Venture Concept 1.0
Opportunity
The opportunity I identified is the need for a globalized form of mobile banking, a need that anyone with at least one bank account has. Being more specific, our primary market would be anyone up to the age of 35 years, and as low as 18. Initially, we would focus on the United States. Currently customers don’t really have an alternative to satisfy this need, so they are just using the current mobile banking apps from their specific bank. This opportunity will not exist forever. With Apple releasing their Apple Card service soon, which is supposed to rival banks, the market is more than likely going to fluctuate, with either Google or Samsung, two of Apple’s biggest competitors attempt to make their own version of this service. So this window is open for a relatively short time, depending on how effective Apple Card really is, and how much it actually hurts their competitors, if it does at all.
The opportunity I identified is the need for a globalized form of mobile banking, a need that anyone with at least one bank account has. Being more specific, our primary market would be anyone up to the age of 35 years, and as low as 18. Initially, we would focus on the United States. Currently customers don’t really have an alternative to satisfy this need, so they are just using the current mobile banking apps from their specific bank. This opportunity will not exist forever. With Apple releasing their Apple Card service soon, which is supposed to rival banks, the market is more than likely going to fluctuate, with either Google or Samsung, two of Apple’s biggest competitors attempt to make their own version of this service. So this window is open for a relatively short time, depending on how effective Apple Card really is, and how much it actually hurts their competitors, if it does at all.
Innovation
The idea I had is making an app that serves as a portal to all bank accounts, regardless of what bank that account might be associated to. Along with the app, making an infrastructure (similar to the Canvas portal) that allows the app to access all information just like the bank does, but it does not store store any of the information. It merely serves as an avenue for content, looking for it at point A, packing it, taking it to point B, and showing it to the user. This infrastructure also allows banks to implement similar features. All banks are given a set of features, and they must implement each of them to be admitted to the portal. This also makes basic user information accessible to banks separately: a user with an account at Bank Of America and another account at Wells Fargo, B.o.A only knows about that user’s account with them, they don’t know another account for that user at another bank exists, and are therefore not able to access it. It also uses maps to provide a more comprehensible bank statement, which would now link to the exact location where a certain purchase was made. If the purchase was made online, it would display the name of the retailer and link to their site.
The way I plan to make money from this service is a little complex. Either I charge my own fee to users, which would make it less attractive, or make banks that are part of the portal include that fee in their monthly maintenance fee. The fee would not be much, not reaching $5. This would be easy to bypass if the banks included it in their service fee.
The idea I had is making an app that serves as a portal to all bank accounts, regardless of what bank that account might be associated to. Along with the app, making an infrastructure (similar to the Canvas portal) that allows the app to access all information just like the bank does, but it does not store store any of the information. It merely serves as an avenue for content, looking for it at point A, packing it, taking it to point B, and showing it to the user. This infrastructure also allows banks to implement similar features. All banks are given a set of features, and they must implement each of them to be admitted to the portal. This also makes basic user information accessible to banks separately: a user with an account at Bank Of America and another account at Wells Fargo, B.o.A only knows about that user’s account with them, they don’t know another account for that user at another bank exists, and are therefore not able to access it. It also uses maps to provide a more comprehensible bank statement, which would now link to the exact location where a certain purchase was made. If the purchase was made online, it would display the name of the retailer and link to their site.
The way I plan to make money from this service is a little complex. Either I charge my own fee to users, which would make it less attractive, or make banks that are part of the portal include that fee in their monthly maintenance fee. The fee would not be much, not reaching $5. This would be easy to bypass if the banks included it in their service fee.
Venture Concept
This would solve the multi-app problem, and make it easier for all users to access their accounts from one place. It would further modernize the mobile banking business and make it fit current technology standards.
As I learned during my interviews, consumers would like an easier way to access their accounts, and control it all from their phones. Some would also like a more readable monthly statement.
They would switch because there would be no other service like this, unless they used Apple Card (which requires an Apple ID AND switching to another bank). Also, this service requires no actual switching, just connecting their portal account with their bank account and getting the portal app.
I hate to mention them again, but the main competitors would be Apple with their service (which was actually the inspiration for this service). However, we could face some opposition from banks, simply because they would prefer to keep things controlled from their end.
The support business would include software developers (both front-end and back-end) to maintain and update the app. It would also include one or two finance/banking consultants. For costumer support I would look for people with experience in banking customer services. Exact numbers I can’t give, except for the developers, which typically requires a group of no more than 10 - 20.
This would solve the multi-app problem, and make it easier for all users to access their accounts from one place. It would further modernize the mobile banking business and make it fit current technology standards.
As I learned during my interviews, consumers would like an easier way to access their accounts, and control it all from their phones. Some would also like a more readable monthly statement.
They would switch because there would be no other service like this, unless they used Apple Card (which requires an Apple ID AND switching to another bank). Also, this service requires no actual switching, just connecting their portal account with their bank account and getting the portal app.
I hate to mention them again, but the main competitors would be Apple with their service (which was actually the inspiration for this service). However, we could face some opposition from banks, simply because they would prefer to keep things controlled from their end.
The support business would include software developers (both front-end and back-end) to maintain and update the app. It would also include one or two finance/banking consultants. For costumer support I would look for people with experience in banking customer services. Exact numbers I can’t give, except for the developers, which typically requires a group of no more than 10 - 20.
Minor Elements
The unfair advantage, as discussed in the Venture’s Unfair Advantage [Insert Link Here], is that we advocate business and user privacy. One concern for banks would be that we share information with other banks, but we protect each bank and their information from other banks. We do the same with the user. We do not store any information.
Next for the venture is standardizing mobile payments. Sure, we can’t really control what hardware is used, which is a big part of mobile payment technology, but we can be pioneers of it, maybe providing a certain amount of reward points (independent to their bank accounts) whenever they use mobile payments. This was one of the problems I first found, and the original problem I tried to solve before finding this one.
Next for me I think would be working in other markets that are in a similar position as the mobile banking market: in need of technological re-vamp. This could also lead to more software development jobs (or my own business separate from the portal).
The unfair advantage, as discussed in the Venture’s Unfair Advantage [Insert Link Here], is that we advocate business and user privacy. One concern for banks would be that we share information with other banks, but we protect each bank and their information from other banks. We do the same with the user. We do not store any information.
Next for the venture is standardizing mobile payments. Sure, we can’t really control what hardware is used, which is a big part of mobile payment technology, but we can be pioneers of it, maybe providing a certain amount of reward points (independent to their bank accounts) whenever they use mobile payments. This was one of the problems I first found, and the original problem I tried to solve before finding this one.
Next for me I think would be working in other markets that are in a similar position as the mobile banking market: in need of technological re-vamp. This could also lead to more software development jobs (or my own business separate from the portal).
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