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
Arabian Travel Market 2025: Connected transport and cruise tourism

News

Arabian Travel Market 2025: Connected transport and cruise tourism

Day three of Arabian Travel Market (ATM) 2025 cast a spotlight on the evolving role of connected transport and the booming cruise sector in shaping...
Travel : Middle East Travel : Global Events
Stat: Kenya and Egypt lead Africa’s accelerating AI investment race

News

Stat: Kenya and Egypt lead Africa’s accelerating AI investment race

New research from cybersecurity company Fortinet reveals that 85% of African businesses across five key markets plan to invest in AI within the nex...
Statistic : Stat : Egypt
Future Days 2025: How Time Out turned a magazine into a destination food market

News

Future Days 2025: How Time Out turned a magazine into a destination food market

Just days after a climate-induced power outage plunged Portugal into darkness, Lisbon emerged as a beacon of resilience and innovation with the ope...
Global Events : Sustainability : Placemaking
Arabian Travel Market 2025: The power of human and spiritual connection

News

Arabian Travel Market 2025: The power of human and spiritual connection

Day two of the Arabian Travel Market (ATM) 2025 continued to spotlight the future of global tourism with a strong focus on human, cultural and spir...
Travel : Travel & Hospitality : Global Events
ChatGPT expands into e-commerce

News

ChatGPT expands into e-commerce

OpenAI has announced the launch of new shopping features within ChatGPT.
Technology : Retail : AI
Stat: American Gen Z are more optimistic about finances than their elders

News

Stat: American Gen Z are more optimistic about finances than their elders

Young people are surprisingly optimistic about their personal finances, reveals new data from the NBC News Stay Tuned Poll, powered by SurveyMonkey.
Politics : Finance : Economy
Arabian Travel Market 2025: AI and accessible tourism

News

Arabian Travel Market 2025: AI and accessible tourism

LS:N Global reviews the most innovative discussions, impactful presentations and new product showcases seen at The Arabian Travel Market 2025 ...
Travel : Travel & Hospitality : Global Events
Stat: Consumers are willing to pay more for brands they trust

News

Stat: Consumers are willing to pay more for brands they trust

More than two-thirds of consumers in the US, the UK and Australia are willing to pay an average of 25% more for their favourite brands, according t...
Retail : Advertising And Branding : Value
Heineken launches innovation studio to supercharge social drinking

News

Heineken launches innovation studio to supercharge social drinking

Brewing company Heineken has launched Heineken Studio, a new experimental platform designed to redefine the social drinking experience.
Hospitality : Food And Drink : Beer
BritBox reveals 14-hour one-shot film tribute to British tv

News

BritBox reveals 14-hour one-shot film tribute to British tv

In a bold stand against CGI and AI imagery, BritBox’s latest campaign See It Differently brings back the magic of real-time filmmaking.
Britbox : Storytelling : Interactive Storytelling
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