What turns us on ?

NextBank Europe 2014

@sammaule

We are not the norm What turns us on in FinTech is not what turns on the average consumer. Case in point – Dave Birch.

We speak a different language

Consumers are a different breed What turns them online is unique content. Right Grumpy Cat?

Consumer passion Consumers have passion for tech.. Not so much the underlying components (NFC, BLE, TSMs, etc.).

Consumer conundrum Anticipating consumer adoption patterns is difficult at best. Who could have predicated the success of the Yo app..

The TAO of Sam In 2000 I was a divorced father in my 30’s w/ 2 young daughters.. My team at the bank I worked at convinced me to give online

dating a try. I met my wife of 14 yrs via this digital engagement model. Here are 4 lessons to apply from this experience in marrying the gap between consumer online and offline engagement.

Signal to Noise Ratio

Weed out the noise. Focus on what / who you are looking to engage with. Understand global markets for online & offline. Find case studies across global markets. But remember, just because a biz model works in one geo this doesn’t mean automatic

success.. Case study: mPesa Keyna rollout vs Romania adoption.

Retail conundrum

Sources: Deloitte’s Top 10 Global Retailers

Internet accessibility

Global online marketplace

Mobile tipping point In August of 2014 mobile payments volume reached a ‘’tipping point’.

“Smartphones are such a pervasive and insistent part of

daily life that the proverbial visitor from Mars might conclude they were an important feature of

human anatomy.”

U.S. Supreme Court finding, Riley vs California

ASIA

Mobile is the dominant retail shopping channel in the Asia Pacific region, where 32% shop with mobile as opposed to on 21% with PC

Africa

The most dominant mobile payment usage worldwide encompassing 52% of all mobile money services

Europe

12.4% of transactions originate from mobile devices, and most are for travel, ticketing, digital goods, or retail

North America

Mobile transactions have almost doubled since last year, now accounting for 17% of transactions made

Australia

Banks reported that 60% of transactions were done using NFC contactless payments in 2013

Latin America

There will be 22.31 million mobile payment users by 2016. Mexico, Brazil, & Chile have the highest M-Commerce adoption rate in Latin America, at about 30% adoption.

Unbanked mobile money

Attraction factor

Looks (consumer UX) & overall experience matter. Just as they do in online dating.

"Most people that have worked on this have started by focusing on creating a business model that's centered around their self-interest instead of focusing on the

user experience.

We love this kind of problem. This is exactly what Apple does best."

Global Uberfication Elegant & consistent user experiences build consumer trust.

Simple is hard The Neo Banks such as Simple and Moven set the bar on consumer banking mobile interfaces.

Trust is foundational Speaks for itself. Transparency in every aspect of consumer engagement is critical.

Barbarians at the gates Tech is the most trusted industry. Remember, they aren’t new to payments. Many are on their 2nd or 3rd payments product

launch.

Trust requires transparency

Refresh is required Online and offline biz models are constantly evolving. Pay attention to both macro & micro trends.

Click to bricks Warby Parker & other pure online merchants now migrating to a micro physical store space.

O2O - China Dragons Alibaba’s success brings about competition. Wando, Tencent, and Baidu dedicated $800 mil with a promise of 10x that investment

over the next 5 years to take on Alibaba. Their focus will be an Online 2 Offline biz model.

Disrupting the Disruptors Venmo’’s daily transaction volume now exceeds that of Starbucks mobile app..

There is no offline iBeacons, wearables, and biometrics all evolve us closer to the IOT & the extinction of ‘offline’.

Refresh is required

Signal to Noise Ratio

Attraction factor

Trust is foundational

Approach with the correct consumer centric mindset and the online / offline engagement can be truly magical. And last a lifetime…

What turns us on ? @sammaule sam.maule@cgcginc.com www.cgcginc.com