Inside Project Nemo’s mission to make banking work for everyone

David Brear (0:14)

Hello, and welcome to Fintech Insider Insights. I'm David Brear, Group CEO at 11FS. Today, we're going to be talking about Financial Inclusion, and one particular challenge that has remained largely unsolved across financial services, supported payments.

Millions of people may need help from somebody they trust to manage aspects of their finances, but the financial system doesn't always provide a safe, simple, and scalable way for that support to happen, while allowing people to retain control over their own money. It's a challenge that Project Nemo's work with learning disability community has helped bring into focus, and it's now receiving attention at a national level. At Money2020 Europe, the Centre for Finance, Innovation and Technology, first time I've said that out loud without just saying CFIT, CFIT as they're otherwise known, and Project Nemo announced the UK's New Financial Inclusion Coalition, backed by HM Treasury. The coalition will bring industry, government, and regulators together to explore how technology can help address this long-standing gap. So today, we're going to be asking, why are supported payments so difficult still, and what can fintech, open banking, and emerging technologies do about it? And could solving this challenge create a better situation for both social outcomes and a significant commercial opportunity for financial services? To discuss all of that, thankfully, I've got somebody and a couple of people who know far more about this than I do, and they're actually well and truly in the heart of this work. First, Joanne Dewar, co-founder of Project Nemo. How's it going, Jo?

Joanne Dewar (1:51)

Very good. Very happy to be here.

David Brear (1:53)

Good. And again, all of that intro, I feel like you're very well versed in this. For anybody who doesn't know, at this stage, clearly they've not been listening to Fintech Insider for very long, but for anybody who doesn't know, what's Project Nemo?

Joanne Dewar (2:06)

So Project Nemo is a disability inclusion initiative. It was a volunteer-led grassroots initiative, seeking to course correct our whole industry to say, we've not really been looking at disability inclusion both in our organizations, nor the accessibility of all of our new products and services.

David Brear (2:28)

Yeah. It's amazing how many of those volunteer things turn into like a 200 percent full-time job type thing in terms of everything that goes on there. But it's not quite a passion project that's got taken away, but actually the amount of time, the amount of effort, the sheer willpower to make this thing happen. It's been pretty impressive to see, I have to say.

Joanne Dewar (2:46)

Yeah. I mean, it's been a full-time effort for me for the last two years, but then behind myself and co-founder Chris Foster, there's been a huge team of people all leaning in with the spare time that they've got to help build their website, make their LinkedIn posts and so many service providers leaning in pro bono as well to help make it happen. It's been an extraordinary fulfilling journey.

David Brear (3:12)

An idea and almost like a movement. The momentum that's built around it has been amazing anyway.

Alongside you Jo, another lady of significant revere as it were.

Joanne Dewar (3:24)

It's the first time you've said that.

David Brear (3:26)

I feel like it should be an official title that we deploy against people. Anna Wallace, the CEO of Centre for Finance and Innovation. Can I just call it CFIT? I think we should call it CFIT now. Let's go with that. How's it going Anna? Are you good?

Anna Wallace (3:38)

I'm good. Thank you.

David Brear (3:39)

Welcome back to the show. It's been a little while. Tell us a little bit more about your role at CFIT and all of the things that you're up to.

Anna Wallace (3:44)

Yeah. I'm the CEO of CFIT now. I think we're almost at a year. It's been a really exciting journey.

I'm sure everyone who's listening to this knows that CFIT was set up by the Khalifa Review which was the review of the good and the great, and almost everyone I feel a huge responsibility being CEO of CFIT because everyone I meet in the UK tells me they had some role to play in it and then there are all these expectations on CFIT.

David Brear (4:13)

I mean, they say that because it's successful now. Do you think that is a good- If it wasn't, nobody would be claiming anything. But when Ron wrote it and put it out there, we had him on to explain it through and he did say that. What's the old saying of-

Joanne Dewar (4:27)

Success to have many fathers.

David Brear (4:29)

Yeah. I think that was the smart one that you used. But I think I was going for some pop culture reference at the time. But yeah, it's good to have you on. I can't believe it's been a year.