Jag Duggal: commitment

Transcript context

…Okay, that's wild. Our story started as, we were a Brazilian credit card monoliner in an app and all the rest of it. Around the time, slightly before, but around the time I joined the phase two of the company, the mandate of what we were trying to do, which has really been the story of the last five years, was we were going to go from a Brazilian credit card company to a full solution Latin American bank, which meant we launched five new products. We launched a bank account, which allowed us to go from being a secondary banking relationship to increasingly a primary banking relationship. About half of our 90 plus million customers, we are the primary relationship. We built a lending product, we built an investments product, we built an insurance product, we built a series of small business products. While we were doing that, we were also making the leap to prove, despite a lot of skepticism, that our business model was exportable and not a unique Brazilian phenomenon. So we launched into Mexico and launched into Colombia and now we are starting to take the full suite of products and go beyond credit card in Mexico and Colombia as well. So depending on how you look at that matrix, we are a dozen plus products and we're working on the phase three of our products, which is moving beyond financial services. We've launched an e-commerce marketplace within our app, which is perhaps a bit counterintuitive if you're coming from the US. And we're also envisioning a world where banking is, again, to use the phrase that we love at Nubank, fundamentally different than it has been in the last 100 years. And we believe that social technology, self-driving and AI technologies can build a just completely different experience, where we're not building a bank branch and putting it in your pocket. We're building a personal banker, which today, I don't know, 10 million people around the world have access to and you got to have a lot of money to do it. We believe that job can be democratized ultimately to all eight billion people on the planet, and we believe it can be done better for those eight billion even than the 10 million are getting today. But that's a lot of work, and that's, to use Christopher Lochhead and his co-author's language, that's the new category that we are trying to define over on a global basis. It's going to be a tiny little banker to fit in your pocket, tiny little person.…

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