In this interview we talk to Dr. Tamaz Giorgadze, who came to Germany from his native Georgia, eventually becoming a partner at the German office of McKinsey & Company. During the financial crisis, he saw a demand for retail deposits by banks and decided to jump ship to set up his own company. The company is operating as weltsparen.de in Germany and raisin.com internationally. Joern talks to Tamaz and you get a quick overview of what banks actually do, where they get their money from and how retail investors in Europe profit from this.
We are talking during the interview about those topics:
Wholesale funding
Bank’s transformation function
Duration
Regulatory measures of bank’s liquidity
Liquidity coverage ratio
Net Stable Funding Ratio
Deposit
KYC – Know your customer
AML – Anti Money Laundry
TÜV – A German association of mostly technical auditors
Payment topics we touch
- SEPA
- TARGET 2
- And a correspondent bank system (all money transfer used to be done this way)
Deposit insurance schemes (how saver’s money is insured)
- Harmonized scheme in Europe
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Raisin – How the financial crises inspired this former partner in a large consultancy to jump ship and found a startup