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Trends Shaping the Future of Transactions
 

Trends Shaping the Future of Transactions

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High level overview of trends shaping the future of transactions. These are top level research results from my detailed survey and interview project. Contact me for full results. ...

High level overview of trends shaping the future of transactions. These are top level research results from my detailed survey and interview project. Contact me for full results.

Research was done between Jan 2010 and Jan 2011.

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  • The 5 Trends:Mobile Technologies & Applications are explodingAlternate Currencies are active in nichesCommunities are happening around transactionsBonding through non-financial transactionsCommunicate more in each transaction

Trends Shaping the Future of Transactions Trends Shaping the Future of Transactions Presentation Transcript

  • Transacting Together
    Trends Shaping the Future of Transactions
    Heather Schlegel
  • About Me
    Product Manager Background
    Define, Build and Launch > 50 products
    Los Angeles Geek Dinner
    Began Masters Strategic Foresight in 2010
    Disruptive Technology in Financial Markets
    Transactions
    Alternate Currencies
    Lending
    March 2011
    2
  • Research Methodology
    Survey
    220+ participants
    23 questions
    Oct-Nov 2010
    Interviews
    20+ participants
    Nov-Jan 2011
    Research & Scanning
    March 2011
    3
  • Survey
    Assumed Biases: Early Adopter
    Higher Education
    US Centric, with participants from Asia, Africa, Europe
    Internet Savvy
    Survey Demographics
    52% 30-45 age group
    63% Male / 35% Female
    66% Income levels distributed: 25k-250k
    March 2011
    4
  • Survey: Usage
    Online Banking: High Penetration
    Online Banking (91%) and Payments (89%)
    Top Online Platforms: Paypal,Apple Payments
    Online Currency: Niche Use
    Online (23%) and Virtual Game Currencies (26%)
    5% bought, 14% earned and 9% used.
    WoW, Linden, FB Coin top mentioned
    Mobile: Emerging
    Mobile Banking (39%) and Payments (24%)
    Alternate Transactions
    Random Acts (68%) and Pro-Bono (60%)
    March 2011
    5
  • Survey: Payment Methods
    Offline
    Credit (60%) , Debit (57%) & Cash (46%)
    Check (7%), Barter (5%), M-Pesa, Suica
    Online
    98% purchased online
    Credit (70%), Paypal (48%), Debit (35%)
    Mobile
    30% used mobile payments (20% occasional use & 4% often)
    15% have transferred funds via mobile device
    Frequency
    Cash, Credit and Debit for day to day/week
    Check: weekly/monthly
    Frequent Flyer, Gift, Reward points: month to year
    March 2011
    6
  • Survey: Economic Participation
    Traditional Economy highest
    Non-Financial Economies
    Gift (54%)
    Barter (52%)
    Favor (50%)
    Networking (43%)
    Social Capital (40%)
    Time Banks have little exposure (9%)
    March 2011
    7
  • Survey: New Payment Options
    Positive Response
    Community Currency
    Time Exchange
    Mobile & Wireless Wallet
    Mixed Interest in Currencies
    Social, Global, Personal, Reputation
    Most Controversial (+/-)
    Global Currency (49%/19%)
    Gold, Silver, Precious Metal (29%/14%)
    Social Capital (39%/13%)
    March 2011
    8
  • March 2011
    9
    Parallel Trends
    Mobile Innovations
    Technology
    Applications
    Hardware
    Alternate Currencies
    Three Invisible Trends
  • March 2011
    10
    Communities Around Transactions
    Values are shifting
    Bad economy = creative thinking
    Community Examples
    Freecycler
    NeighborGoods
    CouchSurfing
    Trade School (NYC)
  • March 2011
    11
    Transactions Create Bonds
    Communities facilitate the connection
    Support shared values
    Increase resiliency
    Examples
    CouchSurfing
    Produce, Clothing, Food Swaps
    Time Bank
  • March 2011
    12
    Desire to Communicate More
    Extend, Not Replace
    Bandwidth to Communicate More: My Values
    The experience
    The transaction
    Shared Values
    Other Characteristics
    Examples
    Recommendations, Reputation, Influence
    Ven
    Bitcoin
  • What are the trends
    Today
    Comfortable with online payments
    Alternate currencies are used in specific communities
    Mobile technology promises much
    Mobile payment options are being explored
    Three Invisible Trends
    Communities of transaction
    Bonding through non-financial transactions
    Communicate what I value
    March 2011
    13
  • March 2011
    14
    Visions of the Future
    Baseline: Dinner with Friends
    Payment infrastructure
    Your mobile wallet
    Alternate currency payment option
    Fantastic Alternatives
    Value Score
    BioMetric Payment
    Single Point of Payment, Financial AI
  • March 2011
    15
    Returning to Today
    Long View Perspective
    What initiatives or projects support which trends?
    How will you participate? Ride? Shape? Support? Oppose?
    One Opportunity
    Technological gap to fulfill the need to track alt currencies
    Issues: Definitions, Openness, Cross-System
    Solution: Propose standards organization
    One Challenge
    Existing Infrastructure
    Recommendation: Industry Collaboration
    IIW (Identity Commons) as a roadmap
    Standard Committee (WC3 as a roadmap)
  • Use and Attribution
    Please attribute data used from this presentation to: Heather Schlegel, Future of Transactions Survey, link to http://bit.ly/foths
    This research was done independently through my graduate program at the University of Houston.
    A donation is requested if you use this data for a business purpose. All donations support future research. Contact puissant@heathervescent.com to arrange.
    March 2011
    16
  • March 2011
    17
    Thank You
    Need Detailed Data or Have Questions?
    Heather Schlegel
    heathervescent@gmail.com
    @heathervescent
    Full Research Report Available Upon Request: http://bit.ly/foths