New Era FinTech Podcast New Era FinTech Podcast

In this episode, I show you a series of screenshots I took as I walked through the process of requesting a replacement debit card using Santander UK's chatbot, Sandi.

This might be one of those episodes that you might want to watch, rather than just listen to -- you can watch on Spotify, or you can watch the video on the podcast's YouTube channel.

Summary

Ewan reviews the chatbot capabilities of Santander UK. He compares it to other banks and highlights the strengths and weaknesses of their chatbot systems. Ewan is impressed with Santander's chatbot, called Sandi, as it efficiently handles a simple task of replacing a damaged debit card. He praises Santander for its user-friendly interface, quick response time, and seamless process. Ewan encourages other banks, such as NatWest and Lloyds, to improve their chatbot capabilities to match Santander's level of efficiency.

Sound Bites


"This is best in class. Absolutely best in class."
"NatWest, read this and weep."
"Santander, thank you very much for making such a great capability."

Chapters


00:00 Introduction to Chatbots and Santander UK
02:17 Comparing Chatbot Capabilities: Santander vs. NatWest vs. Lloyds
06:09 The Importance of Simplicity in Chatbot Interactions
09:03 Santander UK's Best-in-Class Chatbot Experience
10:31 Encouraging Banks to Improve Chatbot Capabilities

Takeaways


Santander UK's chatbot, Sandi, provides a best-in-class user experience for replacing a damaged debit card.
Santander's chatbot is efficient, user-friendly, and provides quick responses.
Other banks, such as NatWest and Lloyds, have room for improvement in their chatbot capabilities.
Ewan MacLeod encourages banks to prioritize user experience and streamline their chatbot processes.

Keywords

chatbots, Santander UK, Sandi, customer service, banking, user experience

Welcome to the second episode in our dedicated Corporate Venture Capital ("CVC") series here on New Era FinTech Podcast.

Today we're meeting Simon Hardie, CEO and founder of Findexable. Simon discusses the importance of innovation in the CVC space and. emphasizes the need for organizations to have a clear understanding of what innovation means to them and to measure its impact.

Hardie also highlights the opportunities in emerging markets, particularly in the Middle East and Africa, where there is still significant room for growth in the fintech sector.

Simon advises organizations to conduct deep research and gain insights into the market and potential investment opportunities. Additionally, he stresses the importance of having the right team, stakeholders, and decision-making processes in place for successful CVC initiatives.

If you'd like to find out more about Simon, he's available on LinkedIn. His company website is http://www.findexable.com.

Chapters


00:00 Background and Introduction to Findexable
06:12 Challenges and Tensions in Financial Services Innovation
09:13 Success Factors for Corporate Venture Capital
11:28 Opportunities in the Marketplace and Middle East Africa
20:17 Working with Findexable and Best Practices
25:43 Conclusion and Contact Information

Takeaways


Organizations need to have a clear understanding of what innovation means to them and measure its impact.
Emerging markets, particularly in the Middle East and Africa, offer significant opportunities for growth in the fintech sector.
Deep research and insights are crucial for identifying market opportunities and potential investments.
Having the right team, stakeholders, and decision-making processes in place is essential for successful corporate venture capital initiatives.

Keywords

simon hardie, findexable, innovation, corporate venture capital, CVC, financial services, emerging markets, Middle East, Africa, research, insights, team, decision-making

Welcome to the first episode in our dedicated Corporate Venture Capital ("CVC") series here on the New Era FinTech Podcast.

In today's episode, Grant Niven, founder and partner of Mingzulu joins me to discuss the role of CVC in the fintech and financial services ecosystem.

Grant gives us an overview of his background in financial services as well as his experience working with growth-stage founders, established banks, and the investment community.

Together we define the concept of CVC and explore the different types of CVC methodologies generally in use. We set out the main drivers behind why financial institutions choose to engage in CVC, (i.e. maximizing returns, strategic alignment, speed to market) -- and we discuss the challenges and considerations in setting up a CVC unit within an organization such as a bank.

Grant shares insights on the questions and concerns financial institutions have when considering CVC and the need for a clear understanding of the value CVC can bring to the organization.

If you'd like to discuss financial services CVC with Grant and the team, reach out to him directly on LinkedIn here: Grant Niven. His company website is here: Mingzulu.com.

Standby for the next CVC series episode coming very shortly! If you've any recommendations for individuals we should be featuring across the CVC series, please send me a note to ewan@ned.partners.

Takeaways


Corporate venture capital (CVC) is a strategic investment by a corporation in external startups or ventures, with objectives that go beyond financial returns.
CVC allows established organizations to innovate, partner with startups, and gain access to new technologies and markets.
The main types of CVC methodologies include financial returns-focused, strategic-focused, and hybrid models that balance both objectives.
Organizations engage in CVC to maximize returns, achieve strategic alignment, and gain speed to market.
Setting up a CVC unit within an organization requires careful consideration of the strategic intent, operationalization, and governance. The founder community in the Middle East is generally open to the idea of corporate venture capital (CVC) and sees it as an opportunity for growth and scaling.
Speed and alignment are crucial in CVC partnerships, and founders look for organizations that can move quickly and provide long-term support.
Clear strategy and top-down support from the organization are essential for successful CVC initiatives.
Diversity in cap tables and collaboration with other investors can be attractive to founders.
Financial institutions considering CVC need to have a clear understanding of the value it can bring to the organization and align it with their strategic goals.
Internal processes and governance can be a challenge in implementing CVC, and organizations may need to consider external partnerships.
The Middle East offers significant opportunities for growth and innovation in the CVC space, particularly in sectors like e-commerce and telecommunications.
Governments and central banks play a role in supporting the CVC ecosystem through initiatives like sandboxing and regulatory transformation.

Chapters


00:00 Introduction to CVC in Fintech
02:50 Understanding CVC: Strategic Alignment and Financial Gain
07:35 Differentiating CVC from Traditional Venture Capital
13:49 CVC as a Tool for Innovation and Brand Enhancement
22:49 CVC's Need for Speed and Operationalization
24:01 Engaging with Founders in the CVC Journey
24:57 The Challenges of Funding for Founders
26:41 Strategic Alignment and Acceleration Opportunities
27:36 Diversity of Cap Tables and Complementary Investors
28:10 The Appeal of CVC for Founders
29:50 Setting Up a Successful CVC
35:31 Outsourcing CVC to Established Players
41:16 The Growth Potential of CVC in the Middle East and Africa

In today's episode, I'm sitting down with Eric Fulwiler, Co-Founder and CEO of Rival, the digital marketing powerhouse. Eric's storied background with the likes of 11:FS (he was CMO) and VaynerMedia (the GaryV company) means he's precisely the guy I wanted to put in front of you to discuss your marketing. FinTech companies tend to really struggle with Sales and Marketing. I know dozens who find it such a hard nut to crack. So I spent this episode firing questions at Eric about how FinTech CEOs should really be thinking about managing their Marketing -- and by extension, their sales. Eric gives nugget after nugget of perspective that I think will be useful for almost every FinTech leader.

In more detail

In this conversation, Ewan and Eric discuss the challenges that fintech companies face when it comes to marketing and engaging with banks. Eric emphasizes the importance of crafting a differentiated narrative and focusing on relevant, authentic, and differentiated content experiences to earn the attention of the target audience. He also suggests that marketing should be more like a media company, with a focus on collecting, retaining, and monetizing attention. Eric highlights the need for marketing to generate future demand and tells a story that is different and adds value to the audience. He also mentions some companies that are doing good work in this space, such as Strise and Move.

Takeaways


Craft a differentiated narrative and focus on relevant, authentic, and differentiated content experiences to earn the attention of the target audience.


Marketing should function more like a media company, with a focus on collecting, retaining, and monetizing attention.


Tell a story that is different and adds value to the audience, rather than just focusing on the features of the product or technology.


Build a brand that is recognized and trusted by the target audience, which can lead to warm leads and stronger relationships.


Consider innovative and differentiated approaches to marketing, such as hosting unique events or partnering with mini media companies.


Utilize paid advertising effectively to distribute content and experiences to the target audience.


Consider acquiring or partnering with mini media companies to leverage their existing awareness and trust with the target audience.

Here's a screenshot walkthrough of the HSBC UK chatbot -- calling it Conversational AI is somewhat of a stretch. I've also recorded this for my other project, Conversational AI News. I would recommend you watch this one on Spotify so you can follow along with the screens, or you can find it on my LinkedIn profile or directly on the Conversational AI post.

In this episode, I'm putting the Lloyds Bank chatbot head-to-head with the NatWest chatbot and see how both systems handle the same enquiry.

At the start of the episode, I begin by outlining the concept of Conversational AI chatbots and then I do a screenshot walk-through of each chatbot's responses as I experienced it.

This episode is best watched, rather than listened to - so I would recommend checking it out via Spotify so you can see the video.