Helping customers reach their full potential

Om Kundu, founder of InSpirAVE, tells us what attendees can expect from Efma’s upcoming New York Business Trip and outlines his thoughts for the future of the sector.

Helping customers reach their full potential

What will you be showcasing at the upcoming New York Business Trip?

Attendees will get a first hand view of how our InSpirAVE vision goes beyond ‘customer obsession’ and ‘financial health’ to help customers reach their fullest potential in ways that make the old saying ‘No goal is out of reach if you set your mind to it’ manifest.

Delegates will see how InSpirAVE is bringing that mission to life through The Internet of Savings platform, which empowers users with the financial intelligence they need to multiply their savings and sustainably achieve the purchase-goals that matter the most to them, without falling into the debt-trap.

Our InSpirAVE Team will also share how partnering financial institutions, whose customers get the benefit of access to the InSpirAVE platform, can realise materially significant gains from expanded customer relationships and revenue-streams, in socially responsible ways that set themselves apart in the marketplace.

What do you believe that attendees will get out of the event?

Attendees will have the occasion to look beyond the digitisation of physical banking into the new realm of opportunities where financial services has been reimagined at its core through digital.

All our product development at InSpirAVE is always from first-principles. For example, instead of debating whether ‘digital’ will substitute the branch, digital’s real calling will lie in how it renders into life banking in ways you couldn’t even fathom within the confines of brick-and-mortar.

We’ll also outline how the latest shiny objects (such as augmented reality, the internet of things and artificial intelligence) can be harnessed in ways that deliver a magical experience. To draw from an InSpirAVE example, the AI capabilities of our Internet of Savings platform is interwoven with purpose and empathy that only a user’s friend-and-family can deliver.

How can ventures like InSpirAVE benefit the retail financial services industry?

One of the topics our industry appears to contend with most often is how the customer experience in financial services seems woefully inadequate when cast against the baseline expectations set by the band of four: Apple, Google, Amazon, and Facebook. There’s a far more crucial takeaway lost in that comparison: how each of those four have solved really big problems that matter – first as startups and then at scale.

As a startup, InSpirAVE is equally laser-focused on solving for a big-problem that matters – getting our users to multiply their savings to reach goals, even if it were out-of-reach otherwise.

It’s equally embedded into our organisational DNA at InSpirAVE, no matter whether it’s a senior executive hire or our interns, we have everyone write out their dream job and stretch goals that would make them excited to get out of bed and come to work every morning – and, then, we leave no-stones-unturned to tailor such a role. Ultimately this is about bringing out the best in everyone in our team to routinely do what may have seemed out of reach otherwise. It’s the singular miracle that has helped InSpirAVE accomplish so much with so little as an early stage venture. We’d like to think that’s one of the ways we are energising the industry – Setting a big, hairy audacious goal and solving for it with grit, grace, and ingenuity for the sole benefit of our users, our partners and – ultimately – the broader industry ecosystem.

We’re also going beyond financial health to help our customers reach their fullest potential, by making our success at InSpirAVE contingent on theirs. You can see this in how we have reimagined the business model. For example, we take pride in multiplying our users’ savings and, furthermore, making our revenues directly contingent on our customers fulfilling their chosen goals.

We believe this to be a calling for all institutions across the industry — if we remain mired with the legacy business model where revenues are contingent on customer’s accidental mistakes (such as overdraft fees, less-than-best rates and offers), then even the very best in technology and rocket-science won’t be able to save the overall customer experience from getting a failing-grade.

It’s been a remarkable honor to have InSpirAVE be the only organisation to be recognised by both Finovate and ‘South by Southwest’ in 2016 thus far, including citations for our Social Impact and it’s particularly humbling when we’ve barely started scratching the surface at InSpirAVE.

What are the key ingredients to success in today’s operating landscape?

In the same way that Amazon didn’t become one of the world’s most valuable destinations just by digitising bookstores, and Twitter didn’t cause revolutions to spread across the world in its own way simply by digitising news, so too for financial services.

While Bill Gates has long been quoted as saying, “Banking is necessary, banks are not” in the 1990’s, sitting here 15 years later it’s not clear that the traditional economic model underlying banking – taking deposits, making loans, and facilitating payments – will necessarily remain whole in another 15 years.

Looking ahead beyond incremental improvements, real breakthroughs will come from fundamentally re-imagining the realm of what’s possible: incumbents and new entrants alike, both within and adjacent to our industry, have the opportunity to invent the future by creating it.

In yet other ways, the technology – and the future – is already here. The magic will lie in how it is chiseled together to become more evenly distributed. As good as the opportunity is to serve customers that everyone wants to bank, it’s even more massive for ones that no-one has historically wanted to bank: two billion people around the world currently without an account, and the hundreds-of-millions living ‘paycheck-to-paycheck’.

Meet Om Kundu. Book your seat for the business trip to New York on 26-30 September 2016!


Fintech Savings Digital/Mobile channels


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