Need to Know   15 : 06 : 18
Padoq app by Nothing But Epic agency

Need to Know
15 : 06 : 18

At Web Summit’s MoneyConf 2018, discussions focused on the importance of blockchain technology, whether cryptocurrency has a future and how the bank should evolve.

1. A crypto-powered economy that instils trust 2. Padoq fosters a sense of community 3. A financially adept chatbot for banks 4. Coinhouse schools people in cryptocurrency 5. The conversation economy is set to boom during 2018 6. Why brands need to pay attention to the world’s unbanked

1. A crypto-powered economy that instils trust

Starting From Scratch, Kuvacash, Zimbabwe

A recurring theme throughout MoneyConf was the value proposition that cryptocurrency holds for non-Western consumers living in unstable economies. Due to be launched later this year, Kuvacash is a new cryptocurrency platform that seeks to address the catastrophic effect that hyperinflation has had in Zimbabwe.

Powered by digital currency Dash, the new peer-to-peer payment system enables consumers to exchange US dollars for blockchain tokens, which can then be used to pay for goods or services at any retailer that uses the Kuva app or to send and receive money instantly via a phone number without the need for a bank account.

In addition to the platform itself the brand is instigating wider change by using Kuvacash to re-imagine the transport network in Zimbabwe’s capital city, Harare. With the city’s council vying to ban the city’s highly polluting kombis but failing to propose any viable public transport alternatives, the brand is proposing an emissions-free, aerial cable car that will integrate with its payment system to transport passengers across the capital’s central business district.

For more on how young Africans are investing in their future through cryptocurrency, see our Generation Z Money Market.

2. Padoq fosters a sense of community

Padoq app by Nothing But Epic agency Padoq app by Nothing But Epic agency

First noted by LS:N Global in 2016 when adidas introduced its own network of dark social influencers, consumers are increasingly turning away from platforms such as Facebook where advertising is a constant intrusion and instead using platforms like WhatsApp to communicate with their peers.

Manchester-based digital agency Nothing But Epic has created its new social networking platform, Padoq, in response to this growing interest in more private forms of social media.

Unlike WhatsApp, the community-focused app offers all of the functionality of Facebook groups by allowing organisers to plan an event, start discussions, create polls and share files and photos, as well as allowing for secure payments to be made directly through the platform.

Padoq ensures users’ privacy by allowing them to participate in group conversations anonymously without giving away their phone number or other personal details. Through the platform, Nothing But Epic will help to grow a network of micro-influencers that brands can work with by allowing the groups’ administrators to approve certain adverts that would be of interest to participants in exchange for a share of profits.

3. A financially adept chatbot for banks

While chatbots are increasingly common across sectors, traditional financial institutions have been slow to incorporate this technology into their customer service offering. SpiceFactory, however, hopes to change this with its new white label chatbot developed for banks.

The bot, Cognito, integrates with messaging platforms such as Facebook Messenger, Slack or Kik, allowing customers to seamlessly manage their money across accounts, track expenses and obtain loan guidance at their fingertips. If an issue arises that the bot is unable to answer, however, it will forward the request on to one of the brand’s customer services personnel.

‘To attract new customers, build a more loyal customer base, and drive more incremental revenue, banks need to meet their customers where they already are – in messaging apps,’ says Milos Zikic, CEO of SpiceFactory.

Technology is a valuable customer services offering for banks in their battle to remain relevant. By integrating into the messaging channels that consumers are already engaging with, banks can better connect with people on the go.

Cognito chatbot by Spicefactory

4. Coinhouse schools people in cryptocurrency

Coinhouse Store, France
Coinhouse Store, France
Coinhouse Store, France

Formerly known as La Maison du Bitcoin, Coinhouse’s recent rebranding will enable it to expand beyond its native France to better engage consumers from across Europe with cryptocurrency. In acknowledgement of the wariness that persists among the general public with regard to cryptoinvestment, the company hosts daily workshops and face-to-face consultations to better educate individuals. This bricks-and-mortar location, known as the Coinhouse Store, plays host to discussions such as The Blockchain and its Applications and Crypto-assets: A Technology of the Future?

As part of the rebranding, the company is launching a new online platform with a more user-friendly interface and faster verification process for investing in cryptocurrency. It is also introducing a dedicated research and analysis department, which will produce educational content to better inform consumers on future blockchain technologies.

The volatility of Bitcoin makes it a potentially fruitful investment opportunity, but not a viable payment method. But the introduction of new stable cryptocurrencies that are tied to fiat money, such as Circle’s new USD Coin, do mark a step closer to cryptocurrency’s inclusion within mainstream payment systems.

5. The conversation economy is set to boom during 2018

The so-called conversation economy is set to grow exponentially over the coming year as consumers become more trusting of voice interfaces, according to new research by the information security company Pindrop.

Some 85% of businesses surveyed are planning to use voice-activated assistants like Amazon’s Alexa or Microsoft’s Cortana to communicate with customers in some capacity, up from 28% this year. In the longer term, more than two thirds (67%) of brands are planning to use voice-activated assistants for the majority of their customer interactions. For more on the evolution of voice commerce read our market.

6. Why brands need to pay attention to the world’s unbanked

With the world’s unbanked population totalling around 2bn and many more classed as underbanked – meaning that while they may hold a bank account they engage with it minimally – foresight writer Rhiannon McGregor argues that paying attention to this underserved portion of society will not only have benefits for society at large but also for the brands themselves.

While the Western world may be grappling with consumer-centric legislation like PSD2 and Open Banking, for many consumers in developing countries traditional financial institutions have failed them entirely. Opening a bank account is too costly for people depositing relatively small amounts and most therefore prefer to store their money as cash, which of course poses a greater security risk.

As Jalak Jobanputra, founder of investment company Future/Perfect Ventures, explains remittances are also an extremely expensive financial service that squeeze the poorest sections of society the most. In Africa, for example, remittances are typically levied with a fee of 20%. In light of this a spate of new fintech companies are using the power of technology to create a financial landscape that works for everyone.

Blockchain, for example, is being used to create remittance systems that bypass the banks and therefore fees can be reduced to just 3% per transaction. Considering that an estimated £432bn ($574bn, €432bn) was sent by migrants worldwide to their home countries in 2016 (source: Pew Research Centre), tapping into this market offers huge profit potential for agile start-ups moving into this space.

In an increasingly globalised world forward-thinking brands are using technology to bring about a new global economy that serves the needs of all consumers.

Apollo Agriculture, Kenya
Discover More News
Social media star Kai Cenat launches Streamer University

News

Social media star Kai Cenat launches Streamer University

Twitch sensation Kai Cenat has launched Streamer University, a weekend-long experience for aspiring creators to collaborate, learn and produce cont...
Media : Entertainment : Education
De Beers to close its lab-grown diamond jewellery brand

News

De Beers to close its lab-grown diamond jewellery brand

De Beers Group has announced the closure of Lightbox, its lab-grown diamond jewellery brand, signalling a strategic retreat from the synthetic jewe...
Luxury : Sustainability : Jewellery
Financial mansplaining endures for a majority of British women

News

Financial mansplaining endures for a majority of British women

Gender bias in money matters is pushing British women out of financial conversations, according to new research commissioned by digital wealth mana...
Finance : Diversity : Inclusion
Avanade Intelligent Garden gives trees a voice at Chelsea Flower Show

News

Avanade Intelligent Garden gives trees a voice at Chelsea Flower Show

This year’s RHS Chelsea Flower Show invites visitors to interact with AI-enabled trees in the Avanade Intelligent Garden.
Technology : Nature : Sustainability
ITV launches deaf-led drama with BSL and silent ad break

News

ITV launches deaf-led drama with BSL and silent ad break

ITV is pushing the boundaries of inclusive storytelling with the launch of its new prime time drama Code of Silence, starring BAFTA-winning actor a...
Media : Diversity : Inclusion
Stat: Boomerang generation return home due to cost of living crisis

News

Stat: Boomerang generation return home due to cost of living crisis

The rising cost of living and unaffordable housing are fuelling a surge in adult children returning to the family home.
Family : Home : Youth
Manchester City brings grassroots spirit to kit launch

News

Manchester City brings grassroots spirit to kit launch

Manchester City Football Club has marked the launch of its 2025/2026 home kit with a short film that playfully blends football fandom, nostalgia an...
Sports : Design : Creative
Vinted tops France’s fashion market as second-hand sales surge

News

Vinted tops France’s fashion market as second-hand sales surge

Second-hand platform Vinted has overtaken Amazon and Kiabi to become France’s top clothing retailer by sales volume, according to new data from the...
Fashion : Sustainability : Retail
Stat: Nearly half of UK shoppers prefer in-store retail – but body image challenges persist

News

Stat: Nearly half of UK shoppers prefer in-store retail – but body image challenges persist

As consumers’ desire for in-person connection increases, nearly half of UK shoppers now prefer to shop in-store, according to new research.
Stats : Stat : Retail
China’s online sports and equipment sales are booming

News

China’s online sports and equipment sales are booming

The sports apparel and equipment sector continues to be one of the highest-growth key consumer sectors in China, according to brand agency Hot Pot ...
China : Sports : HotPot China
You have 2 free News articles remaining. Sign up to LS:N Global to get unlimited access to all articles.
BECOME A MEMBER
SIGN IN