In our latest episode of the Wharton Fintech podcast, Miguel Armaza (WG’21/G’21) is joined by David Brear, CEO of 11:FS, a challenger consultancy building out new propositions and ventures in the UK, US, Europe and Asia. David Brear is the CEO of 11:FS and since his dream of being a sportsperson was crushed (along with the ligaments in his knee!) and he had to get a proper job, he has worked in pretty much every angle of the financial services industry never losing that competitive desire to win. Having pitched, established and run billion-pound transformations for some of the biggest FS companies on the planet the realization that digital banking is only 1% finished has spurred his desire to establish an organization that can actually make it happen. 11:FS is a challenger consultancy building out new propositions and ventures in the UK, US, Europe and Asia for some of the biggest brands on the planet. Alongside this 11:FS build in-house products from competitor benchmarking tools like 11:FS Pulse, to core banking systems like 11:FS Foundry. Most recently David has led the creation and market establishment of the challenger business bank Mettle for Natwest in the UK as it’s CEO, proving that the big banks can fight back against the fintech threat. He is also a host of the global business podcast, Fintech Insider. In this interview, David shares: - Why he strongly believes digital banking is only 1% finished and what the 11:FS team is doing to change the fabric of financial services. - Culture at 11:FS. The importance of finding people that revere each other’s talents and not just their own. - The reasons why culture and talent are the only two things that really matter in any organization. - His plea to large institutions acquiring fintech companies: Don’t break what you buy! Plenty of examples of fintechs being acquired and eventually being left to die. - The biggest challenges of incumbent banks and why legacy mentality and culture are more impactful than legacy technology systems. - Fintech in the UK. Why the UK regulators took an innovator-friendly approach and how it benefited the local scene by spurring competition and attracting some of the best global talent. - The horrific impact of COVID-19 and why this crisis is unlocking the realization of senior bankers that digitization is not optional, but mandatory. - Why he thinks this is the best time to be working in financial services and what 11:FS is doing to help financial institutions unleash their full potential.