How FinTech Is Disrupting Finance and Breaking Barriers by Square PM
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This document discusses how fintech is disrupting traditional finance by lowering barriers and expanding access. It notes that 4 billion people own smartphones, dramatically lowering distribution barriers. Traditional banking is ripe for disruption from fintech as customers, regulations, and capital/risk dynamics change. Fintech aims to create virtuous cycles by generating data/insights from payments, loans, accounts and credit cards to build adjacent services and improve customers' financial health. The document advocates developing cultural empathy, providing utility with trust, and serving adjacencies to build successful fintech products.
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How FinTech Is Disrupting Finance and Breaking Barriers by Square PM
- 1. How FinTech Is Disrupting Finance and Breaking Barriers by Square PM www.productschool.com
- 4. Source: Tavneet Suri, MIT
- 5. Source: 60 Minutes, CBS
- 6. 10 years of M-PESA 10 countries 529 transactions/second 30 Million MAU
- 7. Factors accelerating fintech 1. 4 billion people own a smartphone with affordable data 2. The smartphone has dramatically lowered barriers to distribution 3. Better and responsible digital footprint
- 8. Let’s travel back to the US
- 9. Traditional banking is ripe for disruption Banks Regulators Capital + Risk Customers
- 10. Traditional banking is ripe for disruption Banks Regulators Capital + Risk Customers Branches + ATM
- 11. When banking was physically distributed, access was limited to only the most well-off Banks Customers Credit Payments Savings and Checking Investment
- 12. Customers Marginal distribution costs plummeted, access expanded. Banks Credit Payments Savings and Checking Investment
- 13. Each bundle aims to create a virtuous cycle Generate data and insights Payments, Loans, Accounts, Credit Cards Build adjacent services Customers’ financial health improves
- 14. How to build Fintech products
- 15. Building FinTech products Develop cultural empathy Provide utility with trust Serve adjacencies
- 16. Developing cultural empathy 1. Spend time with customers 2. Understand the emotion behind money 3. Write the “financial diary”
- 17. Financial diaries help create a virtuous cycle Qualify for a line of credit Accept payments Get a loan to grow Business grows
- 18. 4. FinTech is infrastructure
- 20. FinTech unlocks innovation in new areas of an economy Prepaid electricity via mobile Load money to your digital wallet Get rewarded by the agency
- 21. 4. The next decade of FinTech
- 23. Part-time Product Management Courses in San Francisco, Silicon Valley, Los Angeles, New York, Austin, Boston, Seattle, Chicago, Denver, London, Toronto www.productschool.com
Editor's Notes
- My name is Amrit and I work on product management at Square. I started the Square for desktop and grew it to a billion dollars in volume in a year. Before Square, I worked in East Africa, helping entrepreneurs
- Pete’s coffee in Nairobi, Kenya
- Pete’s coffee in Nairobi, Kenya. Problem of change, issues with sending cash.
- Well, let’s take a look at M-PESA
- Traditional banks are ripe for disruption -- thanks to their high ongoing cost and operations of physical infrastructure.
- Traditional banks are ripe for disruption -- thanks to their high ongoing cost and operations of physical infrastructure.
- Technology has zero marginal distribution cost, so the experience and utility are differentiators
- My name is Amrit and I work on product management at Square. I started the Square for desktop and grew it to a billion dollars in volume in a year. Before Square, I worked in East Africa, helping entrepreneurs
- My name is Amrit and I work on product management at Square. I started the Square for desktop and grew it to a billion dollars in volume in a year. Before Square, I worked in East Africa, helping entrepreneurs
- My name is Amrit and I work on product management at Square. I started the Square for desktop and grew it to a billion dollars in volume in a year. Before Square, I worked in East Africa, helping entrepreneurs
- Morgana Wingard for Power Africa, a USAID project
- Global scale and impact An explosion in entrepreneurship as access to credit expands Will the disruptors become the new incumbents?
- Global scale and impact An explosion in entrepreneurship as access to credit expands Will the disruptors become the new bundlers?