Download - IDCEE 2013: Can a tech startup eat the bankers' lunch? - Kristo Käärmann (Co-founder @ TransferWise)

Startups re-inventing bankingKristo Käärmann

Computing in 2020?

ICDEE Kyiv 2013 - @kaarmann

News in 2020?


Money in 2020?


Banking is already a tech business It is complicated but not hardOpportunity is enormous $$$People know not to like banks

Why banking?


$30 + 3%

$100bn+ yearly = 70% of ukraine GDP

takes 5 days !?

How to transfer money unwisely?


Idea: crowdsource currency launched in January 2011 saved $15 million in bank fees raised $7.3 million – Peter Thiel, Index, IA team of 45: London, Estonia, Ukraine

Objective: make a $100bn business into a $10bn business

How did we tackle the problem


30x

Earning trust online is possible ...

Lessons learned: trust


… but it is sooo hard! earn 11 out of 10 with every interaction social proof: customers, investors look and sound professional

Lessons learned: trust


Biggest asset for a startup Recommendation from a friend 10x better

chances to success than advertising

As a founder or exec you have to speak with them routinely

Lessons learned: customers


Your only edge and best defenceThe only focus is speed of growthFight the forces that slow you

down

Lessons learned: speed


People hate their current product?Your solution is 10x better?Plan how to get customersFocus on trust and experienceBe faster than the incumbents

Innovating finance – a checklist


Anything is possible.


We imagine a world where you can send money across the world instantly for a low cost.