EP9 Fintech Inspires The Banking Industry To Transform | Tristan Brandt, Director of Design & Innovation, RAKBANK

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The payments revolution of the past few years shows no sign of slowing. In fact, propped up by the dizzying speed of eCommerce growth since the pandemic, fintech companies around the world have long prepared for a scenario referred to as the death of cash: the accomplishment of a completely cashless society. However, recent evidence has shown that some companies may have been a little too optimistic, and we still have a long way to go before that is realized. Tristan Brandt, Director of Design & Innovation at RAKBANK, dispels a few myths that have been propagated by the hype. 

Tristan believes that banks are not going to go anywhere for a long time. While the popular theory may be that people don't want banks, they need banking, Tristan takes the contrary viewpoint. He believes that there is real value in being a safe, trustworthy place to store money and that banks will not be replaced in this capacity any time soon. However, Tristan does admit that fintechs are doing a very important job: one that could redefine finance as we know it. 

In this episode of The Future of Financial Services: 

• Tristan shares how the traditional approach to banks is mainly to store money and allow transactions for up to 99% of its clientele, and how many services are only offered to the 1% whose income can offset the costs of providing that service
• Tristan points to wealth management and other ways of being smart with your money as examples of how fintechs are bridging the gap between the 99% and historically premium services

The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com

Find Tristan online: https://www.linkedin.com/in/tristanbrandt/
Find RAKBANK online: https://rakbank.ae/wps/portal/retail-banking

🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/

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✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨

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