After a busy week on the ground in Hong Kong, I wanted to be sure to share some thoughts.
I’m currently headed to Hong Kong International Airport from the JW Marriott where my colleague, Andrew Clark, and I just concluded a demo at FinovateAsia 2017. Andrew and I were very excited to demonstrate the latest Moven feature, real time credit, today. The functionality was a hit and we were delighted to receive such strong feedback from fellow attendees.
I must also say that the Finovate Series of events is one our favorites as they always manage to bring together a nice blend of fintechs, banks and industry thought leaders. On top of that, the challenge of delivering a compelling product demonstration in just 7 minutes is really quite fun.
I did notice a common thread during the week… it seems that many markets in Asia are adopting fintech at an incredible pace, especially developing markets. This is a very interesting notion, one that the Moven team looks forward to exploring further.
Thanks for taking the time to reach this edition of #MovenAroundTheGlobe. Stay tuned for our next blog post from Vienna!
Until next time,
Taylor May Woosley
Business Development & Marketing
Earlier this month I made a short trip to London and I am really excited to share my thoughts with you all. I actually used to live in London, so I must admit it was a tremendous pleasure to go back and relive that experience.
Unfortunately, I started feeling the impact of all my travels. Having done over 70,000km in 6 weeks (over 45,000 miles), flying all over the Americas and Europe, I started having troubles with my right leg. Examination showed that I have DVT, deep vein thrombosis, and will not be boarding any planes for a while. Thank goodness for videoconferencing technology and great colleagues to cover my back! I am on the mend and should be up and running again shortly after New Year!
Back to my last trip now… London is arguably the largest financial services hub on the planet, so it’s no wonder that spending time there is incredibly motivating. It’s great to see such strong support from both the government and regulator. They are really fostering an atmosphere that will drive continued growth and adoption of technology in the region. According to EY, the industry generates over GBP 20B in revenue annually… what an incredible number!
Although controversial, I feel it’s important to note that there is a level of uncertainty around what the future may hold for the UK with Brexit implications looming… but I am confident that London will remain a dominant FinTech power and the UK banks will continue to thrive through the adoption of new technologies.
Moven is particularly interested in the UK banks and the feeling is certainly mutual. We are having some very interesting conversations in the UK and I look forward to making another trip as soon as I am able to!
On that note, I hope you’ve enjoyed this edition of #MovenAroundTheGlobe and for all you frequent travelers out there: Look after yourself! Whenever you fly long haul, consider the following tips to stay healthy and avoid DVT: walk up and down the aisles of the plane; move, flex and stretch your legs to encourage blood flow, especially in your calves; wear loose and comfortable clothing; drink plenty of fluids; and avoid alcohol.
Stay tuned for our next blog post… from Hong Kong!
I’m back and well rested! I’ve just concluded another busy day of meetings here in Chile and I must admit that Santiago, with it’s unique flair for technology, is really growing on me… I’m loving the spring weather here in this beautiful and vibrant city.
You’ll recall from my last Chilean post that the region is now referred to as “Chilecon Valley” due to it’s rapidly growing technology sector. After spending quite a bit of time on the ground here, I’m now seeing another interesting trend. A key area that the banks are looking to address with new technology revolves around financial literacy. It is a very serious issue for Chile, with a recent report on emol.com stating that “over 47% of Chileans are in debt with 30% of Chileans in ‘out of control’ debt.” In addition, a PISA survey notes that just 3% of Chilean students have a financial education level equal to or less than one on a scale of five.
With that in mind, it’s easy to see why Santiago is such an interesting place for Moven. Our technology is designed to drive financial awareness and ultimately help customers achieve financial wellness. In the United States, there is a comparable problem with obesity which technology is trying to impact with the likes of FitBit and other new market entrants. We see Moven as a similar solution, think of it like FitBit for your wallet.
Well… that’s another 14,000 km for me, by the time I get home. For now though, I’m off to enjoy a glass of Chilean red and some delicious food. Stay tuned for the next post from the Moven Enterprise team.
My name is Taylor May and I am another member of the Moven Enterprise team! Morten is rested up and currently on his way to another interesting destination (post to come soon). Meanwhile, the rest of the team is also out and about… so we figured we would keep this series going.
Andrew, our VP APAC, and myself are busy, busy, busy. FinovateAsia is coming up in a just few weeks and I’m currently travelling back from a conference in Prague, Czech Republic. At the event, titled 2nd Annual Innovations on Banking CEE, I spoke about the current state of partnerships in the industry and explained how Moven fit into that picture. (On that note, if you’re looking for a committed and fast-moving partner to collaborate with your institution on upcoming financial wellness initiatives, please do not hesitate to reach out to us.)
Overall, It was a great event and my thanks go out to the organizers for bringing together such a diverse group. It was fascinating to listen to my fellow presenters as they covered everything from creating a culture that embraces innovation to explaining how to open up an account using real time video chat with a bank representative. From my experience and subsequent follow ups, I have noticed that the region as a whole is making great strides to embrace new technologies and partnerships are already a part of that ecosystem.
I’m fresh off of a red eye into Amsterdam followed by several interesting meetings. You’ll have to excuse me if my typing seems off, I’m really starting to feel the 46,000 km that I have travelled on this trip. Actually, but the time you read this I probably have been home for a while as I am lagging behind with these blog posts.
So, what can I say about Amsterdam? It has really become a global hub for innovation across many industries over the past 20 years. The Netherlands has the 5th largest financial services market in Europe, making it prime real estate for banking innovation. Given these factors, it has become a leading fintech power in the region with over 350 dutch start ups in 2015. Even the government is getting involved, with the Minister of Finance encouraging Parliament to work towards an environment that continually encourages fintech innovation. Even our own Prince, Constantijn Van Oranje-Nassau, is running a support program for a Dutch start/scaleup ecosystem called StartupDelta.
Moven has been having many interesting conversations in the Netherlands and this trip was no exception. I have noticed all Dutch banks are preparing for the upcoming PSD2 directive, which will be in effect as of this January. PSD2 will significantly change the payments landscape, the use of customer information, what business models are profitable, and customer expectations. Through this directive, the EC wants to improve innovation, strengthen consumer protection and improve the security of internet payments and account access within the European Union and EEA. It also marks the introduction of two new types of players to the financial landscape: AISP and PISP.
Moven has a significant role to play as an AISP. With this new directive only a quarter away, our discussions evolve around how we can help getting our customers to market quickly. A PSD2 ready AISP platform in 4 weeks time! That is what we can do. Expect to see some announcements from Moven on their activities in the Dutch market later this year.
Thank you very much for reading my posts during this blog series. I hope that you were able to find value in my insights. If you represent a bank looking for a partner to help you drive a financial wellness initiative, I’m happy to jump on a plane to see you too!
One more post to go… I will be writing a longer summary piece for you all in the coming days. First, I plan to catch up on some sleep! Be sure to check our blog for the final post soon.
I’m currently sitting in a lovely little Peruvian restaurant reflecting on my time in Latin America during this trip. I am about 32,000km in and really pleased with all of my meetings thus far – only a few left before I get to catch up on some sleep.
Peru is an interesting market for FinTech. Online lending appears to be the most dominant segment. However, financial inclusion is definitely top of mind with just 2 of 10 Peruvians having a bank account. Contradictory to that fact, smartphone penetration in the country is incredible and is definitely driving a lot of mobile focused innovation. This presents a huge opportunity for banks in the region!
During my meetings, I noted many of the incumbent banks are still in the process of organizational and process restructuring. Until then, most are lacking the agility to move fast in our dynamic FinTech space. Having said that, all banks are committed to this process and in Moven they just have found the partner that can help them stay ahead in the race. After all, we do go live in as little as 12 weeks with limited resources required from our partner banks.
I must say I’m sad to be leaving Latin America for now… However, I know I will be back soon! Stay tuned for my next post from Amsterdam, Netherlands – my birthplace and second home.
In this edition of #MovenAroundTheGlobe, I will be sharing some insights with you from Guayaquil, Ecudador. Before I kick this post off, I must say… Guayaquil surprised me! Everywhere I turn, I am wonderfully impressed. In case you plan to make a trip anytime soon, I strongly recommend a stroll on Malecón 2000, which is the boardwalk overlooking the Guayas River. Several of the greatest historical monuments in the history of Guayaquil can be seen along its 2.5km stretch, as well as museums, gardens, fountains, shopping malls, restaurants, bars, food courts, the first IMAXtheater in South America, as well as boarding docks where several embarkations offer both daytime and nighttime tours up and down the Guayas River.
With several meetings behind me now, I must admit that the Financial Services landscape here is very interesting. Since the 1999 crisis, when many local banks closed their doors, the banking system in Ecuador has completely changed. Now, much more open and innovative, the financial services industry in Ecuador looks incredibly promising. It’s one of the few markets in Latin America with a local neobank (Credipy, founded in 2015) and it should most definitely be a market you keep a close eye on.
Today, I spent much of my time discussing the transformation of one of the incumbent banks to becoming a fully digital bank and its subsequent expansion across Latin America. With millions of Ecuadorians working abroad, in the Americas and Southern Europe, and a $2bn remittence business, the opportunities are endless. Expect to see me back in Guayaquil in the very near future!
I hope you found these insights interesting! Thanks again for keeping up with my travels thus far.
I’m off to Lima, Peru this evening… so be on the lookout for my next post soon.
I have just concluded a busy day of meetings here in Santiago, Chile. I’m currently enjoying some empanadas as I type my latest insights for you in this edition of #MovenAroundTheGlobe.
Often referred to as “Chilecon Valley,” Chile is quickly becoming an innovation hub for LatAm. It is also one of the stronger and more stable economies in the region. Upon my arrival, I quickly realized that Santiago has a very active FinTech ecosystem with payments and remittances leading the charge. During my meetings at one of the country’s top ranked banks, I understood that Moven provides the missing piece to their puzzle. A perfect fit for their multi-app strategy, we are looking to provide their customers with a PFE, Personal Financial Experience. It seems things are moving quickly for us in Chile, so keep an eye out for more on Chile in the weeks to come.
With another 30,000 km in the books, I just want to take a moment to say thanks for reading my blog as I take Moven around the globe. Be sure to check back soon for my next post from Guayaquil, Ecuador.
Welcome to the latest edition of #MovenAroundTheGlobe. Today, I’m in sunny Buenos Aires where I’ve just finished a full day of meetings and I’m sitting down to have a glass of Malbec. I’m just starting to feel a bit of jet lag realizing that I’ve clocked 16,500 km so far and I’m only just getting started!
In my pre-meeting preparations for this trip, I noted that financial inclusion and alternative financing were top of mind for the banks in the region. Additionally, I managed to get my hands on a report which concluded that “80% of organizations [in Argentina] expect to partner with a fintech in the next 3 years.” With this information in mind, I was very excited about this leg of the trip.
I was able to meet with 3 banks today and during those meetings I quickly understood that Argentina is becoming a hotbed for fintech/bank partnership. Not only that, during my meetings today, I also noted that the opportunities were far greater than anticipated. For example; 50% of Argentinians are considered unbanked. In addition, only 20% of Argentinians have a credit card to make (international) online payments. This resulted in one of the most successful FinTech startups I have come across in recent times where a small firm (16 people), which is a spinoff from one of the country’s leading banks, formed a partnership with PayPal, linking them to all bank accounts in Argentina, creating a new payment eco-system. Within 5 months they were break-even. The next step is to discuss with Moven how we can assist them improving overall financial literacy and create a financial wellness platform for all Argentinians. Our wishlist and savings features are a perfect fit by the looks of it.
If you’re looking for an interesting market where fintech/bank collaboration is a hot topic, Argentina should certainly be on your radar. I’m sad to leave… but excited to share my next post from Santiago, Chile! Stay tuned.
Welcome to the next edition of #MovenAroundTheGlobe. I just walked off the stage here at #FinovateFall2017 in New York and I’m really excited to share my latest update with you all.
With our HQ down in Fulton Center (near Wall Street), it’s always great to return to where it all began for Moven. I was able to swing by our office this morning to say hello to the New York team and take a few meetings with my colleagues. During my commute this morning, I realized what a great time it is to be in the big apple – the weather is great and the business is booming! After a busy morning in the office, I set my sights upon Finovate for even more meetings. It was a long day but I came away with many opportunities and learnings.
The East Coast of the USA is one of the most influential regions for the FinTech industry. New York specifically presents a unique opportunity for young FinTechs due to its proximity to one of the most highly recognized financial centers on the planet. With this in mind, FinovateFall in New York is one of the hallmark events of the year.
Reflecting before our presentation, I realized how well we’ve been doing this year with over 1.3m users in our platform. Our partnership with TD also speaks volumes to me about our growth as a platform, as they have shown a 4-8% reduction in discretionary spend among frequent users of the TD MySpend app. Additionally, those users were 7x less likely to attrit. On top of that, we have seen phenomenal success with the release of our Stash Savings functionality. Without any paid advertising or interest offered, more than 25% of users opened a savings account. Bearing that in mind, my colleague, Ryan, and I were incredibly excited to demo our new ChatUI at Finovate. (If you missed our demo at Finovate, you’re in luck because the video is still up on our periscope channel: https://www.pscp.tv/w/1lPKqwoplVeJb. Don’t miss our Founder & CEO, Brett King, at the end!)
After we left the stage, we were fully booked with interviews and meetings. It was great to hear from other attendees how Moven is still showing that we are ahead of the curve with the release of our newest functionality. It was also a great to see how the savings product resonated with all of the financial institutions we met at the event.
Lastly, I want to quickly send a shout out and big thank you to my team for helping us make Finovate such a great success. I couldn’t have done it without you!
The next stop on my journey will be Buenos Aires, Argentina! Be on the lookout for my next post, “#MovenAroundTheGlobe: Buenos Aires”, on the blog soon!