Fintech Week 2017
As we conclude Fintech Week 2017 summer is well and truly upon us. England has won the first test match and the strawberries and cream are being served at Wimbledon. Many of us are starting to look forward to taking our summer holidays.
Watching the Wimbledon queues raises interesting questions with business parallels. Why do fewer than 10,000 tennis fans (if you take off those with show court tickets) take up to six hours to enter the grounds? Imagine what would happen if Chelsea football fans had to start queuing from 8am and at 2pm were told they could only get in for the second half of their premier league game.
We have the same expectations in business. We expect seamless customer experiences from our service providers. Having compared features or tariffs online, we expect to be able to sign up and take advantage of exciting new services at the drop of an umpire’s hat.
Unfortunately, the reality can sometimes feel like being in that long line of people Wimbledon. Whilst queuing to see our heroes play tennis, we have no alternative, but when it comes to online shopping or signing up for services online, we may have many options and will take the path of least resistance.
Verifying yourself online can be a variable experience depending on the service provider and the visibility of your electronic footprint. Having to scan and send in documents manually as happens in 30% of cases starts to feel like being in the Wimbledon queue – and I start to wonder, will I ever get court-side?
People visiting the country have the same challenges. We recently spoke to COO of Loot, whose target market is setting up banking services for the students who arrive in the country and need an account to be able to manage their money. It was interesting to note that whilst the technology has changed, the challenges have not. As you can read in the interview, Will said that when you create a service that is easy to make payments, that attracts criminals. Similar to the notorious gangster Willie Sutton who when caught was asked: ‘why do you rob banks? ‘Because that is where the money is’, he famously replied.
The Selified Service was launched to make it easier for service operators to verify their customers and to identify fraudsters. The service is fast and automated. It provides an easy process for people to image and verify their documents – any time, any place, any device. We are changing how people are verified, making the onboarding process seamless. Maybe next year we will see improvements in the speed people get into Wimbledon.