Our inaugural episode is with Brett King, founder and former CEO of Moven, author of multiple Amazon bestsellers, and Ricky Knox, co-founder and former CEO of Tandem.
Conversation starts with our consumer data on sentiment change re: new digital banks then moves to business model and strategy questions.
We've got time-stamps for the time-pressed but otherwise we hope you can enjoy the conversation from start to finish.
Time stamps:
0-3mins – We introduce GD’s podcast, and today’s guests.
3 mins – Brett and Ricky respond to GD’s survey data showing that in 6 years of new digital challengers, 9% fewer consumers globally are willing to use a bank with no branches.
6mins 20secs – Brett and Ricky respond to GD’s data showing a 17 % increase globally in consumers agreeing new digital banks are more customer centric, and 11% increase globally in those identifying as unhappy with traditional banks. Yet given continued importance of the branch, we ask Brett and Ricky if challengers should consider a limited physical presence.
10mins 30mins – We ask Brett and Ricky about lessons last ten years on how challengers can build trust quickly to secure primary account relationships in absence of a physical presence.
16mins – We discuss how replicable lessons from China’s leading wallets are for rest of the world, and how digital a challenger Nubank really is in approach.
20mins – We ask Ricky to comment on efficacy (and profitability) of the different challenger business models.
21mins – We ask Brett and Ricky how VC sentiment has evolved toward lending vs tech business models in banking, and metrics preferred for valuation.
25mins 30secs – Brett and Ricky respond to GD’s data showing that 3% fewer consumers in the UK now believe digital only banks offer better mobile/online functionality than incumbents (2016 Vs 2022)
28mins 30secs – We ask Brett and Ricky how challengers can begin to fund the service they provide – yes there’s a gap in the market but can they find a market in the gap.
37 mins – We ask Brett And Ricky how challengers can co-exist with wallets and super apps.
41mins – We ask Brett and Ricky what prospects there are for value-based new digital banks, and share our data that “ethical” considerations is the least important driver in consumer provider choice and switching.
44mins – We say goodbye to our guests, and link to relevant GD research for further reading.