Cube is India’s only automated Expense+Wealth application (App) that offers customers with both investment options and automation of expenses. It offers expert counsel and real time updates on investments, maintaining a healthy balance between the incoming and outgoing for customers which include SME’s as well as individuals.
Satyen is the Founder and CEO of Cube. One of the most successful names in the Indian fintech scene, Satyen s is also an angel investor and serial entrepreneur whose prior experience includes founding Citrus Payments, where he led the brand’s overall strategy, product, user experience, marketing, and strategic alliances to drive the company to a valuation of $100 million in 4 years.
Satyen has spent the last 18 years in Silicon Valley and has invested in 14 companies in the spaces of marketplaces, payments, solar, education, and payments. He is an active member of the Stanford Alumni Association of India and Stanford Angels.
In a conversation with IncubateIND, Satyen talks about the Technology and Wealth management in a new era. Read On!
Tell us something about yourself and what does Cube Wealth do?
Cube Wealth addresses the Indian Urban Professionals’ challenges around wealth creation. Who to trust, where to start and how to set up an optimal portfolio has all been addressed. We’ve made HNI advisors accessible to make things fairer for the rest of us. We’ve automated the discipline aspects of wealth creation with EMI’s and investment reminders. It’s all taken care of in Cube Wealth with a few taps. Our servicing is personal and instant too, no tickets or queues, just my team and I helping our members.
Something about me? I love building things. Since the time I was a child, I have built school projects using house waste products, migrated to Legos, then built software, and now I build companies. While I am very proud of each of my previous 4 companies (Citrus Pay was an idea I had in 2010 and we had a nice exit in 2016), Cube Wealth is by far the most exciting company I have been involved in. The scope of impact one can have by creating wealth for everyone is just huge in terms of the life freedom and liberty it creates.
How will Artificial Intelligence change wealth management?
I think before we get to AI, we should work on enhancing our own intelligence around how we think of money. Most of us work really hard, fret over small decisions of life like which mobile or TV to buy, but totally ignore our own financial wellbeing of planning for the best future possible for ourselves and our children. Is this intelligent?
We all need to get past our inertia. Take the first step of deciding we want to be rich. The sooner we decide this, the better our chances. Then, find the right advisor to help us. And then, stay disciplined in investing regularly and not letting fear or greed affect you. Make it a 20 year plan. You will succeed if you take the first step and stay on track. Be an intelligent human.
Ok – to AI. AI has the power to rapidly implement changes to optimise personal customer experiences. It’s going to be exciting to see this unfold. Traditional finance institutions aren’t very well set up to deal with this yet. I do want to call out that not all geographies are suited to AI for wealth management, India being one at this time. There is still a lot of volatility in the market here unlike say the US where AI can be more effective and less risky.
How blockchain technology is affecting the wealth management?
Blockchain makes it possible to create transparency, de-centralization, and liquidity for traditional financial and non-financial assets. This has the potential to bring down the initial investment size by forming distributed pools of private capital, make buyer-seller discovery simpler, and in turn improve liquidity.
How is the internet shaking up wealth management industry?
More services are being moved online to meet consumers demand of instant access to their money regardless of where they are in the world or what they are doing. When you think about it, it’s absurd that you have to go out of your way to go to your bank to access your money to make a simple instruction. Innovation in technology security has been a key enabler of change. The high standard of apps across all sectors is also the benchmark for wealth to conform as consumers expect simple and delightful experiences. The first digital native generation, the millennials, have started earning money and they have an expectation to be able to do everything online too.
How is fintech disrupting wealth management?
Traditional institutions have started partnering with fintechs to access their rapid change capability. Slowly the monopoly traditional institutions have on the market is being opened up and you will see more independent fintechs start operating along continued fintech collaborations.
Consumers have also realised there is a better and fairer way for them to access their money. High availability, customer centric UX and simple UI’s are the mandate. Wealth management has traditionally been profit focused. The industry has been risk averse, ultra conservative in its interpretation of regulatory policy and have been caught sleeping on the customer experience front. Fintech addresses these legacy issues and consumers are showing their support by doing business directly with fintechs.
What are the top technology trends in wealth management?
Generation X are now earning serious money and want their access to wealth creation services solved. The need to log into multiple portals and buy single products per site over integrated financial planning services is a key to be addressed through technology.