I’m really excited about technology as it keeps innovating itself every millisecond. Consumers are getting savvy and businesses need strategy and direction to keep up with that. What I love most is that everybody wants to KISS. Keep it Simple, Stupid J
Technology can be complicated and all of us have experienced that in the last decade. What we are yet to realise, is that this complicated technology can be used to make life simple for those who don’t understand it. This happens when technology meets design and goes for a cup of coffee.
A recent example is Square, the simplest way to take money. I like to call it credit 2.0 because it’s not only a billing system but also acts as a communication tool between the user and the customer. It is a small square shaped device which can be attached to the 3.5mm jack on your phone and allows you to swipe cards and get paid instantly. This takes care of the credit, now the communication – bills go straight to your customer’s inbox making the procedure paperless and extremely simple. Features like an optional ‘tip jar’ and ‘visit counter’ make it an extremely useful tool. Tip jar allows your customers to tip you and visit counter shows you the number of visits each client has made which allows you take instant decisions of rewarding your customer for his loyalty.
Launched by Jack Dorsey, of Twitter fame, it is being funded by Vinod Khosla of Khosla Ventures. It is good news for India as it pumps new freedom into the microfinance industry and brings immediacy, transparency and approachability to the financial world, as Dorsey puts it. Phones will become our personal wealth managers available 24 by7. Keeping track of payments and receipts will be a breeze. Not having to make multiple trips to the bank saves on time and means more productivity. Although, at the moment square works only on the iPhone, iPod touch, iPad, and Android devices but they are planning to roll out other phone compatibilities soon. And when that happens, the financial market is going to be a sunnier place.
Share, what you think about this innovation and whether it will be able to make a difference to the financial industry in India.