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Financial crises are driving people to talk about the elephants in the room (debt etc.)
Hacker mindset is spilling over into finances; people want to beat the system
Interactions (emotional and cognitive things which occur between people) + transactions (the actual financial stuff going on). When these both work together, the results can be incredible. Examples:
Venmo, which combined chat with money transfer (and an emoji)
SoFi, does personal fina...
Many companies/products use social (“multi-player”) as a way to get started, and then move more towards the financial (“single-player”) side of their offering.
SoFi, again, built a tight community and then concentrated on lending
Wealthfront, an investment firm, started out as KaChing...
Money is still private, so people are less likely to invite each other to a social product that involves money
However, some companies are able to get past this by not blatantly linking to money
Robinhood is one example. It functions more as a game and allows consumers to feel high cl...
Taking transaction to social (like Robinhood)
From social sites, like those which have developed wallets etc
From games, like Fortnite, which now has a token economy
From platforms, such as Reddit (think WallStreetBets), which see crazy behaviors that could become mainstream…or ...
Some emergent social trends stay niche (or subculture), but if stigmas drop for the trend, it could go viral
Crypto is one socio-finance topic that has changed how we talk and think about money
Debt is one of the hardest socio-finance topics to tap into, but Instagram hashtags are one...
Examples of companies doing this well:
Joy – app to rate transactions by how you feel
Credit Karma – making debt less scary and providing transparency so you can know how you stack up to others
Examples of not doing this well:
Budgeting and personal finance apps. They have...
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As companies continue to expand globally and new payment methods are created, there is an increasing need for a new generation of “financial operations” (FinOps) to help businesses manage their money.
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