Former SoFi CEO Mike Cagney's new venture, Figure, utilizes a blockchain to bring HELOC loans to the masses. However, it is carefully avoiding any mention of the technology in is marketing materials. This choice makes for a fascinating study in how to drive the adoption of new innovations.
Mike Cagney, the co-founder and former CEO of fintech unicorn Social Finance , knows that it is essential to focus on customer experience to build a loyal client base. Today, he is using that knowledge to create a platform aimed at driving mainstream adoption of blockchain technology in the financial sector.
list, Figure is going out of its way to avoid marketing its HELOC offering as a blockchain-based product.Fortunately , there is a simple explanation. According to Jennifer Mitrenga, the choice was made in order to avoid confusing their customer base, the homeowner, with what they felt was unnecessary and confusing jargon. Taking lessons from Mike’s time at SoFi, she told me that a customer “Doesn’t care whether [a product] is powered by data or blockchain or artificial intelligence.
Adding additional context, Ms. Mitrenga noted that Figure’s “Belief long term is that the global financial services ecosystem is not going to be operating on a handful or a number of protocols.” Rather than being built on top of a constellation of blockchains connected by various interoperability protocols, she thinks that “For the large financial service markets there will be a ubiquitous set of ledger registries and exchanges.
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