Nubank: The Missionaries of Modern Banking

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Invest in Progress

Scottish Mortgage

21 episodes

6 months ago

Invest in Progress is a podcast brought to you by the Scottish Mortgage Team. It offers a backstage pass to the conversations that occur between our managers and visionary leaders solving some of the world’s most complex problems.This podcast is for UK investors and existing Scottish Mortgage shareholders only. The views expressed are those of the contributors and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. The content of this podcast was accurate to the best of our knowledge at the time of publication. Scottish Mortgage Investment Trust PLC (Scottish Mortgage) is listed on the London Stock Exchange and is not authorised or regulated by the FCA.

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Hosted on Acast. See acast.com/privacy for more information.

Nubank: The Missionaries of Modern Banking

Invest in Progress

1 hour 8 minutes

7 months ago

Nubank: The Missionaries of Modern Banking

How the co-founder of a Latin American challenger bank plans to transform the future of finance.

Join us for the latest episode of Invest in Progress, featuring David Vélez, co-founder and CEO of Nubank – the largest challenger outside China. Vélez shares with Lawrence Burns how he's revolutionising banking across Latin America and saving users tens of billions in the process.

Episode Highlights:

Breaking the Banking Monopoly: When five banks controlled Brazil's financial sector, making services expensive and inaccessible, Vélez spotted an opportunity to disrupt the status quo with simplified processes and reduced costs.

Unlikely Disruptor: Despite having no retail banking experience, technology background, or Portuguese language skills, Vélez envisioned a technology-driven banking transformation focused on consumer needs and digital-first solutions.

Economic Impact: Nubank has returned approximately $20 billion to customers – money that would have otherwise gone to traditional banks as fees – demonstrating their commitment to affordability and customer value.

Scale and Reach: Now serving over 114 million customers across Brazil, Colombia, and Mexico, Nubank has grown into the largest challenger bank outside China by delivering a seamless digital banking experience.

Customer Love: With one of the highest Net Promoter Scores worldwide, Nubank's customer-centric approach has built extraordinary brand loyalty rarely seen in financial services.

AI-Powered Future: Vélez discusses how AI integration could evolve banking from merely "having a bank in your pocket" to enjoying a personalised experience akin to having a banker in your pocket too.

Worldwide Ambitions: With a methodical approach to global expansion, Nubank aims to become the world's largest retail bank by addressing inefficiencies in banking models worldwide.

Check the podcast description to ensure this content is suitable for you. Your capital is at risk.

Presenter: Claire Shaw

Executive Producer: Niamh Kidd

Line producer: Jessica Rooney

Broadcast Technician: Samual O’Hare

Editors: Rhona Taylor-Craig, An Phan

Hosted on Acast. See acast.com/privacy for more information.