Fintech Insider Podcast by 11:FS

Episode 1013: News: Big moves in the mortgage market - and is everyone using AI to manage their finances?
Date: November 10, 2025
Host: Benjamin Ensor (11:FS) Panelists:

• Germain Barry (Co-founder & Chief Growth Officer, Zazu)
• Ian Armstrong (Executive Director, ComplyAdvantage)
• Rosie Lee (Senior UX Researcher & Customer Strategist, 11:FS)

Episode Overview

This episode dives into:

• Big changes in the mortgage market, including HSBC’s new high loan-to-income offerings
• The rising use of AI for personal financial management in the UK and beyond
• A wave of innovation in anti-financial crime tech, with a spotlight on ComplyAdvantage’s AI-native platform Mesh
• Major fintech IPO news from Africa, and its implications
• Quickfire news on US open banking delays, Klarna’s debit card expansion, and employee motivation in financial services

Panel Introductions [00:05–04:47]

• Germain Barry (Zazu): Launching a business banking platform for African entrepreneurs and SMEs, currently piloting in South Africa and launching in Morocco soon [01:39]
• Ian Armstrong (ComplyAdvantage): 25 years' experience in regulation and banking; helps bridge commercial, product, and marketing to focus on real user needs [02:53]
• Rosie Lee (11:FS): Customer strategist speaking to end users and channeling insights to financial institutions [04:21]

1. UK Mortgage Market Shakeup – HSBC’s Looser Lending Rules [04:47–13:41]

Key Discussion Points

• HSBC’s new offer: Up to 6.5x salary mortgages for premier clients (those earning £100k+ or holding equivalent savings), with at least 10% deposit—the highest since 2008 crisis [04:47]
• Government pressure: UK government encourages lending loosening to stimulate the housing market
• Trend: Similar moves by Nationwide (expanding interest-only mortgages, higher LTI multiples for first-time buyers with solid credit)

Panel Insights

• Rosie Lee:
  • “This article…unfortunately is a bit headline grabbing. It only applies to a small group of customers, high income borrowers…It’s not really expanding access to mortgages across the board for everyone.” [06:25]
• Ian Armstrong:
  • “I remember the 2008 period, the global financial crash very well…as long as there’s robust processes for banks to understand exactly what the income part in the loan-to-income equation consists of, I think there’s a way to offer these mortgages safely.” [07:44]
  • Predicts next crash more likely to come from commercial property than retail lending or private debt [08:50]
• Germain Barry:
  • “We definitely see…processes that are still very lengthy, that are still very much paper based, even more so here [Africa]. So that brings…lots of problematics around access, particularly around self-employed, the gig economy…some business owners as well…” [10:04]
  • Welcomes innovation in data-driven lending and alternative credit scoring, especially relevant for underserved segments
• Consensus:
  • This is a competitive move for a subset of customers, not a wholesale return to risky lending.
  • Lenders are limiting higher LTI multiples to low-risk segments; very different from pre-2008 “self-cert” era.

Memorable Exchange

• Benjamin Ensor (to Rosie):
  • “So you’re saying I’m being sensationalist?”
    Rosie: “Possibly.” [07:09–07:13]

2. AI Native Compliance – ComplyAdvantage’s ‘Mesh’ Platform [13:41–30:28]

Key Discussion Points

• Problem: 75–90% false positives in fraud/AML transaction monitoring, leading to inefficiency [14:30]
• Solution: ComplyAdvantage’s Mesh—a “genuinely AI-native” compliance platform with three adaptive layers and AI agents for screening, onboarding, risk scoring, and payments analysis

Panel Insights

• Ian Armstrong:
  • On legacy systems: “Traditional AML systems…were designed in an era of batch processing, on-premise systems, rule-based logic.” [15:18]
  • On AI-native approach: “What we’ve built with Mesh is genuinely different…all using the same data model…the third layer…we’ve introduced our first user-facing AI agent who we call Cassie…Cassie can execute that entire workflow autonomously for lower risk cases…” [15:18–20:16]
  • On inter-client data sharing: “Not at the moment, no. I mean, I would very much say watch this space on that…there is a lot more appetite from…the industry and in fact regulators for that type of data sharing.” [29:30]
• Germain Barry:
  • For Zazu and African fintechs, fragmented compliance processes make strong AI-centric tools very attractive, especially given high fraud risk and diverse regulatory environments:
    “This is where also…that’s typically a big use case for us in the application of AI at the operation level…” [20:49]
  • Notes need for local adaptation: “You can separate [Africa] into regions…Morocco…has been pushed…around full digital ambition, including…an eKYC system…But indeed…that remains a challenge…identification and things like this.” [23:33]
• Ian Armstrong:
  • On name matching: “Another thing that we’ve done…is to look at name commonness…Our models…able to detect…this name in this country is relatively common…and that’s part of the calculation…” [25:30]

Quotes

• Ian:
  • “AI-native system—the entire workflow, from data ingestion through to investigation to disposition, is designed around what AI can do well. And the idea is that humans are then freed up to focus on what they can do well.” [20:16]

3. Optasia’s Major African Fintech IPO [32:51–40:51]

Key Discussion Points

• Optasia’s IPO: Largest SA fintech IPO this year; raised $372m, valued at $1.3bn; operates in 38+ countries and processes 30 million loan transactions/day [32:51]
• First Rand’s Investment: Significant local vote of confidence

Panel Insights

• Germain Barry:
  • “I think overall it’s a message of confidence…South Africa and the Johannesburg Stock Exchange is quite a developed and robust marketplace.” [32:51]
  • “Historically, the IPOs were really reserved…for mining and big telcos. But now the path that Optasia has shown makes it tangible and makes these companies like Moniepoint, Flutterwave…a realistic scenario.” [35:45]
• Rosie Lee:
  • “Of course—so much opportunity. It’s an underserved market and it will only help small businesses…Also there’s a financial education angle here too—when a company is using AI…customers still need reassurance about how their data is being used.” [34:59]
• Ian Armstrong:
  • “It’s easy to forget that M-Pesa, which was one of the original financial innovations, came out of Africa…Anywhere in the world where you get significant amounts of migrant work corridors…you will see a lot of remittance activity which is absolutely ripe for disruption and is being very actively disrupted…” [37:24]

Perspective on Market Hubs

• Germain Barry:
  • “South Africa…is a bit more developed…less of a topic of financial inclusion…people have bank accounts…from the credibility and validation from the international scene…the stability South Africa brings as well...South Africa and the JSE is definitely ripe for the scale and regionality of that IPO.” [39:15]

4. UK Consumers & AI in Money Management [40:51–49:48]

Key Statistics

• 56% of UK adults, ~28 million, report using AI tools for personal finance [40:51]
• Uses: budgeting, savings, financial education, investment advice (37%), retirement planning (39%), debt strategies (26%)
• Average annual self-reported savings from AI: £399
• Consumers worry about data privacy (83%), accuracy (80%), and lack of personalization (69%)

Panel Insights

• Rosie Lee:
  • “They’re very much wanting to use these tools…But they’re just not quite ready to trust it…The most interesting part…was the link between digital confidence and financial confidence.” [42:18]
  • “In a recent focus group that I ran, two participants said that they just…couldn’t trust the bank and the AI tools because they didn’t know whether their data was going to be kept safe.” [44:35]
  • Praises Lloyds Bank Academy for digital skills training to bridge trust gap
• Ian Armstrong:
  • “37% using AI for investment advice…Did that give you a panic attack as a former regulator?”
    “Maybe a little bit.” [44:35]
  • “I can definitely see us getting to a time where there is some sort of commonly accepted form of warning or consent…I think if there’s some sort of mechanism like that in place…” [44:48]
• Germain Barry:
  • “In Africa…you’re looking at [AI] more from an educational perspective and the ability to make some smart suggestions, but…in a relatively simple and comprehensive manner…” [47:35]
  • Points to “huge demographic boom with a very young…mobile-first population” and high ChatGPT use in places like Morocco and Kenya

5. Quickfire News [49:48–54:02]

• US Open Banking Delays: Court blocks CFPB’s open banking rule, slowing progress in the US [49:48]
• Klarna Debit Card Expansion: Powered by Marqeta & Visa, rolling out in 15 new European markets, merges ‘pay now’ and ‘pay later’ flexibly on one card. [Voice note from Marqeta CEO, 52:44]

6. Financial Services Employees Among Least Motivated [54:02–59:51]

Main Points

• New global survey: financial services staff report lower motivation and engagement than other sectors
• Cited causes: High monitoring, low autonomy, and uninspiring roles (esp. repetitive operational compliance tasks)

Panel Reflections

• Ian Armstrong:
  • “You got to think if that’s your job then I’m not surprised people are demotivated…It is a real, real problem in those kind of operational roles…stopping people just feeling burnt out from…doing these mindless tasks all day.” [54:59]
• Germain Barry:
  • “Back in 2015…finance was not sexy anymore…Fintech was sexy and cool…Now, more specifically in a startup, you definitely want to wake up in the morning and know that you’re part of something much more dynamic…That’s the new generation.” [56:08]
• Rosie Lee: (WhatsApp group listener feedback):
  • Favorite things about the job: great colleagues, building new payment tech, helping people with their money, and, playfully, “I’m just here to eat the office snacks and play with the office dog.” [59:14]

Notable Quotes & Memorable Moments

• “If, sorry, when, the next financial crash comes…much more likely to be driven by the commercial property sector rather than retail…”
  — Ian Armstrong [08:50]
• “I’m looking at tech founders, startupers…That’s the new generation…rethinking those large organizations and…the association that banking versus tech and fintech has.”
  — Germain Barry [56:08]
• “In a recent focus group…two participants said they just couldn’t trust the bank and the AI tools because they didn’t know whether their data was going to be kept safe.”
  — Rosie Lee [44:35]
• “I like the bottom one. [WhatsApp group answer] ‘I’m just here to eat the office snacks and play with the office dog.’”
  — Rosie Lee [59:44]

Useful Timestamps

• Panel Introductions: [00:05–04:47]
• HSBC Mortgages & Lending Trends: [04:47–13:41]
• ComplyAdvantage’s AI Mesh Launch: [13:41–30:28]
• Optasia African IPO & Africa Fintech Discussion: [32:51–40:51]
• UK AI Money Management Stats: [40:51–49:48]
• Quickfire News (US Open Banking, Klarna Expansion): [49:48–54:02]
• Financial Services Worker Motivation: [54:02–59:51]
• Closing & Panelist Socials: [60:08–End]

Tone & Style

Conversational, insight-filled, and lightly humorous. Panelists blend lived industry/regulatory/startup experience with a focus on end-user impact. Emphasis on critical thinking and not being swayed by headlines alone.

Perfect for anyone seeking an engaging, insightful walkthrough of this week’s most important fintech news and trends—whether you’re deep in financial services or keen to learn more about the intersection of finance, technology, and customer experience.