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Kelly Peeler

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28
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2016-02-05
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2016-02-05
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  1. “No, no, I did a 10K. I did a 10K open water swim in the Gulf of Mexico before. I played water polo in college and have always been a swimmer. But I suck it running and I want to try it. And then for NGV, I'd say, I mean, there's a huge gaping hole to be the next student first and trustworthy money brand. And we will be at.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Easy. I'd say optimize on my strengths or to my strengths and delegate my weaknesses. I have pretty large ambitions to be number one in the world at inspiring students to live their lives. I spent way too much time earlier about worrying about my weaknesses and just getting too caught up with them. I should have just been only focused on developing the strength.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, so those are, I say that those are, and then I guess on the personal side, my friend Taylor Conroy, who runs Change Heroes, you know, really got me thinking about that I really need to be meditating every day as a means of regaining that focus and not for half hour, but even if it's like three minutes every day, just kind of a consistency of habit around that.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Okay, so I couldn't narrow this down to, I just cannot narrow this down to one. So I'm going to bucket it in like three things. I'd say on the business side, Adam Nash at Wealth Front said really smartly to build trust, to me, really smartly to build trust, not only into the dynamics of our product, but also really into the philosophy and the culture of my company, which I just thought was very insightful as opposed to getting up to 15, 20, 100 people and then having to backtrack on that. On the team side, Josh Ellman at Greylock gave me some really awesome advice on how to build a great team. And he said that being a supportive teammate is more important than telling someone how”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “And then the second thing, which I've only really recently developed in like the past year, has been focusing on getting to that focus much quickly and much more consistently as opposed to, you know, everyone kind of always talks about how they get muddled down and busy work. But I've really set aside Saturdays every week to recharge by doing what I call creative Saturdays. So I'll usually go paint. I'll host groups of my friends in New York or different states to do painting days. So we do arts and crafts and cocktails. So, anyway, I would say one, these note cards, and then also recharging by making things. Yeah.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah, so I'm very, very visual person. So I'd say two things. One is I am really a believer in focusing and know more than one to three things at a time and to really kind of prep myself for each day at night. I have these really huge index cards next to my bed and I write the three things that I'm going to accomplish the next day. So it's sort of like embedded in my mind and then I wake up and I read those three things. And I found it just really focuses me.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Yeah, that's essentially that club model that I was mentioning before. So those are all another way of saying them is they're all, you know, they're brand ambassadors or advocates for us.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, he's really fantastic. And I just really, I love this idea of the best people kind of out hustle other people for their users. So, you know, any, I was asked this question the other day, like if you're going to do press, why would you do press? And my answer is so that more users know and have the opportunity to choose to get more financial aid. I believe on the intimacy of user by user interaction and have personally mentored a ton of our student users as well, but I really think that idea of going like the extra 2% and saying thank you or doing something unique really just builds lifetime value exponentially.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “I would say, I mean, I could go on forever about that. I read probably a new financial history book every week. But no, I mean, I guess what I would say in terms of business, I would say the thank you economy. He's coming on the show.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Mandate for about 17 states, which require a financial literacy course. So the first product that we introduced was an online digital financial literacy platform that schools across the country now use because they have to meet this requirement. And so that allows us to get in front of students in the classroom and then continue the relationship with them through a customized channel over text message if they want. So those are really the three buckets.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Yeah, exactly. So there's NextGemVest or NGV clubs that are in high schools across the country. Students meet on a weekly basis to host workshops. They come up with creative strategies of reaching out to new high schools to bring NextureMest mission to other students. So I would say that Bucket One is really a grassroots organic approach, which is students referring to other students without us really doing much at all. So the average club member will refer at least three other students within the first week that they come into contact with us, which is pretty cool. And then the second is doing a lot, like I mentioned, I mean, really embedding a lot into the two platforms that I was referencing before SMS and Snapchat. So that's bucket two. So we have a lot of referral programs that are built into that. And bucket three is really leveraging a department of education.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Yeah, sure. So one, and this is, I mean, I think this is sort of my background, is the organizations in the past that I've built have essentially employed student referral models to build community. So whether that's been in Iraq or another company that I helped start in college. But we have an entire network of students, both in high school and college that essentially set up clubs if you're familiar with that concept like a chess club or”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, absolutely. I mean, there were one. I have absolutely no doubt that there will be another, you know, the next version of Snapchat will come along in five years. And a lot of that just has to do with how different age ranges catch on to new trends. And what I would say is we're not necessarily platform dependent. Ultimately, we are taking and engaging with, I mean, our core functionalities over SMS, but we're just making huge efforts into that initial outreach with students over Snapchat and providing initial immediate value over Snapchat. But I would say that we're not platform dependent. We are learning from platforms. We're collecting more information from our users from these two platforms and aggregating that to have a holistic picture of them so that we can better serve them as they're going through major Financial decisions”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “At Wayner Mania actually just released a really awesome article yesterday on Snapchat and the attention and graph of Snapchat. And in that he said, which is sort of a common statistic, that 45% of Snapchat users are under the age of 25. And there's nearing about 200 million users with about 7 billion video views per day. So in terms of attention graph, This is where students or our demographic is. So we have to be there. And it doesn't matter that we're talking or that we're communicating with them about pretty personal topics like student loans or financial aid or making that more accessible. In my opinion, that's where every single brand will have to be because you have to be where your users are. To kind of summarize, I mean, part of building trust, especially with something as personal as your own family's income levels.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “So, as I mentioned before, we primarily serve our students and communicate with them over SMS and Snapchat. The reason being, and I'll kind of, I was doing a little bit of research and I caught your interview with Ellie Wheeler. I think that was maybe last week or a few weeks ago. And I completely agree with her comment around push notifications that they need to be smarter in order to give people the right service at the right time and in the right way. This is ultimately why we didn't first build a native app was because we couldn't customize communication to the extent that we really, really wanted to with this audience. So we chose, we frankly chose the two most engaged means of communication channels for students, SMS and Snapchat. The reason being is the attention graph is completely off the charts for students with these two platforms. I'm not like sort of the first person to say this, but actually Gary Vaynerchuk.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Customized, whether you're setting music in your car or you're being able to share with other people in a pool. To answer your point, it's really going after those three things, saving users time, saving users money, and providing a customized and personalized experience. So at the core of that is all of those meeting students where they are and being incredibly empathetic to them, which has a lot to do with how we have built our product and the kind of core functionalities of it.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Yeah, so I think that has this amazing question and we really think a lot about that. I think that trust really boils down to three things. So if you can build a product or a service that does one of these three things or all of them even better, that's kind of you're on your way to building that long-term trust. And we really are aiming to do that. And those three things are one, save users time. Two, save users money and three, provide a customized and personalized experience in a reliable and consistent way. So, I mean, I draw that very much so from Uber as well. So Uber sells time to people and because of that, people have become completely dependent on them. They're reliable. They're now starting at the point where they're starting to save users money. And they've added on layers in terms of being”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Generation is ready for a new type of financial partner. And I take that directly from Facebook's insights that they put together around how young people are dealing with money on Facebook. Another kind of ridiculous stat, in my opinion, also from this Facebook research report, which I'm happy to send you, is that 8% of millennials trust banks and financial institutions for guidance 8%. Like, is that a joke? You mean like that these are core functionalities that people deal with every day. And 8% is pretty low.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “I mean, absolutely, like without question. And I can speak both from the consumer side in dealing with sort of a very skeptical and fickle audience, the age demographic of 17 to 25, but also I worked in financial services. And I saw the other side of the table as well. But like I was saying before, I mean, I think trust is the entire game with consumer fintech right now. I mean, I'm personally certainly betting hard on it. We're starting our relationship with students in high school to build long-term trust with them. And the reason being is because, I mean, whether it's you just ask a student or a quote unquote millennial on the street or you go into any of the study after study, it's that millennials or students for us in that case have no one that they can trust for financial guidance and that the millennial”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “I think that the entire game with this ecosystem in FinTech is, at least on the consumer side, is about a couple of things. One is time and two is trust. So I think that the brands that really develop that in an efficient way for users and really put that at the core center will win. Whether it's investing, whether it's credit cards, whether it's budgeting, whatever the kind of the vertical, it's time and it's trust”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “All that. But I like to say that we're entering the quote unquote set it and forget it stage of personal finance where people don't want to be checking charts and graphs. They just want their tools working for them in the background. And so one of the main things that I see in that transition is as opposed to just displaying information clearly, which is V1, people will start to leverage and company, and I see a lot of companies already doing this like Acorns, automating and kind of working behind the scenes by leveraging your trust to make things super efficient for you. So you're not constantly checking because frankly, no one has the time to do that anymore. And time is really a huge thing that users are valuing substantially more. Than they might have done five or even ten years ago.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “But the really cool transition now is that we're moving from people needing financial organization to people needing what I'm calling financial efficiency. And that has everything to do with time. So if you think about this, and I'm a very visual person, so if you think about this in like two columns, so V1 is of the consumer financial landscape. V1 is financial organization. And really what in column one, if you think about it, that stage or that phase was really optimizing for giving you a clear picture of your financial help, for giving action. V2, column two is this idea of optimizing for your time through automation and personalization. So I mean, I don't know if you watch QBC.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Able to make their own decisions and act on that. And people went wild over this because the idea of organization to prompt financial action was like the killer app at the, you know, they weren't app initially, but the killer thing.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “In my opinion, we're currently in the midst of a consumer financial revolution. And what I mean by that is we're in a transition from consumer fintech going from five years ago, from financial organization to financial efficiency currently. So that transition from financial organization to financial efficiency is really what I think is an interesting time currently. And I'm super excited to kind of be hopefully leading the way in that financial efficiency space. So what do I really mean by financial organization or this V1 stage of consumer fintech? I would say just think back to when Mint first came out. The innovation in technology there was really organizing money for a user to help them see their whole picture, their whole financial lives better with the hopes of a user being”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Free financial aid on the table every year because the process is frankly just so shitty. And even worse, for the people who do take out student loans, 30% of those people end up dropping out of college before they actually graduate, which is just the absolute worst. So you owe money and you don't have a degree to be more employable.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “At graduation, whether to go be a financial historian or go work in a financial institution that was actually relevant for my past studies and that was JP Morgan, I needed to make some money so I went to go to JPMorgan. Long story short, I started to start NGV because it really involved both of my core to interest students and financial crises and in a very kind of high level way, I wholeheartedly believe that the absolute number one thing preventing young people from living their fullest lives currently is the student loan burdens that they have to deal with. In the US, the average kid graduates with around 30K in loans. On the whole, how we're trying to solve this is that Nexture Investor NGV helps students navigate both the financial aid and student loan application process through text message and Snapchat. Just a little bit of context there. Students leave about 2.9 billion dollars in”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Built an entrepreneurship program helps start a bunch of companies over there. And though my parents would probably still say that I was insane to go do that by myself, I absolutely loved it because that really turned me on to the idea of kind of inspiring and helping students see themselves at a higher level. And then the second kind of motivation or inspiration, I guess, for starting NextGen Best, part of my other very different passion, which is the history of financial crises. Of course, the natural passion. I'm a huge. Yeah, exactly. I'm a huge nerd as it comes to financial history. Generally curious person as it relates to how the economic machine works. And I'm stealing that phrase from Ridalio. He has this amazing piece on how the economic machine works. But anyway, so I was actually debating”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “The reason why I started Nextramus is really kind of the result of two of my personal passions, which don't laugh at them. They're very at different ends of the spectrum. One, the first is empowering students to live their fullest lives. And the second is very different, which is around the history of financial crises, both of which I sort of developed and became obsessed with in college. But to kind of just give a little bit of background in college on the empowering student side, I started several different companies and organizations that focused on this idea of empowering students to live to their fullest potential. We're one of the more notable ones is called Business Across Borders, and we helped Iraqi university students start their own companies in Iraq to rebuild their own economy. So I went over to Iraq and I think it was maybe 2012 and helped set up partnerships with corporations and work to bring in TEDx, startup weekend.”

    2016-02-05 · The Twenty Minute VC · 20 VC FF 034: What Fintech Can Learn From Uber and The Shift From Financial Organisation To Financial Efficiency with Kelly Peeler, Founder & CEO @ NextGenVest · IDENTIFIED FROM THE TRANSCRIPT · source