Why You Should Change Your Bank | Episode 6 | Fluid Finance

Why You Should Change Your Bank | Episode 6

Just look at this this is a graph that shows new users signing up to fluid now as you can see it starts slowly as they go through their beta testing then the sign ups start to build as they soft launch then once people start using fluid and see the benefits all hell breaks loose this isn’t a hockey stick this is the north face of the iga that growth is quite

Literally off the charts and the reason is because people are starting to use fluid and see for themselves just how revolutionary it is then they’re telling their friends about it basically word of mouth about fluid has started to go viral so i wanted to talk to robert the ceo of fluid to see what people are actually saying when all of a sudden this happened

President putin has announced a partial military mobilization to help fight the war in ukraine the priority will be on people who serve in the armed forces who have military specialization and experience thousands of military-aged russian men finally reaching the georgian checkpoint after a harrowing trek from their hometowns all to avoid being sent to fight in

Putin’s war in ukraine these are strange times for all of us but particularly for fluid you see several of the fluid tech team and lead developers are russian in fact you may remember in episode 2 of this series that fluid had to organize a daring escape for their russian staff when they left their homeland and moved to georgia to escape the war but of course

They still had family in russia who they hadn’t seen for months some of them snuck back in to see their relatives as you would do but while they were there they got caught up in the surprise announcement that putin was forcibly drafting three hundred thousand reservists and sending them to the war in ukraine foreign it feels like um it feels like we’ve had

These calls before where you are just lurching into into crisis which has nothing to do with the business it’s the kind of the world around you what’s going on with the uh with the team in russia and i look at it and i say wow you know it’s insane that’s mobilization in my language means conscription is that right yeah and then i guess obviously they’re doing

A study conscription yeah they’re modernizing their reserves reserves in russia means anybody who’s had any sort of military training is a reservist so basically all almost our entire team like in high school or had some sort of military training it’s like just normal in russia and so i almost all of them are um reserve us this which i didn’t know and like as

You know back in like february we evacuated everybody to to tunisian georgia back to russia to visit so we had a bunch of guys in russia at the moment and now they’ve got caught up in it so you have three or four of them that are back there when this announcement was made and uh yeah they’re both closed there’s supposedly closing the borders international bidders

To reservists and they started with the flight so we had one guy who like just basically grabbed his passport and went to the airport with a credit card and like a paragraph the equivalent of like a russian typical month’s salary yeah god this must be a strain germany arabs and in japan yeah we found ukrainian so it’s a really it’s a very adventure game that

I you know when i was starting out trying to make challenge the bank industry i never thought it’d be like this so god a meantime the crazy thing is while this is all happening on one side of your business on the other side of business other crazy things are happening which is your acquisition is going through the roof i mean it’s just caught fire hasn’t it to

Stop to stop stop mass adoption curve it is insane and it’s so it’s totally overwhelmed all of our tech support so it’s a little crazy out here and you haven’t even launched in the us yet that comes in early november late october doesn’t it that’s the idea as robert says the fluid adoption curve is insane they’ve clearly created something that people want which

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Is quite simply a better bank you’ve got to remember that banking is one of the slowest moving sectors in the world we think our banks are keeping up with the times because they launch nice apps but the underlying system is the same as it’s ever been our cake often unfair and yet almost always obscenely profitable for the bank realvision created this unique fly

In the wool series where we follow the first year of fluid because we know they’re doing something very special potentially historic they’re creating a new kind of bank from scratch one that has taken every frustration we have with the current system and done something about it now it sounds so obvious but actually it’s only been possible because of the advent of

Secure cryptography and blockchain by using digital technology fluid is able to disrupt banking in exactly the same way that amazon changed shopping airbnb change travel and netflix change television we all knew that the digital revolution had to reach banking at some point and fluid are the ones making it happen but how you see a seductive is all the hype might

Be i wanted to get under the skin of what fluid actually gives me as a customer what will i notice day to day if i sign up for fluid i asked jessica the chief marketing officer to talk me through it what i want to do is i want to get past all the rhetoric right down to the nuts and bolts if i’m an ornery person on the street why on earth would i change bank accounts

Because let’s face it it’s a bit of a hassle and everyone thinks oh god i don’t know if i can be bothered why would i want to change the fluid one slogan that we have here at fluid is we make your money work harder for you similar exploded what we’ve really done is try to ensure that your money is working around the clock so you have your interest and your savings

Generated daily in your account so you can get a targeted three to four percent interest rate and the exciting thing about it being targeted is it means that if we’ve had an extremely busy month it might even over achieve the kind of targeted rate that we have provided but that also is reflected in your account daily so it’s not something that you get once a year

That you have to sit at home and wait for you’ll get a small amount coming into your account daily so you’re saying where i can’t seem to make money anywhere on my savings i can earn three to four percent interest and it’s going to show up daily i’m gonna on the app i can see how much interest i’m earning on a daily basis i don’t have to wait for months on end

Absolutely so you can see each day how much you have made we’re based in the uk so we have gup accounts we might want to convert that into dollar for example we might have seen other news that the pound’s not been doing so great so we might say hang on a minute i want to put my funds into dollars and then i want to generate a targeted four percent interest and i

Can read that daily and then when i’m ready to convert it back into pounds i can do so okay so this is another really exciting point then so i can literally within my account moving out of pound sterling into dollars but within the count i just swap it over do i a lot of our users love the ability they don’t have to decide on one specific currency they don’t have

To bet all in on one if they know that they are international and they travel they can have that option that choice to have a few different lumps of money in different accounts and then they can also generate different yields for them as well and how many currencies could i have in my you know in my portfolio of currencies in my bank account so actually currently

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We have a handful of currencies we actually have the goal of adding 32 currencies wow okay so um that sounds amazing for traditional money dollars euros pounds etc what about crypto because um one of the things i know about fluid is i can go in and out of crypto how does that work do i have to use a crypto exchange we’ve identified that actually for a user it’s

Slow it can take a few days to get your funds from your bank account into an exchange by that point the market might have changed price which leaves you a little bit frustrated and on top of that some of the nicer user interface exchanges also charge quite a high amount of fees as well so what we’ve done is we’ve tried to compress that user flow so for you as a

User you can make a lot more of a faster decision with your fluid finance account whether you’ve got pounds us dollars or euros you can then convert that on chain to our dusd and then you can step into the world of d5 so whether you want to buy entities whether you want to trade whether you want to test left out different place and games in the whole metaverse

Realm all of these options are now really viable for you straight away so you’re saying that i don’t even need an exchange i can literally go from in within the app from my bank account effectively in and out of crypto at will i’m not waiting for banks i’m not waiting for exchanges i’m not paying all of those ridiculous fees along the way i’m kind of in charge of

It myself absolutely there’s a phrase that’s really common in the industry of tech which is called on-ramping and off-ramping and that’s almost jumping into the world of crypto or the world of tech and jumping out and it’s about how do you make that jump the shortest the fastest the most smoothly used user and that’s something that we’ve really tried to do that

Online off-ramp has been so much more accessible it’s interesting isn’t it the the intermediary is in that process of on-ramping and off-ramping are the ones that actually get in the way of it in terms of making it more expensive and slower than it needs to be so actually the ability to move on chain we’ve actually timed as being depending on how busy the network

Is it shouldn’t be more than a few minutes a few minutes a few minutes correct wow okay so does that mean then in my account i can have um some dollars and some euros in kind of separate buckets but it’s all within the app and all within my account but could i also have some ethereum as well is that all part of what i can see in my account i’m really happy that

You’ve asked that we are going to have the ability that you can have different cryptocurrencies within your application as well so this is combining the world of two wallets your cryptocurrency wallet in your physical wallet and also the ability to seamlessly move in between the two as well that’s getting it out of crypto and and we talked about um having money

In different accounts what’s the fluid difference in terms of me if i want to send money to you know if i’m in uh america and i want to send money back to my family in south america what are the differences there so within the fluid application fluid is available to anyone globally but within the fluid application those transfers are completely free so for you

To spend that money it’s completely erasing that typical mantra that we have in the mindset of the western unions of the world that sometimes it can be up to 8 12 a remittance charge for spending money abroad we really understand that actually sending things in-app and sending funds should be free for users so within a fluid account if you send funds there’s no

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Charge and we send the funds to each other in a space of around one minute if there’s no cost there’s been no charges and it really is going to change the way how we move money around the world okay so this all sounds um pretty revolutionary to be honest with you but one of the things about banks throughout history is we know they make banks make obscene profits

You know they it’s it seems to be an inherently unfair system the banking system and the only people who really benefit from it are the bankers who seem to make money whatever is happening in the world whatever’s happening in society how does that work so fluid has fluid generate their funds through conversion fees so the conversion of jumping in and off chain

And this is how we get our targeted four percent interest rate so the first thing upon a glance is you go okay as a user i get some of the funds back that’s great all of those efficiencies that you’re saying so that basically you you give that back to the user i benefit them that way okay so that’s kind of the first and foremost of what we offer our users but

Then there’s another element as well so anyone can purchase fluid shares and anyone can be shareholders of the company so you can buy fluid tokens in apps and the fluid tokens are then represented as equity of the company so you can essentially own your own bank account you can put the money in but you can also get the money out is a technical shareholder holding

Tokens for the company so if i’m using fluid and fluid’s doing well i do well at the same time exactly there’s a full circle nice okay um this all sounds lovely but one of the problems with banks is it’s like endless endless effort just to move bank accounts so how easy is it to to open a fluid account so with fluid it’s really easy all you have to do to sign

Up is to enter your email address you can just go through the email address just to test out the application and see if it works for you and then if you do want to start to move funds around a little bit more you can unlock some of those features by giving over some information so i can literally open up a basic account to see how it all works and test it out of

It with an email address and then if i like it then i can go further absolutely just an email address is all you need to sign up just an email address is all you need to sign up to fluid i have to say they’ve made it pretty easy to check it out and the benefits seem kind of endless and they keep adding new ones every month to me it’s really obvious that fluid are

Achieving their goal of being unlike any other bank and i think a large part of that is because the whole concept behind fluid is to work with its community of users to address all the hidden charges the outdated ways of working and the inefficiencies of traditional banks fluid has been built from the ground up on blockchain which in really simple terms means it

Can do things that other banks can’t mainly being easier faster and cheaper to use then they’re passing on all their savings to their users no one that people are talking about it this is a company that is taking off and as a customer you can even become a part owner and enjoy the benefits of that too join us next month when we look at what happens when they launch in america

Transcribed from video
Why You Should Change Your Bank | Episode 6 | Fluid Finance By Real Vision Finance