The Veber FinTech Consumer Survey was based on discovering user perceptions of Banking, a once stable and traditional industry landscape, in comparison to what we’re now seeing which is the ever changing innovative FinTech market. The survey focusses on the trends of FinTech and whether the face of traditional banking will change by 2020. The white paper also includes video extracts from leading FinTech experts and an exclusive interview with George Huntley, COO The Money Platform. George gives an in depth account of his FinTech startup journey and his views on the Banking industry and the rise of FinTech.

1. FinTech vs Banking industry
Consumer report
Image Source - Unsplash.com (CC0)

2. Tim Poultney
CEO Veber - Cloud & Dedicated Hosting Specialists
Founded in 1999, Tim lead the formation of Veber and has
been a CEO ever since. He pioneered the launch of‘Cloud as a
Service’which was one of the first cloud platforms of its kind.
Currency Cloud is one of Veber’s FinTech clients, working to-
gether since startup phase, providing a Best of Breed hosted
infrastructure solution which includes access to a virtual
arena, a storage farm, tie lines and data security.
Taking the leap from a concept, to form a startup
company then to experiencing high accelarated growth
within a short period of time creates an array of
challenges, aswell as opportunities for fantastic
innovation in technologies. There’s so much cool stuff hap-
pening in Fintech with Block Chain technology,
Bitcoin digital currency & Sharesight stock portfolio trackers,
we wanted to know what’s next for the banking market. Will
they keep up or will they lose the next
generation of consumers to FinTech technologies?
Mobile digitalisation opens the barriers for new
challengers within the FinTech market. Artificial Intelligence
and behavioural analytics is now discovering the new trends
and what people are doing in FinTech.
Trust, reputation, management, expertise is what enables
growth within FinTech. Whilst adding computing power/stor-
age constantly in response to the varying user demand levels
is also very important. Successful FinTech companies are the
ones refining how people are
organising themselves around financial products. None rely
on out of the box tech, instead they let their clients dictate
which apps and services they use.
This survey is based on discovering the user perceptions of a
once stable and traditional marke but is now an ever chang-
ing innovative market.
Veber content overview
1. Foreword
2. About this survey
3. Survey findings
4. The Money Platform interview
5. Recommendations
6. FinTech discussions
Tim Poultney
CEO Veber - Cloud & Dedicated Hosting
Specialists
Founded in 1999, Tim lead the formation
of Veber and has been a CEO ever since.
He pioneered the launch of ‘Cloud as a
Service’which was one of the first cloud
platforms of its kind. Currency Cloud is
one of Veber’s FinTech clients, working
together since startup phase, providing
a Best of Breed hosted infrastructure
solution which includes access to a
virtual arena, a storage farm, tie lines and
data security.
Taking the leap from a concept, to form
a startup company then to experiencing
high accelarated growth within a short
period of time creates an array of
challenges, as well as opportunities for
fantastic innovation in technologies.
There’s so much cool stuff happening in
FinTech with Block Chain technology,
Bitcoin digital currency & Sharesight
stock portfolio trackers, we wanted
to know what’s next for the banking
market. Will they keep up or will they
lose the next generation of consumers to
FinTech technologies?
Mobile digitalisation opens the barriers
for new challengers within the FinTech
market. Artificial Intelligence and
behavioural analytics is now discovering
the new trends and what people are
doing in FinTech.
Image Source - Austin Lee (CC0) 1

3. Tim Poultney
CEO Veber - Cloud & Dedicated Hosting Specialists
Trust, reputation, management, expertise
is what enables growth within FinTech.
Whilst adding computing power/storage
constantly in response to the varying user
demand levels is also very important.
Successful FinTech companies are the
ones refining how people are organising
themselves around financial products.
None rely on out of the box tech, instead
they let their clients dictate which apps
and services they use.
We wanted to find out what users
felt towards FinTech, the updates to
traditional banking and what are their
thoughts on the Future of Banking.
We asked 200 people between the age
of 18 - 65 across England using Google
Surveys.
This survey is based on discovering the user
perceptions of a once stable and traditional market
but is now an ever changing innovative market.
Image Source - John Towner (CC0)
2

4. Q1
Could you describe the following
FinTech terms if asked?
52% could not describe
Fintech terms
Mobile payment was the most commonly
recognised term with 32% of those
surveyed selecting it
None of
terms
Mobile
payment
Crowd
funding
Bitcoin
Digital
wallets
Payment
Gateway
Block
Chain
52%
32.7%
26.4%
23.9%
20.8%
7.5%
3.8%
Image Source - Viktor Forgacs (CC0) 3

5. Q2
Which of the following
non-bank owned products
are you likely to use in the
next 12 months?
Over 50% of people would not
use non-bank owned products.
Females were more likely (51%) than men (47%) to opt
out of using a non-bank owned product.
Both males and females
showed a preference for
online payment services
with more females than men (33% vs 38%
respectively)
Males and females chose mobile payment
as the 2nd most popular choice (25% and
18% respectively)
None of the above
Online payment services (e.g Paypal)
Mobile payment (e.g Apple Pay)
Mortgages
Personal Loans
Crowdfunding
52.4%
32.4%
19.3%
6.9%
5.5%
4.1%
Image Source - Josh Rose (CC0) 4

6. 27% of people were
uncomfortable in using
non-bank owned products
Males were more uncomfortable than females
(2.7 ave. vs 3.0 ave.)
The findings also showed that those between the
ages of 55-64 were more comfortable to use non-
bank owned products than those aged between
18-24 years (3.6 ave. vs 2.6 ave.)
Q3
On a scale of 1-5, how
comfortable do you feel
using non-bank owned
products?
Q4
What puts you off using
non-bank products?
1
2
3
4
5
27.4%
11.5%
21.6%
22.2%
17.2%
Security
None of the above
Unfamiliar with technology
Lack of humanization
Lack of bricks and mortar bank
52.5%
27.9%
18.9%
11.5%
6.6%
53% were put off using
non-bank owned products
due to security reasons.
Findings revealed females showing more
concern of security than males (57% vs 50%)
The results also revealed 35-44 year olds were
perhaps the age group most comfortable
using non-bank owned products, with a
majority of 43% selecting‘none of the above’
Image Source - Jan Vašek (CC0) 5

7. Q5
How often do you use
mobile applications to
access financial services?
Every day
Once or twice a
week
Once a month
Less often than
once a month
Never
15.4%
34.7%
3.5%
10.5%
35.8%
Females showed a stronger interest
in using mobile services everyday
compared to males (20% vs 16%).
Majority of those
surveyed do not
currently use mobile
applications to access
financial services
Those who do are doing so once or twice a
week (35%)
Image Source - Matthew Wiebe (CC0) 6

8. Those aged 65+ showed the
strongest discomfort of any
age group (1.7 ave.), with the
most comfortable being
35-44 year olds (3.3 ave.)
31% of people were uncomfortable
with self-directed services versus
human interaction in traditional
banks
Q6
On a scale of 1-5, how
comfortable do you feel
about the introduction
of self-directed services
versus human interaction in
traditional banks?
1
2
3
4
5
31%
11.5%
22.5%
23.4%
11.6%
Image Source - Evan Batky (CC0) 7

9. 61% do not believe that FinTech
will replace traditional banking
by 2020.
Q7
Do you believe traditional
banking services are at risk
from the digital FinTech
revolution?
Q8
Do you believe FinTech
will replace traditional
banks by 2020?
More than half of the
respondents (53%)
were not sure whether
traditional banking
services were at risk
from the digital FinTech
revolution
Not sure
Yes
No
53%
31.6%
15.4%
No
By 50%
Yes
By less than
50%
60.8%
50%
9.1%
5.8%
25-34 year olds most strongly believed this
statement, with a majority of 43% selecting‘yes’
Many people thought that this would be
replaced by 50% however, with 35-44 year
olds selecting this statement the most (30%)
Image Source - Luis Llerena (CC0)
8

10. Veber breakfast interview with The Money Platform
After observing banks and lenders earning‘ridiculous amounts
of money’George Huntley and joined friends that had stumbled
upon a simple idea for changing how bank lending works. They
wanted to answer and fix these 5 questions:
• How can we cut the interest rates for borrowers?
• How can we improve the borrowing experience for Millennials’?
• Can we eliminate banking fees?
• Can we make an ethical and economical banking model?
Within a year from the initial startup concept The Money Platform
is now launched. Here’s our FinTech breakfast interview with
George Huntley.
Tell us about the Money Platform?
We are the cash equivalent of the Credit Card. We aim to serve the underserved. For instance, people
aged in their 20’s are known in the financial industry as Thin File customers. Meaning they have a
limited credit history, so they are often refused loans. We’re planning to use software to better qualify
this demographic, for instance using social media profiling, such as using Linkedin and FaceBook to
gain an understanding of who they are and what their expected salary bracket might be. We aim to use
alternative data to give an accurate decision rather than the standard process many traditional banks
use, which is outdated and limited.
At our core we take pride in giving the great quality service expected from a money management
banking service, but with the lowest possible rates and always with a smile. Our communication with
our borrowers is always personalised from one of our team members.
Customers will never receive a No-Reply email from The Money Platform.
Thoughts on FinTech...
“Start-ups are making the best of technology innovation.”
“Stability is more than innovation - FALSE.
Innovation is driving better deals for the customers.”
“Banks are unable to catch up to FinTech innovation due to tired legacy systems.”
“Traditional banks need to be nimble, quicker on their feet.”
“How big establishments are responding to the rise in FinTech
will be the making or breaking of the traditional banking industry.”
“Nowadays you’re actually punished by big businesses for being a loyal customer.”
“If you (customers) stay in the same traditional bank for too long, you won’t get a
good deal.”
“I have 4 bank accounts. I change them all after a year.”
“Existing businesses are cutting back on innovation.
It’s luck really, as a debt laden business means start-ups can provide new solutions”
“I predict that in the future VC and Crowd Sourcing will go hand in hand when raising
capital for start-ups’
“Start-up and UX tip: Never fear failure. Find the right team. Don’t try to do it alone”
George Huntley, COO, The Money Platform
Image Source - Alondra Olivas (CC0) 9

11. FinTech inspiration
Credit Kudos is an amazing innovative model for credit scoring the‘Thin File’customers.
Nutmeg.com is a superb‘money farm’for giving people, typically like me, in my mid 20’s with a small
but decent savings, a transparent way to invest money, without any hidden fees and traditional banking
jargon to cut through.
RateSetter is known for having used the concept of a“Provision Fund”into peer to peer lending. It’s a
borrower-blind P2P investment model that prides itself on the fact not even one of its customers has yet
lost so much as a penny investing with it.
Funding Circle has a superb human approach that allows investors to profile small to medium business
to help them startup, making people become the bank.
MangoPay is also one to watch using fantastic technology to make payments easier.
Start-up Tips
The Money Platform gained angel investment during the first few months at early conceptual stage.
I think it’s important to have the right team to secure interest from FinTech investors within the early
stages. Each of us in our team has worked within the broader finance for a number years so we had a
wealth of knowledge to pitch our idea with just an investor deck, without a minimum viable product.
Our first investment fund helped to build our MVP. We tested our Alpha model with friends, the Beta
testing group was a sample of profiled friends that were a close fit to the demographic we would like to
target. We’re still tweaking our current model to suit our users’needs. I see this continuing throughout
our growth.
Our Challenge
Converting the user registration to actual loans is our biggest challenge. We have almost 1000
registrations in our first month so we are refining many things at this stage to simplify the on boarding
process and determining a loan. We value keeping the customer service friendly and a sense of
optimisation throughout the process. Currently our focus is on innovation through technology to
enhance the credit decision making process. With such a high amount of registrations we don’t want to
miss out on good business opportunities.
Dream hire
If I could add one person to add one person to our team it would probably be another person in our risk
team. Our business is all about minimising risk, so that our lenders can have confidence in what we offer
- a strong risk team is the making or breaking our business.
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12. FINTECH RECOMMENDATIONS
01
Compliance
Despite FinTech innovation there are still
compliance levels that need to be met
02
Security
The highest concern and is an ever
changing landscape and it is
no longer just external threats
03
Performance
Reliable performance is essential
to both start-ups and mature platforms
04
Public Cloud
Public cloud is an essential part of the
mix it cannot deliver all the requirements for FinTech
05
IaaS
IaaS allows solutions to behosted
or co-located that cannot be delivered
from the cloud 06 Hybrid Services
06
Collaboration
Customised solutions offer the best
of public cloud and private, secure datacentre environments
Best of breed cloud services
11

13. Watch discussions from our 2016 Veber Disruptive Technology Event
Best of breed cloud services
Are you interested in attending our next
disruptive technology event?
• Tell us about your business
• How can we help you at Veber Hosting?
• Looking to expand your infastructure?
• Interested in Veber Breakfast Interviews?
Email: Sales@Veber.co.uk
Call us on: 020 3468 7001
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12

14. FinTech is one of the largest industries to be
disrupted and its growing at a much faster rate
than any other industry
London has been ranked number one city in
Europe for supporting both startups and scale-
ups in the European Digital City Index
London has become the FinTech capital of the
world – With more people employed in the
sector than any other city worldwide, standing
at 44,000 (1,000 more than New York)
Our experience in FinTech and Cloud
solutions has allowed us to help our
customers over the years.
To find out how we’ve used out expertise
within the FinTech industry, read our latest
Case Study.
The Rise of Startups
Over the next ten years the number of digital
technology companies in London is expected to
rise to 45,000 and create more than £12 billion of
economic activity.
Oxford Economics
Bitcoin & Blockchain bounce back
CB Insights recent research showed that
investment into bitcoin and blockchain bounced
The opportunity
The largest blockchain and bitcoin investments in
2015 involved strategic and corporate investors,
such as Google, Cisco, Goldman Sachs, Visa, BBVA
and AXA. CB Insights research
techcityuk.com
Image Source - Jan Vašek (CC0) 13