How to Win in the Experience Economy
Play • 37 min

How can organizations compete for customers, time, attention and money in an increasingly digital world where time is limited, attention is scarce and the ability to genuinely engage with consumers has become more difficult than ever?


One of the few brand differentiators available today is to build memorable and repeatable experiences. Unlike in the past, when many of these experiences could be built in a one-to-one tactile world, digital delivery changes the game.


To better understand the challenges and opportunities of building a compelling customer experience, I am joined by fellow Clevelander Jim Gilmore. Jim is the coauthor, along with Joe Pine, of one of the best business books of the 20th century, "The Experience Economy". Jim shares examples of how executives from any industry can set themselves apart from the competition be creating personalized and transformative experiences.


Episode Sponsor: Auriga

Auriga is a leading supplier of software and technological solutions for the banking and payments industries, and a specialist provider of innovative omnichannel solutions to banks and other financial institutions.

Auriga wants to help bank branches avoid closure by moving to a “Lean Bank Branch” model. The model reinvents branches as leaner operations, creating enhanced value for customers based on self-service for simple functions and video calling booths for one-to-one personalized advice - reducing their operating costs.

As safety has been redefined by COVID worldwide, the lean bank branch requires no contact yet puts human connection and conversation back into banking.

Find out more at www.aurigaspa.com/leanbankbranch/

LinkedIn - https://www.linkedin.com/showcase/auriga-uk-the-banking-e-volution/

Twitter - @aurigaSW

Fintech Insider Podcast by 11:FS
Fintech Insider Podcast by 11:FS
11:FS
505. Insights: How to build a cashless society
Simon Taylor is joined by some great guests to talk about cashless societies. In recen years the popularity of cash has dwindled as digital payments have become faster, cheaper and more convenient. In the UK, Sweden, China and many parts of the world we’re moving closer and closer to a cashless economy. The panel explores what would happen if we started from scratch now: What would our ideal financial system look like and how can we get from where we are now to where we want to be - and would we use cash at all? Joining us today are: * David Dechamps – Senior Vice President, Digital Payments & Labs for Mastercard in Europe * Joseph Hajj - Chief Strategy Officer, Swish * Nadia Costanzo - Head of Banking for MEA & Latin America at Wise This podcast is brought to you by Jack Henry Digital (https://hubs.ly/H0w__kt0) the pioneer and creator of personal digital banking that helps community financial institutions strategically differentiate their digital offerings from those of MegaBanks, BigTechs and FinTechs. Banking as a Service is deconstructing the banking stack. It's enabling brands to embed finance more easily, and to tailor financial products to specific customer needs. This is presenting new opportunities for specialised providers and offers banks extra revenue streams. Download our report for a comprehensive, no BS view of what Banking as a Service is and what it means for the industry. Head to bit.ly/bankingasaservice (https://bit.ly/bankingasaservice). Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. Hosted by a rotation of 11:FS experts including David Brear, Simon Taylor, Jason Bates and Sarah Kocianski and joined by a range of brilliant guests, we cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Follow us on Twitter: www.twitter.com/fintechinsiders where you can ask the hosts questions, alternatively email podcasts@11fs.com! Special Guests: David Dechamps, Joseph Hajj, and Nadia Costanzo.
39 min
Payments on Fire®
Payments on Fire®
Glenbrook Partners, LLC
Episode 144 - Innovation in Fast Money: 4th Annual RTP Network Update - Steve Ledford, The Clearing House
A Global Phenom Realtime Retail Payments (RTRP) systems are a global phenomenon. These systems exist or will soon in over 50 countries around the world. Some have been in operation for decades. The UK’s Faster Payments system, operated by Mastercard’s Vocalink unit, has been in operation for over ten years. Still others are still in the design stage. These account-to-account systems (A2A) have gained in regulator popularity because: * They are fast. The receiver has near instant availability * They are push payment systems. Transactions don’t take place unless the sender has enough money to fund the transaction. In other words, authorization takes place before the transaction * User authentication is up to the financial institution * These systems operate year round, 24x7 * They are inexpensive. Transaction pricing is fixed, regardless of the value of the payment itself * They have rich data carrying capability * Some include a new message type called Request for Payment, essentially a digital invoice message that prompts the payer to send money and smooths account reconciliation. Still New to the US Most Americans still have no idea there’s a new national payment system in operation. Or that a similar one will begin operation in a few years. Wallets like Venmo and the Cash App abound. But an entirely new set of payment rails? That happens once in a generation. Some of those Americans, on the other hand, may have experienced what a system like this can do. Zelle is a fast push payment system that moves money between banks accounts. But Zelle is more of a directory-enabled messaging layer. The money movement between banks relies on older payment rails like ACH and wires. New Age messaging and user experience; old fashioned settlement. Key RTP Characteristics Payments geeks, like Payments on Fire® listeners, know that the Real Time Payments Network takes a different approach. Operated by bank processor, The Clearing House, the RTP Network leaves management of the user experience and the use case up to the bank, the processor, or the provider serving a particular industry. The RTP Network provides: * The messaging between the sender and the receiver and each of their banks * Nearly instant availability of the funds into the receiver’s account (by network rule) * 24/7/365 operation (ACH and wires take a break after working hours) * Instant settlement between the sending and receiving financial institutions In short: the RTP Network provides the plumbing and pipes. What it looks like and how it’s used is up to another stakeholder. Members of the network are financial institutions who either expose the RTP rails themselves or sponsor third party access so that those entities can make use of them. Nothing groundbreaking there. An RTRP with RTGS One of the impressive features of the RTP Network is that interbank settlement, the movement of funds between the sender and receiver banks, happens in realtime. The two banks settle their positions instantly. Settlement happens in realtime for every transaction. That’s what a realtime gross settlement (RTGS) does. Contrast that with a system like Zelle that provides instant messaging among the stakeholders but typically leaves the final movement of monies between banks to an overnight batch process via ACH. And this is net, not gross, settlement. The amount includes all of the day’s transactions. The RTP network achieves its RTGS capabilities using the following technique: * RTP requires each member financial institution to pre-fund monies sufficient to handle its transactions. The money to operate the system has to be in place ahead of time. This eliminates settlement risk between the banks * Each FI’s monies are pooled in a single pooled account, owned in common by the RTP Network’s member financial institutions. This pooled account is held at the the Federal Reserve * The Clearing House maintains a ledger that tracks every transaction, that debits and credits FI pairs in realtime for each transaction * Each Member FI is responsible for making sure it has enough funds to cover each of the transactions initiated by its accountholders. Each FI uses another open loop payment system, FedWire, to move monies into and out of its share of the pooled account as needed. A Maturing System That’s a lot of background to help US contrast this system against the other four mostly digital systems in the U.S. (If you’re not clear on that, join us for the best in payments education at a Glenbrook Payments Boot Camp®) The RTP Network is in its fifth year of operation. In this Payments on Fire® episode, Steve Ledford updates us on: * The growth in member financial institutions * The growth in transaction volume * The expanding set of use cases * Who is using the RTP Network * How COVID-19 accelerated usage in new use cases So, take a listen. Here’s Steve talking about those new COVID-driven use cases. For a snapshot of how the faster payments phenomenon is growing in the U.S. here is the 2020 Faster Payments Barometer. Read the episode transcript Find more podcasts, visit Glenbrook's Payments on Fire® site Read expert payments industry commentary at Payments Views. Read the latest at Payments News. Subscribe here. Read our COVID-19 Payments Industry eBook
38 min
Marketing Today with Alan Hart
Marketing Today with Alan Hart
Alan B. Hart
The Power of Audio with Audioburst founder and CEO Amir Hirsh
On this 248th episode of "Marketing Today," host Alan Hart speaks with Amir Hirsh, the chief executive officer and founder at Audioburst. This AI-powered audio discovery platform helps connect content consumers with relevant audio clips. Our conversation starts with how people have a tendency to call Hirsh crazy due to his innovative and forward-thinking. Hirsh discusses how 2020 acted as gasoline on the audio fire and how "audio connects people much stronger and creates brand affinity." In the last year alone, the podcast industry more than doubled in size as more and more people crave content that doesn't hurl visuals at their eyeballs. We then dive into Hirsh's company Audioburst and how it has "built an AI engine that listens to that vast amount of content," analyzes, and cuts it into short clips to make it more discoverable on the internet. Hirsh explains the massive opportunities that await marketers who can create or participate in their own audio content, as well as sponsor and attach their name to the audio content of others. The power of audio lies in the fact that "it can pretty much follow you throughout your day without interrupting whatever it is that you're doing at that moment in time." No matter how many people call him crazy, Hirsh sticks to the guiding principle that has gotten him here. "As long as you are true to yourself, you'll be a happier and more contributing person in life." Highlights from this week's "Marketing Today": As an entrepreneur that has spent his life in innovation and forward-thinking, Amir has been called crazy plenty of times. 1:13 2020 saw the audio industry explode with more people connecting via audio and technology than ever. 2:20 Podcasting doubled to 5.5 million podcasts in 2020 alone as more and more time has been spent at home. 2:54 Consuming content through the ears rather than the eyes frees up the consumer to do so much more. 3:40 Though Amazon was a little bit late to the audio game, it has positioned itself to be the 800lb gorilla in the room. 4:27 Voice penetration through Alexa will allow Amazon to push audio content at an entirely new level. 5:36 It's vital for marketers to think about audio as it becomes more available in all industries. 6:40 People can connect with brands at a much higher rate through audio than just being bombarded with visuals. 7:10 If you are not moving your ads into the audio dimension, you miss out on half of the consumers' attention span. 8:00 Amir started Audioburst to help podcasts and other audio connect with internet searchers. 9:27 By adding as much metadata as possible to the audio clips, Audioburst makes audio much more discoverable. 11:00 Other than making it accessible, Audioburst aims to make audio easy to use on many different platforms. 11:42 Currently, Audioburst partners with the likes of Samsung and Hyundai to integrate into multiple industries. 13:31 Rather than answering questions with an automated voice, Audioburst provides an audio clip from an expert in that field. 15:15 Audio finds its power in its ability to follow you around throughout the day without interrupting your activities. 16:44 Brands and marketers should be open to opportunities both in audio and on audio. 17:56 Opportunities in audio involve brands and marketers creating their own audio content, whether producing or being interviewed. 18:24 Placing a brand around a playlist, podcast, or audio event is how brands can participate in audio. 19:28 Amir attributes all the ups and downs that created his personality as someone that remains true to himself. 22:00 Looking back, Amir thinks it's important never to lose your inner child as you go through the ride of life. 24:26 It's important to actively care about the world you live in and the people around you. 27:30 There's still time for brands and marketers to get in on the audio pie, but the longer they wait, the more they risk missing out. 29:00   Resources Mentioned: Audioburst Amir Hirsh $1B M&A Audio Market Amazon Music, Audible, Alexa Spotify launches audiobooks   Subscribe to the podcast: Listen in iTunes (link: http://apple.co/2dbdAhV) Listen in Google Podcasts (link: http://bit.ly/2Rc2kVa) Listen in Spotify (Link: http://spoti.fi/2mCUGnC ) Connect with the Guest: https://www.linkedin.com/in/amir-hirsh-2a80384/ https://twitter.com/audioburst Connect with Marketing Today and Alan Hart: http://twitter.com/abhart https://www.linkedin.com/in/alanhart http://twitter.com/themktgtoday https://www.facebook.com/themktgtoday/ https://www.linkedin.com/company/marketing-today-with-alan-hart/   Support the show: https://www.patreon.com/marketingtoday See omnystudio.com/listener for privacy information.
31 min
Evolving for the Next Billion by GGV Capital
Evolving for the Next Billion by GGV Capital
GGV Capital
Max Levchin of Affirm: Why I Built Affirm after PayPal
Today's episode was recorded back in 2019, way before Affirm became a 27 billion dollar public company, and the BNPL (that is buy now pay later) won over young consumers across the world. Before Affirm, Max was known as the co-founder of PayPal, where he designed the company's system to detect fraud. A "fintech nerd", as he called himself and serial entrepreneur, Max shared how Affirm was a product of his guiding principle in life, and how his wife was the voice of reason when defining what was fun for him. This episode is co-hosted by GGV managing partner Glenn Soloman and first appeared on Glenn's podcast Founder Real Talk. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or assets are for illustrative purposes only; such references do not constitute any recommendation to either buy or sell such securities or assets and are not intended to serve as the basis for any investment decision, nor do they constitute an offer to provide investment advisory services. Any information provided by third parties in this content does not reflect the views of GGV Capital and its subsidiaries or affiliates. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon, when making a decision to invest in any fund managed by GGV Capital. Any investment or portfolio company mentioned, referred to, or described is not representative of all investments in vehicles managed by GGV Capital, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.
54 min
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