S1E4 - The State of FinTech in 2024 and Beyond - Theodora Lau

Tales from the #FinTech Crypt

In this captivating episode of "Tales from the Fintech Crypt," join Duena Blomstrom and Theo Lau as they embark on a thought-provoking journey through the dynamic world of fintech. They delve into how the COVID-19 pandemic has reshaped the financial landscape and explore the ongoing challenges facing the banking sector today.

With an insightful lens, Duena and Theo reflect on the incremental technological advancements that have emerged and highlight the urgent need for a cultural transformation within financial institutions. Their conversation spans generational perspectives on banking needs, shedding light on the crucial importance of financial inclusion for everyone.

As they navigate these complex themes, the duo emphasizes the vital role of leadership in driving meaningful change within the industry. Ultimately, their discussion inspires hope, showcasing the necessity of heart and goodwill in crafting a brighter financial future for all. Tune in for an episode that not only informs but also ignites passion for a more inclusive financial world!

Takeaways

• COVID-19 was initially seen as a game changer for fintech.
• The funding trends for women in fintech have not improved significantly.
• There is a comfort in returning to business as usual post-pandemic.
• Generational needs in banking are more about life stages than age.
• Incremental change in fintech is not enough to meet consumer needs.
• Cultural transformation is essential for innovation in banking.
• Financial inclusion remains a critical issue globally.
• The role of technology should focus on solving real consumer problems.
• Leadership in banking needs to embrace courage and empathy.
• The next generation of fintech leaders will bring new perspectives and values.

Sound Bites

• "We finally see the value of different people."
• "We still have more than a billion people unbanked."
• "We need to push the envelope."

Chapters

00:00
Introduction and Expectations

03:45
The State of Fintech in 2024

09:20
The Need for Human-Centered Design in Banking

14:36
The Obsession with Segmentation in Banking

15:50
The Lack of Significant Progress in Fintech

17:42
The Potential of Blockchain and AI

22:40
The Mushrooming of Fintech Companies

23:28
The Lack of Innovation in Traditional Banks

24:50
The Disconnect Between Back-End Advancements and Front-End Customer Experience

26:04
The Challenges of Inertia, Trust, and Regulatory Issues

31:21
The Importance of Culture, Courage, Empathy, and Genuine Communication

36:35
The Need for Financial and Digital Inclusion

39:54
Addressing Societal Issues Through a More Equal and Fair State of Money Movement

44:29
The Shift in Mindset and Leadership Needed for Innovation in Banking