Jag Duggal: commitment

Transcript context

…Coming back to your thoughts on the future of FinTech and in LATAM especially, you talked about how the vision is essentially a banker in everyone's pocket. Is there anything more there? Just where do you think all this goes in the future in terms of FinTech banking for people in LATAM and then globally? Yeah, there are a handful of principles, call them hypotheses, that we believe, and there are, I should be super clear, unproven hypotheses that will take years for us to prove out, and I'm sure there will be pivots along the way as we learn that things aren't quite the way we would've hoped at the beginning. But first off, the idea that banking should be holistic, that we need to provide a full solution across what we call the five or six financial seasons of someone's life, right? We spend, we save, we invest, we borrow, we protect, et cetera. And that's a lot of what we've been working on for the last handful of years. So one is we want to be a full solution bank. Second, something we have started, we have had some real success in on the business side, we've made some mistakes on the technical side that we are iterating through is, we are trying to build, and some might argue I'm overstating a bit, but just to be clear, we are trying to build what we believe is the first global bank on a single code base. I come from a world places like Google and Facebook, Google, my first product management experience. I was not allowed to launch unless my product was ready for 40 countries and 40 languages. I believe language number 40 was Finnish, so we were always making sure the thing worked in Finnish. And there are good reasons why ADVA, global online advertising, worked that way. It was a great principle by Google. When you get into FinTech and into banking where the regulations are very local, where the stakes are much higher, that you serve the right 300 by 250 ad, there is a lot of pushback on that kind of, "We're just going to scale this everywhere," sort of mindset. And so how do you marry those two things? There are global banks like Citi or Santander, a lot of them have been built up through acquisition. A lot of them are on distinct code bases and technology infrastructures. We believe there's a lot of leverage if you can build a global bank on a single code base. That's another principle that we are trying to make real. The third is that social mechanics around your financial life, not in general, not another WhatsApp, not another Twitter, and self-driving automation. Why do I have to remember to pay this bill every month? Why do I have to remember to save for my child's university education every month? Why can't I keep my life goals really well-organized? Which is almost impossible to do. My wife and I open up different bank accounts at different banks just to try to do that job, which is, talk about customer workarounds. How do we make the life life cycle of managing your financial life exponentially easier, leveraging these technologies and then using AI, which is an overhyped term right now, but AI to turbo-boost these tasks? We have a phrase we've started using at Nubank, which I really like. David first introduced it. Customers everywhere around the world live harshly unoptimized financial lives. turbo-boost these tasks? We have a phrase we've started using at Nubank, which I really like. David first introduced it. Customers everywhere around the world live harshly unoptimized financial lives. I think that's true regardless of income level, regardless of geography, regardless of sort of life stage of where people are at. If you have a young child, it is very hard to keep track of all the things you should be doing. You should be opening a savings account of a specific kind that stacks advantage in this way. These are problems that should be solved and should be solved soon and can be automated and where insights can be brought to bear for customers who are not super sophisticated in their level of financial education, which by the way is almost all of us. Some of the people who think they're the most sophisticated are the ones who burn the most money in casinos that they call the stock market. And so these are some of the principles around which we are the next phase. What if there were someone right next to you who could tell you what the smart move was to make today at this life stage? You've just had a child, you've just gotten married, you've just bought a house, you just want to remodel, whatever it might be. We think the technology is there or thereabouts to be able to do that. Why not have the company that reinvents banking come out of Sao Paulo, Mexico City, Bogota? Why does it have to come out of San Francisco, New York or London? We see no reason why it can't be us, so we're going to give it a whirl.…

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