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Banking Technology The definitive source of news and analysis of the global fintech sector | June 2019 www.bankingtech.com BEYOND HUMAN Dreaming of a fintech tomorrow INTERVIEW: DAN MAKOSKI, LLOYDS BANKING GROUP What makes a chief design officer CHALLENGER BANKS IN GERMANY Who’s who and what’s their tech FINTECH FUTURES IN THIS ISSUE Challenger banks worldwide who’s who and what’s their tech FinTech Futures’ editorial team is keeping its finger on the fintech Contents pulse with a series of comprehensive and free guides on the challenger banks and banking services and their technology in various countries. NEWS 04 The latest fi ntech news from around the globe: Visit www.bankingtech.com to read the guides. the good, the bad and the ugly. FEATURES 16 Focus Cloud adoption – the future for the back offi ce? UK 18 Conference report US FinovateSpring: focusing on the digital future of fi ntech. 22 Exclusive interview Dan Makoski, chief design offi cer, Lloyds Banking Group. SPAIN 26 Spotlight BrightLife – clean energy and fi nancial inclusion coming together in a social enterprise. 29 Focus Digital platforms – transforming the loan experience. AUSTRALIA 30 Challenger banks in Germany GERMANY Who’s who and what’s their tech? 34 Comment Rise up women – you can do it, you really can! 37 Industry insights Infosys Finacle – core modernisation is essential for truly digital banking. 38 Food for thought A banker goes a-banking chapter 2. 40 Ask the expert – practical and free advice on how to grow your business. REGULARS 44 Appointments – the movers and the shakers. We’ll be revisiting and updating these guides on a regular basis, as well as adding more countries. 44 Industry events – mark your calendars! If you have any additions and/or suggestions, please get in touch with Tanya AndreasyanVCP[CCPFTGCU[CP"ƂPVGEJHWVWTGUEQO www.bankingtech.com June 2019 | www.bankingtech.com | 01 @FinTech_Futures Managing Director & Editor-in-Chief Tanya Andreasyan +44 207 551 9010 tanya.andreasyan@fintechfutures.com Align your brand with excellence and innovation Editor Sharon Kimathi +44 207 551 9010 EXPLORE SPONSORSHIP OPPORTUNITIES sharon.kimathi@fintechfutures.com Reporter Henry Vilar +44 207 017 5709 WITH PAYTECH AWARDS 2019 henry.vilar@fintechfutures.com Contributing Reporters Jane Connolly Martin Whybrow Editor’s note Head of Sales Jon Robson +44 203 377 3327 jon.robson@fintechfutures.com Business Development Manager This month brings cautionary tales from Eric They discovered hackers had found all the David Wurie Michaud, CEO and founder of security firm executives’ phone numbers on social media +44 207 017 5593 Rift Recon, who shared fascinating facts at and enough information on the names of david.wurie@fintechfutures.com the recent Verint Engage user conference. their kids, pets and so on from password Marketing Manager For instance, since 2014, an international breaches from LinkedIn and other services, David Taylor cybercriminal group has been targeting where the password reset was probably +44 207 017 5379 david.taylor@fintechfutures.com banks around the world and has made going to be the one for the execs’ phones. off with well over $300 million – by “They were using SMS as the two- Marketing Executive compromising the banks’ systems with factor authentication. So, for password Kiran Sandhu +44 207 017 7377 malware and using the information they recovery for your email, your phone is your kiran.sandhu@fintechfutures.com have mined. The gang – called Carbanak identity, because that’s where everything by the researchers – targets financial goes,” Michaud explained. “It turned out Design & Production Simon Turner @ West Hill Media institutions in Russia, Japan, US and the CEO was storing his private keys for [email protected] Europe. They start their attacks with spear- his cryptocurrency in his phone with phishing emails to bank employees, who passwords. And then the hackers went This is your chance to make headlines and position your brand in front of are instructed to open an attachment that to the CFO who did similar, and then the top-level executives, decision makers, stakeholders and infl uencers. contains malware, which the hackers use comptroller got nailed. Then basically, they to infiltrate the bank’s networks and do wired all of the money out into the network, extensive reconnaissance about the inner and all of a sudden they pulled in all their Q Network with an engaged audience of senior executives in the payments industry workings of the bank. email systems and everything went down. Q!DMDƥSEQNLNTQDWSDMRHUDL@QJDSHMFOQNFQ@LLD Armed with that knowledge, they then All that money lost just because someone is © Banking Technology 2019 Q Increase your brand awareness All rights reserved; Banking Technology material masquerade as employees, and steal able to change your phone number.” b Q Entertain your clients, prospects and team at the spectacular awards event may not be reproduced in any form without money in ways that they hope will not How good is your cybersecurity? t the written permission of the publisher. raise an alarm. Q Highlight your brand as a leader in the global paytech sector Banking Technology is published ten times a year. Another effective way to extract money, according to Michaud, is to instruct ATMs to Address dispense cash to an associate of the gang Maple House 149 Tottenham Court Road at a predetermined time. Apparently, one WWW.BANKINGTECH.COM/PAYTECHAWARDS London W1T 7AD Kaspersky client lost $7.3 million through UK ATM withdrawals alone. Printer However, no bank has come forward and Get in touch to fi nd out how you can benefi t from this summer’s premier industry event! Hobbs the Printers Ltd publicly acknowledged a breach. Hampshire, UK One more anecdote: a cryptocurrency Tanya Andreasyan Jon Robson ISSN 0266-0865 exchange had its currency holdings wiped Editor-in-Chief e: jon.robson@fi ntechfutures.com, t: +44 203 377 3327 www.bankingtech.com out in an hour, and Rift Recon was called in. Banking Technology @FinTech_Futures June 2019 | www.bankingtech.com | 03 #PayTechAwards NEWS NEWS Australian Business card management platform BNP Paribas makes a Magic Leap to teleportation meetings BG@KKDMFDQ /KDNQ@HRDRʙLHM2DQHDR!ƥM@MBHMF BNP Paribas is embracing immersive conducted via a lightweight, wearable world first. It allows each participant to technologies to offer employees and spatial computer called Magic Leap One. manipulate and alter the common plan, seeks more funds Fintech Pleo, the business spending as it integrates directly with accounting customers teleportation meetings in Using augmented reality technology, modelled in a 3D projection, whether it platform based around smart company software providers. Hong Kong, Dubai, London, Frankfurt the headset allows meeting participants is a model of a real estate venture or a cards, has raised $56 million in a Series B “Managing work-related spending and Paris. to interact with virtual objects, while neighbourhood mapping.” financing round led by Stripes, a New York- has traditionally caused headaches for In collaboration with spatial computing lowering environmental impact through Cardona adds: “Together with Magic based growth fund. employees and their employers alike. firm Magic Leap and French/Belgian reduced travel. Leap and Mimesys, we are inventing a The round has seen participation from Pleo is making the whole process simpler, start-up Mimesys, which develops spatial “For two years, BNP Paribas Real Estate new workplace that is more agile and existing investors Kinnevik, Creandum quicker and more transparent,” comments co-presence platforms, BNP Paribas Real has integrated immersive technologies collaborative, and that places people and and Founders. This latest round brings Jeppe Rindom, co-founder and CEO at Estate will use the tech to offer investment into the development of its innovation expertise at the forefront of customer the total amount raised by the company Pleo. “We are building a solution to fit opportunities to clients – particularly projects,” says Kevin Cardona, BNP Paribas experience.” to $79 million. the needs of today’s modern workforce those of Corporate and Institutional Real Estate’s head of innovation. “Already The solution was tested over a one- Founded in 2015 with the aim of – reshaping how businesses manage Banking and Wealth Management. tested on two real estate projects in year period before being implemented. transforming the laborious business company spending, and how they operate, The teleportation meetings will be London and Paris, this innovation is a Jane Connolly expense process, Pleo achieved a $16 enabling staff to feel more empowered and million Series A funding round last year. It ultimately more productive.” was Denmark’s largest Series A in a decade Pleo has on average quadrupled the Image source: 86 400 Image source: and today’s fundraise is Denmark’s largest number of cards within a company, making 2N%HBNMƥQLRʙLHMUDRSLDMSKDCAX0@S@Q Australian challenger bank 86 400 is Series B. it one of the biggest corporate card In a round led by Qatar Investment refinancing and mortgages offerings, as looking for more funding to support the The firm says that more than 3,500 providers in the Nordics. Authority (QIA), personal finance solution well as newer products like SoFi Invest and next phase of its growth beyond launch, companies of all sizes and verticals have Pleo will use the funding round to provider SoFi has raised more than $500 SofiMoney. appointing Morgan Stanley Australia switched to Pleo across the UK, Denmark, more than triple its headcount, from 120 million in equity funding. SoFi Invest, launched at the beginning Limited to assist with this process. Germany and Sweden. to 400 employees by the end of 2020 and The new capital gives the San Francisco, of the year, is a stock and ETF trading To date, the aspiring bank has Pleo provides smart company cards to accelerate product development as it California-based company a valuation and investing platform that also allows been supported and fully funded by paired with software and mobile apps to aims to service the entire purchase process of $4.3 billion, and will drive investment, for automated investing.
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