'New technology for identification and digital receipts will disrupt everyday financial services’ - An interview with Ewan Macleod
Introducing the new Receipts Advisory Board headed by Ewan MacLeod
We are proud to introduce our strengthened Advisory Board, who have joined us over the last months as we scale up for a high-impact 2024 !
Ewan MacLeod - Head of our Advisory Board - gives us a short interview on how digital receipts and the X-Receipts solution will disrupt banking, insurance, loyalty and expenses.
Introducing the Receipts Advisory Board
Ewan Macleod | Head of Advisory Board
We are pleased to share a short interview with Ewan MacLeod and our Founder Kent Olav Ferstad. A leading expert in Fintech, Ewan's recent positions include CTO at Sohar International Bank, Chief Digital Officer at Nordea and Program Director RBS / NatWest.
His journey began in 1999 with a $1 million startup and a novel approach to venture capital, which has led him through various innovative ventures as a founder. These ventures include creating chatroom services and improving customer experience in nightclubs with SMS-to-screen technology in the early days. He has always thrived on new technology, challenging the status quo, and is a recognized leader in fintech and banking in EMEA.
Further, Ewan has been working for a decade on the topic of digitalising receipts and will share his insights on why he believes X-Receipts is a unique solution poised to disrupt the financial services market and retail.
X-Receipts in a nutshell.
A B2B Fintech micro-infrastructure provider that enables payment cards to retrieve digital receipts from both in-store and online purchases, seamlessly integrated and embedded within the mobile bank.
The X-Receipts solution in three steps
How do you think X-Receipts will transform the customer experience in retail and banking?
You offer an unprecedented opportunity for banks to achieve a level of engagement and connectivity that aligns with the modern customer's digital lifestyle.
In my opinion, the technology is the world's first of its kind and solves an issue that the industry has collectively tried to solve for several decades; token-free card recognition. The right technology and business model will transform the customer experience in both retail and banking by offering the banks features to stay relevant and customers to stay informed.
“Technology is great”, but you are the first digital receipts company with a truly well-thought-out business model and a team able to execute. This is why you guys have impressed me.
Digital receipts are not necessarily a "jump for joy" solution, but when customers finally need their receipts, it serves as a strong reminder of the pain digital receipts solve.
The problem you solve is a multi-billion dollar problem worldwide.
As we move deeper into the digital age, banks are becoming less central to our identity. Nowadays, people are more connected to digital platforms, such as Apple Pay, loyalty apps, and social media.
I firmly believe that digital receipts come into play as a critical solution for banks to remain relevant and connected in this shifting landscape.
What is different about X-receipts?
Having worked with digital receipts for over a decade, and having seen and collaborated with other solutions on the market, I have to say that what impresses me the most about X-receipts is the team's ability to create a business model that goes beyond traditional thinking.
Your focus on creating commercial incentives for all stakeholders, along with robust technology and an experienced team, positions you uniquely in the market. This approach is one of the reasons why I believe your solution will scale globally and deliver sustainable digital solutions in the banking sector.
How do you see the future of banking, retail, and loyalty with X-Receipts?
I envision a future where digital receipts become an integral part of the banking experience, seamlessly integrated and offering significant convenience to the consumer. This innovation will address current frustrations and lay the groundwork for new forms of customer engagement and loyalty programs.
One of the things I hate the most is feeling like a “donkey” at the checkout: What I mean by that is scanning and tapping my phone every time to receive my benefits and rights. Current solutions (based on tokenization) are far from customer-friendly, don’t provide easy engagement, and are mostly just frustrating.
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Your technology enables the merchants and market to remove all my frustrations, and in my opinion, there is no reason why they shouldn’t be super excited to get access to your solution.
What are the benefits of the banks partnering with X-Receipts?
From a banking perspective, partnering with X-Receipts should be seen as a strategic move to enhance customer stickiness and drive traffic. Banks need to recognize the value of adopting common digital infrastructures like the X-Receipts solution, not only for scalability but also for the potential to transform customer relationships and loyalty programs.
Banks are slowly losing the battle, and they are well aware of it.
Where you bought something is not that relevant; what you bought and what you paid for it is!
Banks need to understand that either they do it, or it will be done to them.
From my perspective, "Tech Fin" companies like Apple Pay and Google Pay want to own the end customer experience, and they are very close to achieving it. PSD2+3 will only empower them further, creating a truly dangerous time for the banks.
When I pay, I don't use NatWest (my bank); I use Apple Pay. Do you see what I mean? I pay with Apple Pay, not my bank, even though my bank is responsible for holding my funds.
So if Apple Pay achieves its vision to own the end customer, it can and will re-route traffic, leading to banks losing traffic and the ability to compete.
The beauty of it is that digital receipts and loyalty data are not part of the PSD2+3 regulations, giving the banks a unique and strong window of opportunity to reposition themselves in the market as a customer interface with value.
I repeat myself, either they do it, or it will be done to them.
Many think line-item data is worthless, but you disagree?
A naughty secret in banking: They only know whom you spend your money with.
Let me clarify for anyone who may still think otherwise: in every bank I have worked at, we have been desperate to obtain line-item data from the receipt.
Why?
Because that is what the shops have. Supermarkets can connect the dots with PSD2. They have access to information about what is being bought and for loyalty members by whom.
But we, in the banks, are blind. We cannot provide a level of service that matches the same data available to the merchants we serve.
Most banks recognize the new slogan: "Data is the new oil!" Unless you live in Norway, Ewan says with a glimmer in his eyes.
It's difficult to put a value on line-item data because the business models built on top of this information are seriously powerful. But ultimately it will be the end customer who decides what receipts data they are willing to share, it is very easy to manage the consents in the banking app.
How do you think this will impact the environment ?
The environmental angle of what you solve here is material of course removing buckets full of thermal paper receipts. But it is also about providing end-customers with data to make informed environmental daily choices.
The vast amount of information and knowledge you will provide end-customers is today lost in daily interactions - simply because we don't have time or are too lazy to organize paper receipts like in the old days.
When thinking about the consumer experience, once you digitize receipts, the opportunity is there. Because everybody, absolutely everybody, benefits both economically and educationally.
As a previous serial founder and investor in start-ups, what is your best advice?
Roll up your sleeves, talk to the market constantly, continue collecting feedback, and get into sales conversations as soon as possible. Too many startups stay in stealth mode for too long. This is a wake-up call for Scandinavians; the American model works. You have to break some eggs to make an omelette. Do not aim for total perfection! Technology never is or will be perfect.
Thanks for your insight and impressive analysis Ewan, it is great to have you on board in Receipts.
Thanks again to our new Advisory Board members for joining us.
And a sincere thanks to our excellent Board for their great contributions in 2023, Eilin Schjetne, Johan Tor?s Halseth, Sigurd Mathiesen, and Chairperson, Atle Sivertsen.
Team Receipts
Global CCO, M&C Saatchi
1 年Great interview Ewan. Very excited to be involved. ????
CEO | Board Member | Investor & Guest Lecturer
1 年Impressive lineup! Welcome to team Receipts ????????????????
Driving Transformation in Financial Services
1 年It's going to be a very exciting journey team Receipts!