“Rather than tech giants invading banking, banking and fintech are permeating the experience provided by tech companies”
SCARLETT SIEBER (CHIEF STRATEGY & INNOVATION OFFICER)
“The unstoppable rise of fintech”, from $1.8B in 2011 to $30B in 2020, anticipates McKinsey & Company. This is just the beginning. The future is a blinding beacon of possibility and change. Showing us the way this week is Scarlett Sieber, one of the premier voices in financial services, and a sought-after fintech luminary.
Scarlett’s most recent position is Managing Director, Chief Strategy & Innovation Officer at Catalyst Consulting Group (CCG), but don’t be fooled. This fintech powerhouse does it all: senior editor at Money20/20, senior advisor at NASA, board member, Techstars mentor, and the list goes on and on. In her non-existent downtime, she even speaks internationally, writes for leading magazines (Forbes, HuffPost), and hosts her very own show Tech Tuesdays. We love her passion and commitment.
It is our distinct honor to bring you this interview with Scarlett…
CCG Catalyst is a consultancy serving banks, credit unions, and fintech companies.
I grew up in a small town and went to a small school, one that did not have enough girls to create a basketball team. So, I played on the boys basketball team and competed against other schools that were all male. We were the only co-ed team. This started my love of defensive play, specifically blocking shots and I fouled out of a fair amount of games 🙂
Another career I always saw myself doing and loving was in sports, specifically basketball. I am such a fan of the game and I love the passion and dedication surrounding it. There are many ways this dream develops, whether through being a female coach directly next to the action and the chaos, or as part of a team franchise strategizing about how to enhance the fan experience and further build out the community. So many possibilities!
Libra doesn’t scare me but it certainly scared the world’s central banks, several of whom announced plans to issue their own digital currencies after the Libra announcement. I admire Libra’s mission of financial inclusion. When you travel the world, you see how many people struggle just to get by without access to a safe and functional financial system. No matter what ultimately happens with Libra or Facebook, this effort is shining a spotlight on a huge need.
All the tech giants are already involved in banking to varying extents! I think there is no need to fear that one of the tech giants will actually become a bank — they have all shown to varying degrees their willingness to work with banks when they cross paths with financial services. Google partnered with Citi and the Stanford Credit Union for its checking product, Apple and Goldman Sachs launched a credit card, and more coming soon. Technology is allowing banking, or if you prefer, fintech, to become part of our everyday experience, within other applications. So rather than tech giants invading banking, banking and fintech are permeating the experience provided by tech companies.