latinindustry

Hello Guys,

Past innovators often tried to replicate the whole bank, resulting in business models that either appealed only to the most tech-savvy or price-conscious customers. Today’s innovators are aggressively targeting the intersection between areas of high frustration for customers and high profitability for incumbents, allowing them to “skim the cream” by chipping away at incumbents’ most valuable products. It is hard to think of a better example of this than remittance – banks have traditionally charged very high fees for cross-border money transfers and offered a poor customer experience, with transfers often taking up to three days to arrive at their destination. UK-based company Transferwise is challenging this process using an innovative network of bank accounts and a user-friendly web interface to make international transfers faster, easier and much cheaper. Startup Video is increasingly being used by startups to market their offerings and reach new clientele. Thanks to this business model, the company now oversees over £500 million of transfers a month and has recently expanded into the US.

Thanks