startup week tallinn 2018 - creditinfo eesti...
TRANSCRIPT
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Why Your Fin-Tech startup idea sucks? Startup Week Tallinn 2018
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• Karl Märka is the Head of Data Science &
Analytics at Creditinfo Estonia and also a co-founder in an early-stage proptech startup
Securebadger
• Jüri Laur is the Head of Fintech Services at LHV
Bank, taking care of LHV's FinTech customers.
Previously looked after payments in Skype, Microsoft and Full Tilt Poker
• Martin Kõiv is a Product and Sales Manager at
Creditinfo Estonia. Before this he travelled the
world for 5 years and experienced the world
Speakers
slido.com
#creditinfo
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You won't believe these 6
quick tricks to fail a FinTech
startup!
Jüri Laur
Head of FinTech Services, LHV Bank
You’ll Never Believe
What Happens Next! The Secret the
Government Doesn’t
Want You To Know
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Let’s start a payments app! Hey -
everybody buys stuff, right?
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Flop #1
2011
2015
2018
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Flop #2
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Floppy McFlopface #3
2.27 billion AMU !
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Flop #4 & #5
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..but..but people want to pay with their mobile devices!
NOPE!
People don’t want to pay at all. And if they REALLY have to, they
want to deal with it as little as possible.
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Key problems for payment apps
• Funding friction – it’s tedious for the customer and costly for the operator.
• Changing consumer behaviour is difficult.– SPEED!!!! The experience has to be at least as fast as paying
with an NFC card.
• Mass adoption or failure!
To overcome the first 2 problems you need strong
motivation (both from customers and merchants) and for
3 - a catalyst.
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Contactless card payments in the UK
The Great Adoption Catalysts
NFC payments available in the UK since September
2007
Mass adoption came with TFL enabling NFC payments
in London underground / replacing Oyster cards in 2014.
Even here speed is an issue! Compared to Mifare Oyster cards, NFC payment
is slower. (1/3 second vs 1/2 second)
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The Great Adoption Catalysts
Launched digital Red Envelopes for Chinese New Year 2014. Handed out ca €75m worth in
„lucky money“.
- 1 billion active monthly users using WeChat
- 80% of them have used payments
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The Great Adoption Catalysts
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The sweet spot is finding a niche and crushing it.
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Caters to :
– Silicon Valley filthy-rich tech companies
– Californian wine producers
– Science and healthcare
– Private equity & VC
– Energy sector
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Cutting vs layering
In tech – cutting out middlemen has been the winning
strategy.
In FinTech it’s mostly about becoming a specialist
middleman instead.
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What do you know! Banks are dead anyway!
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€$¥ Bank X
Bank Y
Gazillion
services
Partner banks and service
providers
€$¥ FinTech service Bank X
Bank Y
Bank Z
Most likely
specialized
services
Partner banks and
service providers
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Thank you!
Q&A
AS LHV PANK TARTU MNT 2, TALLINN 6 800 400 [email protected] LHV.EE
Jüri Laur
Head of Fintech Services
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Narva mnt 5 · 10117 Tallinn · 665 9600 · www.creditinfo.ee
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Mortgage Brokers &
Politically Exposed
Persons Database -
Examples of Failed
Business PlansKarl Märka
Head of Data Science & Analytics
Creditinfo Estonia AS
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Narva mnt 5 · 10117 Tallinn · 665 9600 · www.creditinfo.ee
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What’s wrong with the world
and how to fix it?
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Overregulation
Why don’t large FinTechs want to become banks?
Regulatory burden can consume 30%+ of total resources.
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PSD2
Has the potential to eliminate „funding friction“ for new
financial services.
Unfortunately is essentially a non-standardized standard.
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Underregulation
Cryptocurrency sector is the Wild West
o ICO-s which could be illegal IPO-s
o Scam-coins and ICO investment fraud
o Unlicensed and potentially fraudulent investment services
Yet blockchain and cryptocurrencies have incredible potential
and need legal frameworks to support them.
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Tips
• Seek out „regulatory sandboxes“ – meant for Fintech
startups.
• Find the community and become a part of it.
• Get a basic understanding of the relevant legislature.
• Think niche, but global.
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Immediate opportunities
• Cryptocurrencies & DLT
• PSD2 combined with SEPA Instant in EEA and Faster
Payments in the UK
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Narva mnt 5 · 10117 Tallinn · 665 9600 · www.creditinfo.ee
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Second Payment
Services Directive
(PSD2) - Problems &
OpportunitiesKarl Märka
Head of Data Science & Analytics
Creditinfo Estonia AS
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Online Payments
Without PSD2 With PSD2
Customer
Merchant
Acquirer
ProcessorHome bank
Pa
ym
en
t req
ue
st
Payment request
Customer
Merchant/PISP
Home bank
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Account scraping
Account Information
Without PSD2 With PSD2
Customer
Account 1Loan provider
Cashflow app
Account 2
Account 3
Customer
AISP
Account 1
Account 2
Account 3
Loan provider
Cashflow app
SmartID
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Authentication & Consent Management
• Only SCA allowed in European Union
• Redirect-based authentication:- Estonian or Finnish ID-card
• Decoupled authentication:
- Smart-ID
- Mobile-ID
Loan provider
CustomerAISP
Home bankSDK embedded
in mobile app
OAuth2 w/
Smart-ID
Token via HTTPS
Stores consent for 90 days
JSON via HTTPS
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Important Dates
• API sandbox functionality by 14. March 2019
• Production functionality by 14. September 2019
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Applying for an AIS or PIS License
• Issued by FSA-s in respective countries
• 3-6 months review period
• 1000€ + annual fee
• 50 000€ capital + buffer required for PIS license
• IT audit performed by FI
• Competence of the management board
• Review of the business plan
• Liability Insurance
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Dos and Don’ts of a Business Plan
Don’t:
• Make your business plan conditional on PSD2
• Start building PSD2-related services if your runway is < 12 months
• Try to streamline the customer flow with PSD2 direct payments
• Try to reinvent the wheel
Do:
• Supplement your business plan with PSD2 applications
• Use partners with already existing products
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„Moreover, technological developments have given rise to the emergence of a range of complementary services in recent years,
such as account information services.
Those services provide the payment service user with aggregated
online information on one or more payment accounts held with
one or more other payment service providers and accessed via
online interfaces of the account servicing payment service
provider.
The payment service user is thus able to have an overall view of its
financial situation immediately at any given moment.“
- DIRECTIVE (EU) 2015/2366
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Narva mnt 5 · 10117 Tallinn · 665 9600 · www.creditinfo.ee
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How Can Creditinfo
Help with Your Data NeedsKarl Märka
Head of Data Science & Analytics
Creditinfo Estonia AS
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Narva mnt 5 · 10117 Tallinn · 665 9600 · www.creditinfo.ee
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Take Advantage of (available) DataMartin Kõiv
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ABOUT
CREDITINFO
IS FINTECH
WORTH THE FUSS?
AVAILABLE
DATA AND SOLUTIONS
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EXPERTS IN CREDIT RISK MANAGEMENT
AND DATA ANALYTICS
Credit Bureaus Decision Analytics& Consultancy
Business Information
& Information solutionsFinTech Innovation
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CREDITINFO OFFICES
EUROPE
United
KingdomSpain
Czechia
Slovakia
RomaniaMalta
Monaco
IcelandEstonia
Latvia
Lithuania
Ukraine
LATIN AMERICA & CARIBBEAN
Mexico
GuyanaJamaica
Barbados AFRICA
Morocco
SenegalMali
Burkina Faso
Niger
Guinea BissauIvory Coast
Benin
TogoTanzania
Kenya
CENTRAL ASIA
Kazakhstan
KyrgyzstanGeorgia
ASIA
Singapore
United Arab Emirates
MIDDLE EAST
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“In a world where 2 billion adults
are still unbanked, Creditinfo is at
the forefront of removing borders
to finance.”
Our role
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ABOUT
CREDITINFO
IS FINTECH
WORTH THE FUSS?
AVAILABLE
DATA AND SOLUTIONS
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$3,90$8,20
$16,00$19,00 $17,90
$32,60
2013 2014 2015 2016 2017 2018*
Annual VC-backed global fintech financing($B)
Source: CB Insights * YTD
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Today there are 33 fintech unicorns with a combined valuation of $115.49 B!
• North America – 21
• Asia - 8
• Europe – 3
• South America – 1
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ABOUT
CREDITINFO
IS FINTECH
WORTH THE FUSS?
AVAILABLE
DATA AND SOLUTIONS
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AVAILABLE DATA AND SOULUTIONS
Private personCompanies
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• General info and related persons
• Creditinfo ultimate beneficial owner
• AML info
• Accurate Contacts
• Payment defaults
• Tax debt
• Paid taxes
• Immovables
• Financials
• Media coverage
• Official announcements
• Public grants
AVAILABLE RAW DATA ABOUT ESTONIAN COMPANIES
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BUT RAW DATA IS BORING!
INFORMATION AND ANALYTICS IS WHERE THE FUN IS AT
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INFORMATION SOLUTIONS
Maybe you want a pre-made decison about the quality of
the company?
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INFORMATION SOLUTIONS
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INFORMATION SOLUTIONS
Perhaps knowing the people currently or previously
connected to the company is important to you?
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INFORMATION SOLUTIONS
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INFORMATION SOLUTIONS
Do you need to comply with AML rules and regulations?
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INFORMATION SOLUTIONS
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INFORMATION SOLUTIONS
Private person
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• Citizenship
• Permit type and date
• Immovables
• Official announcments
• Payment defaults
• Tax debt
• Companies related to the
person
• Current business bans
AVAILABLE RAW DATA ABOUT PRIVATE PERSONS
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IS THIS ALL YOU´VE GOT?
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INFORMATION SOLUTIONS
Widely used by:
• Banks
• Telcos
• Insurance
• MFI-s
• Alt. Finance
• Etc.
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INFORMATION SOLUTIONS
What about alternative scoring?
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COREMETRIX
Not everyone can access credit for reasons of history or
geography.
Some people don’t even have a credit history, but everyone
has a personality!
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COREMETRIX
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INFORMATION SOLUTIONS
Coremetrix has proven that a link exists between psychology and credit and risk behaviour.
We have developed a series of quizzes which, in real time, assess consumer risk, unlock credit and helps to provide appropriately priced products for all.
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INFORMATION SOLUTIONS
What can you do ?
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SCORING AND DECISIONS BASED ON NEW AND
ALTERNATIVE DATA
Smartphone data Social networks
Clickstream data Gig economy
Bank transactions etc….
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WHERE IS THE WORLD HEADING?
Cross border identification – The ability to transfer my Credit history from one country to another
Personalized product offerings – We are all unique and special!
Data players becoming lending players – Whoever isproducing data, is also an participant in the lendingmarketplace
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WHERE IS THE WORLD HEADING?
There is still a huge cap between what is and what
could be!
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