payment innovation: the race of customer engagement

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?

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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

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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

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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

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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

andrew.sharpe@maxwellforest.com@s4sharpie

www.onefill.com@thisisonefill

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