Name: How can a great app improve your customer relations?
Uploaded: 2023-06-12T12:03:17.630Z
Duration: 473.07
Description: *This content is sponsored by Sendbird.* Jack Wei, Head of Product Marketing, Sendbird, explores how you can supercharge your customer engagement, communications, and growth. Stay up to date with the community on https://finovate.com/ Find out more about FinovateSpring on http://www.finovatespring.com/

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Jack Wei.vtt

English

{{00:00:05}}
Greg Palmer: Hey, Greg Palmer here,
coming to you from FinovateSpring 2023

{{00:00:09}}
where I'm talking to you, Jack Wei,
head of product marketing at Sendbird.

{{00:00:13}}
Jack, thanks for taking
the time to connect today.

{{00:00:15}}
Thanks for having me, Greg.

{{00:00:15}}
Cool.

{{00:00:16}}
So let's start things off at a high level.

{{00:00:17}}
Can you just tell us a little bit about
what Sendbird is and what you guys do?

{{00:00:21}}
Jack Wei: Yeah we're not directly a
FinTech company, but Sendbird is a

{{00:00:26}}
in-app conversations platform, and
what that is Everybody knows WhatsApp.

{{00:00:31}}
I'm assuming you use WhatsApp right?

{{00:00:32}}
Course.

{{00:00:32}}
We basically are a private
version of WhatsApp.

{{00:00:36}}
If you add up our user accounts we're,
the fifth largest messaging platform

{{00:00:40}}
behind WhatsApp, Telegram, Messenger.

{{00:00:43}}
And we work with some of the largest
FinTech companies around the world.

{{00:00:46}}
So as it pertains to FinTech we're,
the, we're essentially the messaging

{{00:00:50}}
infrastructure behind the scenes,
powering P2P and b2c messaging for

{{00:00:57}}
the likes of PayPal, ptm pick pay.

{{00:01:01}}
And you can think of us
as a facilitator, right?

{{00:01:03}}
So a lot of.

{{00:01:04}}
Chat notifications, voice video, APIs
that allow companies to take their

{{00:01:10}}
digital messaging to another level.

{{00:01:12}}
Greg Palmer: Yeah, no, absolutely.

{{00:01:13}}
Obviously something the, a lot of banks
and FinTech companies are focusing on

{{00:01:17}}
is how they connect to their customers.

{{00:01:19}}
That communication side of
it, it's such a crucial piece.

{{00:01:22}}
Can you talk a little bit about what you
are seeing in terms of how companies are

{{00:01:25}}
able to do that and hopefully do it well?

{{00:01:27}}
Jack Wei: Yeah.

{{00:01:28}}
Yeah.

{{00:01:29}}
I think the name of the game here
is all about convenience right now.

{{00:01:35}}
Things like crypto and blockchain
have been really hot topics

{{00:01:38}}
for the past couple years.

{{00:01:40}}
As I look around this event,
everything's more about.

{{00:01:43}}
The experience of the end consumer.

{{00:01:45}}
Yeah.

{{00:01:46}}
So I feel like it's whatever you
can do to make that experience

{{00:01:50}}
as convenient as possible.

{{00:01:51}}
You're seeing things like like
open banking and embedded payments,

{{00:01:56}}
which I'm a little biased,
but that's what we're about.

{{00:02:00}}
We power a lot of in chat payments
and that type of transaction, making

{{00:02:05}}
the experience more social and
bring that element to the table.

{{00:02:08}}
And Yeah, that's at, least in our
world all the largest digital wallets

{{00:02:14}}
of course have, made that made a
household name based on that ethos.

{{00:02:20}}
And then of course you see the traditional
banks coming in and now trying to figure

{{00:02:23}}
out how can we replicate that right there?

{{00:02:25}}
There's that rise of consumer behavior.

{{00:02:28}}
That just comes to the way that they
expect to interact with your brand.

{{00:02:32}}
And that's, the direction headed.

{{00:02:34}}
Greg Palmer: No, certainly, and I
think you see a lot of companies

{{00:02:37}}
who struggle to get this right.

{{00:02:38}}
A lot of companies who are now doing
a much better job, I think, than they

{{00:02:40}}
used to, at least in meeting customers
where they already are and going and

{{00:02:44}}
engaging with them in a way, in a manner
that they want to be connected with.

{{00:02:48}}
Can you share any examples of how fast
growing FinTech companies are innovating

{{00:02:51}}
to drive that kind of customer growth?

{{00:02:54}}
Jack Wei: Yeah.

{{00:02:55}}
Like looking at the macroeconomic
condition, everyone's still

{{00:03:00}}
talking about  cost cutting and
how they can drive efficiency.

{{00:03:04}}
In my mind, I reframed that question
a little bit from growth to if, you

{{00:03:09}}
look at it through like a, Product and
technology lens, the framework they

{{00:03:13}}
often use is the pirate metrics, right?

{{00:03:15}}
Yeah.

{{00:03:15}}
Like you acquire the customer but then
how do you activate them, keep them,

{{00:03:21}}
drive the revenue, deliver an excellent
experience, and then cause 'em to give

{{00:03:25}}
you the referral, refer you to another
individual to do business with you.

{{00:03:30}}
And I think the focus has now been okay.

{{00:03:33}}
If you think about acquisition.

{{00:03:35}}
Everybody wants to automatically
goes, I need omnichannel solution.

{{00:03:38}}
Sure.

{{00:03:38}}
But everything beyond that,
how do you bridge a seamless

{{00:03:42}}
experience that's physical?

{{00:03:45}}
So live interactions
versus digital, right?

{{00:03:49}}
And more of that and more of
that's beginning to blend.

{{00:03:51}}
So that seamless, intuitive end
user experience is where I think

{{00:03:55}}
a lot of the, not necessarily
net new growth will come from.

{{00:03:59}}
But driving that lifetime value,
the loyalty that I think this

{{00:04:02}}
space loves to talk about, but
can't quite pinpoint and figure out

{{00:04:07}}
Greg Palmer: certainly there's so many
different places where someone could

{{00:04:09}}
potentially fall off that kind of
chain that you were just talking to.

{{00:04:12}}
There's a lot of places
where you really have to be.

{{00:04:14}}
On point all the way through in order to
get them to that last stage, which is of

{{00:04:19}}
course actually advocating for your brand.

{{00:04:21}}
Can you talk about some of the
challenges that you see or some areas

{{00:04:24}}
where it's especially difficult in
this area of customer communications

{{00:04:27}}
to keep that whole thing going?

{{00:04:29}}
Jack Wei: Yeah.

{{00:04:31}}
I think at the end of the day
everybody, of course it, sounds

{{00:04:36}}
nice and, straightforward.

{{00:04:38}}
How do you offer a seamless,
intuitive experience?

{{00:04:40}}
A lot easier said than done, right?

{{00:04:42}}
Absolutely.

{{00:04:43}}
And the nature of at least when
you look at traditional banks

{{00:04:46}}
or larger enterprises, they are
unfortunately somewhat siloed, right?

{{00:04:51}}
So when you I'll, use an example
outside of FinTech, open the Travel

{{00:04:58}}
and Hospitality or Airlines app.

{{00:05:00}}
There's a reason why you are getting
pinged with hundreds of text messages.

{{00:05:05}}
You go in and there's a inbox, but there's
a separate place for a notification or a

{{00:05:10}}
transaction history and all this stuff.

{{00:05:12}}
And it's because every division
and team's making their

{{00:05:16}}
individual technology decisions.

{{00:05:19}}
And when it comes to the implementation
of it, Everyone talks about how do you

{{00:05:23}}
go to the office of the transformation
or digital transformation to unify that?

{{00:05:29}}
I don't think you can avoid people making
disparate technology choices, but there

{{00:05:33}}
is a way to wrap it all up and deliver
it in a unified manner that's branded,

{{00:05:40}}
that's beautiful to the end user.

{{00:05:43}}
So I think people have to just work
backwards, like instead of thinking.

{{00:05:47}}
About delivering my own divisional
KPIs and hitting those metrics.

{{00:05:51}}
Put yourself in the shoes of the consumer.

{{00:05:54}}
Yeah.

{{00:05:55}}
How do you, do that?

{{00:05:55}}
And there are technologies out there
middlewares to unify the experience.

{{00:05:59}}
Greg Palmer: Yeah.

{{00:05:59}}
And certainly again, that's an area
where a lot of people are spending a

{{00:06:02}}
lot of time, but it's not easy to do.

{{00:06:03}}
And it's something that I've seen fintechs
and financial institutions struggle with

{{00:06:07}}
really is saying, imagine I'm a customer.

{{00:06:09}}
How am I gonna be able to
come in and engage with this?

{{00:06:12}}
What's that experience gonna be like?

{{00:06:14}}
Last question for you.

{{00:06:15}}
What do you think FinTech
companies can do to offer.

{{00:06:18}}
Better customer service.

{{00:06:20}}
This is obviously something
that people are working on.

{{00:06:22}}
It's an area of great focus for a
lot of the companies that you see

{{00:06:25}}
on stage at an event like this one.

{{00:06:27}}
What should they be doing next?

{{00:06:29}}
Jack Wei: Yeah.

{{00:06:31}}
Also a biased comment.

{{00:06:33}}
Sure.

{{00:06:34}}
Look at the, don't look to constantly
build everything in house and take

{{00:06:39}}
on the overhead and burden yourself.

{{00:06:41}}
There's so much happening in innovation
that's just popping up, right?

{{00:06:44}}
I think technology comes and goes.

{{00:06:47}}
Business models come and go, but
your ability to, keep customers

{{00:06:53}}
loyal and the retention is forever.

{{00:06:56}}
So dabble, with these new
technologies popping up.

{{00:07:00}}
And in terms of what's out there to
actually, again, bringing all those

{{00:07:04}}
experiences together, bring the
communications channel into a place where,

{{00:07:08}}
You as a business can control and own
focus on that as opposed to let's say

{{00:07:15}}
build a homegrown, large language model.

{{00:07:17}}
Because generic AI is so hot right now.

{{00:07:20}}
Don't think about building your own
in-house data lake there's things,

{{00:07:24}}
that you can outsource and get the
speed, get to market much faster at

{{00:07:29}}
lower costs, and then scale from there.

{{00:07:31}}
Greg Palmer: Absolutely.

{{00:07:32}}
Rely on the experts who
can really help you.

{{00:07:34}}
This is why people specialize.

{{00:07:35}}
And so it's been it's
really interesting area.

{{00:07:37}}
It's something that I'm sure we're
gonna see a continued focus for

{{00:07:41}}
a lot of companies in this space
That's the time we have for now.

{{00:07:44}}
Again, I'm Greg Palmer.

{{00:07:45}}
I've been talking with Jack Wei.

{{00:07:46}}
It's been a real pleasure.

{{00:07:47}}
Thanks for sharing that.

{{00:07:47}}
Thank you so much.

Greg Palmer: Hey, Greg Palmer here,
coming to you from FinovateSpring 2023

where I'm talking to you, Jack Wei,
head of product marketing at Sendbird.

Jack, thanks for taking
the time to connect today.

So let's start things off at a high level.

Can you just tell us a little bit about
what Sendbird is and what you guys do?

Jack Wei: Yeah we're not directly a
FinTech company, but Sendbird is a

in-app conversations platform, and
what that is Everybody knows WhatsApp.

We basically are a private
version of WhatsApp.

If you add up our user accounts we're,
the fifth largest messaging platform

And we work with some of the largest
FinTech companies around the world.

So as it pertains to FinTech we're,
the, we're essentially the messaging

infrastructure behind the scenes,
powering P2P and b2c messaging for

And you can think of us
as a facilitator, right?

Chat notifications, voice video, APIs
that allow companies to take their

Obviously something the, a lot of banks
and FinTech companies are focusing on

That communication side of
it, it's such a crucial piece.

Can you talk a little bit about what you
are seeing in terms of how companies are

able to do that and hopefully do it well?

I think the name of the game here
is all about convenience right now.

Things like crypto and blockchain
have been really hot topics

As I look around this event,
everything's more about.

So I feel like it's whatever you
can do to make that experience

You're seeing things like like
open banking and embedded payments,

which I'm a little biased,
but that's what we're about.

We power a lot of in chat payments
and that type of transaction, making

the experience more social and
bring that element to the table.

And Yeah, that's at, least in our
world all the largest digital wallets

of course have, made that made a
household name based on that ethos.

And then of course you see the traditional
banks coming in and now trying to figure

out how can we replicate that right there?

That just comes to the way that they
expect to interact with your brand.

Greg Palmer: No, certainly, and I
think you see a lot of companies

A lot of companies who are now doing
a much better job, I think, than they

used to, at least in meeting customers
where they already are and going and

engaging with them in a way, in a manner
that they want to be connected with.

Can you share any examples of how fast
growing FinTech companies are innovating

Like looking at the macroeconomic
condition, everyone's still

talking about  cost cutting and
how they can drive efficiency.

In my mind, I reframed that question
a little bit from growth to if, you

look at it through like a, Product and
technology lens, the framework they

Like you acquire the customer but then
how do you activate them, keep them,

drive the revenue, deliver an excellent
experience, and then cause 'em to give

you the referral, refer you to another
individual to do business with you.

Everybody wants to automatically
goes, I need omnichannel solution.

But everything beyond that,
how do you bridge a seamless

So live interactions
versus digital, right?

And more of that and more of
that's beginning to blend.

So that seamless, intuitive end
user experience is where I think

a lot of the, not necessarily
net new growth will come from.

But driving that lifetime value,
the loyalty that I think this

space loves to talk about, but
can't quite pinpoint and figure out

Greg Palmer: certainly there's so many
different places where someone could

potentially fall off that kind of
chain that you were just talking to.

There's a lot of places
where you really have to be.

On point all the way through in order to
get them to that last stage, which is of

course actually advocating for your brand.

Can you talk about some of the
challenges that you see or some areas

where it's especially difficult in
this area of customer communications

I think at the end of the day
everybody, of course it, sounds

How do you offer a seamless,
intuitive experience?

And the nature of at least when
you look at traditional banks

or larger enterprises, they are
unfortunately somewhat siloed, right?

So when you I'll, use an example
outside of FinTech, open the Travel

There's a reason why you are getting
pinged with hundreds of text messages.

You go in and there's a inbox, but there's
a separate place for a notification or a

And it's because every division
and team's making their

FinovateSpring

Expert Insight

*This content is sponsored by Sendbird.*

Jack Wei, Head of Product Marketing, Sendbird, explores how you can supercharge your customer engagement, communications, and growth. 

Stay up to date with the community on https://finovate.com/ 

Find out more about FinovateSpring on http://www.finovatespring.com/ 