1 00:00:00,160 --> 00:00:03,360 Speaker 1: Transforming your business for the digital age. It means more 2 00:00:03,480 --> 00:00:05,920 Speaker 1: than just putting up a website. Here to tell us 3 00:00:06,040 --> 00:00:08,760 Speaker 1: more is Vinnie Schoenfelder. He is a principal and chief 4 00:00:08,760 --> 00:00:13,320 Speaker 1: technology officer for cap Tech Ventures. He's based in Richmond, Virginia, 5 00:00:13,320 --> 00:00:16,280 Speaker 1: but he joins me here in our New York studio. Vinnie, 6 00:00:16,320 --> 00:00:18,119 Speaker 1: thank you very much for being here, Thanks for having me. 7 00:00:18,280 --> 00:00:22,439 Speaker 1: Tell people what is cap tech Ventures. We are a 8 00:00:22,560 --> 00:00:25,880 Speaker 1: national I T management consulting firm about six and fifty 9 00:00:25,880 --> 00:00:29,880 Speaker 1: people across eleven locations. Think of it as um most 10 00:00:29,880 --> 00:00:34,000 Speaker 1: of our clients being fortune of the Fortune fifty. We 11 00:00:34,080 --> 00:00:38,680 Speaker 1: partner with them to create custom solutions for their business 12 00:00:38,680 --> 00:00:41,559 Speaker 1: initiatives and challenges. And it could be everything from a 13 00:00:41,600 --> 00:00:47,880 Speaker 1: digital marketing campaign to a financial secure financial payment system. Sure, 14 00:00:47,880 --> 00:00:52,440 Speaker 1: I mean think of mobile devices, iPhones, androids, tablets, mobile banking, 15 00:00:52,520 --> 00:00:54,840 Speaker 1: taking a photo of your check and having it being deposited, 16 00:00:55,160 --> 00:00:57,720 Speaker 1: or in the case of retail UH finding locations of 17 00:00:57,760 --> 00:01:00,960 Speaker 1: shop shopping online loyalty rewards program amps, those types of things. 18 00:01:01,320 --> 00:01:03,800 Speaker 1: What are some of the biggest challenges you face when 19 00:01:03,840 --> 00:01:07,880 Speaker 1: you talk to non technology people inside of these corporations 20 00:01:08,000 --> 00:01:09,920 Speaker 1: is that that they get it, but they don't know 21 00:01:10,360 --> 00:01:13,440 Speaker 1: what the first steps are, or maybe just explain that 22 00:01:13,920 --> 00:01:17,360 Speaker 1: there's a transformation that's going on. So it's not about 23 00:01:17,400 --> 00:01:20,000 Speaker 1: writing an iPhone app or an Android app. It's about 24 00:01:20,080 --> 00:01:23,240 Speaker 1: thinking about how your customer engages with you across a 25 00:01:23,360 --> 00:01:27,039 Speaker 1: range of experiences and devices. UM common mistake in the 26 00:01:27,040 --> 00:01:29,440 Speaker 1: past would be to try to match web to print 27 00:01:29,600 --> 00:01:33,640 Speaker 1: or match mobile to web. Now we're saying, if we 28 00:01:33,720 --> 00:01:35,720 Speaker 1: understand you have a work computer or computer at home, 29 00:01:35,760 --> 00:01:38,880 Speaker 1: a tablet, an iPhone, your spouse's phone. So how do 30 00:01:39,000 --> 00:01:42,080 Speaker 1: we give you just what you need at the moment 31 00:01:42,120 --> 00:01:44,360 Speaker 1: you need it with some of the unique capabilities of 32 00:01:44,400 --> 00:01:48,720 Speaker 1: that device, whether it be location awareness or um, you know, 33 00:01:48,800 --> 00:01:52,520 Speaker 1: GPS with beacon locations for indoor, that type of thing. 34 00:01:52,880 --> 00:01:54,600 Speaker 1: What would be an example. I know you did some 35 00:01:54,680 --> 00:01:59,240 Speaker 1: work for utility companies, have also worked for government. Maybe 36 00:01:59,240 --> 00:02:02,680 Speaker 1: give us an example of some of the things you've learned. Sure, 37 00:02:02,680 --> 00:02:06,800 Speaker 1: I think at its core it's it's there's an interesting 38 00:02:06,840 --> 00:02:10,160 Speaker 1: psychology around this. People have a more personal relationship with 39 00:02:10,200 --> 00:02:12,120 Speaker 1: their mobile device than they have with any other piece 40 00:02:12,120 --> 00:02:16,520 Speaker 1: of technology. I read something recently where the human brain 41 00:02:16,639 --> 00:02:19,880 Speaker 1: reacts most quickly to a baby crying. Number two is 42 00:02:19,880 --> 00:02:23,360 Speaker 1: their phone, and it took you know, a long time 43 00:02:23,400 --> 00:02:25,360 Speaker 1: for us to get tuned into the first in a 44 00:02:25,440 --> 00:02:28,200 Speaker 1: very short time to the second. So there's a genuine 45 00:02:28,200 --> 00:02:31,480 Speaker 1: and authenticity that an organization has to bring to to 46 00:02:31,720 --> 00:02:35,359 Speaker 1: these designs. UH. Users will sniff out very quickly if 47 00:02:35,360 --> 00:02:37,960 Speaker 1: the features and functionality are there to benefit the company 48 00:02:38,280 --> 00:02:40,760 Speaker 1: or if they're genuine to benefiting them. So business value 49 00:02:40,760 --> 00:02:43,480 Speaker 1: has to be uh the side effect what you mentioned. 50 00:02:43,520 --> 00:02:45,239 Speaker 1: For example, I know in one of your reports that 51 00:02:45,320 --> 00:02:48,160 Speaker 1: digital marketing in order to be successful it needs to 52 00:02:48,200 --> 00:02:53,440 Speaker 1: be authentic. What does that mean, Well, let's look about 53 00:02:53,480 --> 00:02:56,760 Speaker 1: information sharing. So big data and data analytics is huge 54 00:02:56,919 --> 00:03:00,440 Speaker 1: and and refining the features and functionality and use ability 55 00:03:00,520 --> 00:03:04,440 Speaker 1: and apps, and people will share that information if they 56 00:03:04,480 --> 00:03:09,160 Speaker 1: believe honestly that you're giving them the best experience for 57 00:03:09,200 --> 00:03:11,560 Speaker 1: that as opposed to just using it for your own benefit. 58 00:03:11,720 --> 00:03:14,760 Speaker 1: So some examples, UM, let's say you're in a retail location. 59 00:03:15,600 --> 00:03:21,200 Speaker 1: About of e commerce transactions fall out of the shopping 60 00:03:21,200 --> 00:03:23,160 Speaker 1: cart area, so it's a huge amount of people to 61 00:03:23,200 --> 00:03:24,880 Speaker 1: get all the way to the shopping cart and don't 62 00:03:24,960 --> 00:03:27,919 Speaker 1: check out. So if you're walking through a mall, or 63 00:03:27,960 --> 00:03:30,760 Speaker 1: you're walking through and you know, um, any kind of 64 00:03:30,840 --> 00:03:35,480 Speaker 1: retail location and that store sees your phone through bluetooth 65 00:03:35,680 --> 00:03:38,680 Speaker 1: low energy technology, it can remind you of those items, 66 00:03:38,720 --> 00:03:40,720 Speaker 1: let you know that they're in stock, in your color, 67 00:03:40,800 --> 00:03:43,200 Speaker 1: in your size, and as you're coming in, the store 68 00:03:43,240 --> 00:03:45,520 Speaker 1: manager can be informed of that and have those items 69 00:03:45,560 --> 00:03:49,560 Speaker 1: waiting for you. You mentioned that part of the issue 70 00:03:49,680 --> 00:03:52,720 Speaker 1: is that people just copy what they see, let's say, 71 00:03:52,760 --> 00:03:56,760 Speaker 1: on their iPhone. They see these little, uh, sort of 72 00:03:56,800 --> 00:04:01,120 Speaker 1: designed elements and they look appealing, and they think that's 73 00:04:01,240 --> 00:04:03,400 Speaker 1: really what they have to focus on. Can you give 74 00:04:03,440 --> 00:04:06,360 Speaker 1: us an example of a of a company or a 75 00:04:06,440 --> 00:04:10,000 Speaker 1: case study where that was what they thought at the beginning, 76 00:04:10,120 --> 00:04:12,440 Speaker 1: but then you kind of moved them along to show 77 00:04:12,480 --> 00:04:14,200 Speaker 1: them how they had to think rethink the way their 78 00:04:14,200 --> 00:04:17,640 Speaker 1: business was being done. Sure. Um, we'll start with a 79 00:04:17,839 --> 00:04:21,159 Speaker 1: sort of theme park example, if you will. The important 80 00:04:21,160 --> 00:04:25,400 Speaker 1: thing here was to compete with you know, larger, more 81 00:04:25,600 --> 00:04:29,920 Speaker 1: nationally known theme parks and not jump to e commerce, 82 00:04:30,040 --> 00:04:32,640 Speaker 1: not jump to vacation planning. So one of the things 83 00:04:32,680 --> 00:04:37,200 Speaker 1: that's different about mobile technologies is there's an expectation that's 84 00:04:37,200 --> 00:04:40,320 Speaker 1: been set that you start small with something really really good, 85 00:04:40,680 --> 00:04:42,479 Speaker 1: and you put it out quickly and you add to 86 00:04:42,520 --> 00:04:44,920 Speaker 1: it quickly. So a lot of times companies will focus 87 00:04:44,960 --> 00:04:48,479 Speaker 1: on a commerce aspect or a loyalty rewards aspect, something 88 00:04:48,480 --> 00:04:53,040 Speaker 1: that's big, uh and difficult to solve, which we can do. Um, 89 00:04:53,080 --> 00:04:57,360 Speaker 1: but even that should be done incrementally. Financial services and 90 00:04:57,400 --> 00:05:00,640 Speaker 1: the banking industry know that cap tech does a lot 91 00:05:00,680 --> 00:05:04,960 Speaker 1: of work there. Um. Is there a convergence that you 92 00:05:05,000 --> 00:05:09,680 Speaker 1: can describe between this sort of multi channel world, as 93 00:05:09,720 --> 00:05:15,160 Speaker 1: you said, writing checks, mobile phone, desktop, also the regular phone. Yeah. 94 00:05:15,240 --> 00:05:19,800 Speaker 1: What's interesting, especially in financial services and retail and healthcare 95 00:05:19,839 --> 00:05:23,880 Speaker 1: for that matter, is the business functions have been well 96 00:05:23,960 --> 00:05:25,520 Speaker 1: thought out for a long period of time, So it's 97 00:05:25,560 --> 00:05:28,320 Speaker 1: hard to be creative in a banking app or savings 98 00:05:28,360 --> 00:05:33,280 Speaker 1: app two do something completely innovative. Part of that can 99 00:05:33,320 --> 00:05:36,360 Speaker 1: be solved with gamification, and that doesn't mean create a game. 100 00:05:36,400 --> 00:05:38,599 Speaker 1: It means take the aspects of a game and put 101 00:05:38,600 --> 00:05:41,400 Speaker 1: it into the app. For instance, saving for a goal 102 00:05:41,480 --> 00:05:43,880 Speaker 1: can earn you badges that can be then shared socially 103 00:05:43,880 --> 00:05:47,960 Speaker 1: on Facebook or Twitter to encourage positive behavior. I want 104 00:05:47,960 --> 00:05:49,720 Speaker 1: to thank you very much for coming in and spending 105 00:05:49,720 --> 00:05:52,000 Speaker 1: time with us of any show and Felder is principal 106 00:05:52,080 --> 00:05:56,080 Speaker 1: and chief technology officer for a cap tech ventures. He's 107 00:05:56,160 --> 00:06:00,640 Speaker 1: based in Richmond, Virginia. This is taking stock. I'm pim Fox. 108 00:06:00,920 --> 00:06:02,160 Speaker 1: This is Bloomberg.