Breaking Banks

Episode 500: Celebrating 10 Years of Breaking Banks

Thu Jul 13 2023

fintechpodcastbankingtechnologyinnovation

Description

Breaking Banks is a global fintech radio show and podcast that explores personalities, startups, innovators, and industry players in financial services. The hosts have been doing the show for 10 years and this is their 500th episode. The podcast started because the host wanted to save time by doing an hour-long podcast instead of writing a weekly blog. The first guest on the show was Giles Andrews, followed by Ben Milne from Diwala and John Matonas from the Bitcoin Foundation. The early days of fintech were narrow and not many people knew about it. The show used to be live but now they rarely do live shows due to logistical challenges. There have been funny moments during live shows, such as guests being interrupted by sirens or searching for a pen on air. One topic discussed on the show is how traditional banking practices need to adapt to new technologies like AI and machine learning.

Insights

Breaking Banks has covered a wide range of topics

The show has explored various topics including Bitcoin, blockchain, AI, virtual reality, identity, cannabis, and more.

Guests and hosts have shared their experiences

Guests and hosts have shared anecdotes about their experiences on the show and how it has impacted their careers.

The show has inspired other podcasts

The success of Breaking Banks has led to the creation of other podcasts under Provoke Media, covering different aspects of the fintech industry.

FinTech Fight Club is a popular segment

FinTech Fight Club, featuring debates between industry experts, has become a highly entertaining feature of the podcast.

London is a hub for fintech

London's large financial sector, expertise, and growing talent pool make it a great destination for fintech innovation.

The impact of AI and automation

The introduction of AI and automation into banking will have a profound impact on the industry in the next 10 years.

Rethinking savings accounts

There is an opportunity to rethink savings accounts, including using them as wish lists for items and exploring new fee structures.

Breaking Banks has had a transformative impact

The show has had a transformative impact on the lives of its hosts and guests, leading to recognition and personal growth.

Building an audience and sponsorship support

Listeners are encouraged to share the episode on social media and leave reviews to help build an audience for sponsorship support.

Summary

Transcript

Introduction

00:06 - 07:47

Breaking Banks is a global fintech radio show and podcast that explores personalities, startups, innovators, and industry players in financial services.
The hosts have been doing the show for 10 years and this is their 500th episode.
The podcast started because the host wanted to save time by doing an hour-long podcast instead of writing a weekly blog.
The first guest on the show was Giles Andrews, followed by Ben Milne from Diwala and John Matonas from the Bitcoin Foundation.
The early days of fintech were narrow and not many people knew about it.
The show used to be live but now they rarely do live shows due to logistical challenges.
There have been funny moments during live shows, such as guests being interrupted by sirens or searching for a pen on air.
One topic discussed on the show is how traditional banking practices need to adapt to new technologies like AI and machine learning.

Guests and Hosts

07:18 - 14:58

KYC barriers should be lowered instead of creating more to keep suspicious people out.
Dave's dry humor was showcased during a news segment about Yahoo's data breach.
Various guest hosts have appeared on the show over the years, including Penny Krosman, Chris Skinner, and Mark Hoxton.
Jim recalls his early experiences co-hosting Breaking Banks and how it inspired him to start his own podcast.
Podcasts like Breaking Banks provide up-to-date information on what's happening in the industry.
Breaking Banks aims to bring together various perspectives and updates on topics such as generative AI and embedded finance.
Jim Marous, the host of Banking Transform podcast and author of the digital banking report, discusses the collaborative nature of the fintech industry in its early days.
The Breaking Banks podcast has had many memorable guests over time, including founders and industry leaders.
The hosts reflect on their own experiences with the show, such as Brett King inviting Jim Marous to be a guest and co-hosting together.
They discuss the evolution of the show and how it led to the creation of other podcasts under Provoke Media.
Challenges with connectivity during live shows are mentioned, but overall they were exciting and gave an adrenaline rush.
Other spin-off shows like Breaking Banks Europe and Breaking Banks Asia Pacific are mentioned.

Finovate and Other Podcasts

14:34 - 22:16

Breaking Banks Asia Pacific is back with two journalists from Australia running the show.
Finovate Fall had live shows in New York and San Diego in 2015.
Over a million square feet of conference space with high-tech exhibit spaces and meeting rooms.
Jimmy Monkey Coffee was brought in from Singapore for the conference.
The Finovate winners now have their own Finovate podcast.
Greg Palmer, the emcee of Finovate, talks about the collaboration with Breaking Banks over the years.
The creation of the official Finovate podcast was a significant milestone.
Dara Tarkhauski started the Tech on Reg podcast.
Sunrise Bank launched the Next GenBanker podcast to explore the future of banking.
The futurist community spun off into its own podcast last year and became number one in futurism category.
There are now nine or ten shows under the Provoke banner, including Emerge Everywhere and Breaking Chain's Crypto.
Let's talk about some memorable guests on Breaking Banks, including Boris Johnson and John McAfee.

Favorite Episodes and Topics

28:41 - 36:12

Breaking Banks has reached its 500th episode and 10th anniversary.
The show challenges the status quo in banking.
Being on Breaking Banks has been a career highlight for many guests.
Randall Labero recalls how the idea for the show was born and praises Brett King's success.
Brett King had a clear vision from the beginning and built upon it to establish Provoked Media.
Breaking Banks is now the number one talk show and podcast about the Fintech industry worldwide.
Guests share anecdotes about meeting Brett King and their experiences on the show.
Breaking Banks has covered big ideas early on, such as Bitcoin when it was less than $1,000.
The show explored topics like blockchain, AI, virtual reality, and identity over its history.
Ben Gertzall's episode on AI and robots was a favorite
Brian Romley and Robert Scobell make a great guest combination
Alex Johnson and Kia Haslett are a dynamic duo on the Hot Wings and Hot Ticks show
The Empaser show in Kenya was popular, featuring Man on the Street Interviews
The CBDC show had high production value with insights from Henry Azlania and Richard Turin
China's ECNY wallet trials are happening in multiple cities but not yet widely adopted
Skye Isard shared his startup journey from Boston to New York
Boris Johnson, then Mayor of London, discussed why London is a great destination for Fintech

London as a Fintech Hub

43:24 - 50:26

London is a great destination for Fintech due to its large financial sector, expertise, and growing talent pool.
Collaboration between New York and London in bringing technology to the banking sector is beneficial for both cities.
The banking crisis is not over and there are still challenges ahead in dealing with interest rate bets and balance sheet performance.
Apple Wallet has usability issues despite offering competitive financial services products.
Tipping should not be considered a business model in lending, as it can bypass state usury laws.
The phrase 'democratizing' needs to be scrutinized as it often masks monetization strategies that may exploit users.
Products like Robinhood and certain cryptocurrencies may be taking advantage of users under the guise of democratization.

FinTech Fight Club and Future Trends

50:07 - 58:41

The podcast celebrates its 500th episode with a discussion about FinTech Fight Club, a popular segment featuring debates between industry experts.
The idea for FinTech Fight Club came about through a late-night Twitter DM conversation between Ron Shevlin and Jason Henrichs.
Jason agreed to moderate the debate between Ron Shevlin and Jim Marouse, with full editorial control over the production.
FinTech Fight Club has been hosted at various events, including Finovate, and has become a highly entertaining feature of the podcast.
Lindsey Davis and Wade Arnold from Move are the reigning champions of FinTech Fight Club.
Breaking Banks is one of the first banking podcasts that has documented the rise of FinTech over the past decade.
While banks are now integrating technology through partnerships and acquisitions, there has been a decline in funding for fintech companies in recent years.
Breaking Banks has covered topics such as open banking, APIs, cloud computing, mobile technology, and artificial intelligence in relation to banking.
Spiro Smargeras praises Breaking Banks for providing valuable insights into the fintech space and improving his knowledge as an investor.
The introduction of AI into banking will produce another 10 years worth of traction for the show.
Macro level changes are occurring in what it means to be a bank.
The flavor of deposit-taking organizations has rapidly changed the way banks are organized.
Profound changes have occurred over the last 10 years, but the impact of AI, digital currencies, and automation will be even greater.
The FinTech bubble has burst, leading to a return to real fundamental innovation.
Weaker players in both fintech and traditional financial institutions are being winnowed out, leaving stronger and more innovative organizations.
Over the next ten years, we will see the benefits of digital Darwinism.
Savings accounts are being used as wish lists for items, presenting an opportunity for rethinking savings.
Regulation D was put on pause during the pandemic, allowing banks to not charge fees for excessive withdrawals from savings accounts.
Tech players entering the savings account space may lead to using savings accounts to pay for things without penalty.
Consumers paying fees for excessive withdrawals from savings accounts is something that could be addressed by regulatory bodies like CFPB.

Favorite Episodes and Show Impact

58:27 - 1:06:27

Breaking Banks podcast has covered a wide range of topics, including controversial ones like cannabis.
The show had an interview with John McAfee, which was quite chaotic but entertaining.
Katie King joined the Breaking Banks team in 2016 and has witnessed the show's evolution.
One of the favorite episodes was with John McAfee in May 2020, discussing FinTech during the early days of COVID-19.
The show has provided opportunities to connect with amazing people in the FinTech community.
Stewart Cook from Valley Bank talked about their move into cannabis banking on one episode.
The show has been transformative for Brett King's life, leading to recognition and even marriage to a guest.
In the early days, bankers were nervous about appearing on 'Breaking Banks' due to its edgy reputation.
The show has gained a loyal following among bankers who appreciate its unique insights.
While reflecting on 500 episodes, Brett King is excited about the future and having Fred as chief futurist at provoke.fm.

Conclusion

1:13:23 - 1:14:56

Breaking Banks celebrated its 500th episode.
Hosted by Brett King, Jason Haderitz, and GP Nichols.
The episode was produced by a US-based production team.
Listeners were encouraged to share the episode on social media and leave a review to help build an audience for sponsorship support.