Venture Concept 2.0
Opportunity
The opportunity I identified is the need for a more globalized form of mobile banking, a need that bank account owners have. Our primary target costumers would be up to the age of 35, and as low as 18. Initially, we would operate inside the U.S, but we would try to go global later on. Currently, customers don't have a specific alternative to satisfy this need, they simply use their current bank's stock mobile app. This opportunity will not last too long. With Apple releasing Apple Card sometime in August, which is supposed to rival banks in the credit card market, the entire banking market will be more likely to fluctuate, with Google or Samsung, two of Apple's biggest competitors, potentially attempting to make their own version of the service. Depending on how effective Apple Card is, the window can be open for a relatively short time.
The opportunity I identified is the need for a more globalized form of mobile banking, a need that bank account owners have. Our primary target costumers would be up to the age of 35, and as low as 18. Initially, we would operate inside the U.S, but we would try to go global later on. Currently, customers don't have a specific alternative to satisfy this need, they simply use their current bank's stock mobile app. This opportunity will not last too long. With Apple releasing Apple Card sometime in August, which is supposed to rival banks in the credit card market, the entire banking market will be more likely to fluctuate, with Google or Samsung, two of Apple's biggest competitors, potentially attempting to make their own version of the service. Depending on how effective Apple Card is, the window can be open for a relatively short time.
Innovation
The idea I have is making an app that serves as a portal to all bank accounts, regardless of the bank itself. Along with the app, a single infrastructure (similar to Canvas portal) that allows the app to access all information just like the bank does, but that doesn't store any of it. It would serve only as an avenue for information, looking for it at point A, packing it, taking it to point B, and displaying it to the user. This allows banks to implement similar features, and they actually have to implement all of them to use the portal. This will also make basic user information accessible to banks separately. A bank can view their customers' information as long as it's relating to that same bank. So if I had another account at CitiBank, they wouldn't know I have an account at Wells Fargo. The portal uses maps to provide a more comprehensible bank statement, which would now show the exact location where a certain purchase was made, and it would also help people go paperless, as the bank statement would be linked as a downloadable pdf. If the purchase was made online, it instead displays the name of the retailer and the link to its site.
The way I plan to make money from this service is slightly complex. I could charge my own fee to users, which would make it less attractive, but more profitable. I could also make banks include the fee as part of their monthly maintenance fee. Why? There's a reason banks have that fee, and there's a reason you can be excluded from it if you meet certain monthly requirement (such as making a certain number of purchases, or having deposits of a certain amount). They're relatively easy to avoid from the user perspective, so this should be much easier, but may require separate banks to get a percent cut from that fee. It would be as high as $5, which, again, if added to the already existing service fee, should be easy for users to bypass.
The idea I have is making an app that serves as a portal to all bank accounts, regardless of the bank itself. Along with the app, a single infrastructure (similar to Canvas portal) that allows the app to access all information just like the bank does, but that doesn't store any of it. It would serve only as an avenue for information, looking for it at point A, packing it, taking it to point B, and displaying it to the user. This allows banks to implement similar features, and they actually have to implement all of them to use the portal. This will also make basic user information accessible to banks separately. A bank can view their customers' information as long as it's relating to that same bank. So if I had another account at CitiBank, they wouldn't know I have an account at Wells Fargo. The portal uses maps to provide a more comprehensible bank statement, which would now show the exact location where a certain purchase was made, and it would also help people go paperless, as the bank statement would be linked as a downloadable pdf. If the purchase was made online, it instead displays the name of the retailer and the link to its site.
The way I plan to make money from this service is slightly complex. I could charge my own fee to users, which would make it less attractive, but more profitable. I could also make banks include the fee as part of their monthly maintenance fee. Why? There's a reason banks have that fee, and there's a reason you can be excluded from it if you meet certain monthly requirement (such as making a certain number of purchases, or having deposits of a certain amount). They're relatively easy to avoid from the user perspective, so this should be much easier, but may require separate banks to get a percent cut from that fee. It would be as high as $5, which, again, if added to the already existing service fee, should be easy for users to bypass.
Venture Concept
This innovation solves the multi-app problem, making it easier for users to access their accounts from one place. It would also revolutionize the mobile banking industry (and maybe the banking industry as a whole) and make it fit current technology standards.
As I learned during earlier interviews, consumers wanted an easier way to access their accounts, control all of it from their phones, more readable bank statements, a more global Apple/Samsung/Android Pay network.
They would switch because there would be no other service like this, with Apple Card being the closest, but that would require every user to 1)have an Apple ID, 2)own an iPhone, and 3)get a credit card with Goldman Sachs. Besides, this service requires no actual switching form one bank to another, or making a separate bank account. It simply involved changing what app you access your bank information from.
I don't want to keep going back to them, but the main competitors would be Apple with their credit card service. But the only reason they would be a competitor is because they are going the mobile banking/payment route. Their service is pretty much exclusive for iOS users, and its only a credit card service, not a banking service (but neither are we ;) ). We could face some opposition from the banks themselves, simply because the idea of them no longer controlling what information the user sees is not as appealing. They would much rather keep things closed end-to-end.
The support business would include a team of software developers (front-end, back-end) to maintain/update both the app and infrastructure, probably 5 to 7 of them. It would also include one or two finance/banking consultants. For customer support I would look for people with experience in banking customer service, probably 3 to 5 of them to start.
This innovation solves the multi-app problem, making it easier for users to access their accounts from one place. It would also revolutionize the mobile banking industry (and maybe the banking industry as a whole) and make it fit current technology standards.
As I learned during earlier interviews, consumers wanted an easier way to access their accounts, control all of it from their phones, more readable bank statements, a more global Apple/Samsung/Android Pay network.
They would switch because there would be no other service like this, with Apple Card being the closest, but that would require every user to 1)have an Apple ID, 2)own an iPhone, and 3)get a credit card with Goldman Sachs. Besides, this service requires no actual switching form one bank to another, or making a separate bank account. It simply involved changing what app you access your bank information from.
I don't want to keep going back to them, but the main competitors would be Apple with their credit card service. But the only reason they would be a competitor is because they are going the mobile banking/payment route. Their service is pretty much exclusive for iOS users, and its only a credit card service, not a banking service (but neither are we ;) ). We could face some opposition from the banks themselves, simply because the idea of them no longer controlling what information the user sees is not as appealing. They would much rather keep things closed end-to-end.
The support business would include a team of software developers (front-end, back-end) to maintain/update both the app and infrastructure, probably 5 to 7 of them. It would also include one or two finance/banking consultants. For customer support I would look for people with experience in banking customer service, probably 3 to 5 of them to start.
Minor Elements
The unfair advantage, as I discussed in the Venture's Unfair Advantage post [Insert Link Here], is that we advocate business and user privacy. One concern for banks is that we may share information with other banks, or sell it to other companies that they may not want to do business with. For that reason, we store no information, and we don't make business with user or bank information with anyone other than banks admitted to the portal.
I think next for the venture would be standardizing the mobile payment network. Apple/Samsung/Android Pay is heavily overlooked because not everyone wants to set it up, and not every retailer offers support for these payment methods. Also, this is more related to hardware, which we can't control, but we can reward the use of mobile payments. Maybe we could provide rewards (in the form of cash or otherwise) for using mobile payments. And in case you are asking, no, Venmo, Apple Pay Cash, PayPal, or the Cash app don't count as mobile payments. Mobile payments are Apple Pay, Samsung Pay, Android Pay, or any other phone manufacturer's version of it, but it involves using the phone to pay. This is actually one of the problems I wanted to solve originally, but I saw greater potential with the portal.
Next for me, I think I would be working in other markets that are in a similar position as the (mobile) banking market: in dire need of a technological revamp. This could also lead to more software development jobs, or my own business separate from the portal.
The unfair advantage, as I discussed in the Venture's Unfair Advantage post [Insert Link Here], is that we advocate business and user privacy. One concern for banks is that we may share information with other banks, or sell it to other companies that they may not want to do business with. For that reason, we store no information, and we don't make business with user or bank information with anyone other than banks admitted to the portal.
I think next for the venture would be standardizing the mobile payment network. Apple/Samsung/Android Pay is heavily overlooked because not everyone wants to set it up, and not every retailer offers support for these payment methods. Also, this is more related to hardware, which we can't control, but we can reward the use of mobile payments. Maybe we could provide rewards (in the form of cash or otherwise) for using mobile payments. And in case you are asking, no, Venmo, Apple Pay Cash, PayPal, or the Cash app don't count as mobile payments. Mobile payments are Apple Pay, Samsung Pay, Android Pay, or any other phone manufacturer's version of it, but it involves using the phone to pay. This is actually one of the problems I wanted to solve originally, but I saw greater potential with the portal.
Next for me, I think I would be working in other markets that are in a similar position as the (mobile) banking market: in dire need of a technological revamp. This could also lead to more software development jobs, or my own business separate from the portal.
Feedback
I got no feedback from the class, and I've had a rough couple of weeks, so I couldn't go out to interview people with the original concept, but here is what I changed and my reasoning:
I got no feedback from the class, and I've had a rough couple of weeks, so I couldn't go out to interview people with the original concept, but here is what I changed and my reasoning:
- Less developers - I don't think we need too many people constantly working on the app. These types of development groups often work better if less people are involved. Eventually, we might increase the size of our developer pool, but to begin I think we wouldn't need more than 7 developers.
-
More explicit future - in the first iteration of the venture concept, I stated that we would try and standardize mobile payments, but I didn't really specify what we consider mobile payments. As I stated, mobile payments are not Venmo, Cash app, PayPal, or Apple Pay Cash. Apple Pay, Samsung Pay, and Android Pay are all forms of mobile payments.
Apple Pay vs. Apple Pay Cash - A.P Cash is for person to person payments, while A.P is the use of iPhone's NFC chip, and connected to a credit/debit card of your choice, can make payments using that card, but without you having to actually, physically, use the card.
Venga colega, si es que así no se puede macho. Si es que de las ultimas 10 publicaciones he recibido solo un comentario, y encima quieren que cambie cosas dependiendo de lo que la gente ha dicho. Nada hombre, que esa es mi suerte. Es más, seguro que de las pocas personas que van a leer esto, de seguro va a ver por lo menos una persona que hable español y se este descojonando ahorita. Nada compañero, así estoy yo este verano, repartiendo risas de gratis! Que no pasa nada hombre, disfruta el resto del año y suerte en el futuro. Yo aquí me despido de este blog.
Y si de verdad hablas español y no estas suscrito a Luzu estas cometiendo un crimen. Ahora sí compañero, aquí me despido yo.
Y si de verdad hablas español y no estas suscrito a Luzu estas cometiendo un crimen. Ahora sí compañero, aquí me despido yo.
Comments
Post a Comment