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Payments: the race for customer engagement and the neglected last mile
NEXT MONEY: PAYMENT INNOVATION
Andrew Sharpe14 July 2016
Next Money | Payment Innovation | 14 July 2016
Why do banks need a digital wallet?
Next Money | Payment Innovation | 14 July 2016 3
Why do banks need a digital wallet?
As digital wallets increasingly become the origination point for consumer spending, they will become THE platform for downstream financial services
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”Alex RampellSilicon Valley entrepreneur (TrialPay, Yub, TXN, etc), Investor (General Partner @a16z)
Next Money | Payment Innovation | 14 July 2016 4
Why do banks need a digital wallet?
One change in Apple’s product design — for example, something as simple as alphabetisation, which a leather wallet doesn’t do! — could move Bank of America ahead of Capital One as a default
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”Alex RampellSilicon Valley entrepreneur (TrialPay, Yub, TXN, etc), Investor (General Partner @a16z)
Next Money | Payment Innovation | 14 July 2016
Digital wallet = Digital engagement
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Digital wallets = Digital engagementEngagement
• Not just balance checking
• Beyond basic banking
• Brand engagement on all transactions
Next Money | Payment Innovation | 14 July 2016
Next Money | Payment Innovation | 14 July 2016
Digital wallets = Digital engagementOpportunities
• Real time information
• PFM tools (TD + moved – 370k+)
• Cross-sell, Up-sell
7Next Money | Payment Innovation | 14 July 2016
Next Money | Payment Innovation | 14 July 2016
Digital engagement rewards
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Digital engagement rewards
Data:• Generate 10.7% more in average revenue
• Have an average of 1.1 more products (increase of 58.4%)
• Have a 5% total lower attrition rate (or 36% reduction in attrition)
• Higher engagement drives higher value
Next Money | Payment Innovation | 14 July 2016 10
What about online?If a tech company like Google or PayPal offered banking services such as payments or loans, would you consider using those features?
82%YES
NO 18%
Next Money | Payment Innovation | 14 July 2016
Opportunity today
Blog: The fundamental problem facing Apple Pay
Next Money | Payment Innovation | 14 July 2016 12
Opportunity todayTop 50 US e-commerce merchants*
*By transaction volume. Varies from country to country.
500
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Handy budgeting tools
Bank branded experience
Up-selling and cross-selling opportunities
Bank approved secure siteOnefill
Next Money | Payment Innovation | 14 July 2016
Andrew Sharpe
[email protected]@s4sharpie
www.onefill.com@thisisonefill
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