{"id":4310,"date":"2019-03-26T13:24:46","date_gmt":"2019-03-26T12:24:46","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4310"},"modified":"2019-05-01T15:56:14","modified_gmt":"2019-05-01T14:56:14","slug":"betting-on-the-rebundling-of-finance","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/03\/26\/betting-on-the-rebundling-of-finance\/","title":{"rendered":"Betting on the rebundling of finance"},"content":{"rendered":"

The opening up of banks\u2019 customer data to financial technology (\u2018fintech\u2019) firms has been hailed as a revolution<\/a>. Fintech promises new, user-friendly services while making online payments easier, safer and cheaper.<\/p>\n

By September 2019, Europe\u2019s banks will have to comply with new technical standards<\/a> on customer authentication and communication, providing fintech firms guaranteed access to hitherto proprietary bank data.<\/p>\n

There\u2019s little doubt that the regulatory push for open banking has led to a hyper-competitive, anarchic fintech marketplace, together with soaring valuations for perceived winners.<\/p>\n

But some market participants are already looking beyond the current period of creative destruction, towards a future where financial services become \u2018rebundled\u2019.<\/p>\n

Curve, a London-based start-up that allows customers to consolidate multiple payment cards into a single card running on the Mastercard platform, is one firm thinking how best to benefit from this future recentralising trend.<\/p>\n

\u201cYour money is completely disconnected and fragmented\u201d<\/p><\/blockquote>\n

I meet Shachar Bialick, the company\u2019s chief executive, in his attractive, open-plan office a stone\u2019s throw from London\u2019s British Museum. Curve is the fifth start-up company launched by Bialick, a graduate of business school INSEAD and a former member of Israel\u2019s special forces. He\u00a0is an intense, engaging and open interviewee.<\/p>\n

\"\"
Shachar Bialick<\/figcaption><\/figure>\n

\u201cThe problem that Curve is solving is the fact that your money is completely disconnected and fragmented,\u201d Bialick tells me.<\/p>\n

\u201cThat trend is only accelerating. Banks and fintech firms are coming out with new products every week.\u201d<\/p>\n

But Bialick sees a future reintegration trend in finance as inevitable. He draws parallels with the evolution of other information technology services.<\/p>\n

\u201cThere have been four major rebundling movements on the internet: Netflix in TV, Spotify in music, Amazon in e-commerce and Google in information,\u201d he tells me.<\/p>\n

\u201cThe same will happen with banking,\u201d predicts Bialik.<\/p>\n

Bialick focuses on digital music as a guide to what might happen next in finance.<\/p>\n

\u201cIt always starts with the unbundling of the distribution,\u201d says Bialick.<\/p>\n

\u201cAt the beginning, everyone can be the publisher of their own music. But then we see the beginning of rebundling,\u201d he says.<\/p>\n

\u201cNow, Spotify identifies rising stars and pushes them through its own discovery channel, based on data, to the right audience. Ten years after its launch, Spotify has become Warner Music,\u201d Bialick goes on, referring to one of the giants of a past music business that relied on the control of both content and distribution.<\/p>\n

So what might rebundling look like in finance, I ask him.<\/p>\n

\u201cMoney is always a very sensitive matter\u201d<\/p><\/blockquote>\n

Finance executives need to change their mindset to think more about scale and connectivity, he explains.<\/p>\n

\u201cIt\u2019s not about the distribution of financial products and services, it\u2019s not about the publishing of financial products and services, it\u2019s not about moving your type of taste of music in order to come to me. It\u2019s about connecting your money and building upon it,\u201d says Bialick.<\/p>\n

But finance is different from music. And anyone proposing to help consumers manage their money has to bear in mind our innate reticence on this topic, Bialick says.<\/p>\n

\u201cMoney is always a very sensitive matter. People are often not educated about money, they are concerned about it, it\u2019s hard to manage, it\u2019s always perceived as expensive. People may not even want to see their money,\u201d he says.<\/p>\n

Instead, they would appreciate a form of hand-holding, he goes on.<\/p>\n

\u201cPeople would like their own personal CFO\u2014someone who will look at the data, gather the insights and come to them every so often and ask, based on the data, \u2018do you want to do A or B?\u2019\u201d<\/p>\n

Bialick tells me that he views the end game of the rebundling trend in finance as the creation of a new operating system for money. This operating system will be a technology that sits on top of the networks, products and services that comprise traditional banking.<\/p>\n

So what kinds of firm will sit at the top of the heap in the new financial industry, I ask him.<\/p>\n

\u201cThe companies that will be the most evolved when it comes to risk and understanding you as a customer will be the winners,” he replies. “The data received by all those companies will be the same.\u201d<\/p>\n

Bialick shows me a visual representation of his predicted future in the form of a tech \u2018stack\u2019.<\/p>\n

\u201cA key characteristic of the stack is that every layer connects the layer below it, but not vice versa,\u201d he explains.<\/p>\n

\u201cAlso, the higher you are on the stack, the more of a tech company you are and the less of a financial company. That\u2019s also evident in the way markets are valuing each layer of the stack.\u201d<\/p>\n

The new tech stack, according to Curve<\/em><\/p>\n

\"\"<\/p>\n

I ask Bialick to expand on valuations.<\/p>\n

\u201cMost bank incumbents will become transactional pipes\u201d<\/p><\/blockquote>\n

\u201cBanking will move to the cloud,\u201d he tells me. \u201cMost of the bank incumbents will become transactional pipes.\u201d<\/p>\n

\u201cSome products of banks will become commoditised: deposits, credit, even mortgages. The value of publishing products will decrease over time. The value will be left with the distributors, the platforms and operating systems.\u201d<\/p>\n

\u201cSo if you\u2019re a bank publishing financial content, your return on equity (RoE) is only 4 percent. If you\u2019re distributing financial content, it\u2019s 20 percent. But a technology company\u2019s RoE is 20-30 percent,\u201d Bialick says.<\/p>\n

\u201cWe will continue to grow until we have built the category\u201d<\/p><\/blockquote>\n

There seems some way from Curve\u2019s current main product, which amalgamates payment cards into one, to the apex of a technology pyramid covering money as a whole. But Bialick makes it clear that\u2019s where he hopes to take his company.<\/p>\n

\u201cWe will continue to grow until we have built the category\u2014the operating system for money\u2014and become category king,\u201d he tells me.<\/p>\n

Bialick explains that he runs his company by delegating substantial responsibility to so-called scrum teams, an organisational structure used by army special forces<\/a>. Granted significant operating freedom, each scrum team is set a single goal, such as a monthly target of a 30 percent increase in users.<\/p>\n

\u201cAutonomy, purpose and mastery are key for every successful start-up\u201d<\/p><\/blockquote>\n

Following our meeting, an article in Wired <\/em>magazine<\/a> draws attention to questionable management practices at Revolut, another fintech firm.<\/p>\n

Wired<\/em> alleges that Revolut has poor management practices, creating low morale and pushing staff to burnout. Wired <\/em>also provides evidence that Revolut has used questionable recruitment techniques, such as requiring interviewees to sign up 200 new users to the service before moving to the next interview stage.<\/p>\n

I email Bialick, asking him whether Curve\u2019s own heady growth ambitions and his delegated management style create a risk of similar internal practices. He responds quickly.<\/p>\n

\u201cWorking in a start-up means hard work,\u201d Bialick writes.\u00a0 \u201cThe work-life balance will never be as good as at a more established company, with more resources available.\u201d<\/p>\n

\u201cBut an approach of dictatorship and leashing the team is not sustainable, creates bad employee retention, and means that the company’s culture is not set for sustainable growth,\u201d he says.<\/p>\n

\u201cIt is not easy to maintain a high-performing team while growing a company, therefore it is critical to cement the principles of our culture within each team member.\u00a0 As long as we will keep this in mind, and aim to hire \u2018A\u2019 players, I believe the risk of Curve of hitting the same issue Revolut now has is minimal,\u201d Bialick continues in his email.<\/p>\n

\u201cAutonomy, purpose and mastery are the key for every successful start-up, and for happy team members that can learn and evolve their skills and career,\u201d Bialick concludes.<\/p>\n

Sign up here<\/strong><\/a>\u00a0for New Money Review\u2019s monthly content updates\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The opening up of banks\u2019 customer data to financial technology (\u2018fintech\u2019) firms has been hailed as a revolution. 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