Teller aims to be the interface between formal financial institutions and their customers. Presently, low income people are disadvantaged by formal financial institutions and financial services through availability, pricing, educational requirements, etc. Teller allows banks and other financial institutions (including government agencies) to cheaply and scalably provide financial services and financial education to anyone in the world.
This is accomplished by making financial services as easy to use as messaging a friend. Teller gives banks and other financial institutions the ability to educate and communicate with customers through messaging apps in an automated and scalable way. In the future, rather than calling their bank or visiting a branch, customers will be able to receive immediate and personalized support right through their mobile messaging application. With this support, not only will users be able to open and use a basic bank account, but they will also be encouraged and coached to use a full suite of financial services. The end result of Teller’s service will be to empower users of all income levels to make smarter financial decisions.
THOUGHTS FROM DFS LAB
Whereas chatbots are increasingly common in the US and Europe, we have yet to see a strong chatbot service designed specifically for financial institutions and customers in emerging markets. We believe services like Teller will play a key role in driving engagement with mobile money/banking applications by lowering their barriers to adoption and use.
Sid Garg is the Founder of Teller. He started developing Teller during his last semester at Columbia Business School where he focused on finance, technology, and entrepreneurship. Before business school, he worked at Facebook and helped launch payment products like P2P Payments and Facebook Gifts. Sidharth holds a B.S. in Industrial Engineering from Northwestern University.
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