Collaboration stands at the heart of amplifying the impact of the banking landscape. And when it is between two industry powerhouses like Visa and Rocker, making waves through their ground-breaking solutions, it is something that deserves the limelight. From frictionless digital payments to empowering financial tools, this dynamic duo is propelling us into an era of unparalleled innovation and convenience.
So, we got into a conversation with Andreas Norberg, VP of Product at Rocker, and Fredrik Lindquist, Country Manager Visa Sweden to uncover the driving motivations behind this strategic collaboration and how it is propelling both companies to the forefront of the Fintech revolution.
Andreas, could you begin by expanding a bit on Rocker’s vision and mission and how it positions itself uniquely in the market with its value proposition?
At the core of our business mission, we aim to leverage cutting-edge technologies to provide our customers with user-friendly and cost-effective products. We strive to empower them by giving them the right tools for their finances. They may find it cumbersome at first similar to when they start a new exercise regimen but we are here to provide guidance and ignite their interest in the economy and the potential impact it has on their lives.
We believe that open banking presents a revolution in the banking industry. While the best product hasn’t been developed yet, we anticipate a similar transformative impact as seen in other industries with companies like Uber in the taxi industry, Airbnb in the hotel industry, and Spotify in the music industry. Our goal is to provide innovative products and to achieve this we rely on excellent partners who share in our vision.
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What were the challenges you encountered before partnering with Visa and what were the obstacles you sought to overcome through this collaboration?
For us, one of the main challenges was our limited understanding of the payment landscape and how it operates. While we had previously worked with Visa as a third party, this closer partnership has significantly enhanced our comprehension of what we can achieve and the innovative solutions we can offer. Collaborating closely with VISA has opened numerous opportunities for us to improve and provide more cost-effective and cutting-edge products to our customers.
What specific benefits have you observed as a result of your partnership with Visa?
Our main goal was to gain a deeper understanding of how Visa, being such a prominent company, operates and to see if working with them is as easy as it seems. Initially, we had the expectation that they would function like traditional banks, which can be quite cumbersome. However, our experience with Visa has been completely different. Throughout the entire summer, which is not typical in Sweden where we usually enjoy five weeks of vacation time due to limited holidays, we have actively collaborated with them on all our products. This has been an incredible experience for us.
This stage of collaboration has provided us with invaluable insights and learnings. We now have absolute confidence in Visa and eagerly anticipate what we can achieve together in the upcoming autumn season and beyond.
Did you encounter any specific challenges in establishing this partnership, particularly considering the differences in culture, vision, and working methods between Rocker and Visa?
Yes, I believe both Visa and Rocker have successfully adapted to each other’s differences. In the initial stages, there were noticeable cultural disparities between the two organizations. For instance, Visa utilizes a significant number of abbreviations and internal terms which presented a challenge initially. However, once we became acquainted with these terms and abbreviations, we were able to quickly familiarize ourselves and integrate smoothly. I must say, that I have personally gained an immense amount of knowledge and experience within a remarkably short period of time.
How has the partnership between Rocker and Visa contributed to Rocker’s overall vision and business strategy? Have you observed any notable differences or impacts resulting from this collaboration in terms of your strategic approach?
Certainly, prior to the partnership, our understanding of customer payment methods and opportunities was limited. We could only speculate about the available possibilities. However, since establishing this close partnership with Visa, we have gained access to a wealth of information. This has sparked numerous ideas for innovation in our product offerings and has allowed us to provide a superior card experience for our customers. So yeah, the direct partnership with VISA has been instrumental in expanding our knowledge and insights.
Fredrik, we are all familiar with Visa as a prominent global digital payment provider, facilitating transactions among customers, financial institutions, and government entities across 200 countries. However, I am curious to hear your thoughts on VISA’s broader philosophy and vision. From your standpoint, what principles and aspirations define Visa’s identity and purpose?
Visa’s overarching vision is to uplift individuals and communities everywhere by facilitating convenient and secure payment solutions. Our approach involves fostering inclusive and sustainable economies through the establishment of an extensive infrastructure network. By ensuring broad accessibility, we enable companies to innovate and thrive, promoting inclusivity and driving the utilization of this infrastructure for innovative purposes.
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What is Visa’s philosophy about partnering with other players in the ecosystem?
Certainly, when considering partnerships, Visa upholds a robust ecosystem that emphasizes standards and resilience. We conduct due diligence on all potential partners to ensure they align with our measures and ethical guidelines. This applies to sourcing providers who assist us in delivering our services, as well as businesses we onboard. Inclusivity is a key focus for us, as we strive to provide access to our network and fuel innovation through collaboration. When conducting due diligence, we take into account various factors, including the nature of the partner, whether they are a financial institution, fintech, or a payment service provider The evaluation process involves assessing risks, environmental impact, and overall compatibility of a company with our standards, While the specific requirements may vary, Visa maintains rigorous standards across all types of businesses we onboard.
What were the key factors that influenced your decision to partner with Rocker?
Partnering with Rocker feels like a natural step for us. We collaborate with numerous Fintech’s on a daily basis and onboard various businesses to fuel innovation within our network. As a Fintech and payments technology company, it is crucial for us to onboard entities like Rocker and support their innovative ideas. We’re truly invested in the Fintech sector and want to be a part of driving its growth and success. So, partnering with Rocker was a no-brainer.
How has this partnership contributed to Visa’s overall mission?
I feel this partnership has been instrumental in helping Visa fulfill its core philosophy and vision. We have a strong belief in uplifting everyone and creating an inclusive environment in our network and ecosystem. By adding partners like Rocker, we continuously develop and introduce new experiences. We have also gained valuable insights that other Fintechs can learn from. I also believe that it’s not a one-on-one interaction. It’s a collaborative effort across teams and people. We have also seen the positive impact of leveraging the knowledge, experience, and processes within Visa. It has been a game-changer in onboarding clients and executing projects successfully.
Overall, I would say, our partnership with Rocker has been a remarkable journey. We’re thrilled to support them and contribute to their growth, while also advocating our own mission. Together, we’re making a difference in the Fintech landscape and paving the way for future innovations.
