[Music] [Applause]
it works hello so two years ago
it works hello so two years ago Financial Times had an article with the
Financial Times had an article with the
Financial Times had an article with the headline is banking heading for its
headline is banking heading for its
headline is banking heading for its Spotify moment in the Spotify moment
Spotify moment in the Spotify moment
Spotify moment in the Spotify moment referring to the point in time when an
referring to the point in time when an
referring to the point in time when an existing industry is just you know blown
existing industry is just you know blown
existing industry is just you know blown away and completely replaced by
away and completely replaced by
away and completely replaced by something new I truly believe that that
something new I truly believe that that
something new I truly believe that that banking is heading for its fortified
banking is heading for its fortified
banking is heading for its fortified moment I think it’s going to be one of
moment I think it’s going to be one of
moment I think it’s going to be one of the biggest transformation that we’ll
the biggest transformation that we’ll
the biggest transformation that we’ll see in a consumer industry in our
see in a consumer industry in our
see in a consumer industry in our lifetime I think it’s going to have a
lifetime I think it’s going to have a
lifetime I think it’s going to have a huge impact on individuals financials I
huge impact on individuals financials I
huge impact on individuals financials I think it’s going to have a huge impact
think it’s going to have a huge impact
think it’s going to have a huge impact on society and maybe more importantly I
on society and maybe more importantly I
on society and maybe more importantly I also think it’s going to redefine our
also think it’s going to redefine our
also think it’s going to redefine our relationship and how we interact with
relationship and how we interact with
relationship and how we interact with our money so first of all let me tell
our money so first of all let me tell
our money so first of all let me tell you I don’t think that banks are evil I
you I don’t think that banks are evil I
you I don’t think that banks are evil I don’t think that bankers are evil people
don’t think that bankers are evil people
don’t think that bankers are evil people I think there are players just trying to
I think there are players just trying to
I think there are players just trying to play their best game given the set of
play their best game given the set of
play their best game given the set of rules that they’ve been given and
rules that they’ve been given and
rules that they’ve been given and ultimately of course those those rules
ultimately of course those those rules
ultimately of course those those rules have been decided by us society so
have been decided by us society so
have been decided by us society so there’s really no one to blame here so
there’s really no one to blame here so
there’s really no one to blame here so just to give you a short description of
just to give you a short description of
just to give you a short description of the state of the consumer banking market
the state of the consumer banking market
the state of the consumer banking market and to meet consumer banking it would be
and to meet consumer banking it would be
and to meet consumer banking it would be any type of services that you and me
any type of services that you and me
any type of services that you and me users would be payments investment
users would be payments investment
users would be payments investment mortgages loans etc it’s probably one of
mortgages loans etc it’s probably one of
mortgages loans etc it’s probably one of the most illiquid market AI people very
the most illiquid market AI people very
the most illiquid market AI people very very rarely switch banks or pick up new
very rarely switch banks or pick up new
very rarely switch banks or pick up new financial products it’s I think that
financial products it’s I think that
financial products it’s I think that switching costs can be mental ones it
switching costs can be mental ones it
switching costs can be mental ones it could be physical ones as well as as
could be physical ones as well as as
could be physical ones as well as as illegal once looking at the European
illegal once looking at the European
illegal once looking at the European banking market most people have actually
banking market most people have actually
banking market most people have actually inherited that bank
inherited that bank
inherited that bank from their parents and I’m one of those
from their parents and I’m one of those
from their parents and I’m one of those and people most people think that that
and people most people think that that
and people most people think that that consumer finance or dealing with it it’s
consumer finance or dealing with it it’s
consumer finance or dealing with it it’s complicated
complicated
complicated it’s boring it’s time-consuming it’s not
it’s boring it’s time-consuming it’s not
it’s boring it’s time-consuming it’s not it’s something that it’s not really
it’s something that it’s not really
it’s something that it’s not really working for me I should spend more time
working for me I should spend more time
working for me I should spend more time trying to figure out my pension
trying to figure out my pension
trying to figure out my pension maybe I should remortgage but I just
maybe I should remortgage but I just
maybe I should remortgage but I just don’t do it to give you one example then
don’t do it to give you one example then
don’t do it to give you one example then why this is a problem if you walk in
why this is a problem if you walk in
why this is a problem if you walk in today to a regular branch office with a
today to a regular branch office with a
today to a regular branch office with a bank and say I have five hundred euros
bank and say I have five hundred euros
bank and say I have five hundred euros that I would like to invest in the stock
that I would like to invest in the stock
that I would like to invest in the stock market you’re likely to get the advice
market you’re likely to get the advice
market you’re likely to get the advice that well I recommend you to put that
that well I recommend you to put that
that well I recommend you to put that money in in the bank so mutual fund it’s
money in in the bank so mutual fund it’s
money in in the bank so mutual fund it’s actively managed and it’s gonna cost you
actively managed and it’s gonna cost you
actively managed and it’s gonna cost you roughly one and a half percent per year
roughly one and a half percent per year
roughly one and a half percent per year in fees if you’re willing to invest
in fees if you’re willing to invest
in fees if you’re willing to invest maybe two hundred the euros or something
maybe two hundred the euros or something
maybe two hundred the euros or something more per month you don’t need to be a
more per month you don’t need to be a
more per month you don’t need to be a rich kids this is for everyone by the
rich kids this is for everyone by the
rich kids this is for everyone by the time you’re 80 you have spent half a
time you’re 80 you have spent half a
time you’re 80 you have spent half a million euros in fees too much paying
million euros in fees too much paying
million euros in fees too much paying the banks compared to if you would
the banks compared to if you would
the banks compared to if you would choose in a passively managed index fund
choose in a passively managed index fund
choose in a passively managed index fund instead I think this is amazing because
instead I think this is amazing because
instead I think this is amazing because if you look at academic research it’s
if you look at academic research it’s
if you look at academic research it’s crystal clear that we should all have
crystal clear that we should all have
crystal clear that we should all have those active or the passive lis managed
those active or the passive lis managed
those active or the passive lis managed index fund that are super cheap so
index fund that are super cheap so
index fund that are super cheap so crystal clear secondly it’s a product
crystal clear secondly it’s a product
crystal clear secondly it’s a product that is kind of standardized so it
that is kind of standardized so it
that is kind of standardized so it doesn’t need to be a lot of research for
doesn’t need to be a lot of research for
doesn’t need to be a lot of research for up for you to pick it up and it’s
up for you to pick it up and it’s
up for you to pick it up and it’s distributed pretty much everywhere so
distributed pretty much everywhere so
distributed pretty much everywhere so it’s easy to buy for everyone and
it’s easy to buy for everyone and
it’s easy to buy for everyone and despite this a vast majority of all
despite this a vast majority of all
despite this a vast majority of all consumers money invested on the stock
consumers money invested on the stock
consumers money invested on the stock market is with those expensive actively
market is with those expensive actively
market is with those expensive actively managed funds and of course that has a
managed funds and of course that has a
managed funds and of course that has a huge impact on you I mean half a million
huge impact on you I mean half a million
huge impact on you I mean half a million EUR that a lot of money that of course
EUR that a lot of money that of course
EUR that a lot of money that of course have a great impact on society what if
have a great impact on society what if
have a great impact on society what if that money could have spent be spent
that money could have spent be spent
that money could have spent be spent elsewhere instead I think there are
elsewhere instead I think there are
elsewhere instead I think there are three distinct reasons for why we ended
three distinct reasons for why we ended
three distinct reasons for why we ended up where we are today one is that
up where we are today one is that
up where we are today one is that the banks they owned the distribution
the banks they owned the distribution
the banks they owned the distribution network virtually all financial products
network virtually all financial products
network virtually all financial products have been distributed through the
have been distributed through the
have been distributed through the physical branch network so obviously
physical branch network so obviously
physical branch network so obviously very hard to compete for newcomers
very hard to compete for newcomers
very hard to compete for newcomers secondly banks have had a monopoly on
secondly banks have had a monopoly on
secondly banks have had a monopoly on viewing people’s finances and this is
viewing people’s finances and this is
viewing people’s finances and this is absolutely necessary if you want to do
absolutely necessary if you want to do
absolutely necessary if you want to do financial advisory to understand your
financial advisory to understand your
financial advisory to understand your financial history and to understand your
financial history and to understand your
financial history and to understand your financial presence and thirdly banks
financial presence and thirdly banks
financial presence and thirdly banks have had a monopoly on transferring
have had a monopoly on transferring
have had a monopoly on transferring money and that is kind of a magic setup
money and that is kind of a magic setup
money and that is kind of a magic setup so banks are being the only one who see
so banks are being the only one who see
so banks are being the only one who see well this guy has 500 or 5,000 euros
well this guy has 500 or 5,000 euros
well this guy has 500 or 5,000 euros that she that’s just laying around on a
that she that’s just laying around on a
that she that’s just laying around on a bank account my advice to you is that
bank account my advice to you is that
bank account my advice to you is that you should invest it in one over the
you should invest it in one over the
you should invest it in one over the banks own mutual funds and I’m the only
banks own mutual funds and I’m the only
banks own mutual funds and I’m the only one who can do it for you transfer it
one who can do it for you transfer it
one who can do it for you transfer it immediately and it’s done
immediately and it’s done
immediately and it’s done well this is now all about to change
firstly get back to that one first
firstly get back to that one first distribution is becoming increasingly
distribution is becoming increasingly
distribution is becoming increasingly digital and online where everyone can
digital and online where everyone can
digital and online where everyone can compete secondly and this might be the
compete secondly and this might be the
compete secondly and this might be the most exciting part it’s called PSD to
most exciting part it’s called PSD to
most exciting part it’s called PSD to boring and short for payment service
boring and short for payment service
boring and short for payment service directive 2 which is a new EU
directive 2 which is a new EU
directive 2 which is a new EU legislation that is just about to be
legislation that is just about to be
legislation that is just about to be adopted and it forces every single
adopted and it forces every single
adopted and it forces every single european bank to open up for you to take
european bank to open up for you to take
european bank to open up for you to take your financial data all of it and view
your financial data all of it and view
your financial data all of it and view it elsewhere into use in other services
it elsewhere into use in other services
it elsewhere into use in other services and it forces every single bank to open
and it forces every single bank to open
and it forces every single bank to open up for you to transfer money from that
up for you to transfer money from that
up for you to transfer money from that bank from elsewhere you don’t need to
bank from elsewhere you don’t need to
bank from elsewhere you don’t need to visit the branch or the bank’s own
visit the branch or the bank’s own
visit the branch or the bank’s own mobile app which is obviously you know
mobile app which is obviously you know
mobile app which is obviously you know huge difference so essentially what
huge difference so essentially what
huge difference so essentially what we’re doing is that we are decoupling
we’re doing is that we are decoupling
we’re doing is that we are decoupling your personal finance from the banks and
your personal finance from the banks and
your personal finance from the banks and that has been jointed together forever
that has been jointed together forever
that has been jointed together forever basically and what it does is that
basically and what it does is that
basically and what it does is that you’re allowed to to go to go to
you’re allowed to to go to go to
you’re allowed to to go to go to competing services instead so you bring
competing services instead so you bring
competing services instead so you bring transparency to this more
transparency to this more
transparency to this more yet we lower switching costs we increase
yet we lower switching costs we increase
yet we lower switching costs we increase competition
competition
competition and ultimately this legislation moves
and ultimately this legislation moves
and ultimately this legislation moves tons of power from the banks to you as a
tons of power from the banks to you as a
tons of power from the banks to you as a consumer now then
consumer now then
consumer now then so we’re already see on the back of this
so we’re already see on the back of this
so we’re already see on the back of this legislation new emerging services that
legislation new emerging services that
legislation new emerging services that helps you interact with your money
helps you interact with your money
helps you interact with your money completely new ways we see robe advisory
completely new ways we see robe advisory
completely new ways we see robe advisory services that automatically rebalance as
services that automatically rebalance as
services that automatically rebalance as your finances make sure you have the
your finances make sure you have the
your finances make sure you have the cheapest funds available there services
cheapest funds available there services
cheapest funds available there services that let you cherry pick the interest
that let you cherry pick the interest
that let you cherry pick the interest accounts that has the best rate
accounts that has the best rate
accounts that has the best rate throughout Europe or or services that a
throughout Europe or or services that a
throughout Europe or or services that a real time that you remortgage should
real time that you remortgage should
real time that you remortgage should that be a mortgage for you with better
that be a mortgage for you with better
that be a mortgage for you with better with better better interest so what
with better better interest so what
with better better interest so what we’ll see we see switching costs go down
we’ll see we see switching costs go down
we’ll see we see switching costs go down go down go down and it’s going to be
go down go down and it’s going to be
go down go down and it’s going to be easier and easier for people for
easier and easier for people for
easier and easier for people for everyone to make smart financial
everyone to make smart financial
everyone to make smart financial decisions and I think that the Spotify
decisions and I think that the Spotify
decisions and I think that the Spotify moment in banking will be when you have
moment in banking will be when you have
moment in banking will be when you have a service where you can just turn on
a service where you can just turn on
a service where you can just turn on that autopilot so instead of just
that autopilot so instead of just
that autopilot so instead of just optimizing with Rob advisory your
optimizing with Rob advisory your
optimizing with Rob advisory your investments you have a service that
investments you have a service that
investments you have a service that optimize your entire finances make sure
optimize your entire finances make sure
optimize your entire finances make sure you always have the best interest rate
you always have the best interest rate
you always have the best interest rate the best credit card the best mortgage
the best credit card the best mortgage
the best credit card the best mortgage or the best investment portfolio where
or the best investment portfolio where
or the best investment portfolio where money is starting to just work for you I
money is starting to just work for you I
money is starting to just work for you I think that’s going to be
think that’s going to be
think that’s going to be transformational so what will happen to
transformational so what will happen to
transformational so what will happen to the banks done well I think there are
the banks done well I think there are
the banks done well I think there are great banks that out there the problem
great banks that out there the problem
great banks that out there the problem today is not that that there’s a lack of
today is not that that there’s a lack of
today is not that that there’s a lack of good products the problem historic has
good products the problem historic has
good products the problem historic has been that it’s been a disaster when
been that it’s been a disaster when
been that it’s been a disaster when matching these great products with the
matching these great products with the
matching these great products with the consumers that needs them and I think
consumers that needs them and I think
consumers that needs them and I think it’s been a horrible time to be a banker
it’s been a horrible time to be a banker
it’s been a horrible time to be a banker for the past few decades just imagine
for the past few decades just imagine
for the past few decades just imagine trying to build new innovative services
trying to build new innovative services
trying to build new innovative services cheaper ones smarter ones and you get no
cheaper ones smarter ones and you get no
cheaper ones smarter ones and you get no new customers because people inherit
new customers because people inherit
new customers because people inherit their banks so kind of the only thing
their banks so kind of the only thing
their banks so kind of the only thing you can do was to sit
you can do was to sit
you can do was to sit wait and hope for your customers to get
wait and hope for your customers to get
wait and hope for your customers to get children and that they becomes customer
children and that they becomes customer
children and that they becomes customer one day it must have been so boring and
one day it must have been so boring and
one day it must have been so boring and frustrating so obviously now when when
frustrating so obviously now when when
frustrating so obviously now when when we have a more liquid market or yet in
we have a more liquid market or yet in
we have a more liquid market or yet in the future best tanks will have all the
the future best tanks will have all the
the future best tanks will have all the customer that they will deserve I think
customer that they will deserve I think
customer that they will deserve I think also that in order to compete for your
also that in order to compete for your
also that in order to compete for your attention
attention
attention banks has traditionally had you know
banks has traditionally had you know
banks has traditionally had you know exact same offering for everyone every
exact same offering for everyone every
exact same offering for everyone every bank looked the same and they I have the
bank looked the same and they I have the
bank looked the same and they I have the same product as my mother every product
same product as my mother every product
same product as my mother every product looked the same for everyone between 18
looked the same for everyone between 18
looked the same for everyone between 18 and 80 can you see any other consumer
and 80 can you see any other consumer
and 80 can you see any other consumer market where that’s the case so we’re
market where that’s the case so we’re
market where that’s the case so we’re going to see the emergence of new niche
going to see the emergence of new niche
going to see the emergence of new niche banks instead I think here we’re going
banks instead I think here we’re going
banks instead I think here we’re going to have the apple of banks and the good
to have the apple of banks and the good
to have the apple of banks and the good job banks it’s gonna probably cost ten
job banks it’s gonna probably cost ten
job banks it’s gonna probably cost ten times as much and as a regular Bank
times as much and as a regular Bank
times as much and as a regular Bank service but we have chosen them we’ll
service but we have chosen them we’ll
service but we have chosen them we’ll say that’s a lifestyle product that I
say that’s a lifestyle product that I
say that’s a lifestyle product that I want that I’m still happy about having
want that I’m still happy about having
want that I’m still happy about having and I think here down there you’re gonna
and I think here down there you’re gonna
and I think here down there you’re gonna have like super cheap DIY banks you’ll
have like super cheap DIY banks you’ll
have like super cheap DIY banks you’ll have to do everything on your own
have to do everything on your own
have to do everything on your own but at very very low cost and then
but at very very low cost and then
but at very very low cost and then you’re gonna have everything in between
you’re gonna have everything in between
you’re gonna have everything in between so obviously the good banks are going to
so obviously the good banks are going to
so obviously the good banks are going to be winners in this bad banks huge losers
be winners in this bad banks huge losers
be winners in this bad banks huge losers society and as us as individuals will of
society and as us as individuals will of
society and as us as individuals will of course financially benefit from it but I
course financially benefit from it but I
course financially benefit from it but I think maybe the most important change is
think maybe the most important change is
think maybe the most important change is that the moment that that sporty for a
that the moment that that sporty for a
that the moment that that sporty for a moment when we turn on the autopilot I
moment when we turn on the autopilot I
moment when we turn on the autopilot I think we’re going to go from that that
think we’re going to go from that that
think we’re going to go from that that that feeling that finances is not really
that feeling that finances is not really
that feeling that finances is not really working for me that people describe as
working for me that people describe as
working for me that people describe as like financial anxiety to a state maybe
like financial anxiety to a state maybe
like financial anxiety to a state maybe we can describe as financial happiness
we can describe as financial happiness
we can describe as financial happiness and I think that’s the financial future
and I think that’s the financial future
and I think that’s the financial future that I hope for all of us thank you
that I hope for all of us thank you
that I hope for all of us thank you [Applause]
”
Be First to Comment