1/ New #fintech proposition, BELLA opened it's waitlist last week before a Nov 30th launch.
"We don't need customers. We need people who care about each other" boasts BELLA's home page.
Intrigued...I dived deeper and have some thoughts 👇
"We don't need customers. We need people who care about each other" boasts BELLA's home page.
Intrigued...I dived deeper and have some thoughts 👇
https://twitter.com/ploberman/status/1317760446028484608
2/
Of the 3 main banking models in the US, BELLA is leveraging the Banking-as-a-Service model. They join the likes of previous fintech unicorns @Betterment and @GustoHQ using the banking charter of @nbkcbank
Catch up on the 3 models with @sammaule here
Of the 3 main banking models in the US, BELLA is leveraging the Banking-as-a-Service model. They join the likes of previous fintech unicorns @Betterment and @GustoHQ using the banking charter of @nbkcbank
Catch up on the 3 models with @sammaule here
3/
Billed as “the first conversational banking experience 100% powered by human love”, BELLA's vibrantly colourful website has been designed by @uxdesignagency
I love the work Alex Kreger and the UXDA team do to make financial services beautiful, and BELLA does look bellissima
Billed as “the first conversational banking experience 100% powered by human love”, BELLA's vibrantly colourful website has been designed by @uxdesignagency
I love the work Alex Kreger and the UXDA team do to make financial services beautiful, and BELLA does look bellissima
4/
The conversational interface called Socratex is not another ask and respond chatbot.
New from @LivePerson, it interprets intent & provides suggestions. I can see this getting more personalised as it recognises more information about you, your intentions and interactions.
The conversational interface called Socratex is not another ask and respond chatbot.
New from @LivePerson, it interprets intent & provides suggestions. I can see this getting more personalised as it recognises more information about you, your intentions and interactions.
5/
BELLA CEO @angelodale_tw founded @mybuddybank (powered by @UniCredit_IT) which also had a conversational interface from @LivePerson.
LivePerson's CEO, CTO & CFO all join BELLA's advisory board🤔.
Clearly a very close partnership between the teams.
linkedin.com/posts/rlocasci…
BELLA CEO @angelodale_tw founded @mybuddybank (powered by @UniCredit_IT) which also had a conversational interface from @LivePerson.
LivePerson's CEO, CTO & CFO all join BELLA's advisory board🤔.
Clearly a very close partnership between the teams.
linkedin.com/posts/rlocasci…
6/
Not convinced of the LivePerson connection by all that?
There's more 😊
LivePerson's Banking and Consumer Services Head of Operations, Chelsea Kim, moves across to be BELLA's Head of Operations and Co-Founder.
Andrea Galbiati is Head of CX (former @mybuddybank alumni too)
Not convinced of the LivePerson connection by all that?
There's more 😊
LivePerson's Banking and Consumer Services Head of Operations, Chelsea Kim, moves across to be BELLA's Head of Operations and Co-Founder.
Andrea Galbiati is Head of CX (former @mybuddybank alumni too)
7/
The strong leadership team is rounded out by @will_beeson (previously a co-founder of Allica Bank and host of the excellent @rebankpodcast)
bankingthefuture.com
The strong leadership team is rounded out by @will_beeson (previously a co-founder of Allica Bank and host of the excellent @rebankpodcast)
bankingthefuture.com
8/
So what about BELLA's features & services?
There's Checking & Savings accounts, but then there's some very different products and features
"BELLA Surprise", a Pay-it-Forward "Karma Account", an "Emergency Fund", a "Karma Score", and a graph...
Let's dive in...
So what about BELLA's features & services?
There's Checking & Savings accounts, but then there's some very different products and features
"BELLA Surprise", a Pay-it-Forward "Karma Account", an "Emergency Fund", a "Karma Score", and a graph...
Let's dive in...
9/
BELLA's checking account pays 6x national average interest and offers a limited edition debit card design and is made from recycled ocean plastic. A colourful card and eco-friendly angle is fairly standard for a #fintech launch these days.
BELLA's checking account pays 6x national average interest and offers a limited edition debit card design and is made from recycled ocean plastic. A colourful card and eco-friendly angle is fairly standard for a #fintech launch these days.
10/
Up to $5 million of FDIC insurance per member (usually $250,000) made possible by what BELLA says are relationships "established with @nbkcbank and a network of other FDIC insured banks.”
How many target customers will have $5m funds that this even matters?
Up to $5 million of FDIC insurance per member (usually $250,000) made possible by what BELLA says are relationships "established with @nbkcbank and a network of other FDIC insured banks.”
How many target customers will have $5m funds that this even matters?
11/
BELLA is building "Unconventional savings rules".
@Monzo and @qapitalapp have this type of feature via @IFTTT integration (although this got moved under Monzo's paid-for Premium subscription this week).
But why are savings rules important? 👇
BELLA is building "Unconventional savings rules".
@Monzo and @qapitalapp have this type of feature via @IFTTT integration (although this got moved under Monzo's paid-for Premium subscription this week).
But why are savings rules important? 👇
12/
Programmable saving can drive better customer engagement 📈🤲
@qapitalapp reported a 73% increase in monthly savings & a 147% increase in log-ins in under 3 mths, by customers who set up their own savings rules using IFTTT against just setting up rules directly on Qapital.
Programmable saving can drive better customer engagement 📈🤲
@qapitalapp reported a 73% increase in monthly savings & a 147% increase in log-ins in under 3 mths, by customers who set up their own savings rules using IFTTT against just setting up rules directly on Qapital.
13/
BELLA Surprise = random cashback between 5% and 200% on debit card purchases
Relying on interchange fees to generate revenue––as many US BaaS #fintechs do––encouraging customers to use their debit cards by offering random incentives could contribute to a fintech flywheel
BELLA Surprise = random cashback between 5% and 200% on debit card purchases
Relying on interchange fees to generate revenue––as many US BaaS #fintechs do––encouraging customers to use their debit cards by offering random incentives could contribute to a fintech flywheel
14/
I can see network effects through social media generating awareness and excitement around this.
Similar tactics worked for @Square’s @CashApp digital wallet users using $cashtag Fridays and also @VibePay in the UK with Open Banking payments.
money.com/what-is-cash-a…
I can see network effects through social media generating awareness and excitement around this.
Similar tactics worked for @Square’s @CashApp digital wallet users using $cashtag Fridays and also @VibePay in the UK with Open Banking payments.
money.com/what-is-cash-a…
15/
As for social, there's no BELLA Twitter account yet (maybe you wondered why I'd not tagged them).
Looks like they are targeting Instagram first, which probably gives a good indication of their priorities around user demographics.
instagram.com/bellaloves.me/
As for social, there's no BELLA Twitter account yet (maybe you wondered why I'd not tagged them).
Looks like they are targeting Instagram first, which probably gives a good indication of their priorities around user demographics.
instagram.com/bellaloves.me/
16/
Karma Account - deposit funds into this account and BELLA will then use those funds to randomly reimburse another BELLA customer’s purchase - be it coffee, donuts, train tickets, or something else entirely.
This is a take on Pay It Forward. I've previously been a recipin
Karma Account - deposit funds into this account and BELLA will then use those funds to randomly reimburse another BELLA customer’s purchase - be it coffee, donuts, train tickets, or something else entirely.
This is a take on Pay It Forward. I've previously been a recipin
17/
Although completely anonymous, both customers see the customer’s first name in an activity feed, creating an emotional connection.
In turn, this hopefully encourages the recipient to pay it forward themselves, and also the original donor to continue the practice.
Although completely anonymous, both customers see the customer’s first name in an activity feed, creating an emotional connection.
In turn, this hopefully encourages the recipient to pay it forward themselves, and also the original donor to continue the practice.
18/
Many years ago, I was the unknowing recipient of a Pay It Forward gift. That random act of kindness is a memory that sticks in my mind nearly two decades later.
As the world becomes more socially conscious the Karma Account could be really powerful for BELLA.
Many years ago, I was the unknowing recipient of a Pay It Forward gift. That random act of kindness is a memory that sticks in my mind nearly two decades later.
As the world becomes more socially conscious the Karma Account could be really powerful for BELLA.
19/
BELLA's Karma Score is a gamification metric based on actions helping others through the Karma A/C.
A feed of all random acts of kindness generate a ‘Bellalovesme 100 Index’, a graphical representation of the love and kindness its customers have shown to others over time😍
BELLA's Karma Score is a gamification metric based on actions helping others through the Karma A/C.
A feed of all random acts of kindness generate a ‘Bellalovesme 100 Index’, a graphical representation of the love and kindness its customers have shown to others over time😍
20/
Game design & game theory can motivate good financial behaviours. Still fairly nascent within the FS industry...when game theory is executed well, it can make banking not feel like banking at all and ensure those good behaviours are embedded within a fun experience layer.
Game design & game theory can motivate good financial behaviours. Still fairly nascent within the FS industry...when game theory is executed well, it can make banking not feel like banking at all and ensure those good behaviours are embedded within a fun experience layer.
21/
BELLA recognises that things can go wrong.
It is 2020, after all 🤨
A BELLA Emergency Fund provides access to support and funds if you have an emergency. I originally thought this must be a loan or advance🤷♂️, but I double checked...and there's no repayment requirement! 🤯
BELLA recognises that things can go wrong.
It is 2020, after all 🤨
A BELLA Emergency Fund provides access to support and funds if you have an emergency. I originally thought this must be a loan or advance🤷♂️, but I double checked...and there's no repayment requirement! 🤯
22/
BELLA even says "no questions asked" on their website. Access to emergency funds is addressing the problem right at the point of need.
No repayment requirement is a calculated risk by the company, but perhaps one worth taking. It's certainly consistent with the BELLA brand.
BELLA even says "no questions asked" on their website. Access to emergency funds is addressing the problem right at the point of need.
No repayment requirement is a calculated risk by the company, but perhaps one worth taking. It's certainly consistent with the BELLA brand.
23/
If karma is about doing good deeds in anticipation of receiving future good results, then emergency fund recipients will hopefully repay the funds, or is talking about this wow moment with friends, colleagues, the world on social going to increase those network effects again
If karma is about doing good deeds in anticipation of receiving future good results, then emergency fund recipients will hopefully repay the funds, or is talking about this wow moment with friends, colleagues, the world on social going to increase those network effects again
24/
Will BELLA be profitable?
Unlikely on interchange fees alone.
A dive into providing credit to customers is the most obvious route to accelerating the path to profitability.
Higher margin products with the same caring philosophy could work well if positioned right.
Will BELLA be profitable?
Unlikely on interchange fees alone.
A dive into providing credit to customers is the most obvious route to accelerating the path to profitability.
Higher margin products with the same caring philosophy could work well if positioned right.
25/
There’s been a recent narrative around how many Challenger Banks becoming prettier versions of incumbents. Nicer UX, but still essentially the same product set, and lack of differentiation.
BELLA actually feels like it really is starting out with something different...
There’s been a recent narrative around how many Challenger Banks becoming prettier versions of incumbents. Nicer UX, but still essentially the same product set, and lack of differentiation.
BELLA actually feels like it really is starting out with something different...
26/
As an avid fintech observer who sees new fintechs launch on an almost daily basis, BELLA actually feels like it really is starting out from a different place.
A different philosophy.
A different way of thinking about money.
A different way to deliver.
As an avid fintech observer who sees new fintechs launch on an almost daily basis, BELLA actually feels like it really is starting out from a different place.
A different philosophy.
A different way of thinking about money.
A different way to deliver.
27/
But bing different is also a risk.
If BELLA can find product-market fit, get that flywheel spinning, generate some brand awareness, and scale amongst the socially conscious ”people who care about each other”, they have a chance of succeeding in this space.
I'll be watching
But bing different is also a risk.
If BELLA can find product-market fit, get that flywheel spinning, generate some brand awareness, and scale amongst the socially conscious ”people who care about each other”, they have a chance of succeeding in this space.
I'll be watching
28/
To read more about Paying It Forward in financial services, head over to my article on LinkedIn👇
It has more examples and my own personal experiences of #RandomActsOfKindness.
Plus includes the story of how one man accidentally started a cult...
linkedin.com/pulse/banking-…
To read more about Paying It Forward in financial services, head over to my article on LinkedIn👇
It has more examples and my own personal experiences of #RandomActsOfKindness.
Plus includes the story of how one man accidentally started a cult...
linkedin.com/pulse/banking-…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
