Interview of the founders of Dzing Finance to the community of supporters and volunteer experts under the joint crowdsourcing project with the OmniGrade agency
1. Question: What are the core values of your company now and will remain so for many years?
Answer: Three main principles on which we want to build our business can be formulated as follows.
The first one - there is no word "impossible". If there is any need in the market (or just appears), we must find a solution that can satisfy it. The second principle - we are always on the client’s side (naturally, if clients act within the law and morality). The third one - our service should be qualified, fast, easy and simple to understand.
2. Question: As we understand, you live in London. Imagine that a Polish plumber came to you and asked about your business. What will you tell him about your service in two minutes? Now imagine that your dentist asks you the same question during your appointment, and you are talking on general topics in anticipation, while they bring an x-ray of your jaw? What will you tell him? Will your stories for the dentist and the plumber differ from each other?
Answer: I will tell the following to the Polish plumber. You work hard here, and your family lives in Poland and you transfer most of your salary to them. You pay large fees for transferring money and converting from pounds to zlotys. Better open an account at Dzing! and send them a card. You can set them a spending limit, you can prohibit any transactions (for example, cash withdrawals or casino bets). You will be able to control how your children and your wife spend your hard earned money (if you want, of course).
But to the doctor (and generally to the representative of the upper middle class) I will say something different. You give your children’s nanny money for food - you better get her nanny’s card from Dzing! and you will control how she spends your money.
And also, you probably often travel to different countries - and at your disposal is the opportunity to open accounts in Dzing! in 36 major world currencies. At the same time, you can freely make purchases in a completely different currency than those for which you have open accounts. You just have to establish the sequence in which money will be written off from your accounts (for example, first in euros, then in dollars, then in rubles, then in yen, then in bitcoins, then in shekels, and then in South African rand) and your money will be automatically converted to the currency in which the purchase is made, in the selected sequence and at the best rate.
3. Question: Which companies from the financial and non-financial sector does Dzing! consider as an example (benchmark), in what and why?
And though we do not consider Russia a target market, we monitor innovative solutions in two Russian banks: Sberbank and Tinkoffbank. We see that solutions looking significantly more innovative than in the banking system of Europe appear there.
It’s more difficult for us to talk about the non-financial sector, because we are financiers. But we really like Easyjet, which manages to be super financially efficient in a very competitive market.
4. Question: What markets (geographically) does Dzing! consider priority and why?
Answer: The number one market for us is the United Kingdom, because here is our headquarters. Then - continental Europe. If we go beyond it, we will certainly develop the Israeli market, because almost every resident of this country has relatives and friends abroad, and, therefore, the financial services associated with the most comfortable cross-border payments will be in great demand. Well, if you look into the more distant future, then Indonesia is a very interesting country - a huge market with a rapidly growing middle class.
5. Question: After getting acquainted with the description of the Dzing! service it seems that your main competitor will be Revolut (https://www.revolut.com/). Is this feeling true? If so, how will you achieve a competitive advantage?
Answer: Yes, of course, Revolut is our main competitor. How are we better than them? For example, our customers can make purchases and transfers in any currency, regardless of the currencies in which they have account balances).
We also have affiliate cards (for babysitters, chauffeurs and other household staff, spouses and children and other relatives, etc.).
And for students, we have a special application - Xillion, specially created for the needs of this young and energetic part of our audience.
And we will also create the coolest cashback market in Europe.
6. Question: Do you plan to support transactions with cryptocurrency and other crypto assets?
Answer: Yes, of course. Moreover, it will be possible not only to buy or sell cryptocurrency from us (and any cryptocurrency will be available every second), but also to replenish your account, pay with it for any goods and services, including those for which prices are set in fiat money.
7. Question: Do you consider among your services not only the payment and transfer of money with the maintenance of current accounts, but also the possibilities of maintaining and increasing them? If so, which ones?
Answer: Directly, we cannot save customers’ money, given the limitations of our license, but we will certainly help them do this using two ways. The first one is our support services that help clients control the growth of their savings for certain purposes. For example, as part of our service for students, you can control the control values of savings intended, say, to buy the latest smartphone for yourself or as a birthday gift to a friend.
And the second way is partnerships and alliances with services aimed at savings and profitable investments of money and other assets.
8. Question: Is Dzing! going to do anything about the upcoming Brexit? Could this significantly affect your development plans?
Answer: No, it is not. We do not see a scenario in which Brexit can significantly affect our development plans. And we are ready to open our accounts to citizens of any countries (except for eight countries for which this is prohibited by international sanctions).
9. Question: Dzing is a sound that can be associated not only with money, but also with the clink of tableware. Do you plan to use this analogy somehow?
Answer: Yes, such an association may exist, but we do not yet understand how to use it. But we are open to any suggestions from voluntary experts on this subject.
10. Question: What books in your life have made the greatest impression on you? What have you been reading lately? What book would you take with you on a long journey?
Answer: I like reading and read a lot. Of the last books read, I was greatly impressed by “Sapiens. A brief history of humankind” by Yuval Harari. I remember the novel “Never Let Me Go” by Kazuo Ishiguro.
Besides, I am madly in love with Pelevin, Houellebecq, Beigbeder.
To take with me on a long trip? For sure Sapiens and some of Victor Pelevin.
11. Question: What enables your clients to be confident in the safety of their money in your accounts?
Answer: It’s very simple. In accordance with the terms of our license, we have neither the right nor the ability to hold the money of our customers together with our own. Thus, customer money is fully protected from any operational or other risks associated with Dzing! The only risk for customers ' money is the risk of the Bank in which the money is stored in our account. And this is Lloyds Bank - the bank where, by the way, a third of all deposits in England are stored. Thus, it is much safer to keep money with us than in many small and medium banks.
12. Question: What are your expectations for the OmniGrade crowdsourcing service?
Answer: I will answer briefly - we expect that the OmniGrade crowdsourcing service will give us USPs (unique selling propositions). They can include both new types of products and new ways to promote them, but most importantly, they should make our service the best and the most attractive.
I personally responded with an answer about books, because I read Sapiens quite recently and I understand very well why she is so sunk!
Another business has become much clearer. A particularly excellent argument about keeping money in a bank. Previously, this was not obvious. Thank you for emphasizing this!
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1. Question: What are the core values of your company now and will remain so for many years?
Answer: Three main principles on which we want to build our business can be formulated as follows.
The first one - there is no word "impossible". If there is any need in the market (or just appears), we must find a solution that can satisfy it. The second principle - we are always on the client’s side (naturally, if clients act within the law and morality). The third one - our service should be qualified, fast, easy and simple to understand.
2. Question: As we understand, you live in London. Imagine that a Polish plumber came to you and asked about your business. What will you tell him about your service in two minutes? Now imagine that your dentist asks you the same question during your appointment, and you are talking on general topics in anticipation, while they bring an x-ray of your jaw? What will you tell him? Will your stories for the dentist and the plumber differ from each other?
Answer: I will tell the following to the Polish plumber
. You work hard here, and your family lives in Poland and you transfer most of your salary to them. You pay large fees for transferring money and converting from pounds to zlotys. Better open an account at Dzing! and send them a card. You can set them a spending limit, you can prohibit any transactions (for example, cash withdrawals or casino bets). You will be able to control how your children and your wife spend your hard earned money (if you want, of course).
But to the doctor (and generally to the representative of the upper middle class) I will say something different. You give your children’s nanny money for food - you better get her nanny’s card from Dzing! and you will control how she spends your money.
And also, you probably often travel
to different countries - and at your disposal is the opportunity to open accounts in Dzing! in 36 major world currencies. At the same time, you can freely make purchases in a completely different currency than those for which you have open accounts. You just have to establish the sequence in which money will be written off from your accounts (for example, first in euros, then in dollars, then in rubles, then in yen, then in bitcoins, then in shekels, and then in South African rand) and your money will be automatically converted to the currency in which the purchase is made, in the selected sequence and at the best rate.
3. Question: Which companies from the financial and non-financial sector does Dzing! consider as an example (benchmark), in what and why?
Answer: Well, the number one benchmark for us is Revolut. In general, we constantly monitor more than 30 projects in fintech, such as Monzo (https://monzo.com/), Starling (https://www.starlingbank.com/), N26 (https://n26.com / en-eu), ...
And though we do not consider Russia a target market, we monitor innovative solutions in two Russian banks: Sberbank and Tinkoffbank. We see that solutions looking significantly more innovative than in the banking system of Europe appear there.
It’s more difficult for us to talk about the non-financial sector, because we are financiers. But we really like Easyjet, which manages to be super financially efficient in a very competitive market.
4. Question: What markets (geographically) does Dzing! consider priority and why?
Answer: The number one market for us is the United Kingdom
, because here is our headquarters. Then - continental Europe. If we go beyond it, we will certainly develop the Israeli 
market, because almost every resident of this country has relatives and friends abroad, and, therefore, the financial services associated with the most comfortable cross-border payments will be in great demand. Well, if you look into the more distant future, then Indonesia 
is a very interesting country - a huge market with a rapidly growing middle class.
5. Question: After getting acquainted with the description of the Dzing! service it seems that your main competitor will be Revolut (https://www.revolut.com/). Is this feeling true? If so, how will you achieve a competitive advantage?
Answer: Yes, of course, Revolut is our main competitor. How are we better than them? For example, our customers can make purchases and transfers in any currency, regardless of the currencies in which they have account balances).
We also have affiliate cards (for babysitters, chauffeurs and other household staff, spouses and children and other relatives, etc.).
And for students, we have a special application - Xillion, specially created for the needs of this young and energetic part of our audience.
And we will also create the coolest cashback market in Europe.
6. Question: Do you plan to support transactions with cryptocurrency and other crypto assets?
Answer: Yes, of course. Moreover, it will be possible not only to buy or sell cryptocurrency from us (and any cryptocurrency will be available every second), but also to replenish your account, pay with it for any goods and services, including those for which prices are set in fiat money.
7. Question: Do you consider among your services not only the payment and transfer of money with the maintenance of current accounts, but also the possibilities of maintaining and increasing them? If so, which ones?
Answer: Directly, we cannot save customers’ money, given the limitations of our license, but we will certainly help them do this using two ways. The first one is our support services that help clients control the growth of their savings for certain purposes. For example, as part of our service for students, you can control the control values of savings intended, say, to buy the latest smartphone for yourself or as a birthday gift to a friend.
And the second way is partnerships and alliances with services aimed at savings and profitable investments of money and other assets.
8. Question: Is Dzing! going to do anything about the upcoming Brexit? Could this significantly affect your development plans?
Answer: No, it is not. We do not see a scenario in which Brexit can significantly affect our development plans. And we are ready to open our accounts to citizens of any countries (except for eight countries for which this is prohibited by international sanctions).
9. Question: Dzing is a sound that can be associated not only with money, but also with the clink of tableware. Do you plan to use this analogy somehow?
Answer: Yes, such an association may exist, but we do not yet understand how to use it. But we are open to any suggestions from voluntary experts on this subject.
10. Question: What books in your life have made the greatest impression on you? What have you been reading lately? What book would you take with you on a long journey?
Answer: I like reading
and read a lot. Of the last books read, I was greatly impressed by “Sapiens. A brief history of humankind” by Yuval Harari. I remember the novel “Never Let Me Go” by Kazuo Ishiguro.
Besides, I am madly in love with Pelevin, Houellebecq, Beigbeder.
To take with me on a long trip? For sure Sapiens and some of Victor Pelevin.
11. Question: What enables your clients to be confident in the safety of their money in your accounts?
Answer: It’s very simple. In accordance with the terms of our license, we have neither the right nor the ability to hold the money of our customers together with our own. Thus, customer money is fully protected from any operational or other risks associated with Dzing! The only risk for customers ' money is the risk of the Bank in which the money is stored in our account. And this is Lloyds Bank - the bank where, by the way, a third of all deposits in England are stored. Thus, it is much safer to keep money with us than in many small and medium banks.
12. Question: What are your expectations for the OmniGrade crowdsourcing service?
Answer: I will answer briefly - we expect that the OmniGrade crowdsourcing service will give us USPs (unique selling propositions). They can include both new types of products and new ways to promote them, but most importantly, they should make our service the best and the most attractive.
Very good interview, now I think to better understand the business and the driving ideas of it.
In fact, I really liked this interview.
I personally responded with an answer about books, because I read Sapiens quite recently and I understand very well why she is so sunk!
Another business has become much clearer. A particularly excellent argument about keeping money in a bank. Previously, this was not obvious. Thank you for emphasizing this!