David M. Brear, renowned speaker and one of the top FinTech influencers to follow in 2016, believes that banks can and should put the current technological innovations to good use. We talked to Mr Brear about the FinTech movement’s “disruptive” label and whether banks will "evolve or die."

In this interview, David M. Brear, the Chief Thinker at Think Different Group and one of the top FinTech influencers to follow in 2016, is talking about the inevitable clash between FinTech and the banking industry, banks’ next step and what happens if they miss the boat and not adopt new technologies.

JAXenter: Mobile banking is back in the spotlight as fraudsters recently pulled a £6,000 sting. Some claim that technology does not blend well with finance. Should we blame technology for these unfortunate events?

David M. Brear: Frankly, no! Technology not going with finance is like saying macaroni doesn’t go with cheese. From earliest forms of physical money where people built in mechanisms for spotting fakes to today —where we try to use blockchain to rethink the sins of technology forefathers— Tech and Fin are completely intertwined. I’m a big believer (in the same way they say there is no such thing as bad children — just bad parents); I do not think the banks have a technology problem, they are just terrible at times at putting it into action. Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will.

JAXenter: Should banks be the ones to take the lead and ease the transformation towards the future and (inevitably) BaaP (Banking as a Platform)? Why?

David M. Brear: I’d see this as a great way to maximize the opportunities that the banks have and the new players don’t in a significant community. Millions of customers make not only a BaaP play interesting from a partner’s perspective but also a sustainable (if they do it right!) advantage. I think the hardest part in this for them to get over is going to be the cultural barriers that such a shift in sharing and working will bring to make BaaP work. If I was a bank CEO right now I would be setting up a team of people to make this happen along with the traditional setup.

Technology not going with finance is like saying macaroni doesn’t go with cheese.

JAXenter: Do you believe the feud between traditional banks and FinTechs is real or is it just a stunt performed...