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TRANSCRIPT
This crisis made the challenge of starting a “marketplace for debt” … well … significantly more challenging …
Then I was recruited to start this …
And most of the dark in my hair ...
And my investors money ...
The result was delay, churn, expense … and … eating a bunch of my money
1. Financial Services is a VERY big market with MANY problems to solve …
2. Canada is a world leader with “Unicorns” you likely haven’t heard of …
3. Financial Services is more regulated than drugs and alcohol distribution …
4. It’s all about scale.
So what can I tell you about Fintech from my experiences …
Deposits
Lending
Investments
Insurance
Payments
1. Financial Services has 4 traditional pillars … and a new 5th pillar …
1. … and is … big ...
The McKinsey Global Institute extrapolated that the total revenue of the global financial services sector in 2011 was roughly $11 trillion.
Pre-IPO Capital Raised:
● Stripe: 300M
● Square: 250M
● Kabbage 316M
● LendingClub 240M
● OnDeck 220M
● Fundbox 107M
● WealthSimple: 30M
● Financeit: 35M
4. Last but not least - Scale ...
So what all does this mean for Product?
1. Be better than a bank (reduce friction, make it simple, speak human... )
So what all does this mean for Product?
2. Build around regulatory issues (no seriously … you’ll go to jail otherwise ...)
So what all does this mean for Product?
Don’t be Clinkle!
3. Never forget it's about managing money ... so design to build trust, to highlight security and privacy and to demonstrate professionalism…