“Play by the rules,” we are told as kids (and adults). “Break the rules” innovators often say when pursuing new ideas. But what they should really be thinking, instead, is how to apply technology to reinvent the status quo – while playing by the rules. If you need convincing, just look at the fallout that happens when that isn’t the case – Theranos, Lending Club, and Ethereum.
How can we reinvent & “play by the rules” together? Breaking the rules alone can only lead to disaster #Daily2CNTS: https://t.co/OnB0wJjTI7
— Karen Webster (@karenmpd) July 1, 2016
Uncertainty creates huge frictions in payments. It’s why Apple Pay struggles to get traction, why plastic still rules at the POS and why London Fintech is in an uproar right now. Innovators need to consider the degree to which their “next big thing” introduces uncertainty and their plan for getting consumers and businesses over the uncertainty hump and onto something different and even potentially more valuable.
Take note. Uncertainty is kryptonite for #payments. Consider this before releasing your “next big thing” #Daily2CNTS https://t.co/9P2LHK2SAP
— Karen Webster (@karenmpd) June 30, 2016
What’s the key to getting mobile payments traction? Don’t make it about payments.
What’s the key to getting #mobilepayments traction? Don’t make it about payments #Daily2CNTS https://t.co/9P2LHK2SAP pic.twitter.com/wApu1lP2Pr
— Karen Webster (@karenmpd) June 29, 2016
Technology can do lots of cool things, but it can’t change the fundamentals of a business. Lending is about risk, pricing that risk properly and managing that risk effectively. If true, the latest Lending Club allegations (this time from the company itself) make it seem more like a technology-enabled good old-fashioned consumer finance play gone very, very bad.
Even with great #tech a business can still spiral. That seems like @LendingClub’s story… #Daily2CNTS: https://t.co/9P2LHK2SAP
— Karen Webster (@karenmpd) June 28, 2016
Uber’s move to make pricing transparent says that consumers really like it when making a payment is invisible, but they don’t like it when how much they’re spending is invisible. Innovators need to strike the right balance.
We need to strike a balance between invisible payments & transparent pricing. #Uber seems to get it: https://t.co/2ABb4niQ8i #Daily2CNTS
— Karen Webster (@karenmpd) June 27, 2016
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