Name: Why you can diversify product use cases too much - Deepak Jain, Wink
Uploaded: 2023-06-09T15:34:09.827Z
Duration: 498.8
Description: Wink Founder Deepak Jain, tells us what entrepreneurs need to have in place to make the whole ride of building a company easier. Wink is a biometrics company delivering a zero-click checkout experience for vendors.

FFo. 04 - Fintech Founders Int- Deepak Jain-.mp4

FFo. 04 - Fintech Founders Int- Deepak Jain-.vtt

English

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My company is Wink and we are

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helping institutions of all sizes to

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transform their authentication and

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payments experiences through smart

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use of biometrics and intelligent

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multifactor authentication.

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It's helping financial institutions,

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fintechs, e-commerce merchants.

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And pretty much anyone who wants

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to secure their accounts, their

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consumer experiences, their payments,

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experiences that they're offering,

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and effectively fight fraud.

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It's a movement against passwords.

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It's a movement against

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unsecured payment transactions.

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It's a moment to make internet

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shopping and commerce a better

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place for everyone by getting rid

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of fraud from all walks of life.

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That's what we do, and it's

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really, needed in this.

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In this economy, in this market, as fraud

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has literally shot through the roof,

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especially in areas like e-commerce.

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I'm a serial entrepreneur and before

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Wink, I built a couple of companies

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in the area of mobile payments and

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P2P payments and embedded banking.

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And I had a chance to work with

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both the banks, the large payment

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networks and the large retailers.

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And I got to know firsthand the challenges

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that are faced by almost all of these

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players in keeping their, there, keeping

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consumer data safe, keeping accounts

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pristine, and really thwarting the

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incessant  attempts from hackers to

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get ahead of, all security policies and

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procedures, and personally speaking,

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myself, have been and I've seen friends

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and family really negatively impacted

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by credit card data being stolen,

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passwords being stolen, identity theft.

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So I really thought that this is a great

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opportunity for biometrics to come to

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the fore and utilize some of the latest.

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In technology today to solve

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this problem once and for all.

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Well, strangely, the core of

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the idea has remained the same.

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And the principles have remained the same.

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The idea behind going passwordless,

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utilizing biometrics, utilizing facial

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recognition, voice authentication,

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smart device verification, all of

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these technologies, utilizing them

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in a nice way, the core of the idea

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has remained the same, but as we have

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gone into the market and we have had

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multiple different companies come

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to us, the use cases have expanded.

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For example, we have launched a

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product for the connected car ecosystem

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to use our technology inside cars

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for hence free driver recognition

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and hence free driver payments.

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And we had no idea when we started

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this company that would become a very

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interesting and compelling use case.

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So use cases keep growing, but the core

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of the technology has remained the same.

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I think this is with every entrepreneurial

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journey the biggest challenge is,

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really to hire the right talent, the

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great team, to build a environment of

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trust, not just between your immediate

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employees, but also your investors who

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believe in you and your early customers.

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Once you're able to build that circle of

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trust and have the right team in place,

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then things start to become easier.

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Actually, we've done everything

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Everything really, well.

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We have executed very well.

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We have raised a decent amount of funding.

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We have hired the right group of people.

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If there is one thing that I would say

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we would do differently It's probably

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limit the focus a little bit more, a

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little bit more into one area and and

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really really, you know, not look at

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the the, visual use cases that come

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up and, try to, solve every problem

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that that comes in front of us.

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Because the technology such they can

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be used in a hundred different ways.

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But an entrepreneur needs to

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find the core area where they

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can really create their identity.

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The venture capital interaction

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has been always very interesting.

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It has always been something that

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changes when the markets are good

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they tell you what you want to hear.

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When the markets are not very

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good or choppy they almost do not

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want to hear what you have to say.

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So it's a matter of believing in yourself

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and continuing to stick to your story

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and really going after the, market

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success that speak for themselves.

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Let the product and the team and

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the success speak for themselves.

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Continued access to, funding, continued

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access to to the mindshare from our

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key customers, from our key partners a

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lot of distractions in today's world.

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There are a lot of areas that

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are outside of the control of our

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customers and our investors that

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distract them from the mission.

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So to be able to get everybody to focus

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on the common mission has been has

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been one of the great areas to work on.

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Oh, it's again, with every entrepreneurial

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journey the most satisfying thing

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is to see your vision come to life,

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see customers adopt the product and

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give you the, feedback on how the

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product is solving a key challenge

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for them and how they, really are

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looking forward to growing with us.

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So those type of successes and

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milestones are, really that

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something that you look forward to.

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The vision is grand for consumers

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out there in every walks of life.

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In 10 years, you will not be

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using any password at all for

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logging into any application.

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You will not have to worry about

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fraud, you will not need to

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remember credit card numbers.

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Everything will be securely authenticated

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for you using your your biometrics,

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your facial, and your voice data.

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You are unique as an individual

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and that uniqueness is enough

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to give you the correct access

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to the services that you want.

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You should not need anything

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else, a password or a dongle or

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a key or, anything of that sort.

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Your unique personality is enough to

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authenticate you and for merchants and

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companies to take payments from you.

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It's all handled seamlessly for you.

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That's the vision.

In this economy, in this market, as fraud

And I got to know firsthand the challenges

And the principles have remained the same.

I think this is with every entrepreneurial

We have raised a decent amount of funding.

Fintech Founders

Case Study

Wink Founder Deepak Jain, tells us what entrepreneurs need to have in place to make the whole ride of building a company easier. 

Wink is a biometrics company delivering a zero-click checkout experience for vendors.

Leadership

Fintechs

Fintech

Fintech startup

Fintech start up

Financial startup

Financial start up

Biometrics

Startup

Startups

Entrepreneur

Entrepreneurship

Start-ups

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Deepak Jain

CEO & Founder

Explain what your company does in one sentence.   

What business need is your tech solving for and who is it designed to help?

What inspired you to start this company? 

How many times have you pivoted on the original idea? 

What were the biggest hurdles you faced in the early stages of your startup and how did you overcome them? 

If you could repeat the process, what’s one thing you'd do differently? 

What's one thing you wish you knew sooner?  

What’s the greatest lesson you’ve learnt from interacting with venture capitalists during the funding process? 

What’s the most challenging thing about running your own company?  

What's the most satisfying thing about running your own company? 

What’s the vision for the business in 10 years’ time and how do you plan on getting there? 