Summary:
Jason Pereira, award-winning financial planner, university lecturer, writer, sits with Daniel Eberhard, CEO of KOHO. KOHO is a company that develops tech solutions to make the financial sphere more user friendly.
Show Notes:
● :30 - Introduction of KOHO and CEO Daniel Eberhard
● 1:30 - KOHO is a company focused on creating financial tools that make the banking experience more user friendly. The tools essentially sit on top of the secure bank’s back-end allowing Koho to focus on the UX.
● 2:00 - The set-up of KOHO allows the platform to be more client focused
● 2:30 - Daniel was inspired by the archaic banking structure of Canada
● 4:45 - Banks are disinsentified to provide a better, cheaper service and platform
● 6:15 - The two things banks must have to be successful
● 8:16 - KOHO user experience from discovery to use
● 10:00 - How KOHO gives users a rich insights into their financials
● 11:34 - The tools also help you set financial goals. The create a spendable balance alerting you on how much you have. It is essentially individuals future cash flow - something not generally calculated for individuals.
● 12:52 - KOHO is also increasing the amount of money saved by Canadians.
● 16:00 - KOHO establishes trust by ensuring they do not sell people products they don’t need.
● 19:44 - The bank on the backend of KOHO is People’s Trust
● 20:00 - How Canadian regulation could affect banking and the KOHO platform
● 22:20 - Future features offered by KOHO
● 26:32 - There are certain things that if you start consuming them your lifestyle dictates your need to stay in a certain job
● 29:10 - The major obstacle was developing the relationships with the banks
● 30:30 - How KOHO is moving the needle for Canadians
● 31:07 - Daniel wished Canadians would hold their banks to a higher standard
3 Key Points:
1. KOHO is a company that is changing the user experience for the banking space through
technology.
2. KOHO focuses on improving the user experience while a bank focuses on the back end.
3. KOHO is making it easier for people to track their finances and create financial goals.
Tweetable Quotes:
- “KOHO is what's called a neo-bank what that means is we sit on-top of banking
infrastructure and then we create everything else.” –Daniel
- “How do we listen really well to the customers and how do we move really fast. These are
the two values that create better value for our users.” – Daniel
- “The money sits with People’s Trust and we [KOHO] sit on top of that infrastructure.” –Daniel
Resources Mentioned:
● Itunes to access the podcast
● Refer to Jason Pereira ́s Linkedin for Information about the Fintech event
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