“I know first-hand in Kenya, where farmers have seen their income grow by as much as 30% since they started using mobile banking technology and one World Bank study found that a typical developing country, a 10% increase in the penetration rate for mobile phones led to an almost 1% increase in per capita GDP. Put this into context, that would for India translate into almost $10Billion a year.”
Hillary Clinton, Sec of State
The quote from Hillary came out last week so I am expecting a growing awareness of the potential of mobile banking among the Davos crowd. That being said it is not a topic of any Davos session except for a private workgroup on Thursday. I have found last night at the opening reception and the technology awards dinner a growing acknowledgement that mobile banking has potential in emerging markets.
The opening reception was packed. Mingling was easy since it was so crowded people were physically too close not to talk to one another. The group is truly international and eclectic combination of roles; civil society leaders, politicians, business leaders, academics, top journalist, technologist, non-profit leaders. The first time attendees aren’t exactly sure what to expect, the return attendees are glad to be back and enthusiastic about the week.
The technology pioneers awards dinner was attended by corporates that fund the program and the technology pioneers. The picture above I took of our table at the awards dinner. Each business was very interesting. Except for the Twitter CEO, the CEO’s I spoke to discussed their recent fundraising challenges. Most were involved in long cycles to raise money – but acknowledged that they also needed to find short term approaches to their business that required less capital. Fundraising is always an entrepreneur’s challenge – but in 2009 it was especially painful.
The sponsors of the technology pioneers awards were interesting. I sat with the Chief Scientist from BT. He made it clear that BT knows that they need to look outside of their corporation for innovation. He saw this program as a way to have innovation insights and select companies to partner with. I was struck by the fact that innovation and research has changed dramatically from the old Bell Labs, IBM research phase. Then the big companies saw innovation coming from within, and funded it heavily. Now companies know the world is changing quickly and that some of the most valuable innovations will come from outside their companies and their current business models.
Busy day ahead, first session is the Growing Influence of Social Networks. I am going to get there early to make sure I get a seat. I wasn’t able to get a place at the Rise of Asia dinner.
Less time to blog now, so I expect this will get shorter and less refined but I will try to blog at least once a day. Will also be tweeting (carolrealini).
February 1st, 2010
“We live in a world where human problems do not come permanently attached to national passports” – Former UN Secretary General Kofi Annan. In this rapidly changing world we need moments where we pause, step outside our traditional paths, try to connect the dots. This is the essence of the Spirit of Davos.
In the last ten years I have had the privilege to meet with top management from mobile and financial industry players, meet with Dr. Yunus (Nobel Peace Prize winner), interact with political and government leaders in various forums. This rubbing shoulders with powerful and influential people has prepared me somewhat for Davos.
That being said, I am anxious about how to best contribute as well as leverage this type of event. I have been told it is non-stop sessions from 7 AM until late hours of the evening. My objective is to orient myself quickly once I am on the ground and determine how to best engage. I have a “Davos Buddy”, Jeremy Allaire, CEO of Brightcove, who I meet with at the beginning of the conference. His role is to help me quickly orient and understand how to get the most out of Davos.
My companion at Davos
Attendees can’t bring other people from their company – the invitation is to the individual only; others won’t get passes for access to the sessions and even physical access into the area where the event takes place. Attendees can bring their spouses and spouses are full participants at the conference. My husband, Joe Tumminaro, doesn’t normally accompany me on business trips. He loves to travel but doesn’t want to be in interesting places but have me work and he then has to enjoy those places by himself. Not to mention he hates being called Mr. Realini.
Joe made an exception to his rule for WEF. He has many passions and is interested in environmental, security, and humanitarian issues – and of course he is passionate about Obopay. He will not only attend some of the sessions with me but also he plans to go to some I cannot. I have asked him to help me with this blog once we get to the conference so our blog followers can benefit. He has agreed.
Joe and I came to Switzerland a few days early so we could sightsee and get over jetlag. We are in St. Moritz now where the weather is incredible. Sunday we skied and on Monday we will visit a few surrounding towns and a sledge run from Preda to Bergun (over 6 kilometers) – what a treat.
Goals for Davos.
Learn new things; especially gain insights on how to best address the world’s most challenging problems.
Contribute to the dialogue; this includes making sure the attendees understand the power of mobile banking and payments and how that might be applied to some of the challenges we face.
Build relationships; especially interested in establishing connections with attendees who are potential distribution partners and government allies.
Build awareness; Make sure attendees are aware of mobile money and its potential role in addressing world challenges.
Schedule for the First 24 Hours
Tuesday
- Welcome reception
- Tech Pioneers Welcome Dinner and Awards Ceremony.
Wednesday
- Rethinking Security in the 21st Century – Joe
- Growing influence of Social Networks – Carol
- Business Solutions to Rural Poverty – Carol and Joe
- Rise of Asia – Carol and Joe
If we can fit them in
- Who is the new consumer?
- Rethinking Values
January 26th, 2010
World Economic Forum – Davos 2010
My blog for the WEF – Day 1, Part 2 .
My self-assigned role is to represent the technologist, entrepreneur and mobile money communities.
“Until one is committed, there is hesitancy, the chance to draw back, always ineffective, concerning all acts of initiative and creation…Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now” – Goethe
Klaus Schwab sent me a book and a note to provide more background on the World Economic Forum. He invited me to review the survey of the key issues which preoccupied humanity over the last 40 years. As I fly to the World Economic Forum, I read this review and think about what I look forward to and who I look forward to meeting in Davos. I am a technologist, entrepreneur, mobile money evangelist – and my self-assigned role is to represent those communities well as I engage with world leaders at the 2010 World Economic Forum (WEF).
This meeting marks the 40th year of the forum founded in 1971 as the European Management Forum, renamed in 1987 the World Economic Forum reflecting the Forum’s expanded scope. From its modest beginnings of bringing European corporate managers together to discuss business strategies, it is now the world’s foremost multi-stakeholder event addressing the most pressing global issues.
This Forum, with the realities of the after effects of the global economic crisis and the disaster in Haiti, will focus on rebuilding. For the economic crisis – the Global Redesign Initiative is a key platform of discussion – reviewing institutions and practices of global governance and corporate activity to better tackle the challenges of globalization. Although not a part of the original agenda, they have recently added Haiti relief and recovery to the key topics for this meeting.
I look forward to the many dialogues and want to understand how mobile financial services and technology can play a role in both the global economic recovery and the specific challenges of Haiti. This is already happening on a small scale – mobile money in Asia and Africa has already begun to provide banking to millions of underserved people. Also in Haiti, “mobile text giving” (text to a short code to donate $10 to the Red Cross for Haiti – charges show up on your phone bill) has helped ease mass-individual giving to the Red Cross in the US. How can regulators, governments, and corporations help these solutions quickly scale to increase their global impact? Awareness is key since many important stakeholders are still not aware of the full potential.
The Power of Convening.
When I retired in 2000, I moved to Aspen Colorado , home to the Aspen Institute. It is a convening organization which year round hosts events that bring together people from around the world to study and discuss world topics. I experienced first hand the power of convening. It fosters education about the most important issues, trends, and questions of our time. It fosters creation – since the people and relationships have indirect impacts since they were changed by the dialogue and the relationships that developed during their time at the Aspen Institute. These connections may not ever occur without this opportunity to come together in a safe open discussion. The fact is, without these types of forums these people would not normally be connecting – building relationships, crossing traditional boundaries, developing greater understanding.
I imagine Davos as the Aspen Institute on steroids. I looked at the attendee list – CEO’s of fortune 100 companies, senators, presidents, heads of central banks, heads of major foundations, nobel peace prize winners, great social entrepreneurs. I look forward to meeting many of these people in person.
Hello Mr/Ms. President – have you heard about the potential of Mobile Banking?
Here are a few of the Presidents/CEO’s that I hope to meet personally . As you can see from this list – this is a great networking opportunity but also intimidating even to a seasoned networker like me:
AT&T INC. Randall L. Stephenson
BARCLAYS PLC Robert E. Diamond Jr
BHARTI AIRTEL LIMITED Manoj Kohli
BHARTI ENTERPRISES Sunil Bharti Mittal
DEUTSCHE BANK AG Anshu Jain
FACEBOOK INC. Sheryl Sandberg
FACEBOOK INC. Mark Zuckerberg
GOLDMAN SACHS Peter D. Sutherland
ICICI BANK LTD Chanda Kochhar
JPMORGAN CHASE & CO. James Dimon
Anyone have any great ideas on how to break the ice with world leaders, please send me your thoughts. I have a WEF buddy who I meet with on day 1 of the event. Maybe he can make some suggestions. On my next blog I’ll talk more about my agenda and the session topics, also Joe Tumminaro’s (my husband, pictured below) thoughts about attending the Forum with me.
January 22nd, 2010
Q: Tell us about Obopay and why are you, the CEO of Obopay attending the World Economic Forum
Obopay is a mobile banking and payments provider. We are based in the US and India. We are recognized as a early leader in the rapidly expanding financial services sector delivering services via the mobile phone. The opportunity is massive – 4B phones but only 1.6 B bank accounts. Obopay gives those with bank accounts added convenience and those traditionally underserved access to affordable secure banking and electronic payments.
I am attending the World Economic Forum because they have recognized Obopay as a technology pioneer. Obopay is receiving an award at this annual event in Davos.
Q: What is the World Economic Forum?
The World Economic Forum (WEF) is a Geneva-based non-profit foundation best known for its annual meeting in Davos, Switzerland which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world including health and the environment. The World Economic Forum was founded in 1971 by Klaus M. Schwab, a business professor in Switzerland. Beyond meetings, the Forum produces a series of research reports and engages its members in sector specific initiatives. Regular attendees at annual meeting include Bill and Melinda Gates.
Q: What happens at the World Economic Forum Annual Meeting?
It is non-stop sessions on a variety of key global topics. In the evenings there are private events hosted by Presidents of countries and CEO’s of Fortune 50 companies. The convening of such a top level global group – spanning government, corporate, thinkers/academics, and entrepreneurs – is unique and powerful
.
Q: What is the theme of this year’s Annual Meeting?
The 40th anniversary of the Annual Meeting is a defining moment for world leaders as they meet under the theme “Improve the State of the World: Rethink, Redesign, Rebuild”. Over 2,500 leaders from over 90 countries representing business, government and civil society will work together on pressing challenges. “We must look at the Meeting in the context of what’s happening in the world and we see that the present system of global cooperation is not working sufficiently,” said Klaus Schwab. Haiti will feature on the agenda: “We hope we can present a major common effort to the world community showing true corporate global citizenship in Davos,” he said.
Q: Who attends?
This is a very exclusive event. It is by invitation only and even the most powerful and influential people in the world may not be invited every year. – must be a member or invited to attend. All attendees have security checks and there is no dropping by Davos. I went in 2003 to help with a Global Giving private evening event. I thought that I would be allowed to listen into a few sessions – no way. If you were not an official attendee you were not allowed to participate.
Q. Why is Obopay going to the WEF?
Every year WEF recognizes approximately 20 technology pioneers and asks them to attend Davos. This year there were 26 companies recognized – of those 11 were IT companies, the rest were health, energy, or other. We were the only financial services company recognized this year.
Q: What are some of the sessions Obopay will be attending.
We are invited to most of the sessions at WEF – There are about 5 different sessions going on at anytime during the 4 day conference. I haven’t decided all the sessions I will attend. Below are ones I am committed to attending so far. My husband, Joe Tumminaro, is attending and he can attend sessions also.
With all the compelling topics, we plan on splitting up frequently so we can cover 2 sessions at once and then brief each other. In future blogs we will give more details about our plans and then our experiences.
My agenda so far is …
Tuesday 26 January
20.00 – 22.00 Private Dinner entitled Technology Pioneers Welcome Dinner and Awards Ceremony 2010 (Technology Pioneers meeting for Annual Meeting)
Thursday 28 January
8.30 – 10.15 Interactive Session entitled From Pioneers to Champions (Technology Pioneers meeting for Annual Meeting)
14.30 – 16.30 Workshop entitled Redesigning with Technology Pioneers
19.00 – 20.00 Your Private Session entitled Schwab Foundation 10-Year Anniversary Reception (Private Events for Annual Meeting)
Friday 29 January
8.00 – 10.15 Interactive Session entitled The Dynamic Duo (Technology Pioneers meeting for Annual Meeting)
14.30 – 16.45 WorkSpace entitled Advancing Models for Mobile Financial Services (Industry Partnership Meeting for Telecommunications)
Saturday 30 January
14.30 – 15.30 Session entitled Technology Pioneers Wrap-Up (Technology Pioneers meeting for Annual Meeting)
January 22nd, 2010
Obopay CEO Carol Realini
What excites you about having Obopay’s mobile payment services operational in Kenya?
As many people know my experience while traveling in Africa was key to the founding of Obopay. While on a social-action mission I saw people with bags of devalued currency buying prepaid minutes in a mobile phone store – it looked exactly like an image you would expect to see in a bank.
So I asked why mobile phones couldn’t become defacto banks, allowing people to move money around in ways they never could before. This was especially exciting since only about 5% of all people in Africa are banked.
So from that beginning in Africa, the big idea of Obopay was to leverage the growing ubiquity of mobile phones to deliver financial services to all people.
This launch in Kenya is especially exciting since we with Essar Telecom are delivering on that promise. We are now operational in three countries on three continents – US, India, and Kenya.
Why did Obopay partner with Essar to deliver yuCash by Obopay?
As you may know, Essar Communications Holdings Limited, the telecom subsidiary of Essar Global Limited, invested in Obopay in 2008. They share our vision for financial inclusion, and delivering advanced mobile banking and payment services. Although yu is new to Kenya, they are the fastest growing mobile operator in East Africa.
How do you imagine yuCash by Obopay changing people’s lives and small businesses in Africa?
I can image a lot. In some ways, Kenya is one of the most advanced mobile banking and payments market in the world. Already in Kenya, consumers know mobile banking changes things. Money can safely be stored on their phone, sending and receiving money can be done reliably, securely and instantly via their mobile phone, and now consumers are beginning to look for solutions to do even more with mobile money.
With our initial launch, we have already included new features and capabilities consumers are asking for. YuCash by Obopay displays a host of unique features which enhance the subscriber’s experience over and above just sending and receiving money. One very useful feature is the ability of a consumer to get a complete record of their transactions of the past 30 days – enabling them to keep a clear track on their transactions, eliminating the need to keep a manual record.
Banking empowers people in their life and work. Mobile Money brings banking to millions of people in Africa that have for so long been unserved by traditional bank methods. In the long term, I can image mobile money being the most important currency in Kenya – more important than cash, check or cards. Obopay is very excited about being there and teaming with such innovative partners as Essar Telecom, yu and Equity Bank.
What is different about yuCash by Obopay mobile payment services?
Already the service has unique features for Kenya; transaction history, invitations for family and friends, on the mobile phone help, short messages with transactions, and the ability to request money. Request money is a unique feature that enables the recipient of the money to initiate the transaction and request the sender to send a certain amount of money. The sender only has to confirm and have sufficient funds to send and the transaction gets concluded.
And this is just the beginning. The Obopay platform is the leading global mobile payment platform – and the number of great partners is growing.
You can tell I am really excited about the partnership with Essar Telecom, Equity Bank, and the launch of yuCash by Obopay. This is the realization of my dream of Obopay in Africa.
December 16th, 2009
1) Why did Obopay choose to launch an iPhone application?
Obopay loves smart phones – since they are such great platforms to deliver a rich, colorful experience. We have been a long time supporter of BlackBerry, and now with this release we add a state-of-the-art iPhone application. Piper Jaffray reports that iPhone remains popular among U.S. teenagers (16% plan to buy). ChangeWave Research reports 30% of adults plan to buy an iPhone, (37% plan to buy a BlackBerry). Clearly this demonstrates the trend that US consumers of all ages are flocking to smart phones.
2) How is this different from mobile payments apps available today?
The iPhone is a superior platform in many ways – it allows us to give our users an experience that is a truly next generation. Combine that with the fact that the Obopay iPhone app makes use of advanced platform features such as push notifications and offers family-centric money management features that make it a cut above anything else on the market today.
3) Who is most likely to use the Obopay iPhone application and why?
Family money management is one of the killer use cases that we pushed during the conceptualization process of our iPhone application and it shows. Parents can monitor children’s spending and make real-time transfers to/from family accounts while children can send requests for emergency money to their parents which can be acted upon in seconds. We are pioneering a new, more social way of thinking about money and the iPhone is a huge step towards this goal.
3a) Can I get this application from my bank?
Obopay iPhone works with any bank in the US. You can connect your cards and accounts to Obopay. In addition, we have a program so that your bank can brand and offer Obopay directly to you. Banks that are interested should contact us at banks@obopay.com.
4) How will this app empower the merchant community?
The Obopay iPhone app keeps the small merchant in mind and it offers a number of compelling features such as push requests, advanced history display and tracking that empowers small merchants.
5) Are you working on an app for the Android phone?
Android is an exciting up-and-coming platform that Obopay is keeping a very close eye on. Obviously we recognize the potential behind Android, but are not announcing anything today.
December 11th, 2009
Obopay’s mobile payments application is LIVE on the Apple App Store and available for immediate free downloads to the iPhone! With this offering, we are delivering one more way for consumers to be able to securely send, receive and manage mobile payments from the most popular smart phone in the US market.
By delivering a rich, user friendly experience, Obopay’s iPhone mobile payment application is unparalleled in the market today. Advanced features include push notifications and family-centric money management tools that enable parents to monitor children’s spending and make real-time transfers to/from family accounts. Children can send requests for emergency money to their parents and receive it in seconds. In addition, it is ideal for small merchants who will benefit from the push requests, advanced history display and tracking capabilities.
If you have an iPhone, we ask you to experience our solution first-hand by downloading the free application and using it. Simply click here to download the application. We would love to hear about your experience with our application, so feel free to share a review on the iTunes web site.
December 10th, 2009
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