XS.com Adds Ahmed Negm as MENA Market Research Head

McKinsey's Fernando Figueiredo on Fintech, Neobanks and Scaling Up

by Ben Myers
  • Figueiredo is a partner at the consulting firm McKinsey & Company.
  • Interviewed at the recent FMLS event, the Fintech scene's past, present, and future all discussed.
Fernando Figueiredo McKinsey & Company
Fernando Figueiredo McKinsey & Company
Join our Telegram channel

Fernando Torres Figueiredo, a highly likeable and highly knowledgeable Partner at the consulting behemoth McKinsey & Company, took time out from his first FMLS to speak with me and share some interesting insights on the state of the Fintech scene, as well as share some invaluable advice on how to launch and scale up a neobank.

Fernando has been with McKinsey & Company since 2015, starting as a Digital Expert, and has a wealth of experience consulting with some of Europe's biggest fintech companies.

Adapting to a Fast-Paced Fintech World

After explaining what his job as a Partner at McKinsey & Company involves: he helps large organisations and start-ups "really overcome some of their biggest challenges by applying digital technology in new ways to actually operate," Fernando then went on to describe how McKinsey, approaching its 100-year anniversary, has adapted to today's fast-paced fintech world: "What we're trying to think about is how can we actually help drive growth for organizations that look and feel different."

Fernando was critical of the traditional banks not embracing Fintech technology much earlier: "We don't see large organizations in the last, maybe for the last 10 years being very strategic about and very purposeful in the way they are actually focusing their investment."

Talk moved from the past and present issues facing the fintech world, Fernando spoke of what banks need to do in the next five years, which essentially boiled down to two things: "adopting more of the technology providers' infrastructure," and "improving their products."

The topic moved to challenger banks and neobanks. "The one thing that they have really well is to focus on the customer and that has allowed them to win some interesting space."

Neobanks in Focus

However, after detailing what the neobanks have been doing right, Fernando explained what he thought they have been doing wrong: "The one thing they haven't done as much is to really focus on the revenue generation and value creation out of that customer experience."

The talk then moved to the impact of the pandemic and Fernando spoke optimistically of the fintech scene over the next five years: "banks will be much more ready to absorb innovation than they are today" before giving advice on how a new challenger bank can succeed:

"You need to really understand what is your path for scale how are you going to get to your first 100,000 customers to your second 200,00 customers how do you get to five countries and how do you get to a million customers?" he stated, extrapolating a bit further before ending an enjoyable interview and disappearing into the FMLS crowd.

Catch the rest of my interviews at FMLS here.

Fernando Torres Figueiredo, a highly likeable and highly knowledgeable Partner at the consulting behemoth McKinsey & Company, took time out from his first FMLS to speak with me and share some interesting insights on the state of the Fintech scene, as well as share some invaluable advice on how to launch and scale up a neobank.

Fernando has been with McKinsey & Company since 2015, starting as a Digital Expert, and has a wealth of experience consulting with some of Europe's biggest fintech companies.

Adapting to a Fast-Paced Fintech World

After explaining what his job as a Partner at McKinsey & Company involves: he helps large organisations and start-ups "really overcome some of their biggest challenges by applying digital technology in new ways to actually operate," Fernando then went on to describe how McKinsey, approaching its 100-year anniversary, has adapted to today's fast-paced fintech world: "What we're trying to think about is how can we actually help drive growth for organizations that look and feel different."

Fernando was critical of the traditional banks not embracing Fintech technology much earlier: "We don't see large organizations in the last, maybe for the last 10 years being very strategic about and very purposeful in the way they are actually focusing their investment."

Talk moved from the past and present issues facing the fintech world, Fernando spoke of what banks need to do in the next five years, which essentially boiled down to two things: "adopting more of the technology providers' infrastructure," and "improving their products."

The topic moved to challenger banks and neobanks. "The one thing that they have really well is to focus on the customer and that has allowed them to win some interesting space."

Neobanks in Focus

However, after detailing what the neobanks have been doing right, Fernando explained what he thought they have been doing wrong: "The one thing they haven't done as much is to really focus on the revenue generation and value creation out of that customer experience."

The talk then moved to the impact of the pandemic and Fernando spoke optimistically of the fintech scene over the next five years: "banks will be much more ready to absorb innovation than they are today" before giving advice on how a new challenger bank can succeed:

"You need to really understand what is your path for scale how are you going to get to your first 100,000 customers to your second 200,00 customers how do you get to five countries and how do you get to a million customers?" he stated, extrapolating a bit further before ending an enjoyable interview and disappearing into the FMLS crowd.

Catch the rest of my interviews at FMLS here.

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}