Nicholas Lembo Presentated 'Why Radical Transparency Could be the Answer for Financial Brands'

1. Is radical transparency
the answer?

2. ● ANZ Country Manager
and APAC Growth
● 10+ years in consumer
tech
● @nicholaslembo for
uninformed opinions and
memes

3. Agenda.
who are we?
TransferWise 101
what does it mean at TransferWise?
Transparency
how does this fuel viral growth?
Transparency = growth
risks, rewards, and mistakes...
Lessons learned

4. TransferWise 101.

5. We’re solving a real problem.

6. Money without borders.

7. Instant, convenient, transparent,
and eventually free.

8. TransferWise
today.
customers around the world
5 million
processed for customers every month
$7 billion
saved for our customers every year
$1.8 billion
for over 2 years
Profitable

9. We aim to be 10x
cheaper than the
banks 0.7%
2.5%+
4%
5%

10. We move money at
speeds previously
thought impossible.

11. We make it easy and
convenient for our
customers.

12. We built an
alternative to
correspondent
banking.
Banks TransferWise
First Republic Bank
Sender’s Bank
J.P.Morgan
US correspondent
Deutsche Bank
International correspondent
Standard Chartered
Asia correspondent
Bangkok Bank
Recipient’s Bank
Kasikorn Bank
Thai correspondent
First Republic Bank
Sender’s Bank
Bangkok Bank
Recipient’s Bank
TransferWise Bank
TransferWise Thai Bank
Vs.

13. This problem is
massive.
We started by
focusing on
personal users.
$200B$40T
Corporate
and Supply
Chain
Small
Business
Personal
users
Source: McKinsey Global Payments report 2016; TransferWise
analysis
Foreign Exchange Volumes and Revenues ($B)
Volume ($T) Revenue ($B)
100%
75%
50%
25%
0%
Our focus
so far

14. The TransferWise
account:
Send, spend and
receive anywhere
with transparent
fees and the real
exchange rate.

15. Transparency.

16. Instant, convenient, transparent,
and eventually free.

17. What is transparency?
When you understand exactly how much you will
be charged when you make
an international money transfer.

18. Why?
Everyone has the right to know
what they’re paying for a service.

19. How many people cannot identify the
cheapest transfer when given a range of
choices?

20. 66%
* BIT research

21. 1000 USD to GBP.
Pick the best deal.

22. A B

24. Given rate 0.7518,
mid market rate is

25. What do we think is
the right approach?
Total cost disclosure.
Exchange rate markup
and fee displayed as a
single amount “cost”

27. Transparency = Growth?

28. Mission Fuel.
Transparency in the
market.
Consumers choose
cheapest option.
We can drop
price faster.
Customers save.

29. Growth
Lower price
Better customer
experience
Lower unit cost
More volume
and scale
Growth

31. Rational. Emotional.

32. This all adds up to a
product that
customers love and
recommend. 75%

33. Lessons learned.

34. Transparency in
product
Transparency in
communication
Transparency in
the market++

35. Transparency in product

36. Help users
understand
the total cost.

39. Transparency in communication

50. Transparency in the market

55. Lessons Learned.
builds evangelism and virality
Transparency
transparency has to be in
communication and product
Message is not enough
is possible with enough conviction
Changing a market
You and your team have to live this
with your customers and your culture
Transparency = People

56. Thank you.