Future of financial services everything from how payments are processed. How they get access to capital and the relationship, they have with their financial institution or all of the non-financial institutions that are entering the marketplace to provide a solution that more consumer appealing. Why don’t you explain, what it is your company does?
Future of Financial Services
We can understand your perspective that was founded by a gentleman named W R Hotchkiss and his invention was the checkbook. He fundamentally transformed the way we all make payments even still today but we’ve moved well beyond checks. The checks are less than 40% of our revenue. Today 60% come from a variety of other services that are payments based that are cloud and database services promotional products and of course our legacy cheque business. We’re in the middle of a fundamental transformation to become a trusted business technology company. We’re well on that transformation already. We support five million small businesses. We host four and a half million small business websites 4600 financial institutions rely on us.
We support a hundred and eighty of the top 200 financial institutions. So most people in the room probably had no idea who deluxe was and who deluxe has become we play an absolutely fundamental role in the in the ecosystem the commerce ecosystem globally. I was telling him backstage. It’s probably one of the best company names of all time. You were looking at me your eyes were like burning holes through my head, when I said that the that the financial services .
This country in any given year are more likely to divorce their spouse than leave their bank and most people actually like their spouse better than they like the bank and the reason is if you think about leaving your bank you get exhausted immediately right I’m gonna leave all my history I’m gonna leave my account numbers I’ve got the automatic bill pay I’ve got the direct deposit oh wait here’s another one great will I get it this bank versus that Bank one time and it’s been a few years but at one point I said I wonder what interest rate I’m being paid on my you know my checking account and so I downloaded a hundred and thirty four-page checking account agreement from a bank website where he told me what how they calculated my interest rate in the leap year but nowhere could I find the actual interest rate and I had to actually go in and calculate what they had paid me in order to figure it out likewise if you go over to the wealth management business which is what LMS is in a handful of years ago I reached out to my financial advisor as you might imagine the best financial advisor .
I actually have a follow-up question about that which you know you built your career in some of the grandest financial institutions and now you’re the upstart right tell us a little bit about what you’re actually doing there and and frankly why is why is financial serve our financial services so customer hostile yeah well because they’ve been able to be your words not mine because they’ve been able to and by the way these you know these results of people not leaving are happening despite the fact that many of these big banks have negative. I was there that’s a very difficult transition to make particularly if you when you don’t know you’re going to be successful but if you don’t make that transition and these barriers to exit come down right and those NPS course don’t go up yeah it takes it’s gonna take a long you know it’s going to take a while but the the future will not be bright.