FinTech Inverview Series: Ivo Weevers
Ivo Weevers is CEO, Co-founder of Albert, your pocket bookkeeper (http://www.getalbert.com). Albert is a BFM (Business Finance Management) proposition, to help the self-employed live a better financial life. With over 3,300 five-star ratings in the app store, Albert is UK’s top rated finance app for the solo self-employed.
Albert is a PFM (personal finance management) proposition, designed to help millennials and others budget and increase their financial health.
Tell us about yourself?
I like to think I was born with Dutch tolerance and socialism, lectured with Italian taste and style, and mentored on British entrepreneurship and courage. Currently thoroughly enjoying living in London.
Before founding Albert, I performed various roles and helped to design award-winning products for companies such as Natwest, RBS, Vodafone, Mercedes, Ubuntu, while also being involved with several startups.
Tell us about the awards you've won
I’ve been fortunate enough to see many of my projects gain recognition both in the UK and abroad. Some of the awards I’m proud of include the Cannes Gold Mobile Lion, Best in Show at Mobile World Congress, the BIMA innovation award, and resulted in Google's first UK banking app feature. But hopefully my favourite award is the next one!
Are the wheels coming off the Fintech bandwagon?
Oh no! The FinTech revolution is just starting. Open Banking hasn’t even kicked off properly yet. The last years were just an initial spark for a structural change that is gradually happening across Europe, it will take a generation for banking to move fully digital.
Do you see digital/challenger banks and asset managers taking significant market share?
Digital banks: yes (every bank will be digital). Challenger banks: two or three (there will be consolidation).
The customer relationships will be owned by those who offer the best digital experience for individual segments.
After the UK what would you consider the most attractive markets for expansion?
Albert is built to go global. So we have a few options available to us.
What are your favourite FinTech innovations?
Two fundamental changes:
The move to mobile - People live increasingly digitally lives. Doing all your finances from your mobile devices is a fundamental shift.
API-based banking - despite it taking a bit of time to get there: real-time, direct, fast banking access from other applications will change the landscape completely.
What are your favourite WealthTech innovations
Automatic capital deployment is a fundamental benefit for people to build up a life without financial concerns.
That’s why I really value auto-savings/investment solutions like from our friends at MoneyBox.
What are the biggest regulatory issues you face?
Progress on Open Banking is too slow:
APIs still break or go offline, data is in different formats, and not all banks comply yet.
The UK has a massive opportunity to own the global fintech number one position, but to keep that momentum the FCA needs to be tougher with the banks on delivering on the promise of Open Banking.