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Jag Duggal

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106
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2024-05-16
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2024-05-16
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  1. “We call not we, our customers call the little purple credit card the Hoshinyo. Hosho in Portuguese means purple. Hoshino basically means little purple card. And there was actually a moment, a point when there was a risk because of some regulatory issues that were happening in Brazil in 2016, where there was a chance that Newbank would have to shut down. And it turns out the central bank, our customers call the central bank and said, you cannot let this happen. And from that day, one of the engineers said when it was just 100 or so people, the future is purple and we have t-shirts all over New Bank saying the future is purple. So that's part of our origin story.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Thank you, Lenny. I really enjoyed it. I appreciate it. Very kind words. Best place to find me is probably on LinkedIn, Jag Dougal. A relatively unique name, fairly easy to spot and find there. I am always looking for stories and for opportunities. I'm always looking for stories of fundamentally different. So I love to hear those, especially when they're done against the odds or when there's a more convenience or easy choice. We are in the business of building the world's first social and self driving AI powered bank, which sounds like a lot of MBA gobbledygook, I know, but Silicon Valley buzzwords. But we mean it. And so anyone who wants to. Join the what we call the purple revolution. Our brand color is purple. Love to hear from you wherever you are in the world because We have people everywhere.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I have been rehabilitated, and one of the great things about working with a Brazilian company is the quality of mangoes in Brazil are top notch. So I get to partake fairly regularly these days.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Are misunderstood, underappreciated fruit. So. You grew up in the Caribbean, you can't, it's hard to go without top quality mangoes, and so I still struggle here in Cali.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “The U.S. Department of Agriculture got smart to the fact that if people are coming from the Caribbean and they are bringing in food, that is a given. And they're going to try to smuggle it by. So they ran the entire plane through agricultural inspection. Guy looked through the x ray machine and said, You've got 11 mangoes in your bag, sir. At which point I knew I was caught. And I said, well, you've missed that one. I could see the picture. I was like, you missed that one. It's actually 12. I ended up on an agricultural watch list, but then 9-11 happened. And there were three or four years where as a management consultant, I was at an airport twice a week. You used to get on your ticket SSS, which they said was random. Every flight for three years, I was flagged for a special screening because of my love of mangoes. So it was worth it.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yes, as I mentioned, I grew up in Trinidad and the Caribbean And outside My brother in my bedroom was a mango tree that was Abundant and spectacular quality set of mangoes. And here in the US, and I can speak very definitively for California, the mangoes are Subpar. Forget about incrementally better. They are simply subpar. An American, I don't think, realize what a good mango actually is and what a joy it is to behold. So every time I would Go home. I would try to bring mangoes back. And one time, coming through Miami International Airport from I had a dozen mangoes wrapped in newspaper, slipped in between my clothes, and I hadn't counted on the fact that this was. Several months before 9-11, but I hadn't counted on the fact that.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Now it's a luxury good. You got to be, you got to be, it's easy for some of us who live in the Bay Area and in Silicon Valley. And so I'm very conscious of that, that it's a privilege and it's a luxury good. But I think everyone should strive for their version of it.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “To check there was a time when I was at a consulting firm and I was a partner and I dropped out to go back to grad school and people thought I was crazy. Then there was a time when I dropped out, you know, to the horror of my parents. I dropped out at Harvard. Like, what the hell was I thinking to come out to Silicon Valley? And that went, as we talked about, pear-shaped within weeks. There was a time when I left Facebook to not that long ago, four years ago, to go join this crazy Sao Paulo-based bank. What did I know about banking? What the hell did I know about Brazil really? If you're not clear on what it is you are trying to do and if A and B, if you are not willing to tolerate failure. Then you're just checking the boxes of someone else's expectations. And so fundamentally different.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “In work in the very narrow confines of work, I've used it at probably at least a dozen times in this podcast, which is about par for me for an hour and a half at work. We're in the business of fundamentally different, not incrementally better. I think that's the core motto. And I think it's. It works in a slightly modified way for life as well. You live, you build the life you want to build. And it's not going to be checking the boxes that everyone wants you to.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Creating countertop space is a precious asset. And we are happy we did it. So that's a very recent last three weeks story.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I was listening to Your podcast with Christopher Luckett. And it was on the treadmill when I was doing it. And in the middle of it, he mentioned a product around the idea of category design. I think I forget what question you asked him. And he mentioned the low meat. Countertop composter. My 13-year-old daughter has been, who is very idealistic and has been honest to do composting for Over a year now We bought a loomy, and we are, I just did, we just did our fifth batch of soil last night. It works exactly as advertised, and it is fantastic. And I get a great amount of joy, as does the whole family, actually, in doing the right thing and doing it in a modern way and doing it in this accelerated timeframe overnight. And it's really a new category of product, of kitchen appliance that I remember Christopher talking about that.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “The great series that my wife and I watched fairly recently on HBO called The Gilded Age, which Really shines a very interesting light on how technology this is from the late 1800s, 19th century, how the technological changes disrupts. The economic world and the world of wealth, but also the social dynamics in a society. It's fascinating because we're going through, we're living through a new gilded age right now. And we're seeing a lot of those dynamics. But Tobo charged on social media. So extra. Extra exc”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “His book about the story of being kicked out, Singapore being kicked out of Malaysia as a tiny, in business terms, subscale little country with no natural resources is, I think, incredibly inspiring. His book is called From Third World to First. And I think it's a great story that in many ways is a parallel to what startups try to do, which is essentially go from third class to first. And it's a very tricky ride. And it requires a ruthless honesty about where you stand and what it will take to succeed. And it usually gets prettified up when told in retrospect, but it is messy every step of the way. And I think it's an awesome. It's an awesome, unapologetic summary of like what it takes to achieve greatness in a very different sphere than we're used to talking to.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “The business book. So one is play to win I think that is a great modern strategy book that takes a lot of what's happened in the digital world and summarizes it really well. Second one that I would highlight, which I think is a really good non-digital world summary and really distillation of the essence of strategy. And as you mentioned earlier, he's coming on your podcast. Which I think is a classic. And then, you know, as I mentioned, I went to study public policy and politics back 15 years ago. One of the ultimate startups and one of the ultimate startup stories in my mind is the story of Singapore. And there's an autobiography of the founding prime minister of Singapore from 1965 till he retired. He passed away a couple of years ago, Lee Kwan Yu.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “What is fundamentally different so that it breaks through the noise and the noise, the volume of the noise has just gone up so much in the last 15 years. And I think that's even growing in importance, incrementally better doesn't get you there. It doesn't get you there unless you have that hook.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Fight for it while also being very open and transparent to feedback that you're getting from people from the market about whether what's working and what's not and knowing what parts to let go and what to hold on to really tightly is an important lesson. I think the other thing that I would just emphasize again is, and this goes a little bit back to the debate you're trying to frame up on new category or existing category, I think within that debate, there's really a synthesis that says, and I think most people would agree, if you're trying to break through as an insurgent, you cannot fight on the ground that the incumbents have stand firm. You have got to find a disruptive vector. And that means searching hard for”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “I would just summarize a couple of core points. I think the idea of Perseverance and being very clear about What you're trying to achieve, and how much it is worth to you, and how much you're willing to.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Yeah, bloody mindedness is a dramatically underrated quality as we over intellectualize from strategy to execution and all the other things. Sometimes persistence is key and persistence while still being clear-eyed about what the odds of success are is also key”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “That was a fairly spectacular failure. The acquisition, by the way, ended up in arbitration, big lawsuits, depositions, and it was messy from all sorts of angles. So we all worked our way through that. And then in the end, we ended up building, what is even still today, I believe, Google's second largest business, which is the display advertising business. That transition was messy, excruciatingly difficult from a strategy perspective, as we talked about earlier, but from a From an emotional toll as well, and figuring out your way, given I was new to product management, I was new to Silicon Valley. I was new to Google. I was new to advertising. And I had no idea whether I was ever going to be good at it or not.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “We were going to use that core underlying infra to be able to build not just a spot market, direct response advertising, but a futures market, which could apply to brand advertising. And we're going to use that disruptive vector, something fundamentally different, not just incrementally better, to essentially dislodge Yahoo from owning brand advertising online. And I ended up getting that mandate because I had learned a lot about how brand advertising worked 12, 18 months earlier.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Great song from around that time, which is a mashup from Coldplay and Jay-Z of Lost. You should listen to the lyrics. Just because I'm losing doesn't mean I've lost is literally your first line. And I would have that on repeat at that time. Within a couple of years or within a year, probably a year and a half, maybe that was around the time I was getting married. So it was a lot going on. It turns out that within a year, sort of post the double click deal, Google decided, look, with YouTube as an anchor asset and some other things and the double click acquisition, there was a technology now pretty well established. 15 years later called Real Time Bidding. And we were going to bring the search. Auction methodology across the entire web for all of display advertising.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “And we've seen what's happened in the ensuing 15 years where cord cutting and all of the rest. And now the ad online digital ad methodologies that Google is best in the world at can be applied in a much more straightforward way. But me and some of the teams I was a part of, we were collateral damage in that evolution. There was a point where, you know, Google did a small layoff and it was largely concentrated in my group of this acquisition Along the way, Google acquired YouTube, Google also acquired double click and double click served all of the brand advertising online. And a couple of years later, well, firstly, at the time, I was within weeks of being laid off, having dropped out of two grad schools, and moved 3,000 miles west. That felt really crappy.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Clear channel. They have much more leverage than in the online world of bloggers and small websites. So the fragmentation wasn't there. The methodology was different. It was going to be a tougher slog. And in the meantime, Google made actually a very smart bet. And this was a pivot on Google's part based on a lot of learnings from the failure on the one side and some of the success happening on the side of YouTube. In the meantime, Google had acquired YouTube. And somewhere along the way, and this was over multiple years, Susan Wajiski and the leadership team of Google and Google Ads in particular. Came to the conclusion that rather than Google chasing TV, let's have TV come to Google, i.e. YouTube.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “That was one piece. There were all sorts of technical methodologies like reach and frequency that are really important that we simply didn't know about. We were determined to run an auction. We have patents to our name to this day that were how do we bring auction methodologies to work in a broadcast medium. Some very interesting technology. At the end of the day, one of the things that you really needed was a surplus of inventory, of ad inventory. There actually isn't that much of, relatively speaking, compared to online The other thing that is true is the people who control that inventory are not nearly as fragmented. So when you're negotiating with NBC or CBS,”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Drop out of grad school, both the Kennedy school and business school. I had done a year of the Kennedy school. I was one credit short. And in business school, I had done a week of and moved. Out here to California and join Google. First off, the prem Of the hypothesis proved to be wrong or at least harder than we thought. In the following way. Terrestrial radio or frat matter TV advertising broadcast media advertising works very differently. It serves actually a different market. It serves brand advertising, top-of-funnel kinds of goals as opposed to the bottom funnel that Google really knew well back”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “There's a pretty seminal story for my career that ultimately ended in failure and that I had to sort of rebuild from. I had done strategy consulting for just shy of 10 years. I decided I was going to go to grad school Was going to pivot my career into public policy and politics. I was at the Kennedy School of Government at Harvard. And a year into that, a friend of mine had had the startup he was working at get acquired by Google. This company was premised on the idea that you could bring AdWords, AdSense, style advertising to the terrestrial radio market. And Google, one of Google's perhaps the biggest diversification bet Google was working on at the time beyond search and display, which were up and running, was let's go disrupt TV radio and print 2006. My friend convinced me”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “The metaphor of a what if everyone in the world, regardless of their income or wealth, had a private banker sat next to them that they could turn to whenever they needed to, is a good metaphor. And so we are using that metaphor and seeing where it takes us”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “These tools existed from the start. I mean, Facebook's migration to mobile is a phenomenal example of that pivot. And they like to joke and I wasn't there at Facebook at the time, but they like to joke at Facebook even seven, eight years later when I joined about the company had IPO'd and needed to find a business model. And Fiji was sort of responsible for making that happen. And the core of it was bringing this mobile native mindset. So we are trying to think through what is an AI native mindset infinitian services. What would that look like? And that requires analysis as much as analogy. And we are very much in the middle of that process and we don't know all of the answers.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “And then we're starting to think about what are the ways in which we can build AI native products. And I will not pretend to you that we've cracked that code, but a former boss of mine spoke a while ago, Fiji Simo, who's now the CEO at Instacart, but she was talking about the evolution when she was the product lead for Facebook ads back when Big migration from the desktop to mobile was happening. And she talked about we needed to become mobile native. And by analogy, Companies today need to figure out what AI native means? Not how do we append AI at the corners of the product, but how do we build it at the heart? What would you design?”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “We use some of the Tools that everyone is using these days are ring-fenced version of ChatGPT and some of the standard tools. Using them in some of the Obvious initial wave ways, how can we improve our customer experience if you're fanatical about customers, you're fanatical about customer experience and Newbank has always been that way. How can we make it even better while we're also making it more efficient? So we're doing all of those things as part of our coming up the learning curve in the last 18 or so months.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “So, these are some of the principles around which we are envisioning the next phase. What if there was someone right next to you who could tell you what the smart move was to make today at this life stage? You've just had a child, you've just gotten married, you've just bought a house, you just want to remodel, whatever it might be. We think the technology is there or thereabouts to be able to do that. Why not have the company that reinvents banking come out of Sao Paulo, Mexico City, Bogot ⁇? Why does it have to come out of San Francisco, New York, or London? We see no reason why it can't be us. So we're going to give it a whirl.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Customers everywhere around the world live harshly unoptimized financial lives. I think that's true, regardless of income level, regardless of geography, regardless of sort of life. If you have a young child, it is very hard to keep track of all the things you should be doing. You should be opening a savings account of a specific kind, this tax advantage in this way. These are problems that should be solved and should be solved soon and can be automated and can be where insights can be brought to bear for customers who are not super sophisticated in their level of financial education, which by the way is almost all of us. Some of the people who think they're the most sophisticated. Are the ones who burn the most money in casinos that they call the stock market. And so,”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Mechanics around your financial life, not in general, not another WhatsApp, not another Twitter. And self-driving automation. Why do I have to remember to pay this bill every month? Why do I have to remember to save for my child's university education every month? Why can't I keep my life goals really well organized? Is almost impossible to do. My wife and I open up different bank accounts at different banks just to try to do that job, which is talk about customer workarounds. How do we make the life cycle of managing your financial life exponentially easier, leveraging these technologies and then using AI, which is an overhyped term right now, but AI to sort of turbo boost these These tasks, we have a phrase we've started using at NewBank, which I really like, David first introduced it.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “And there are good reasons why global online advertising worked that way and was a great principle by Google. When you get into fintech and into banking, where the regulations are very local, where the stakes are much higher that you serve the right 300 by 250 at, there is a lot of pushback on that kind of, we're just going to scale this everywhere. sort of mindset. And so how do you marry those two things? There are global banks like city or san and der a lot of them have been built up through acquisition. A lot of them are Distinct code bases and technology infrastructures. We believe there's a lot of leverage if you can build a global bank on a single code base. That's another principle that we are trying to make real. The third is that”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “We have had some real success in on the business side. We've made some mistakes on the technical side that we are iterating through is we are trying to build, and some might argue this is I'm overstating a bit, but just to be clear, we are trying to build what we believe is the first global bank on a single code base. I come from a world places like Google and Facebook. Google, my first product management experience. I was not allowed to launch. Lest my product was ready for 40 countries and 40 languages. I believe language number 40 was finish. So we were always making sure the thing worked in Finnish.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Yeah, you know, there are a handful of principles, call them hypotheses that we believe. And there are, I should be super clear, unproven hypotheses that will take years for us to prove out. And I'm sure there will be pivots along the way as we learn that things aren't quite the way we would have hoped at the beginning. But first off, The idea that banking should be holistic, that we need to provide a full solution across what we call the five or six financial seasons of someone's life. We spend, we save, we invest, we borrow, we protect, et cetera. And that's a lot of what we've been working on for the last handful of years. So one is we want to be a full solution bank. Second, something we have started.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “One form of destruction, we don't get into is fixing massive problems that we've overscaled before they were ready. A bit of an overstatement, but nothing's quite that clean, but generally true.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Yeah, that's the one thing we don't scale, we try not to scale big problems. And so we try to solve our problems when things are small. Our ultraviolet are sort of higher income rewards-based credit card. We launched, it happened to be, I think it was July 4th, 2021 was the launch date. So it's easy for me to remember. We started scaling it two to two and a half years later. In the meantime, we were in the lab figuring out where is the product market fit? Why is it not resonating? Oh, it's resonating with these guys. What do they particularly love? Let's iterate there. And now we're at a point in the last six to nine months where we can start scaling aggressively, learning some of the credit dynamics that are different and reinventing some of those methodologies. And there's a second phase of scaling that will come. But yeah, we.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “But a lot of it is art, and a lot of that resolution of the art and the debate comes from a fairly robust debate. So I'm avoiding your question because I have no good answer.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “I wish I could tell you that there was this predestined master plan that was so scientific. The reality is smart people around the table with a culture of robust debate and real candor about the pros and cons. Is sort of how we went about it. And a constant reexamination of how things are going, what's going well, what's not going well, what's taking off, what's not yet taking off, what are the principles by which we're making these decisions has been important. Some of these things are obvious. If you're running a bank, a bank account is probably a good product at some stage, but a lot of it in terms of sequencing and when we invest where some of it's obvious, what's the TAM and where's the customer pain?”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Banking is again, to use the phrase that we love at Newbank, fundamentally different than it has been in the last hundred years. And we believe that social technologies, self-driving and AI technologies can build a just completely different experience where we're not building a bank branch and putting it in your pocket, where building a personal banker, which today, I don't know, 10 million people around the world have access to and you got to have a lot of money to do it. We believe that job can be done We believe that job can be democratized ultimately to all 8 billion people on the planet, and we believe it can be done better for those 8 billion even than the 10 million are getting today. But that's a lot of... That's a lot of work. And that's to use We are trying to define over on a global basis.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Making the leap to prove despite a lot of skepticism that our business model was exportable and not a unique Brazilian phenomenon. So we launched into Mexico and launched into Colombia. And now we are starting to take the full suite of products and go beyond credit card in Mexico and Colombia as well. So depend on how you look at that matrix. We are a dozen plus products and we're working on the phase three of our products, which is moving beyond financial services. We've launched an e-commerce marketplace within our app, which is perhaps a bit counterintuitive if you're coming from the US. And we're also envisioning a world where”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Story started as a Brazilian. We were a Brazilian credit card monoliner in an app and all the rest of it. Around the time, slightly before, but around the time I joined, the phase two of the company, the mandate of what we were trying to do, which has really been the story the last five years, was we're going to go from a Brazilian credit card company to a full solution Latin American bank, which meant we launched five new products. We launched a bank account, which allowed us to go from being a secondary banking relationship to increasingly a primary banking relationship, about half of our 90 plus million customers are now, we are the primary relationship. We built a lending product. We built an investments product. We built an insurance product. We built a series of small business products. While we were doing that, we were also...”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “To undercut the pricing pretty dramatically. So even within an established category, we've tried to build a fundamentally different experience. But there are also times when, look, it's not quite me too, but the differentiation is a bit more incremental. But at the company level, I think it's absolutely imperative to be designing your own category so you can then dominate it and defining your own category. And even when you're entering a place where customers are spending money, I think going in with a mindset that says this is going to be a bit better. And I think Todd would probably agree with this given the way he described it. You should try to be reinventing that category even if you're not inventing that category.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “We've recently gone into a market called Consignado in Brazil, which is secured lending for government employees. Very stable job, easier to underwrite against their salary at a much lower interest rate. That's a market that's existed for a couple of decades in Brazil. Our job was to go in there and we believe we built something that is fundamentally different. It wasn't digital. It went through middleman. We built a D2C and we've been able to price it very.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Was the thing that led to the massive wave of success multiplied by unlike almost everywhere else in the world, including in the US, where the answer was we're going to do the bank account first. New banks answers no, we're going to do credit first. And credit is 10 times harder and 100 times more risky because you get credit wrong as a young company that doesn't know how to do it yet. You've blown everything up. The money's never coming back. Those two, again, concentrated bets defining a new category. Where I think the key to our success Now, there are times when you're trying to go into an adjacent market.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “We were the first, and it is actually not that important that we were the first, but we were very intentionally. Trying to build Branchless bank based on the rise of the smartphone in Brazil and Latin America at that time, the sort of rapid inflection. And a branchless bank that could bring, as David likes to say, a bank branch, put a bank branch in your pocket where at the time access was the big problem. And that you could do that on a digital cost structure that allowed you to essentially disruptively price across the board.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Lenny, literally earlier in this week, I was listening to your podcast with, I believe it's Todd Jackson, X Gmail product leader and now venture capitalist. And you guys had a very Interesting discussion about it. And I think he took largely the other side of the argument that you go in a category where customers are already spending money. And it's hard to argue with that fairly robust logic. I will tell you how I think about it. It forced me to think about where are the nuances in how I believe. I think overall, particularly in a company level. Successful companies are typically in the fundamentally different business. They're in the new category business. Google was in the new category business. Netflix, Airbnb, you can go down the long list, Salesforce, et cetera, et cetera. That's really important in Newbank's case.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “The product team, a little over a year ago, we put together some Schwag, which was fundamentally, I have a mantra within the company since roughly the time I joined, which is we're in the business of being fundamentally different, not incrementally better. Again, it goes back to only fundamentally different gets customers to tell their friends incrementally better. And by the way, there are certain features. I don't want to overstate the case. There are certain features where you're in the incrementally better business. Not every single thing of the 100 things you launch in a year can be fundamentally different. But we're searching for those anchors that are going to be fundamentally. But we are in the fundamentally different business, not the incrementally better business.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Goes against, by the way, a lot of what's taught in business school and a lot of PMs are MBAs is really important. And then it's a matter of you get better the more you do it and you get more practiced and more grooved and more principled in how you get to a methodology the more you do it.”

    2024-05-16 · Lenny's Podcast · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast) · IDENTIFIED FROM THE TRANSCRIPT · source