Video transcript: Embedded Finance: The Future is Now panel discussion at the Innovate Finance Global Summit 2022

Transcript

Speakers

Alex Price, Director - Consulting, PwC

Lord Chris Holmes of Richmond MBE

Hayley Viner, Head of Product, ClearBank

Dr Leda Glyptis, Chief Client Office, 10x Banking

Michael Jenkins, Strategy Lead, Fidel API

Host:

Welcome everyone. Thank you so much for being here. Embedded finance. They were under fire. Yes. I'm thrilled to be back here to be amongst this amazing panel of speakers. And also to be covering this topic, one of the hottest in the industry right now. And with good reason, embedded finance is turning industry dynamics on the head by allowing non financial services providers to offer and to blend financial products and services onto the customer experiences. And I'm going to repeat this number. The sector is predicted to be worth $3.6 trillion by 2030. But while the sector is going up and to the right, not all players will be able to benefit from it. Doing so requires a change in mindset, often business models and also speed. There's only so much room for players to grasp a share of the market. Today, we will discuss all these things, the, the drivers behind embedded finance, the key themes and use cases explore today the opportunities arising for financial institutions and consumers. And also look into the future and try to predict what does the future look like in the face of embedded finance? And our speakers will be able to shed light into all aspects of them are embedded finance and all the participants of the emergent ecosystem. So without further ado, I'd like to start the discussion so that we can dig as deep as possible into that topic. And I'd like our panelists to introduce themselves. Tell us a little bit about yourselves, your role, your company's 30 seconds or so would be good. I'm going to start right to left. So Lord Holmes. 

Lord Chris Holmes:

Thank you. Kalimera, everyone. Great to be here. I'm Chris Holmes, I'm in the House of Lords and my main focus is all around New Technology, FinTech. I'm vice-chair of the fitech all party group but have written reports on DLT, AI, digital skills and democracy, and financial inclusion. And that's all for now.

Dr Leda Glyptis:

How do I end up following that? I want to change seats. I’m Leda Glyptis, I'm the Chief Client Officer of connects banking. I am obviously in the FinTech side now we're built Cloud-native core banking infrastructure, which is why this topic is close to our hearts. I am personally are recovering banker. So I find after 20 years on the other side of the, of the divide, it's a very interesting time to be seeing all the things we've been working towards come together in a way that really enables us to talk about embedded finance for the first time really in years. Very, very glad to be here. I'm very glad to see a familiar faces, seems like the Greeks are taking over. I quite like this.

Alex Price:

Thanks. Well, it's great to be here today. My name is Alex Price. I'm a director in PWC's customer strategy and experience practice. And I also sit as part of the PWC’s digital banking leadership team. Majority of my work is spending time with banks, technology companies, fintechs to build and launch new businesses. And I also help to design and build PWC’s own digital banking assets with Microsoft, Salesforce and a bunch of other fintechs.

Hayley Viner:

Hi everyone, I'm Haley Viner. I'm the Head of Product at Clear Bank. We offer embedded banking, embedded finance solutions to financial institutions of all shapes and sizes in the UK and moving into other countries soon.

Michael Jenkins:

Awesome, It's great to be here I’m Michael, I work at Fidel API. For their API is global financial data platform that allows developers to connect to real-time card transaction data. I am a Strategy Lead there. I work on expanding our partnerships across new geographies and working with clients on new innovative use cases.

Host:

Perfect. Thank you so much everyone. And I'm going to start the discussion then. So to kick this off, I'd like to do to understand why is embedded finance so prominent right now? Why not five years ago, for example? And Lord Holmes please, maybe you can talk to us about the regulation, how it's driving the rise of embedded finance today.