Larc2014 - Payments Innovation looking forward to the future


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Larc2014 - Payments Innovation looking forward to the future

  1. 1. 1SWIFT Latin American Regional Conference (LARC) - 2014 28-28 May 2014 Andres Fontao Next Bank Global Ricardo Hissao Leo Vernazza CIP-Camara Interbancaria de Pagamentos Brazil Paganza Uruguay Payment Industry Innovation: Future Perspectives Innovation Special Interest Session #LARC2014 @swiftcommunity Daniel Rojas Rocket Colombia
  2. 2. May, 2014 Payments Innovation Ricardo Hissao
  3. 3. Payments Timeline Pre 9000 BC 1960s Barter 1970s 1980s 1990s 2000s 2010z RTGS Switching Services Automated paymentsATM Credit Card Online payments POS PC Pre-Paid card system Online auctions Online banking Cross border payment message Magnetic Stripes Barcodes
  4. 4. What is innovation? “In many cases innovation in retail payments represent only incremental improvements to existing and established payments service”
  5. 5. How to Innovate? Analyzing Planning Listen to your clients Collaborate across IT and Business Welcome diruptive technologies Start Small Think Big
  6. 6. Examples:
  7. 7. Barriers to Innovation Inadequate attention with Security and Fraud Limited interoperability Central Bank Central Banks have very measured view about the anticipate impact of innovation in their countries
  8. 8. Barriers to Innovation IT systems and culture are the biggest barriers to innovation Ranking of barriers to innovation, by size of bank Where 1 is the highest barrier nad 6 is the lowets barrier Large Banks Medium banks Small Banks 1 IT Systems IT Systems IT Systems 2 Culture Culture Regulation 3 Organisation silos Organisation silos Financial 4 Regulation Regulation Culture 5 Management priorities Management priorities Management priorities 6 Financial Financial Organisation silos Efma-Infosys Innovation Survey 2013 Note: Size of Bank is based on rankings from The Banker magazine: Large is 1-50, Medium 51-300 and Small is > 300
  9. 9. Payment phobia more common than fear of spiders 26% of people are ‘paynuphobes’, which is defined as people who avoid using contactless payment cards and mobile phone banking because of fears around security 68% of people experience some sort of phobia 25% of people are scared of spiders; 34% are scared of heights; 14% are scared of enclosed spaces (claustrophobia); 5% are scared of clowns; 3% are scared of bridges; nearly 1% are scared of buttons Source: The Payments Council - UK 36% of people would avoid using a contactless payment card and 42% would avoid using mobile phone banking
  10. 10. Security Enhancement Biometric ATM Voice Checking Eye retina scan
  11. 11. What is coming … Cash and coins: Anonymous form of payment will be one of the reasons why hard cash continues to survive Digital Jewelry: Pieces of security jewelry to payment authentication NFC placed inside wearable smart technology NFC chip under skin
  12. 12. Problem: Payments Regulation Today The increasing number of policy and regulatory stakeholders focusing on payments can create uncertainty Constant changes in the financial market, witch requires monitoring extremely dedicated The rate and pace of change compromising the effectiveness of existing legislation
  13. 13. Smart Prism Framework Innovation Inside of Payments Regulatory Process
  14. 14. Thanks !
  15. 15. App para el pago de gastos mensuales.
  16. 16. PROBLEMA
  17. 17. PROBLEMA
  18. 18. - App #1 categoría Finanzas del App Store - Ganador BBVA Open Talent 2013 - Premio Nacional de Innovación 2013 - 2da startup más disruptive en LATAM (NextBank Innotribe Bogotá) - Mención especial del BID-Fomin 7 tecnologías para inclusión financiera 2012 - Elegida entre las 20 apps más innovadoras del mundo, app Circus, Barcelona, 2014 RECONOCIMIENTOS
  19. 19. - Comisiones - Reducción de costos - + Transacciones (+ información) - Servicio innovador - Sin costo de TI BENEFICIOS PARA EL BANCO
  20. 20. - Mobile-first - Especialización - Tecnología - Marketing digital KNOW HOW DE PAGANZA
  21. 21. - 10 facturas por usuario por mes - México: - 60% de los celulares que se venden son smartphones - 20 millones de smartphones OPORTUNIDAD
  22. 22.
  23. 23. Optimal financial Decisions
  24. 24. 53% Piensan que no hay diferencia entre las ofertas de bancos
  25. 25. 1 de 3 Están dispuestos a irse a otro banco en 90 días
  26. 26. Prefieren ir al dentista que oír al Banquero
  27. 27. Problem. People handle their money poorly. They make bad financial decisions and choose the wrong financial products.
  28. 28. Solution.) v USERS A free and anonymous platform to make correct financial decisions. _ BANKS Connecting the right Clients with the correct products. 70%IN ACQUISITION COST. > % & 4FINANCIALTOOLS # 1. HOW TO ACHIEVE A FINANCIAL GOAL- $ 2. FIND THE BEST FINANCIAL PRODUCT- ! 3. HAVE AND MAINTAIN A BUDGET-
  29. 29. Thinking different to solve an obvious problem % • Financial Mindset + alternative view of the problem. • Big difference between USA and Latam (Not only cut and paste). • Long process of reinvention and iteration of the tools and approach of rocket. • Learning of the acceleration process of an entrepreneurial ecosystem. • Not being afraid to make mistakes, learn and keep doing + + = + +
  30. 30. Rocket Users Experience.¥
  31. 31. Business Model.' SELLOFLEADS Finance. 1. Follow Up Lead: Leads are paid as long as the loan is not in default. 2. Delivered: Leads are paid when the financial product is Delivered. 3. Long: Leads are paid when the user fills the complete questionnaire 4. Basic: Leads are paid when the user fills the sort questionnaire Retail. • Delivered: Leads are paid with effective sell of the goods. • Sample: Leads are paid when the users begin a trial. • Basic: Leads are paid when the users general data is acquired. WHITE LABEL • Sale of simple variation of the tools of Rocket, adapted to the web page of banks . • Only for strategic allies. ACCESS TO DATA • Access to our data set of users and financial product information. • Standardized reports of information to entities.
  32. 32. More than big Enough. h Usd$ 5,8Billionayear. The market opportunity 150M Banked users 4M New credits (monthly) $150 Acquisition cost of the banks per each client Currently 6-12 months 12-24 months
  33. 33. Long Term Opportunity.† The creation of value to our users using the Rocket tools allows us to gather "Big and Smart Data" essential for the solution of making optimal financial decisions for Latin-Americans. Users Data. Financial Products Data. Business Intelligence. The best tool for financial decisions. _ ) o+ * =( )x
  34. 34. Our Team.x Daniel Rojas CEO Daniel worked for 7 years in the integrated financial regulator, developing standards for financial inclusion, consumer rights and financial risks. Felipe Gaviria CFO / CCO Felipe has a Master degree in economics. He has worked for the financial regulator and has occupied management positions in the securities market self- regulator. Sergio Orjuela Senior Analyst of Mathematical models Studied economics and he is specializing in statistics. Juan Martitegui Growth Hacker Expert in Internet Marketing, Social Media, Digital Media y Productivity. Hugo Marín CDO / UX (Product director) Bachelor in Philosophy and arts, Hugo has 8 years of experience in design and interface usabilty. Javier Moreno Director of Mathematical models Mathematician, worked for the integrated financial regulator and for the public retirement pension fund.
  35. 35. Objetivo Fintech.% • Mirar que es lo que los clientes quieren que su banco le ofrezca. No lo que les imponemos que usen. • El manejo de la data mas critico que el fondeo. • Mirar como hacer para que lo usen bien y recurrentemente. • Eliminar ineficiencias que los usuarios deben pagar. • Buscar ventajas competitivas, de los bancos dándole competitividad a los clientes. • Ser un “Middleman” responsable. El producto adecuado, en el momento correcto. • Tener fácil y rápida adaptabilidad a las nuevas tendencias y tecnologías.
  36. 36. Retos.% • No todos los retos son regulatorios y tampoco son el escudo, ( miren google- uber) • Entender que es más fácil innovar por fuera del Banco. • Es importante para los bancos ver que esta pasando con los Startups. • Entender que somos Startups • La mayor competencia de los bancos no son los otros bancos, son lo disruptivos del Fintech. • Las alianzas se construyen no se compran.
  38. 38. Daniel Rojas CEO
  39. 39. 52SWIFT Latin American Regional Conference (LARC) - 2014 28-28 May 2014 Andres Fontao Next Bank Global Ricardo Hissao Leo Vernazza CIP-Camara Interbancaria de Pagamentos Brazil Paganza Uruguay Payment Industry Innovation: Future Perspectives Innovation Special Interest Session #LARC2014 @swiftcommunity Daniel Rojas Rocket Colombia