentino. Valentino talks about how Citizens is getting closer to the needs and wants of SMB owners by focusing on gathering feedback through surveys and its bankers.

    14 min
  7. J.P. Morgan’s Ashraf Hebela on how JPM is sharpening its focus on startup banking

    10 OCT.

    J.P. Morgan’s Ashraf Hebela on how JPM is sharpening its focus on startup banking

    Today, we're diving into the ever-green landscape of startups and startup banking. While the startup scene is always buzzing, recent years have been particularly challenging due to a tough market, limited investment opportunities, and waning investor confidence. However, with a rebound in VC funding this year and recent rate cuts by the Fed, there’s a glimmer of hope for improvement and new opportunities. Joining me to discuss startup banking and share related insights from recent J.P. Morgan research is Ashraf Hebela, Head of Startup Banking at J.P. Morgan. In our conversation, Ashraf dives into how J.P. Morgan is sharpening its focus on startup banking, what approaches can better serve underrepresented founders, and the critical support that banking startups require from their financial institutions to thrive.

    15 min
  8. How to differentiate in the changing world of SMB payments ft. Truist's Chris Ward

    10 OCT.

    How to differentiate in the changing world of SMB payments ft. Truist's Chris Ward

    The days when SMBs were tethered to their home markets are long behind us. Today, SMBs are eagerly embracing global opportunities, expanding into new regions, and viewing cross-border sales as a key growth driver. Yet, with this expansion comes a major challenge: navigating the complexities of international payments. 49% of SMBs cite the ease of managing cross-border payments as a top concern. Many have faced friction with traditional banks, which has created a fertile ground for non-bank alternatives to step in. This shift is reflected in the growing trend of SMBs switching providers. While pricing and fees were once the main reasons for switching, today, the search for “better and more convenient” digital solutions is becoming a powerful motivator alongside these operational needs. So, how can FIs respond to this shift? Chris Ward, Head of Enterprise Payments at Truist Financial Corporation, addresses this question and its potential solutions at Tearsheet's The Big Bank Theory Conference, recently held in New York.

    10 min
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Tearsheet Podcast explores financial services together. We're the podcast of record for news and opinion about the finance industry. Weekly, we identify, track, and analyze top trends impacting the business of finance, with an eye on the digital disruption wrought by fintech and new financial technology. Every week, your host, Zack Miller, Tearsheet's founder and editor in chief, interviews thought leaders, senior executives, and entrepreneurs helping to form the next generation of financial services and technologies.

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