Liz Lumley, Freelancer, Compliance Corylated
Career & Background
Let’s start with your career journey. What were the key moments or turning points that led you to where you are today
I’ve written about this before, but I answered an ad in the New York Times in 1994 to be a reporter for newsletters covering data and technology in investment banking for a salary that I *just* could survive on. We called it “fintech” in the office, and that was 31 years ago. I have been in fintech for decades.
I almost got fired my first year because I just wasn’t feeling it. I decided to go for an interview with the CIO of Goldman Sachs, got it, worked my ass off on it and kept my job. Never looked back.
How has the industry evolved since then?
An early article I wrote about a very large global bank was about how they were developing their own proprietary in house operating systems for “security”. Many people like to bash banks, but they have come a long way.
Looking back, is there a piece of advice you wish you’d received earlier in your career?
When someone *gifts* you a bitcoin – hold on to it and remember where it is stored. #FindLizsBitcoin
Industry Insights
What are the biggest trends you’re seeing in Fintech right now?
Everyone is an AI company now. 😐
What do you see as the biggest opportunities and challenges in the market and in your role specifically? How do you see regulation and compliance shaping the future of Fintech?
I combined these two because, my advice to anyone looking for a problem to solve, build a fintech company around that, and sell into financial services firms is to tackle regulations and compliance. Anyone who makes dealing with global regulations easier, will get a meeting. Solve *that* problem. Stop embedding payments into everything.
What are three things Fintech companies should be prioritising today?
If your priority is your exit, sit next to someone else. If your priority is to build a sustainable company that employs people, makes banking better and lasts for decades, then I will listen all day.
What’s one thing you see companies doing from a PR or marketing stance that you wish they’d stop?
When you see a story posted by a journalist, and you then pitch your client who could comment on the topic covered in the story, that has already been published. I’m not writing the story again, anytime soon.
Also, deadlines are real. No seriously, they are real.
Quickfire Round
Fintech company to watch?
Watch the industry, not companies. Stop wishing for a unicorn – they are mythical creatures that do not exist. Start watching for how to make the industry better for everyone.
Most overused Fintech buzzword?
Game changer.
Favorite news source?
I listen to BBC radio 4 all day and read The New York Times every week, The Economist when I am in an airport and I try to read Paul Krugman’s and Heather Cox Richardson’s Substack as much as possible they post every day!
Favorite TV show?
Buffy the Vampire Slayer.
Favorite drink?
Non-alcoholic – Low sugar cranberry juice with a lot of ice and lime spritz. But I am usually found with a glass of rioja in my hand (on weekends) and a dirty martini when out about the town.