Culture

At 11:FS we’re always looking to get young people into fintech. We want to recruit the new wave of young people coming in to the market who want to get ahead. Part of that is our internship programme. But we also take on young people looking for work experience, whether it’s to get a taste of the industry they love or to try something new.Lucy was at 11:FS recently for two days, working in our marketing department and getting to grips with what fintech really means. We asked her a few questions to see what she got out of the experience.

In the first of a new series we’re talking to our brilliant 11s to get to know them a little bit more. From the consultants building new digital propositions and the research team using cultural insights to inform them, through to the engineers bringing those services to market, the operations team that keeps the lights on, and everyone else in between.

Lloyds Bank announced last week that as of November 2017 it will scrap all prearranged overdraft charges in a huge fee and charges shakeup, reducing them to just one overdraft rate. Customers who get overdrawn, regardless of the overdraft arrangement they took out, will be charged 1p per day for every £7 they are overdrawn. We discuss the repercussions of this shakeup.

In her latest column for Forbes, 11:FS Head of Research Sarah Kocianski analyses Chime's recent outages and challengers' reliance on third-party processors.

From dreams of running a five-star hotel to the reality of running a five-star bank, Ashok Vaswani, the CEO of Barclays UK, speaks with Simon Taylor about culture, digital transformation challenges and opportunities, front line staff empowerment and how Simon might be able to buy a Lamborghini in the future.

Sam Maule, Director of Digital & Fintech at NTT DATA Americas, talks to us about how a kid from Detroit became a fintech leader, his new podcast, femtech, and Silicon Valley’s rude awakening.

I hope I am not about to shatter anyone’s egos here but this is something that has puzzled me for a long time; Why are most innovative banks outside the UK? So what’s the deal? The UK is the center of the FinTech world, on most people’s listings. We have the regulator who supports innovation and we have a blossoming design and technology pool to pluck talent from. So why I ask are UK banks the “also rans” of European banking innovation fronts? How can this be the case?

Legacy banking organizations are filled with career bankers who are set in their ways and naturally resist change. These managers can stifle the creativity and innovative spirit of others, impacting the ability for the organization to make needed transitions and remain competitive. What type of banker are you? Banks have been talking about a legacy holding them back for decades, but usually this discussion revolves around IT, core banking systems, distribution channels and traditional operation processes. This article was first published on the Financial Brand in July 2015.