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Saving  people  money
Sarah  Tavel
Saving  people  money  has  been  the  
driving  force  behind  many  of  the  biggest  
consumer  wins of  the  internet ...
For  example…
Managing  what  
you  have
Getting  more  
for  less
Startups  are  able  to  provide  “better,  cheaper” by  
recasting  cost  structures  of  incumbents.
eCommerce
“Full  st...
Why  does  saving  money  lead  to  such  
massive  companies?
It’s  the  painkiller of  the  mass  market.  
Real  annual  wages  have  been  mostly  stagnant  since  2000.
90%  of  Americans  make  <$90k  annually.
Source:  Econom...
Millennials  are  now  facing  a  new  set  of  
pains in  need  of  a  painkiller.  
What  we  usually  talk  about  with  Millennials:
Largest  generation:  
Born  between  ~1981-­‐2004
• Digital  natives  ...
Here’s  another  dimension…
Millennials  are  being  hit  hard  by  education  costs.
Source:  Bureau  of  Labor  Statistics,  National  Postsecondary...
Their  debt  profile  will  differ  dramatically  from  prior  
generations.
2003 2015
Avg.  Debt  Balance  by  Age  of  B...
They’re  going  to  struggle  with  this  debt  load.
Avg.  Hourly  Wages  of  College  Grads,  1989-­‐2014
This  will  cast  a  shadow  on  their  financial  health  for  
decades.
Source:  WSJ,  Federal  Reserve  Bank  of  New  ...
Meanwhile,  regulatory  changes  have  diminished  
access  to  capital.
Source:  The  SCE  Credit  Access  Survey,  Feder...
Millennials  aren’t  getting  credit  cards.
Source:  Bankrate August  2014  Financial  Security  Index,  NY  Times
Lowest...
Mortgages  aren’t  any  different.
Mortgage  Originations  by  Credit  Score
Source:  Federal  Reserve  Bank  of  New  Yor...
Home  ownership  is  at  its  lowest  level  since  the  
Census  started  tracking  it.    
Source:  US  Census  Bureau, ...
People  are  on  their  own  more  than  ever.
“Gig  economy”  growing  as  %  of  labor  force.
High  deductible  plans  are  becoming  the  norm.  
Source:  Henry  J.  Kaiser  Family  Foundation/Health  Research  &  E...
Taken  together,  you  have  a  generation  juggling  a  new  
financial  reality.
• Entering  adulthood  with  a  complex...
Americans,  particularly  Millennials,  need  new  ways  
to  save  money.
Getting  more  
for  less
Managing  your  
fina...
It’s  time.  Fintech  is  ripe  for  disruption:
Recent  startup  wins  (Square,  LendingClub,  SoFi,  Stripe)  creating  ...
Millennials  are  ready  for  change.Brand  love
of  the  leading  Banks  are  among  the  ten  
least  loved  brands  by ...
Millennials  are  ready  for  change.
73%  
of  millennials would  be  more  excited  
about  a  new  offering  in  financ...
Opportunities
Manage  better
• Become  the  new  primary  financial  relationship by  
applying  the  automation consumers  have  come  ...
Increase  financial  resilience:  Borrow  better
• Reimagining  loan  products  to  increase  access  to  
capital  and/or...
Increase  financial  resilience:  Insure  better
• Protection from  the  unexpected
– New  insurance  products  for  under...
And  of  course….  Spend  better
• Slow  growth  of  healthcare,  housing,  and  
education  costs
• Telemedicine,  price ...
“  Silicon  Valley  is  coming. There  are  hundreds  of  
startups  with  a  lot  of  brains  and  money  working  on  
v...
Thank  you.
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Saving People Money

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Sarah Tavel of Greylock Partners analyzes the unique financial pain points that young Americans are facing and explains why fintech is ripe for disruption.

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Saving People Money

  1. 1. Saving  people  money Sarah  Tavel
  2. Saving  people  money  has  been  the   driving  force  behind  many  of  the  biggest   consumer  wins of  the  internet  era.   Observation
  3. For  example… Managing  what   you  have Getting  more   for  less
  4. Startups  are  able  to  provide  “better,  cheaper” by   recasting  cost  structures  of  incumbents. eCommerce “Full  stack”  tech Sharing  Economy Peer  to  Peer  Marketplaces
  5. Why  does  saving  money  lead  to  such   massive  companies? It’s  the  painkiller of  the  mass  market.  
  6. Real  annual  wages  have  been  mostly  stagnant  since  2000. 90%  of  Americans  make  <$90k  annually. Source:  Economic  Policy  Institute
  7. Millennials  are  now  facing  a  new  set  of   pains in  need  of  a  painkiller.  
  8. What  we  usually  talk  about  with  Millennials: Largest  generation:   Born  between  ~1981-­‐2004 • Digital  natives  -­‐ trust  and  expect   more  from  tech • Generation  of  “early  adopters” • Check  their  phone  45x  a  day  -­‐ more  than  they  engage  with   people • Spend  30hrs+/month  on  social   media Source:  SDL,  Millennial  Disruption  Index
  9. Here’s  another  dimension…
  10. Millennials  are  being  hit  hard  by  education  costs. Source:  Bureau  of  Labor  Statistics,  National  Postsecondary  Student  Aid  Study,  Edvisors.com
  11. Their  debt  profile  will  differ  dramatically  from  prior   generations. 2003 2015 Avg.  Debt  Balance  by  Age  of  Borrower
  12. They’re  going  to  struggle  with  this  debt  load. Avg.  Hourly  Wages  of  College  Grads,  1989-­‐2014
  13. This  will  cast  a  shadow  on  their  financial  health  for   decades. Source:  WSJ,  Federal  Reserve  Bank  of  New  York  Consumer  Credit  Panel/Equifax  
  14. Meanwhile,  regulatory  changes  have  diminished   access  to  capital. Source:  The  SCE  Credit  Access  Survey,  Federal  Reserve  Bank  of  New  York 0 20 40 60 80 100 <680 681  -­‐ 759 760  + Applied  and  Accepted Applied  and  Rejected Discouraged Borrowers’  Credit  Experiences,  By  Credit  Score
  15. Millennials  aren’t  getting  credit  cards. Source:  Bankrate August  2014  Financial  Security  Index,  NY  Times Lowest  level  for  Americans  <35  yrs old  since  Fed  started  collecting  data.
  16. Mortgages  aren’t  any  different. Mortgage  Originations  by  Credit  Score Source:  Federal  Reserve  Bank  of  New  York  Consumer  Credit  Panel/Equifax
  17. Home  ownership  is  at  its  lowest  level  since  the   Census  started  tracking  it.     Source:  US  Census  Bureau,  Zillow  
  18. People  are  on  their  own  more  than  ever. “Gig  economy”  growing  as  %  of  labor  force.
  19. High  deductible  plans  are  becoming  the  norm.   Source:  Henry  J.  Kaiser  Family  Foundation/Health  Research  &  Educational  Trust  Report
  20. Taken  together,  you  have  a  generation  juggling  a  new   financial  reality. • Entering  adulthood  with  a  complex  personal   financial  picture. • Expenses  going  up  (loan  servicing,  rent,  health)   while  income  is  stagnant. • Reduced  access  to  and  adoption  of  traditional   forms  of  credit  (credit  card,  mortgage)
  21. Americans,  particularly  Millennials,  need  new  ways   to  save  money. Getting  more   for  less Managing  your   financial  health Medical? Housing? Education? Financial  Advice? Access  to  credit? Resilience?
  22. It’s  time.  Fintech  is  ripe  for  disruption: Recent  startup  wins  (Square,  LendingClub,  SoFi,  Stripe)  creating   generation  of  founders  who  understand  how  to  navigate  the  space. Regulatory  changes  as  result  of  Financial  Crisis  restricting  ability  of   incumbents  to  innovate. Classic  consumer  internet  opportunities  (“the  next  great  photo   app!”)  have  largely  dried  up,  so  talented  consumer-­‐oriented   founders  looking  elsewhere.
  23. Millennials  are  ready  for  change.Brand  love of  the  leading  Banks  are  among  the  ten   least  loved  brands  by  millennials.All  4 Source:  Millennial  Disruption  Index
  24. Millennials  are  ready  for  change. 73%   of  millennials would  be  more  excited   about  a  new  offering  in  financial   services  from  Google,  Amazon,  Apple,   PayPal,  or  Square than  from  their   nationwide  bank. Source:  Millennial  Disruption  Index
  25. Opportunities
  26. Manage  better • Become  the  new  primary  financial  relationship by   applying  the  automation consumers  have  come  to   expect  from  technology  to  managing  their  finances. • “Robo-­‐advisors”  was  first  wave.  But  what  about   managing  our  savings?  Spending?  Overall  management? • Companies  in  this  space:
  27. Increase  financial  resilience:  Borrow  better • Reimagining  loan  products  to  increase  access  to   capital  and/or  reduce  cost  of  capital: – New  short-­‐term  credit  instruments – Rethinking  home  ownership • Must  have  differentiated  user  acquisition  story   and/or  unique  data  advantage. • Companies  in  this  space:
  28. Increase  financial  resilience:  Insure  better • Protection from  the  unexpected – New  insurance  products  for  underserved   needs  or  segments  (e.g.,  freelancers) – Recast  cost  structure  of  incumbents  (by  going   direct  to  consumer,  peer  to  peer,  etc.)  to   provide  existing  products  with  better   experience,  cheaper. • Companies  in  this  space:
  29. And  of  course….  Spend  better • Slow  growth  of  healthcare,  housing,  and   education  costs • Telemedicine,  price  transparency • Work-­‐based  education  programs,  disrupt  the   4-­‐year  college  experience • Co-­‐living   • “Renting”  economy  disrupts  new  verticals • Companies  in  this  space:
  30. “  Silicon  Valley  is  coming. There  are  hundreds  of   startups  with  a  lot  of  brains  and  money  working  on   various  alternatives  to  traditional  banking…  Silicon   Valley  is  good  at  getting  rid  of  pain  points.  Banks  are   good  at  creating  them ” -­‐ Jamie  Dimon CEO,  JPMorgan  Chase
  31. Thank  you.
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