Retail Banking Innovations N26-TransferWise
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Transcript of Retail Banking Innovations N26-TransferWise
N26-TransferWisere-invent bankingJordan Valdma, Partnerships, API @ TransferWiseDaniel Endler, Product @ N26
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TransferWise Confidential (2015) 2
The Fintech Times
https://thefintechtimes.com/banks-love-fintechs/
Partnership then makes perfect sense..fintech companies provide the product, banks provide the customers…embedded API, co-branded design - you think you are still on the bank’s site, but you’ve actually been transferred to a fintech platform run by a team of young devs in Estonia.
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Why is fintech on the rise?
53%of people in UK think banks mainly focus on profits, not on the customer's needs
Source: TransferWise Future of Finance study
10%of people in UK are saying that banks offer a great service and a fair deal.
Source: TransferWise Future of Finance study
73%of consumers say that they would consider using technology providers for services
that they usually use their bank for.
Source: TransferWise Future of Finance study
TransferWise Confidential (2015) 7
What customers care about?
What will the market look like?
TransferWise Confidential (2015) 9
Customers and industry now recognize the large price difference between TransferWise and the banks
source source
TransferWise vs Industry TransferWise vs Non-Bank Providers
TransferWise Confidential (2015) 10
Cross border payments cost structure
TransferWise Confidential (2015) 11
Bank revenue margin will go negative
TransferWise Confidential (2015) 12
PSD2
Marketplace model for banks?
Use-caseN26 Inegration
Hassle free Internationaltransfers
Powered by:
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⬒ Card and checking account
⬒ Realtime transfers and notifications
⬒ One-touch access to financial products
⬒ Strong virality driven by exceptionalproduct experience
Product
N26 is building the firstglobal mobile bank
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Product
Our FinTech Hub leverages the best partners to ship superior products
Cooperation already launched
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Reaching 99% of Eurozone population by end of 2016
Internationalization
Dec 2015
Jan 2015
Dec 2016
Scalable and sustainable TW & N26 connection
High level integration
Currencies / fields available
Register user
Check funds & initiate payment
Payment in target market
Deep integration has multiple benefits
Benefits of Integration
⬒ Integration prevents 95% of support cases
⬒ Integration to known UI/UX
⬒ Instant availability in new markets
⬒ Extensible integration to new currencies w/o new apps
⬒ Joint brand recognition and trust
⬒ Faster transfers than using both separately
Flow DEMO
Start screen
Integration to the menu
Choose new recipient
Choose currency
Choose amount and realtime FX rate
Enter transfer details
With field validation
Reference text
See summary
Confirm transfer
Thank you