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BlogOpen 2011 - SUO - Quick Fix
1. One stop shop for onlinemicrofinancing: secureonlinepurchasesandquickshort-termloans The team: Vedran Grcic Ana Indjic Margareta Klincic Matko Znidaric
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3. TheIdea QuickFix will use publicly available data on our customers in order to predict behavior and approve an on-line purchase or extend a small loan
4. The Team Our team combines regional background with a mix of diverse but complementary professional skillsand experience in four key areas: Finance, Marketing, Entrepreneurship and Technology
5. Why we thought of online financing? 5 / 12 Sources: Eurostat, Serbian & Croatian statistical institutes, MasterCard Masterindex, www.cnt.rs, www.poslovni.hr, www.vreme.com
6. Questionare (N:208)* - People are worried about online payments and ask for more security while purchasing on the Internet. - People do shop online, but not in local stores yet. *Source: representativerandomonlinequestionare, withbias on Internet users profile
15. Marketing support – crucial ingredient for the success of the model 15 / 12 Motivate retailers: lower commissions, higher customer security, co-branding Drive traffic to grow sales: SEO, community, social networks, unique content
17. Financials Online microfinancing the business is cash positive in 6 months breaks even in 12 months 7-year IRR: 62%; 10-year IRR 66% maximum cash need: € 65.000 (month 7, for finishing the web page, the algorithms, marketing investment and working capital) Online payment system: cash from S-T loans business is reinvested, business is profitable in 10 months, cash positive in 15, and breaks even in 24 months . Additional funds needed: €70.000 (month 12) Cash-flow
18. Need more security for onlinebuying No extensive credit scoring No excessivepaperwork Infewminutes time Getyour Weknowyoubetterthanyour bank does
19. Q: Financial institutions are not transparent, always hiding something? Foundation Transparent warnings about idebtness Online presence implies we're transparent and available Selectivity in credit approval Q: Further indebtness & high interest rates? Fairness New-generation financial institution – helping people fix short-term problems with short-term solutions (avoid long term debt caused by lower interest rates and longer payment terms provided by traditional financial institutions) Interests are higher than those of traditional financial services, but terms are short and risk also high Total cost shown: amount taken – amount repaid Q: All control & power belong to financial institutions? Flexibility Giving exact amounts needed, clients choose up to last cent and payment date Our service is designed to put you in control of your cash flow, for those occasional times when an unexpected expense catches you by surprise Understanding of changing life circumstances and ability to adapt repayment terms if Q: Privacy issues? Faith Client data treated in responsible manner Strict code of ethics Collaboration with regulators, industry representatives & consumer associations Q: Financial institutions are rigid and unhelpful? Friendliness Communication is a 2-way process – client feedback upon repayment (satisfaction survey) Consulting & spending control – “countdown to zero” site section Quick response with specific feedback in case of decline 19 / 12 Q&F (Questions & Fixes)
21. After mining the data, the algorithm drives complex analysis and predicts behavior double-layered credit risk assessment: top layer data that client fills in name, address, bank account, mobile phone number etc. quick, simple and easy, no additional documents identification and trust question bottom layer background check with data collected online Facebook, LinkedIn, credit register, client history etc. data-mining techniques, no client involvment efficient extraction of data that holds valuable information machine learning techniques employed to describe relationship between client profile and default probability result: credit risk assessment in real time with high accuracy
22. The TeamFinance | Marketing | Entrepreneurship | Technology Our team combines regional background with a mix of diverse but complementary professional skillsand experience in four key areas: Finance, Marketing, Entrepreneurship and Technology