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Hi all,
Oliver Hughes is the CEO of Tinkoff Group, one of the world’s most successful digital banking groups with over ten million customers.
Tinkoff is publicly listed, which brings clarity to its operating model in a time when many noteworthy consumer digital banks are pursuing customer acquisition at the expense of profitability.
Oliver has led Tinkoff through three financial crises, so brings experience and perspective to the current COVID crisis.
This is a fascinating discussion about unit economics in digital banking and winning business models with a CEO with thirteen years of experience in this game.
For all of our past episodes, and to sign up to our newsletter, please visit www.bankingthefuture.com.
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Best,
Will
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Transcript preview. The full transcript is available to paid subscribers.
Oliver Hughes:
You can't build a successful financial business or FinTech business without a balance sheet. I've just said the dirty word yeah? So it's a balance sheet business and all of the FinTechs the last whatever it is six, seven years that they have been around they've been basically implying that lending is a complete taboo. Balance sheet business is a dirty word and we're going to go and build this huge kind of a financial funnel with a mobile app on a nice debit card and then build a marketplace.
Well that doesn't work. We tried to build a marketplace as well, it's not scalable. Yeah you can do something with it, there's a bit of life in there but it doesn't have legs to give you a scalable business and certainly won't take you to positive bottom line…
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