Neo Financial with Andrew Chau | E179

Disrupting banking by partnering with consumer business.

Host Jason Pereira talks to Andrew Chau, CEO, and Co-founder of Neo Financial. It is a technology company that is building a better financial experience for all Canadians.

 

Episode Highlights: 

  • 0.42: Andrew explains that Neo Financial is a Fintech company, reimagining the everyday banking experience for Canadians. The company provides a seamless consumer experience.     

  • 1.25: Andrew talks about his history. His entrepreneurship journey started when he was quite young. 

  • 04.20: Andrew shares that Neo is a credit card and bank account as well. 

  • 04.28: The bank account and the credit card connect with a network of local businesses and large national brands where Neo powers the rewards and loyalty programs.

  • 04.37: Once a user gets the Neo credit card, they get access to 1000 multiple different cashback programs. 

  • 05.10: People often ask Andrew about Neo’s chain between food delivery and banking. He says that it is a consumer-focused business.

  • 07.13: Andrew talks about the 3-minute on-boarding process that one has to go through when signing-up in Neo.

  • 07.20: The sign-up starts with downloading the app, filling out few basic information, take a selfie and picture of your ID and hit submit.

  • 09.16: With one Neo card, consumers can access all different merchants’ and partners and get cashback on them.

  • 09.22: Andres points out that typically with credit card one gets points, a person never really uses them or redeem them at the end of the year. But it is not the same with Neo.

  • 10.38: Jason inquiries about the level of engagement and how Andrew reached out to the companies. 

  • 14.01: The short-term goal of Neo is building the merchant network, helping retailers, and adding value. 

  • 17.00: Andrew and Jason discuss the competition surrounding the banking and financial sector in Canada. 

  • 18.27: Andrew talks about competing with Big 5 companies. Their business focus is “How do we create our own category and not be in the same category?”

  • 19.50: Jason is really impressed by the genius of Neo’s partnership model.

  • 21.00: Jason gives insights on small business banking in Canada.

  • 23.09: Andrew shares how with Neo they are putting the power back to consumer’s hands and freeing them from the shackles of one institution.

  • 24.31: Andrew talks about the biggest challenge he has faced to bring his company today.

  • 27.50: Andrew gives credit to his team members and says that everybody has joined Neo to make a difference.

  

3 Key Points:

  1. When launching Neo Financial, Andrew brainstormed, “How can we bring tech experience around banking with a bit of innovation?” 

  1. Andrew shares his insights on customer experience and on-boarding at Neo.

  2. Andrew talks about Hudson’s Bay Mastercard®—powered by Neo.

 

Tweetable Quotes:

  •  “In most cases, the top 5 apps on a person’s phone are not a banking app.” - Andrew Chau

  • “Through Neo, we are trying to add value to Canadian’s life.” - Andrew Chau

  • “Nobody wants to carry a bunch of cards normally for the place they eat or drink, so Neo is a good solution.” - Jason Pereira

  • “We are looking to build the largest financial institution in Canada.” - Andrew Chau

  • “If your business owners love the bank, they will get along.” - Jason Pereira

 

Resources Mentioned:

Fintech ImpactJason PereiraFintech