Transaction data lets Block anticipate customer needs

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

1. 13:48

   we build up capabilities which are effectively our tools like we can issue cards we card acceptance peer-to-peer lending all these things we do as a financial technology company we have these interfaces like square which has a register and a dashboard we have cash app we have title we have bitkey we have proto these are interfaces these actually touch the real world touch humans and can deliver our capabilities in these interfaces today they're built with like these very specific navigations that are our roadmap and our understanding of what our customers want when you move to the third layer you have proactive intelligence we have all this understanding of our customers we have we're moving money money is the most honest signal in the world you can lie about literally everything but when a transaction occurs like

2. 14:34

   that's that's something that like really tells the truth about your life for your business's life. And based on that, we can actually prompt our customers instead of waiting for them to prompt us or having the right question to ask. So we can do the very simple but very valuable thing of like, how do we protect our customers' cash flow? Like we have people using us as a bank account. How do we make sure that they can pay the right and they can pay their Spotify bill and they can pay their kids allowance.

3. 15:04

   And this is all sequenced in a way that allows them to never go to zero, never go negative and have some cushion that allows them to even think about getting to saving or building wealth. And that just, you know, peace of mind, I think is the most critical aspect here. um so if if we're enabling a customer if we're able to prompt a customer and also they can ask like as a business hey i have this inventory thing that i've been using but it's missing this feature can i can i have this feature we should just be able to build that and compose it in real time based on our capabilities if we can't and it points to a deficiency in capabilities or a gap that's our roadmap. So our customers just by using and talking with our systems are telling us what our roadmap should be and then it's up to us to give the judgment. And then the final layer is the world model. It's the customer

4. 16:01

   world model. It's the company world model. Our deep understanding of ourselves and also our customers. But I think if I had to say one thing that myself or anyone in the company has to do it's i guess it's this overused phrase of judgment um but it is judgment against like what we intend to build in the world and is it on is it aligned with that judgment is it aligned with the values is aligned with the taste that we have and is it unique or is it not and i i guess in for my part i'm the um extra checkpoint on like is the alignment circle of humans the edge of humans actually working correctly in this i see how this works exceptionally well for block you have a lot of signal how does this work for i don't know sierra workday somebody who doesn't have the quality signal the frequency of signal does it apply or it doesn't work as well i think it probably

5. 17:00

   does it i think it it goes down to like are you building a are you building a business that like understand something of human nature deeply and it gets deeper every single time and that's a