The number one aim of small businesses is to become profitable, and quickly. By nature, a small enterprise will have seasonal ups and downs and a cash cycle dictated by factors beyond their control, so ensuring they have enough cash to hand is critical. Profitable companies might see their cash reserves affected if they are moving too fast, and stagnating companies might find an unexpected liquidity issue unsurmountable.
You never get a second chance to make a good first impression.
In digital banking, onboarding is the most direct way to illustrate to users the type of customer experience that can be expected at your bank.
The reality is that soon the days of driving to the bank, waiting in a long line, speaking with assistants and signing long paper contracts will be a thing of a past. This is thanks to a combination of millennials taking control and demanding better mobile banking and new mobile-only banks creating a frictionless onboarding journey.
79% of smartphone owners admit to checking their device within 15 minutes of waking up every morning. Consumers have become hooked on digital apps like Instagram, Uber, Facebook, and Whatsapp, habit-forming products that connect the user’s problem to a solution and captivate us from the first interaction.
Change, in all its forms, brings with it concern and unrest, but also huge opportunity.
Particularly when change is imposed, it is often hard to see beyond the regulations and embrace the possibilities. Banking, having experienced relatively little change in recent times, is now on the cusp of considerable transformation in the shape of PSD2, or the Revised Payment Service Directive.
Co-founding Strands came as a natural next step for me after a degree in computer science from the Technical University of Catalonia (UPC) and a PhD in Artificial Intelligence from the EPFL in Switzerland.
Prior to setting up Strands with Francisco Martin in the US, Professor Boi Faltings and I had co-created and sold a company using AI for travel planning, which at the time was a huge step in innovation.
Whilst studying computer science, I discovered that logic is a mathematical tool that allows computers to model the world with symbolic programming, to solve real world problems that require some degree of intelligence, such as planning and reasoning.