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.

Research was done between Jan 2010 and Jan 2011.

Published in: Economy & Finance, Technology
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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

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

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