"What Can FinTechs and Traditional Banks Learn from each other?" From platform thinking to risk management - there's plenty to learn from challenger and traditional banks. This talk presents eight ideas and learnings from a global point interview. Key topics: technical architecture, teams, culture, growth, trust, branding, risk management and customer satisfaction. Lessons from Revolut 1. Banking as a Platform 2. Getting it Done 3. Growth Teams 4. No Middle Man Lessons from Traditional Banks 1. Build Trust via Advice 2. Invest in Branding 3. Building Business 4. Owning the Majority

1. WHAT CAN FINTECHS AND
TRADITIONAL BANKS LEARN
FROM EACH OTHER?
FUTURE BANKING 2020

4. WHAT ABOUT
THE BANKS?

5. 543 YEARS MORE EXPERIENCE THAN REVOLUT

6. THERE’S
LOTS TO
LEARN

7. TRADITIONAL BANKS

9. BANKING AS
A PLATFORM

10. Building a State-of-the-Art Card Fraud Detection System in 9 Months
Sherlock in numbers:
• over $3M saved during the
year in production
• just 1c out of $100 is lost
due to fraud
• 96% of fraudulent
transactions are caught
• 30% of Sherlock’s fraud
predictions turn out to be
correct

11. “The reality is what we're trying to achieve is [to]
build a 10x better financial services company that is
10x cheaper as well. The only way to do it is not
building only one product, but building a platform
with a lot of products on top of it.”
NIKOLAY STORONSKY

12. GETTING IT
DONE

13. The individuals that really set themselves apart
and really thrive at Revolut are the ones that
take the initiative to put themselves out of that
comfort zone and take ownership of that tech
and learn something
REBECCA SOUTH
Head of Executive Search

15. GROWTH
TEAMS

16. Marketer
Brand & Story
Business Developer
Product Growth
Comms. Mgr
The Message
Community Mgr
Activation
Country Mgr
Growth
Growth Teams: Decentralised And Cross Functional

18. NO MIDDLE
MAN

19. Legacy Banks Are at a Major Disadvantage
Legacy systems are an inhibitor to
the technical aspirations of banks
with almost half (46%) of bankers
seeing legacy systems as the biggest
barriers to the growth of commercial
banks.
FRAEDOM

20. Effectively when you run all the infrastructure in-
house, you can actually make money out of this
business, and the business becomes quite
profitable
NIKOLAY STORONSKY
Founder and CEO of Revolut.

22. BUILD TRUST
VIA ADVICE

23. Most Brits don’t trust challenger banks –
and do trust traditional banks
When asked, almost seven in ten (68%) said they trust their current bank, and
less than a fifth (17%) said that challengers are as reliable and trustworthy as
traditional institutions. In general, consumers said they’d prefer to use these
traditional institutions over neobanks (47% versus 11%).
YouGov UK, 2020

25. INVEST IN
BRANDING

26. Consumer awareness is low
When asked, only 9% of Brits could name any challenger bank at all. The best
performing brand in terms of spontaneous awareness was Monzo, which was
recalled by 5% of respondents.
YouGov UK, 2020

28. BUILDING
BUSINESS

29. Traditional Banks have been a
foundation of support for SME’s
Banks loaned SME's $600M in the US in 2017. 59% used the loan for expansion.
They also provided essential services such as investment management, corporate
Credit Cards, bookkeeping and much more.
Small Business Administration (SBA)

31. OWNING THE
MAJORITY

32. Majority of UK people are happy with
their current bank
The evidence doesn’t suggest that most Brits are crying out for alternatives.
Almost half (48%) say their current provider provides great service versus 11%
who say it provides poor service
YouGov UK, 2020

34. TRADITIONAL BANKS
1. BANKING AS A PLATFORM
2. GETTING IT DONE
3. GROWTH TEAMS
4. NO MIDDLE MAN
1. BUILD TRUST VIA ADVICE
2. INVEST IN BRANDING
3. BUILDING BUSINESS
4. OWNING THE MAJORITY

35. BUT…

36. The Most Useful Innovation When Choosing a Financial Services
Company:
53%
A CUSTOMER EXPERIENCE THAT
INTEGRATES ALL ASPECTS OF
MY FINANCIAL LIFE
2019 EDELMAN TRUST BAROMETER.

37. AND
THANKS TO
QUARANTINE

38. 2030 Is Already Here!
"EVERYONE NOW HAS
TAKEN A 2020 QUALITY
SOFTWARE IN A
BASICALLY 2030
WORLD.”
TOBI LUTKE SHOPIFY CEO

39. 2030 Is Already Here!
ZOOM DOUBLES
FORECAST FOR FULL-YEAR
REVENUE ON REMOTE-
WORK BOOST
YESTERDAY

40. A Bank for all Parts of Life : Are You a Winner?
24months
UNTIL THE BANKING
GREAT CONSOLIDATION