SXSWi 2012 Presentation - Creating a Mobile Wallet Worth Having: With buzzwords like “NFC” and “mobile wallet” thrown about in the press ad nauseam, consumers and the mobile and financial industries are looking for who will emerge the winner in the effort to control mobile money – and there’s a great deal of money to be had if it’s done right. But as often as the mobile wallet is lauded for its convenience, it’s derided as “a solution in search of a problem.” Ultimately, in order to meet the real needs of consumers, wallet-makers need to stop focusing solely on the technologies of mobile payments, and actually look at what will drive usage: a mobile solution that is actually worth having. This doesn’t yet exist, but it could, if application developers create tools that actually change the way merchants and consumers feel, think, spend and save money. We will discuss what the true opportunity is for the mobile wallet and the elements that need to be included to move beyond technologies like NFC, to delivering the customer benefit to end users.
12. how can mobile add value to
payments?
• accelerate the transaction
– translates to spending my money faster
• simplify coupon & improving targeting
– enabling brands to spam me better
• close the proverbial “marketing loop”
– no idea what this is
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13. the anonymity of cash
in china, System D
is estimated at $1.47 trillion
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15. In the broadest sense, CONTEXT represents the
circumstances around which a user expresses
behavior, captured digitally. It can encompass
geo-spatial, temporal, emotional, cognitive,
and other domains, so long as the domain
lends itself to electronic monitoring and data
capture.
defined
16. re-defining…with CONTEXT
the question becomes:
how can mobility add value within the
context of a financial transaction?
we need to understand the context
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20. journey thru context to solution
The Wallet
Worth Having
Agents, Models,
& Counterfactuals
Groking the
Human Component
Groking the
Existing Flow
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39. scientific theory goes farther
we might be biologically predisposed
to be incapable of making
rational decisions about money,
especially when we are spending
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40. learnings -- $$$ J
• the way we think effects the way we
think about money, and therefore,
financial happiness
• current financial software isn’t designed
to help us where we might need help
most – in System 1 activities
• $$$ J must become a part of the
tools we build
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41. journey thru context to solution
The Wallet
Worth Having
Agents, Models,
& Counterfactuals
Groking the
Human Component
Groking the
Existing Flow
41
56. outcomes
• hardcore analysis – by experts
• heavy lifting – financial models to predict
future income from assets
• the conclusion – MiJac needs an alternative
behavior: GO BACK TO WORK
• bailout – Colony Capital rolls the loans over,
becoming MiJac’s creditor & MiJac goes
back to work
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62. what if a mobile wallet was an ACTIVE PARTICIPANT in securing
successful financial outcomes, and in doing so increased
the likelihood of financial happiness?
RE-DEFINED
62
65. the outcome
• leveraging “agent logic” and financial modeling,
mobile wallets could become an active participant
in helping to secure positive financial outcomes
• such a wallet would enable consumers and
software to experiment with possible financial
outcomes and offer alternatives – “counterfactual
testing”
• if these alternatives and outcomes could be shared
securely, users could learn from one another,
increasing the likelihood of financial happiness
65
66. journey thru context to solution
The Wallet
Worth Having
Agents, Models,
& Counterfactuals
Groking the
Human Component
Groking the
Existing Flow
66
67. 10 facets, broken down into 3 buckets:
• Enable Transactions
• Improve Skillz
• Build Happiness
WALLET WORTH HAVING
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68. 10 facets, 3 buckets
• Enable Transactions • Build Happiness
– Pay for Stuff – Mogul Engine
– Get Paid – Outside the Box
– The Loyalty Billfold &
Virtual Accounting
– Move Value Around
• Improve Your Skillz
– Money Genius
– My Flows
– Rainy Days & Restful
Nights
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