Financial Services: Innovation meets Regulation

By: Avani Patel (20205029)

The first podcast is an interaction between Steven Hendershot and Andreas Madjari- the project
management governance specialist at Erste Group in Vienna. They start by discussing about MVP-
minimum viable product.
Benefits of MVP:

 It lets customer decide what is best for them and about their likes and dislikes.
 It removes traditional testing equation
Where Andreas disagree for the saying that says testing is for cowards. He believes in the banking
industry everything is based on trust, where people are putting all of their money to be secure.
It is tough time for banks by totally changing their traditional methods to fully technical and adopting
digitalization. It does not happen in a day. It takes time for people to adopt faster changes.
Andreas while innovating also looked upon changing the structures in banks which made George
platform a success.

 Eastern Europe is still into cash.

 Priority should be made to the things that requires immediate attention.
 Management should be proper in the teams as it gave liberty to the employee for innovation on
their ideas.
 Focusing on essentials.
Sometimes you have more ideas but not is the budget. Hence priority to which idea to be setup according
to the budget should be set like what resources would they need.
Technology in banking sectors changes everything.

 Reliable
 Secure
 Flexible services at your fingertip
 More channels
 More interactive
2nd conversation is between Hannah and Alicia where they discuss the growing investment in
Fintech in Africa. She also talks about mobile money removing barriers for people who don’t use
traditional banks and how new methods of transferring money can help people build digital
financial histories.

Fintech is exploding but there are even people that doesn’t have smartphones yet and so some
untapped population.

They discuss about the chipper cash product.

Benefits of Chipper Cash

 Sends money across border without charging any extra fee.

 Instant
 Secure
 Traditional banks have lots of issues and mobile money would lessen this barrier by
providing instant access without going to banks.
 There is no documentation needed to mobile money , while traditional banks still rely on
documentation
 People could pay their bills easily, get loans easily and have a digital identity.
 It also offers Bit coin that refers to stability.