Breaking Banks
Breaking Banks
Feb 11, 2021
Episode 376: Reality Check: The True Cost of Banking
Play • 49 min

In This Episode

In this new episode of Breaking Banks, JP Nicols is joined by friend and regular contributor Jo Ann Barefoot, Chair of the Alliance for Innovative Regulation, CEO of Barefoot Innovation Group, host of the Barefoot Innovation podcast, and former Deputy Comptroller of the Currency to discuss a new era ushering in Joe Biden’s White House. What does this mean for fintech and banking? 

Then stay tuned as Jason Henrichs hosts Jacob Haar, managing partner of Community Investment Management, an impact investment firm that provides debt capital to fintech companies to support underserved small businesses. Jason and Jacob explore the role of impact investors, responsible fintech, and public policy in financial inclusion during the time of COVID-19.

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Decode Fintech
Decode Fintech
Paystack
How expressPay Builds Trust with Customer Service
As a fintech company, you work hard to ensure that nothing goes wrong. But when things do go wrong, like they inevitably will, how you handle the situation can make the difference between a customer who churns, and a passionate ambassador for life. In this episode, we speak with Francis Appiah, the Operations Manager at expressPay. Francis speaks about hiring great support teams, and how a diverse support team leverages past experiences, skills and relationships to go above and beyond when solving customer problems. He also discusses how to balance providing great customer service to even the most difficult customers, while protecting team welfare.IN THIS EPISODE WE TALK ABOUT 2:38 — How the customer support team is set up at expressPay 3:53 — What skills should an excellent support team member possess? 8:11 — How expressPay's customer support team measures success 9:24 — [Paystack Product Alert] Introducing Paystack Transfers paystack.com 10:43 — Why cross-functional teams result in better customer outcomes 11:41 — Values to watch out for when hiring for customer service roles 13:29 — What an obsession with customer happiness looks like at expressPay 16:35 — How expressPay handles acutely difficult customersLINKS * Connect with Francis on LinkedIn * Check out expressPayFOLLOW US The Decode Fintech newsletter is a weekly email summary of the most important news in African fintech. Subscribe to receive original commentary and curated stories, as well as the latest episode of the podcast. * Subscribe to the Decode Fintech Newsletter * Follow Decode Fintech on TwitterDECODE FINTECH IS BROUGHT TO YOU BY PAYSTACK Paystack helps Africa's most successful fintechs build and scale popular financial service products with the industry's best-documented APIs. Please visit paystack.com/fintech to find out more.
19 min
Wharton FinTech Podcast
Wharton FinTech Podcast
Wharton Fintech Podcast
Milind Mehere, YieldStreet Founder/CEO - Transforming Digital Wealth Management
Miguel Armaza is joined by the fascinating Milind Mehere, serial entrepreneur, and Founder/CEO of YieldStreet, a digital wealth management platform that aims to transform the investing landscape by enabling individual investors to invest in classes such as Real Estate, Marine Finance, Art Finance, Legal Finance, and Commercial loans. The company has raised over $180M in equity and debt from top VCs including Edison Partners, Greycroft, and Raine Ventures. They discuss: - His successful entrepreneurial journey and the path to Yieldstreet as a second-time founder - Company Culture - Challenges of building an investing platform and disrupting an industry traditionally reserved for the wealthy - Leveraging regulatory opportunities for a new asset class - The incredible impact of COVID on the business - And a lot more! Milind Mehere Milind Mehere is an award-winning entrepreneur with a track record of building large scalable businesses and creating new product categories. He is the founder and CEO of YieldStreet, a digital wealth management platform changing the way financial products are delivered and how wealth is created. Previously, Milind co-founded and scaled Yodlee (an ad-tech platform for SMBs) to $200M+ in revenue and 1,400 employees - the company was acquired by Web.com for $342M in 2016. About Yieldstreet YieldStreet is striving to become the world’s largest digital wealth management platform to change the way wealth is created. YieldStreet is accomplishing this by transforming the investing landscape, opening up access to investments for individual investors across a range of asset classes such as Real Estate, Marine Finance, Art Finance, Legal Finance and Commercial loans. Headquartered in New York City with offices in Brazil, Argentina and Greece, the company is backed with $178M in equity and debt funding from firms including Edison Partners, Greycroft and Raine Ventures. Join the movement at www.yieldstreet.com.
34 min
BT Money Hacks
BT Money Hacks
The Business Times
Investing in China's market - the case for retail investors: BT Money Hacks Ep 91
BT Money Hacks Ep 91: Investing in China's market - the case for retail investors 11:43 min Synopsis: Updated fortnightly on Mondays, The Business Times breaks down useful financial tips. This week's episode looks at the case for investing in China in 2021 and beyond. It is brought to you by Fidelity International: https://www.fidelity.com.sg/ BT's digital editor Chris Lim hosts Catherine Yeung, Fidelity International's investment director, who explains the following: 1. How China's household consumption contributes to GDP while a household savings rate of almost 40% there, hints at future pent-up demand (0:42) 2. Understanding how retail investors can take advantage of China's domestic demand story (2:12) 3. How having easier access to data in China, than in the West, contributes to growth in certain sectors such as AI (3:15) 4. Paying attention to smaller under-the-radar stocks that have attractive dividend yields and are priced more reasonably than the well-known tech stocks (6:10) 5. Monitoring opening up of equities and fixed-income markets in China and balance sheets of state-owned enterprises rewarding minority shareholders with income (8:26) 6. Knowing short- to medium-term risks in certain areas of the Chinese stock markets (9:30) Find out more about: Fidelity International: https://www.fidelity.com.sg/news-and-insights/outlook Fidelity's Case For Investing in China: https://www.fidelity.com.sg/Pages/2021-01-06-consumption-continues-grow-importance-outlook-2021-1609903367527 Produced by: Chris Lim and Ernest Luis Edited by: Adam Azlee Follow BT Money Hacks podcasts fortnightly on Mondays and rate us on: Channel: http://bt.sg/btmoneyhacks Apple Podcasts: http://bt.sg/oeXe Spotify: http://bt.sg/oeGN Google podcasts: http://bt.sg/oeGP Website: http://bt.sg/moneyhacks Feedback to: podcast@sph.com.sg Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser. See omnystudio.com/listener for privacy information.
12 min
Payments on Fire®
Payments on Fire®
Glenbrook Partners, LLC
Episode 144 - Innovation in Fast Money: 4th Annual RTP Network Update - Steve Ledford, The Clearing House
A Global Phenom Realtime Retail Payments (RTRP) systems are a global phenomenon. These systems exist or will soon in over 50 countries around the world. Some have been in operation for decades. The UK’s Faster Payments system, operated by Mastercard’s Vocalink unit, has been in operation for over ten years. Still others are still in the design stage. These account-to-account systems (A2A) have gained in regulator popularity because: * They are fast. The receiver has near instant availability * They are push payment systems. Transactions don’t take place unless the sender has enough money to fund the transaction. In other words, authorization takes place before the transaction * User authentication is up to the financial institution * These systems operate year round, 24x7 * They are inexpensive. Transaction pricing is fixed, regardless of the value of the payment itself * They have rich data carrying capability * Some include a new message type called Request for Payment, essentially a digital invoice message that prompts the payer to send money and smooths account reconciliation. Still New to the US Most Americans still have no idea there’s a new national payment system in operation. Or that a similar one will begin operation in a few years. Wallets like Venmo and the Cash App abound. But an entirely new set of payment rails? That happens once in a generation. Some of those Americans, on the other hand, may have experienced what a system like this can do. Zelle is a fast push payment system that moves money between banks accounts. But Zelle is more of a directory-enabled messaging layer. The money movement between banks relies on older payment rails like ACH and wires. New Age messaging and user experience; old fashioned settlement. Key RTP Characteristics Payments geeks, like Payments on Fire® listeners, know that the Real Time Payments Network takes a different approach. Operated by bank processor, The Clearing House, the RTP Network leaves management of the user experience and the use case up to the bank, the processor, or the provider serving a particular industry. The RTP Network provides: * The messaging between the sender and the receiver and each of their banks * Nearly instant availability of the funds into the receiver’s account (by network rule) * 24/7/365 operation (ACH and wires take a break after working hours) * Instant settlement between the sending and receiving financial institutions In short: the RTP Network provides the plumbing and pipes. What it looks like and how it’s used is up to another stakeholder. Members of the network are financial institutions who either expose the RTP rails themselves or sponsor third party access so that those entities can make use of them. Nothing groundbreaking there. An RTRP with RTGS One of the impressive features of the RTP Network is that interbank settlement, the movement of funds between the sender and receiver banks, happens in realtime. The two banks settle their positions instantly. Settlement happens in realtime for every transaction. That’s what a realtime gross settlement (RTGS) does. Contrast that with a system like Zelle that provides instant messaging among the stakeholders but typically leaves the final movement of monies between banks to an overnight batch process via ACH. And this is net, not gross, settlement. The amount includes all of the day’s transactions. The RTP network achieves its RTGS capabilities using the following technique: * RTP requires each member financial institution to pre-fund monies sufficient to handle its transactions. The money to operate the system has to be in place ahead of time. This eliminates settlement risk between the banks * Each FI’s monies are pooled in a single pooled account, owned in common by the RTP Network’s member financial institutions. This pooled account is held at the the Federal Reserve * The Clearing House maintains a ledger that tracks every transaction, that debits and credits FI pairs in realtime for each transaction * Each Member FI is responsible for making sure it has enough funds to cover each of the transactions initiated by its accountholders. Each FI uses another open loop payment system, FedWire, to move monies into and out of its share of the pooled account as needed. A Maturing System That’s a lot of background to help US contrast this system against the other four mostly digital systems in the U.S. (If you’re not clear on that, join us for the best in payments education at a Glenbrook Payments Boot Camp®) The RTP Network is in its fifth year of operation. In this Payments on Fire® episode, Steve Ledford updates us on: * The growth in member financial institutions * The growth in transaction volume * The expanding set of use cases * Who is using the RTP Network * How COVID-19 accelerated usage in new use cases So, take a listen. Here’s Steve talking about those new COVID-driven use cases. For a snapshot of how the faster payments phenomenon is growing in the U.S. here is the 2020 Faster Payments Barometer. Read the episode transcript Find more podcasts, visit Glenbrook's Payments on Fire® site Read expert payments industry commentary at Payments Views. Read the latest at Payments News. Subscribe here. Read our COVID-19 Payments Industry eBook
38 min
The Flip
The Flip
Justin Norman
The Case for Crypto with Bundle's Yele Bademosi
In this episode, we talk about cryptocurrency with the Co-Founder and CEO of Bundle, and the Founding Partner of Microtraction, Yele Bademosi. Beyond trading and price volatility, what is it about crypto that excites Yele and so many others on the continent? Throughout the series of episodes, we're exploring the entrepreneurs in start-ups digitizing informal and fragmented industries on the continent. And despite the technological underpinnings of cryptocurrency as a whole, many of the buying and selling processes and use cases of crypto today are still quite informal and fragmented. In this episode, we hear from Yele about the work Bundle is doing to build products and use cases that make crypto more accessible, affordable and help bring it into the mainstream. For those less familiar with crypto terminology, we have also published a crypto glossary to define many of the terms used in this episode. Check it out here: https://theflip.africa/crypto-glossary/ 4:21 - First question, on consumer education in largely cash-based economies. 10:36 - The macro dynamics - such as devaluation of the Nigerian Naira - that help make the case for crypto adoption. 14:41 - Bundle's origin story and the goals for the business. 20:22 - An exploration of use cases for crypto beyond trading and speculation. 26:47 - A conversation on DeFi, or decentralized finance. 32:42 - On a grand scale, what kind of impact can crypto - and Bundle - have in Africa? This episode is part of our conversational series sponsored by MFS Africa. MFS Africa's competition is with cash, and throughout this series, we'll feature other startups and entrepreneurs who are digitizing, better organizing, and aggregating analog and fragmented industries. Follow The Flip on social media @theflipafrica.
41 min
The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans
The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans
Nick Moran
271. LP Turned VC, Mistakes When Pitching to Allocators, and Managing Limited Partner Relationships (Marcelino Pantoja)
Marcelino Pantoja of Tribe Capital joins Nick to discuss LP Turned VC, Mistakes When Pitching to Allocators, and Managing Limited Partner Relationships. In this episode, we cover: * Walk us through your background and path to VC * Refresh on the thesis at Tribe? * Talk to us about the mindset of the allocator — what are their key objectives and what do they care about? * What are the biggest mistakes you see emerging managers making when pitching LPs? * Let's say an aspiring VC has a few years until they will raise from institutions... what should they be focusing on in order to create a really compelling offering in the medium term? * Let's say an emerging GP is raising from institutions imminently... what advice would you have for them? * Do you think it's significantly easier for an institution to make an investment in some coming from a large successful Tier 1 fund, spinoff, vs. a successful operator or angel? * What are the key challenge areas that the LP is really going to scrutinize on the spin-off and what are the areas under scrutiny for the operator? * Sometimes it's hard to get information on LPs from a distance... do you have any advice for fund managers that are trying to pre-qualify? * What is the difference between a good LP and one that may be a problem... how does a GP determine that early enough to avoid bringing on the wrong types of LPs? * In what ways is your job similar and different moving from LP to VC? * How do you compete against other firms for deals? I understand the value-add but the value has become competitive with a larger number of firms... how can you continue to win and do so at a price that makes sense for the return potential?
1 hr 6 min
Evolving for the Next Billion by GGV Capital
Evolving for the Next Billion by GGV Capital
GGV Capital
Max Levchin of Affirm: Why I Built Affirm after PayPal
Today's episode was recorded back in 2019, way before Affirm became a 27 billion dollar public company, and the BNPL (that is buy now pay later) won over young consumers across the world. Before Affirm, Max was known as the co-founder of PayPal, where he designed the company's system to detect fraud. A "fintech nerd", as he called himself and serial entrepreneur, Max shared how Affirm was a product of his guiding principle in life, and how his wife was the voice of reason when defining what was fun for him. This episode is co-hosted by GGV managing partner Glenn Soloman and first appeared on Glenn's podcast Founder Real Talk. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or assets are for illustrative purposes only; such references do not constitute any recommendation to either buy or sell such securities or assets and are not intended to serve as the basis for any investment decision, nor do they constitute an offer to provide investment advisory services. Any information provided by third parties in this content does not reflect the views of GGV Capital and its subsidiaries or affiliates. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon, when making a decision to invest in any fund managed by GGV Capital. Any investment or portfolio company mentioned, referred to, or described is not representative of all investments in vehicles managed by GGV Capital, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.
54 min
Acquired
Acquired
Ben Gilbert and David Rosenthal
The New York Times Company
For the entire 20th Century, you’d be hard pressed to find a better business than an American newspaper — Warren Buffett famously described them as “franchises” — and no American newspaper stood taller than the New York Times. Controlled by a single family bound by a legal oath “to maintain the editorial independence and integrity of The New York Times and to continue it as an independent newspaper, entirely fearless, free of ulterior influence and unselfishly devoted to the public welfare”, the Times served as the paper of record for generations of Americans and people around the world. But no good thing lasts forever, and the dawn of the 21st Century saw both the Times and this once-mighty industry devastated by the dual disruptive forces of the internet and the 2008 financial crisis. And yet by 2021, The Times, essentially alone of its former peers, has reemerged from the American newspaper wreckage and transformed itself into a thriving digital business with an order of magnitude more subscribers than its print heyday. Curious how it all happened? We dive into 170 years of history to find out! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: * Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny * Thank you as well to Vouch and to Capchase. You can learn more about them at: * https://bit.ly/acquired-vouch * http://bit.ly/acquiredcapchase The New York Times Company Playbook: (also available on our website at https://www.acquired.fm/episodes/the-new-york-times-company ) 1. When you find yourself sitting in front of a big approaching demand wave... ride it!! * The New York (Daily) Times was founded during the newspaper boom of the 1850s, and similarly Adolph Ochs took over the local Chattanooga paper at the start of that city’s mining boom. * The NYT made huge investments in its reporting during the two World Wars as the public’s appetite for news exploded, while its rivals missed the ball worrying over preserving advertising space. Likewise NYT launched The Daily (which would become the biggest podcast in the world) immediately following Trump’s inauguration in early 2017. * Arguably NYT’s biggest business mistake was missing the cable wave -- which Rupert Murdoch leveraged brilliantly to build Fox News into the most valuable news media franchise in the world. 2. Where there’s an entrepreneurial will, there’s an entrepreneurial way. * Adolph Ochs bought the Chattanooga Times with $250 and sellers’ notes, and then acquired The New York Times out of bankruptcy with no personal money down and $100k of real estate debt. And turned them both into successes on a level no one (even himself at times) believed possible. 3. Recurring Acquired theme: the media business is still the second-best business of all time, behind technology. * Media’s ability to generate dual revenue streams (advertising and subscription) from the same content product generates enormous leverage on investment, AND most of those costs are fixed vs. variable (especially in a digital environment). 4. This is why “content is king” has always been true in the media industry. * NYT’s version of this strategy has always been to invest more in high-quality journalism than any of its peers. It was true in 1896 when Ochs took over, true during the World Wars and the Pentagon Papers, and perhaps has never been more true than today when NYT employs 1,700 journalists around the world and pays them an average of >2x the rest of the industry. 5. That said, distribution is critical as well. To build a world-class media organization you must be great at both content AND distribution. * In the old media landscape, NYT built great distribution through its printing and delivery operations, as well as savvy investments like the Index which led to libraries and researchers across the country relying on the Times as the “paper of record”. * However in today’s media landscape, the task of building great distribution falls on the newsroom and journalists themselves. The job is no longer finished once you hit publish -- reporters and editors must own the responsibility of getting their work in front of readers via social media and shareable story elements. Links: * The 2014 NYT Innovation Report: https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * Mine Safety Disclosures’ NYT presentation: https://minesafetydisclosures.com/blog/newyorktimes Carve Outs: Ben: * Titan by Ron Chernow: https://www.amazon.com/Titan-Life-John-Rockefeller-Sr-ebook/dp/B000XUDGHG * Iteratively: https://iterative.ly David: * Sabaa Tahir’s Ember in the Ashes series: https://www.amazon.com/Ember-Ashes-3-Book/dp/B074VDZB17 Episode Sources: * http://www.internethistorypodcast.com/2015/10/martin-nisenholtz-on-bringing-the-new-york-times-online/ * https://archive.nytimes.com/www.nytimes.com/books/99/09/19/daily/092299tifft-book-review.html?module=inline * https://archive.nytimes.com/www.nytimes.com/learning/general/onthisday/bday/0312.html * https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * https://archives.cjr.org/cover_story/sulzberger_at_the_barricades.php * https://en.wikipedia.org/wiki/Adolph_Ochs * https://en.wikipedia.org/wiki/Arthur_Hays_Sulzberger * https://en.wikipedia.org/wiki/Battle_of_Fort_Sumter * https://en.wikipedia.org/wiki/Daniel_Ellsberg * https://en.wikipedia.org/wiki/Dotdash * https://en.wikipedia.org/wiki/Edwin_D._Morgan * https://en.wikipedia.org/wiki/George_Jones_(publisher) * https://en.wikipedia.org/wiki/Henry_Jarvis_Raymond * https://en.wikipedia.org/wiki/Iphigene_Ochs_Sulzberger * https://en.wikipedia.org/wiki/List_of_assets_owned_by_The_New_York_Times_Company#Television_stations * https://en.wikipedia.org/wiki/List_of_The_New_York_Times_employees * https://en.wikipedia.org/wiki/Martin_Nisenholtz * https://en.wikipedia.org/wiki/The_New_York_Times * https://en.wikipedia.org/wiki/The_New_York_Times_Building * https://en.wikipedia.org/wiki/The_New_York_Times_Company * https://en.wikipedia.org/wiki/Yellow_journalism * https://fintel.io/so/us/nyt * https://media.foxcorporation.com/wp-content/uploads/prod/2019/09/18223214/Fox-Annual-Report-2019_Mid.pdf * https://minesafetydisclosures.com/blog/newyorktimes * https://nymag.com/intelligencer/2015/08/new-york-times-heirs.html * https://nymag.com/news/features/40647/index4.html * https://nymag.com/news/media/51015/ * https://nytco-assets.nytimes.com/2021/02/Press-Release-12.27.2020-Final-for-posting.pdf * https://stratechery.com/2020/an-interview-with-buzzfeed-ceo-jonah-peretti/?utm_source=Memberful&utm_campaign=f14650dd37-daily_update_2020_11_24&utm_medium=email&utm_term=0_d4c7fece27-f14650dd37-110888309 * https://www.amazon.com/dp/B0058Z4NOQ/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 * https://www.amazon.com/gp/product/0316836311/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1 * https://www.arcgis.com/apps/Cascade/index.html?appid=86354f1b322a4ec2a548e58ac3e83d49 * https://www.bostonglobe.com/business/2012/05/11/new-york-times-sells-its-remaining-stake-boston-red-sox/ey4kwU4m6Xn2PYfcblrMcL/story.html * https://www.enwoven.com/collections/view/1277/timeline * https://www.fool.com/earnings/call-transcript…
3 hr 5 min
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