Name: One fintech's mission to tackle the inequality gap
Uploaded: 2021-07-06T12:31:08.578Z
Duration: 206.96
Description: Stuart Sopp of fintech Current explains how it is focusing on customers who are living pay check-to-paycheck.

SIZZLE Stuart Sopp and how fintech can help people in the USA..to paycheck Rev1.mp4

Stuart Sopp and how fintech can help people in the USA..to paycheck Rev1.vtt

English

{{00:00:14}}
Stock market is not a representative of the the real, real economy.

{{00:00:18}}
And that has been an unfortunate learning for everyone,
at least this year, if, if they haven't learned it before.

{{00:00:24}}
Yeah.

{{00:00:25}}
In terms of products that we differentiate.

{{00:00:27}}
When you think about the banks and their business model, like
I've just sort of narrated that business model is really their

{{00:00:32}}
core KPI is to go and accumulate assets and lend them out.

{{00:00:35}}
In terms of this demographic, they are not very attractive to banks,
so they have high fixed fees, overdraft fees, all sorts of feathers.

{{00:00:41}}
Minimum deposits and things like that.

{{00:00:42}}
And that's how they've got their effective interest
rate by differentiating the banks has been fairly easy.

{{00:00:46}}
We are deposit agnostic.

{{00:00:48}}
We do not focus on asset accumulation for obvious reasons.

{{00:00:51}}
And so we've really focused on a, we are deposit agnostic.

{{00:00:55}}
We do not focus on asset accumulation for obvious reasons.

{{00:00:58}}
And so we've really focused.

{{00:01:00}}
On a interchange model, as well as getting for our revenues.

{{00:01:04}}
We are aligning ourselves with our customers on their spend because
they're very spend focused . Faster direct deposits really important.

{{00:01:10}}
So when we see that far from the fed,
we, we built our own banking core.

{{00:01:14}}
And so when we see that the employer far from the fed we affected
immediately, and so that hits their bank account sort of a Wednesday.

{{00:01:21}}
If you're being paid on a Friday.

{{00:01:22}}
And again, that helps that knock on effect of
negative consequences of not meeting your financial

{{00:01:26}}
obligations in various bills and people that you owe.

{{00:01:31}}
We also the first and only FinTech in America to
offer points rewards system on debit card rails.

{{00:01:36}}
We just had a few merchants go live.

{{00:01:39}}
The last couple of weeks for, for our for
our members, saving money is not an option.

{{00:01:45}}
And also APRs and API is probably don't mean much
to anyone now for the next five years anyway,

{{00:01:50}}
but it certainly meant nothing to our members.

{{00:01:52}}
You know, having 10 bucks, a hundred bucks in a
savings account really didn't mean that you could

{{00:01:56}}
you could meaningfully save and do anything with it.

{{00:01:59}}
So the biggest savings that they will ever get.

{{00:02:01}}
Our top line discounts.

{{00:02:02}}
So working with merchants, it can show that we can help on attribution
and lift in terms of in terms of loyalty is a really exciting thing.

{{00:02:10}}
It's democratizing effectively what more
affluent people get through their credit cards.

{{00:02:16}}
Of course.

{{00:02:16}}
And so being valued is really exciting for
our members and another couple of things.

{{00:02:21}}
We do cash deposits that may be weird in this more sort of
socially distanced world but, you know, if you're trying

{{00:02:28}}
to make ends meet and you're, you're, you're working two
or three jobs, you're probably taking tips and a lot of

{{00:02:32}}
those are in cash and or you're, you're doing odd jobs.

{{00:02:35}}
Well, of course, if you want to rent a car or do
something, go and see someone who's elderly or sick,

{{00:02:40}}
you need a car, a car rentals don't accept those.

{{00:02:43}}
And so being able to deposit cash in the local area
is extremely exciting and digitizing cash in some way.

{{00:02:49}}
So that, that opens up where our members could.

{{00:02:52}}
Could actually spend, and then of course, gas hold refunds, which
I'd love to go into, but one of our more nuanced products whereby

{{00:02:58}}
the gas station you could get the, with authorizes ization, hold at
credited back to your, your account as soon as, as soon as we see it.

{{00:03:05}}
So opening up liquidity for our members.

{{00:03:07}}
So really sensitive around like cheaper,
faster money as quickly as possible.

Stock market is not a representative of the the real, real economy.

And that has been an unfortunate learning for everyone,
at least this year, if, if they haven't learned it before.

In terms of products that we differentiate.

When you think about the banks and their business model, like
I've just sort of narrated that business model is really their

core KPI is to go and accumulate assets and lend them out.

In terms of this demographic, they are not very attractive to banks,
so they have high fixed fees, overdraft fees, all sorts of feathers.

And that's how they've got their effective interest
rate by differentiating the banks has been fairly easy.

We do not focus on asset accumulation for obvious reasons.

And so we've really focused on a, we are deposit agnostic.

On a interchange model, as well as getting for our revenues.

We are aligning ourselves with our customers on their spend because
they're very spend focused . Faster direct deposits really important.

So when we see that far from the fed,
we, we built our own banking core.

And so when we see that the employer far from the fed we affected
immediately, and so that hits their bank account sort of a Wednesday.

And again, that helps that knock on effect of
negative consequences of not meeting your financial

obligations in various bills and people that you owe.

We also the first and only FinTech in America to
offer points rewards system on debit card rails.

The last couple of weeks for, for our for
our members, saving money is not an option.

And also APRs and API is probably don't mean much
to anyone now for the next five years anyway,

but it certainly meant nothing to our members.

You know, having 10 bucks, a hundred bucks in a
savings account really didn't mean that you could

you could meaningfully save and do anything with it.

So the biggest savings that they will ever get.

So working with merchants, it can show that we can help on attribution
and lift in terms of in terms of loyalty is a really exciting thing.

It's democratizing effectively what more
affluent people get through their credit cards.

And so being valued is really exciting for
our members and another couple of things.

We do cash deposits that may be weird in this more sort of
socially distanced world but, you know, if you're trying

to make ends meet and you're, you're, you're working two
or three jobs, you're probably taking tips and a lot of

those are in cash and or you're, you're doing odd jobs.

Well, of course, if you want to rent a car or do
something, go and see someone who's elderly or sick,

you need a car, a car rentals don't accept those.

And so being able to deposit cash in the local area
is extremely exciting and digitizing cash in some way.

So that, that opens up where our members could.

Could actually spend, and then of course, gas hold refunds, which
I'd love to go into, but one of our more nuanced products whereby

the gas station you could get the, with authorizes ization, hold at
credited back to your, your account as soon as, as soon as we see it.

So really sensitive around like cheaper,
faster money as quickly as possible.

Case Study

Stuart Sopp of fintech Current explains how it is focusing on customers who are living pay check-to-paycheck.

thumbnail_Stuart_Sopp.jpg

Stuart_Sopp.jpg

Stuart Sopp

What systems has Current developed to make banking more accessible for its customers