WEBVTT - Vinnie Schoenfelder on Keeping Companies Safe (Audio)

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<v Speaker 1>Transforming your business for the digital age. It means more

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<v Speaker 1>than just putting up a website. Here to tell us

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<v Speaker 1>more is Vinnie Schoenfelder. He is a principal and chief

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<v Speaker 1>technology officer for cap Tech Ventures. He's based in Richmond, Virginia,

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<v Speaker 1>but he joins me here in our New York studio. Vinnie,

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<v Speaker 1>thank you very much for being here, Thanks for having me.

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<v Speaker 1>Tell people what is cap tech Ventures. We are a

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<v Speaker 1>national I T management consulting firm about six and fifty

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<v Speaker 1>people across eleven locations. Think of it as um most

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<v Speaker 1>of our clients being fortune of the Fortune fifty. We

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<v Speaker 1>partner with them to create custom solutions for their business

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<v Speaker 1>initiatives and challenges. And it could be everything from a

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<v Speaker 1>digital marketing campaign to a financial secure financial payment system. Sure,

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<v Speaker 1>I mean think of mobile devices, iPhones, androids, tablets, mobile banking,

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<v Speaker 1>taking a photo of your check and having it being deposited,

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<v Speaker 1>or in the case of retail UH finding locations of

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<v Speaker 1>shop shopping online loyalty rewards program amps, those types of things.

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<v Speaker 1>What are some of the biggest challenges you face when

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<v Speaker 1>you talk to non technology people inside of these corporations

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<v Speaker 1>is that that they get it, but they don't know

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<v Speaker 1>what the first steps are, or maybe just explain that

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<v Speaker 1>there's a transformation that's going on. So it's not about

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<v Speaker 1>writing an iPhone app or an Android app. It's about

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<v Speaker 1>thinking about how your customer engages with you across a

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<v Speaker 1>range of experiences and devices. UM common mistake in the

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<v Speaker 1>past would be to try to match web to print

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<v Speaker 1>or match mobile to web. Now we're saying, if we

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<v Speaker 1>understand you have a work computer or computer at home,

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<v Speaker 1>a tablet, an iPhone, your spouse's phone. So how do

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<v Speaker 1>we give you just what you need at the moment

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<v Speaker 1>you need it with some of the unique capabilities of

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<v Speaker 1>that device, whether it be location awareness or um, you know,

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<v Speaker 1>GPS with beacon locations for indoor, that type of thing.

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<v Speaker 1>What would be an example. I know you did some

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<v Speaker 1>work for utility companies, have also worked for government. Maybe

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<v Speaker 1>give us an example of some of the things you've learned. Sure,

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<v Speaker 1>I think at its core it's it's there's an interesting

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<v Speaker 1>psychology around this. People have a more personal relationship with

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<v Speaker 1>their mobile device than they have with any other piece

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<v Speaker 1>of technology. I read something recently where the human brain

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<v Speaker 1>reacts most quickly to a baby crying. Number two is

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<v Speaker 1>their phone, and it took you know, a long time

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<v Speaker 1>for us to get tuned into the first in a

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<v Speaker 1>very short time to the second. So there's a genuine

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<v Speaker 1>and authenticity that an organization has to bring to to

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<v Speaker 1>these designs. UH. Users will sniff out very quickly if

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<v Speaker 1>the features and functionality are there to benefit the company

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<v Speaker 1>or if they're genuine to benefiting them. So business value

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<v Speaker 1>has to be uh the side effect what you mentioned.

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<v Speaker 1>For example, I know in one of your reports that

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<v Speaker 1>digital marketing in order to be successful it needs to

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<v Speaker 1>be authentic. What does that mean, Well, let's look about

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<v Speaker 1>information sharing. So big data and data analytics is huge

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<v Speaker 1>and and refining the features and functionality and use ability

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<v Speaker 1>and apps, and people will share that information if they

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<v Speaker 1>believe honestly that you're giving them the best experience for

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<v Speaker 1>that as opposed to just using it for your own benefit.

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<v Speaker 1>So some examples, UM, let's say you're in a retail location.

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<v Speaker 1>About of e commerce transactions fall out of the shopping

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<v Speaker 1>cart area, so it's a huge amount of people to

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<v Speaker 1>get all the way to the shopping cart and don't

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<v Speaker 1>check out. So if you're walking through a mall, or

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<v Speaker 1>you're walking through and you know, um, any kind of

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<v Speaker 1>retail location and that store sees your phone through bluetooth

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<v Speaker 1>low energy technology, it can remind you of those items,

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<v Speaker 1>let you know that they're in stock, in your color,

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<v Speaker 1>in your size, and as you're coming in, the store

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<v Speaker 1>manager can be informed of that and have those items

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<v Speaker 1>waiting for you. You mentioned that part of the issue

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<v Speaker 1>is that people just copy what they see, let's say,

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<v Speaker 1>on their iPhone. They see these little, uh, sort of

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<v Speaker 1>designed elements and they look appealing, and they think that's

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<v Speaker 1>really what they have to focus on. Can you give

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<v Speaker 1>us an example of a of a company or a

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<v Speaker 1>case study where that was what they thought at the beginning,

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<v Speaker 1>but then you kind of moved them along to show

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<v Speaker 1>them how they had to think rethink the way their

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<v Speaker 1>business was being done. Sure. Um, we'll start with a

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<v Speaker 1>sort of theme park example, if you will. The important

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<v Speaker 1>thing here was to compete with you know, larger, more

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<v Speaker 1>nationally known theme parks and not jump to e commerce,

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<v Speaker 1>not jump to vacation planning. So one of the things

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<v Speaker 1>that's different about mobile technologies is there's an expectation that's

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<v Speaker 1>been set that you start small with something really really good,

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<v Speaker 1>and you put it out quickly and you add to

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<v Speaker 1>it quickly. So a lot of times companies will focus

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<v Speaker 1>on a commerce aspect or a loyalty rewards aspect, something

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<v Speaker 1>that's big, uh and difficult to solve, which we can do. Um,

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<v Speaker 1>but even that should be done incrementally. Financial services and

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<v Speaker 1>the banking industry know that cap tech does a lot

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<v Speaker 1>of work there. Um. Is there a convergence that you

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<v Speaker 1>can describe between this sort of multi channel world, as

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<v Speaker 1>you said, writing checks, mobile phone, desktop, also the regular phone. Yeah.

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<v Speaker 1>What's interesting, especially in financial services and retail and healthcare

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<v Speaker 1>for that matter, is the business functions have been well

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<v Speaker 1>thought out for a long period of time, So it's

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<v Speaker 1>hard to be creative in a banking app or savings

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<v Speaker 1>app two do something completely innovative. Part of that can

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<v Speaker 1>be solved with gamification, and that doesn't mean create a game.

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<v Speaker 1>It means take the aspects of a game and put

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<v Speaker 1>it into the app. For instance, saving for a goal

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<v Speaker 1>can earn you badges that can be then shared socially

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<v Speaker 1>on Facebook or Twitter to encourage positive behavior. I want

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<v Speaker 1>to thank you very much for coming in and spending

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<v Speaker 1>time with us of any show and Felder is principal

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<v Speaker 1>and chief technology officer for a cap tech ventures. He's

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<v Speaker 1>based in Richmond, Virginia. This is taking stock. I'm pim Fox.

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<v Speaker 1>This is Bloomberg.