The Kunai Podcast: Fintech is Eating the World

In today's episode, Tarun Bhasin, CEO of Kunai, gets together with Nan Siler, Head of Payment Operations at Finix. Nan reflects on her initial experience with Finix as a customer and why she was so impressed with their services. Gain special insight into how Finix is structured and how they deliver exceptional payment operations. Next, we take a deeper look at payment operations and why it's such a challenging part of the payment system to execute seamlessly and effectively. Nan draws on her immense knowledge to explain the technical complexities inherent to payment operations. We also discuss the technological advancements in the field of payments over the past twenty years and how small businesses have gained access to affordable services that were previously limited to large companies. Key Points From This Episode:Get to know today's guest, Nan Siler, and how she came to be Head of Payment Operations at Finix.How Nan first encountered Finix as a customer.An overview of Finix's service and operations and why it's a great option for customers.A deeper look at payment operations and why it's such a challenging part of the payment system to execute seamlessly and effectively.Why it's necessary to have a payments operations team to optimize your payment system.The role of a payments facilitator in your payments system.Daily transaction-level reconciliations and why it's an important part of payment operations.How payment operations teams are hampered by a lack of access to data and being bound to antiquated processes.Some of the advancements in payments technology that Nan has noticed from working in the industry for over two decades.How small businesses have gained access to payments technology that was previously unavailable to them.What large companies can learn from leaner startups.How Finix positions itself in an increasingly competitive market.The four primary approaches to payment management and how they differ.Why it's ideal to do as little migrating as possible.Why platforms are the future for small businesses.Nan's views on Buy Now, Pay Later and why she defines it as generational.Tweetables:“I believe that large companies can definitely learn from leaner startups. However, I'm just not sure they can execute at the speed required to keep up.” — Nan Siler [00:12:47]“Finix's mission is to create the most accessible financial services ecosystem in history starting with payments.” — Nan Siler [00:13:39]“The good news is at Finix, we're lowering the barrier to entry to most of those controlled payment experiences.” — Nan Siler [0:17:56]“Platforms are the future for small businesses. They enable the small business to have that back-office experience of a large ERP system without all the pain and expense associated with those implementations.” — Nan Siler [0:20:46]Links Mentioned in Today's Episode:Nan Siler on LinkedInKabbageFinixAmerican ExpressACI WorldwideTarun BhasinKunai

In today's episode Tarun Bhasin, CEO of Kunai is joined by Brad Kelly, Managing Director at Payment Services. We continue the conversation on the ubiquity of FinTech and discuss various facets of buy now, pay later (BNPL) and how it will affect the current market, both in America and Australia. Brad lends his expertise to the phenomenon of BNPL, interrogates its role in the Australian banking system, and reflects on the regulatory challenges it will likely face with conservative banks in the not too distant future.Key Points From This Episode:Introducing today's guest Brad Kelly, Managing Director of Payment Services, and our host Tarun Bhasin, CEO of Kunai.An overview of the Australian banking and customer market today, and what the future holds.How the Pareto principle is evident in Australian banking.How banks use the data provided by the Australian reserve bank every month.The considerable growth of debit cards in Australia and how citizens are changing their spending habits.How Afterpay works and why it's not necessarily as profitable as it presents itself to be.A discussion of BNPL and its presence in Sydney, Australia as well as Apple's potential plans for it in the United States.PayPal's presence in Australia and how their transaction fees are structured.The strategies that Afterpay is using to target Millennials.Why Qantas is a serious player in the financial services market, and how they demonstrate that credit cards will continue to grow and be popular. Why Starbucks initially fared very poorly in Australia and how they were eventually able to find a market with American tourists.How digital wallets differ in Australia and America.Why buy now, pay later cards are limited in their revenue potential.How the different regulations around credit in Australia and America affects average spending habits.Tweetables:“Basically, you can apply this 80-20 Pareto principle to all Australian banking, and they've successfully watered off just about every challenge that's ever come at them. The ones that have, they buy them. That's pretty much how it works.” — Brad Kelly [0:02:05]“Australia has a couple of unique quirks besides killer spiders and snakes and people called Hemsworth. What we've got is a very strong banking system, but we've got this indigenous debit payment network called EFTPOS, and it's been around for about 45 years.” — Brad Kelly [0:04:14]“So the Citibank model, for instance, which is a virtual card in a wallet, and it runs on MasterCard rails. So what that means is it just behaves like a standard card or the point of sale. There's nothing tricky necessarily about it. ” — Brad Kelly [0:11:15]“I think the real risk for Afterpay and their cohorts is the risk of regulation.” — Brad Kelly [0:33:52]Links Mentioned in Today's Episode:Brad Kelly on LinkedInTarun BhasinKunaiSniipAfterPayMarqetaPayPal

Episode Outline[02:12] Siavash's education background[03:43] Becoming a refugee overnight[07:34] Siavash's initial telecom roles[16:10] Decentralizing communications[20:03] Cloud[24:37] Blockchain[29:58] Digital assets versus monetary assets[39:47] The mission at Wells Fargo[43:00] Determining success[46:42] Pushing the boundaries of large organizationsConnect with SiavashLinkedInWebsiteMimikConnect with KunaiWebsite

Episode Outline[01:51] Bojan's backstory[07:50] Being agile and adapting[13:43] Big Data[18:53] Data engineering in the gym[22:55] Data cleansing, grooming, and ethics[30:12] Open data, open source[38:34] Bojan's final thoughtsConnect with BojanLinkedInWebsiteConnect with KunaiWebsite

Episode Outline[01:33] Working at Plaid[11:10] Expanding the team to NYC[13:42] Visa and 2020[15:16] Where does the money meet the road?[19:16] Blockchain and DeFi[23:07] The ultimate goal at Ramp[27:52] Alloy and identityConnect with CharleyLinkedInTwitterWebsiteAlloy.comConnect with KunaiWebsite

Episode Outline[01:58] Diana's background[04:01] Creativity and FinTech[06:40] Diana at Mollie[09:32] Identifying the features[11:37] APIs or front-end application?[13:28] Managing a growing group over time[16:55] Was Covid a feature or scalability challenge, or both?[22:35] Going forwardConnect with DianaLinkedInWebsiteConnect with KunaiWebsite

Podcast SummaryIn this conversation with Rebecca Macieira-Kaufmann, Founding Member of RMK Group, LLC, she talks about making tough decisions, the increasingly rapid change in industries, and the benefits of living in San Francisco. Hear about Rebecca's experience as a leader, and her new book, Fit CEO.Episode Outline[01:48] Tough choices[08:05] How should banks approach a rapidly changing environment?[11:27] The benefits of San Francisco[15:35] Rebecca's Fit CEO bookConnect with RebeccaLinkedInFit CEO WebsiteRMK Group LLC WebsiteConnect with KunaiWebsite

Episode Outline[01:12] Chad's background[03:34] Getting into startups[05:23] Getting into Fintech[06:23] Platform-based vs coin cryptocurrency[07:47] Shifting from crypto to corporate[10:05] LaunchPad[11:14] The drive towards platform[14:41] Chad's team successes[17:50] Overcoming hurdles[20:35] Shaping user engagement[26:16] Looking forward[27:37] API to platform[29:57] How does decentralization play a role with LaaS?[32:57] MasterCard partnering with Bahamas Sand Dollar[34:53] Digital assets[35:59] Shameless plug for MastercardConnect with ChadLinkedInTwitterWebsite

Episode Outline[01:24] Becky's background[05:03] Capital One business partners[06:27] Customer centricity[07:51] Thinking about change[10:08] Growing a team from 30 to 500[13:02] Creating customer alignment[17:28] Separating the physical and the digital[20:04] Leading UX design teams[23:03] How did brand become so important?[26:49] Becky's new role[30:17] Closing thoughtsConnect with BeckyLinkedIn

Episode Outline[01:56] Banmeet's career arc[12:06] How has servicing changed over time?[17:41] Creating relevant experiences for customers[21:01] Curating experiences across different technologies[24:06] Identifying pain points[32:27] Call centers and FinTechConnect with BanmeetLinkedInWebsite

Episode Outline[01:21] Introducing the team[03:40] Defining a virtual credit card[05:43] New and different use cases[17:51] Seamlessly adapting a virtual card into existing experiences[23:26] Creating a virtual card programConnect with the Kunai TeamKunai WebsiteTom BaldwinTarun BhasinOmeid EshraghiKyle Barry

Episode Outline[01:37] Rajil's background[07:42] The elements of the data process[14:06] A day in the life[20:30] Determining accuracy[24:01] Factoring in “big unknown” events[27:39] Interesting, exciting things happening in the data science space[32:02] Tips, tricks, and what to look for as a data scientistConnect with RajilLinkedIn

Episode Outline[01:01] Ofri's background[03:47] Getting 21 talented research engineers to join his company[05:23] Ofri's insights on Data Science[06:43] Separating product and insight[10:48] Challenges with unstructured data[14:00] Training an algorithm[16:34] Data visualisation[18:44] Ofri's many patents[23:33] The GDPR's impact[25:10] Ofri's adviceConnect with OfriLinkedInWebsite

Episode Outline[01:26] Emm's background[10:41] Emm's design process[20:12] Managing the ‘alpha individual' notion[21:36] Performing user feedback sessions[24:08] Receiving customer feedback and continuous improvement[29:33] New design trends[32:00] Tools for facilitating remote design activitiesConnect with EmmLinkedInWebsite

Episode Outline[00:56] Eric's first job at Capital One[03:32] Keeping Plaid's momentum after a huge change[06:13] The next steps for Plaid[10:06] Unlocking financial freedom for everyone[13:33] Discovering and fostering random projects[16:48] The possibility of replacing ACH[19:11] How does consulting serve Eric in his leadership roles at startups? Connect with EricLinkedInWebsite

Episode Outline[02:10] Gustavo's background[04:00] Coming to the US[05:16] Getting into design[08:25] Gustavo's first computer[13:40] The road to Citi[21:48] Bringing great design to a bank[25:34] How did Gustavo build high-performing creative teams?[30:33] What trends are Gustavo seeing?Connect with GustavoLinkedInInstagramWebsite

Episode Outline[01:20] About BankShift[02:11] Solving the problem of controlling your money between banking institutions[05:17] Rob's work on CreditWise products[07:34] CreditWise metrics[08:47] BankShift's launch and what to expect[10:31] The BankShift business model[13:13] BankShift as the de facto banking app for some banking institutions[16:18] Starting a company in the midst of the Covid-19 pandemicConnect with RobLinkedInBankShift

Episode Outline[02:45] Robin's background[07:53] Emotion in user-centric design[14:39] Constant iteration in design[18:10] Processes[26:53] The evaluation period[28:57] Descaling and empowering individuals[32:24] Diversity and inclusion as core valuesConnect with RobinLinkedIn Twitter 

Episode Outline[01:14] Edward's background[08:27] Agile[12:33] Web to Web Mobile to Omnichannel[15:45] What informs Edward's channel strategy?[19:22] Innovation versus enhancing[23:42] How does Edward build a high-performing team?[27:15] Alignment and diversity of thought[28:45] What are some trends Edward is seeing?[34:36] Virtual realityConnect with EdwardLinkedIn

Episode Outline[01:05] Mark's background[02:08] Maxmiles, Inc.[04:15] The technical challenges in 1999[06:49] Launching a FinTech now vs in the 90s[09:43] The most effective role for a corporate labs division[11:34] Mark's ideation process[14:13] What sets apart an executive for labs as opposed to other managerial positions?[16:58] The metrics and intangibles[20:47] Collaboration and working remotely during the pandemic[23:45] The most significant changes to visa in the coming years due to cryptocurrency[28:00] How Mark's diverse education background has helped his business[31:00] How music has inspired him and what role it has played in the way he thinks about innovationConnect with MarkLinkedIn

Episode Outline:[00:42] Bob's background[03:02] Bob's learning experience at Citi Ventures[06:08] The speed of innovation in a start-up versus in a large organization[09:59] Creating the structure of the pitch[13:13] A success story[17:17] When it goes from being a Citi issue to being an industry issue[20:26] Citi's competition[25:07] D10X and the Venture Investing Team[26:30] Designed Thinking[28:42] The hurdles Bob faces with B2B versus B2C[32:07] JTBD (Jobs To Be Done), and Bob's different approach to Agile[35:47] “Think Big and Act Small”[38:01] Busting the myths of the innovation program[40:04] How are they approaching Covid and a post-Covid world?Connect with Bob:LinkedInTwitter

Episode Outline:[01:19] Devyani's early education[02:12] Microfinance work that Devyani did[03:26] Sense of scale of M-Pesa[04:14] What service is M-Pesa[07:59] Its macroeconomic impact[11:13] Distribution and Interaction in the field[13:33] Apps that may be coming out in the next two or three years on the API that will really take the service to the next level according to Devyani[15:32] Will there be competition and contention from traditional banking against these systems?[18:14] Devyani's thinking on utility company versus the customer interaction[19:24] What is the activity around the API today?Connect with Devyani:LinkedIn