How Fintechs can challenge Big Banks – Ammar Akhtar

Want to find out how fintechs can challenge big banks? Jump to 15.12

Ammar is the Founder & CEO at Yobota

Prior to founding Yobota, Ammar had a career consulting in the financial services sector. He spent 10 years advising companies like UBS Investment Bank and Bank of America Merrill Lynch.

Post-2008, Ammar moved into consulting in the retail sector with a focus on revitalising the sector with new technologies, better customer experiences and better product choices. This new direction took Ammar on a gradual path to what he’s doing today.


How Fintechs can challenge big banks 

The fintech sector is booming. But as startups flood the sector looking to gain a market share it makes it increasingly difficult to challenge the large corporate banks. Ammar layed out a few ways fintechs can compete with the big companies in this show. 

‘Any young company, no matter what the sector, has to challenge large corporations to gain some market share. But speaking from the position of a fintech you can challenge the big banks by making wise investment decisions on where you deploy your people and where you spend your capital. 

You can’t grow too fast and there’s a risk of failure if you go to slow. Having the wrong skills or, in regrettable circumstances the wrong people, can be very dangerous for your company. So to challenge the big banks you need to keep a close eye on all these things.’ 


Show Notes:

01.39 Consulting in the financial services and retail sectors

02.50 A corporate background helps when building a startup

06.15 Battling self-doubts

07.09 The Yobota eureka moment

09.27 Banking is cool

11.46 Finding inspiration for your company

13.37 Growing your startup

15.12 Competing with banks that have big budgets 

17.15 Building a new platform

20.15 Working smarter with a bootstrapped budget

23.51 Spare time coding

25.24 Business lessons 

28.19 Further resources