Episode 76: Making the Most of Modern Alternatives with Daniel Eberhard and Koho

Who is Daniel Eberhard and the key takeaways in this episode?

Daniel Eberhard is the CEO of Koho, offering a modern alternative to traditional banking accounts. He has embraced and furthered such advances in the field of personal banking, and his primary aim is to make everything simpler, easier and downright more convenient for his valued clients.

Listen to this interesting and informative interview and learn more about:

  • Daniel’s watershed moment
  • His perceptions on the idea of points of pain
  • How culture accelerated Daniel’s business
  • And much, much more

The Questions

A lot of companies have a watershed moment. Could you share yours with us?

Answer:Early on in this process, we did a step-by-step risk evaluation. So we spent a couple of months with our heads in the sand, just wrapping our heads around whether we could handle all the regulations. The next thing we needed to understand was whether people cared or not. The only way we could do that in a meaningful way, although we had had a ton of conversations, was to put up a website and a video to see what the engagement was. We were literally ready to say, “If people don’t care, we’re ready to look at this through a different lens and pivot it to find another way.” We put up the video on about December 3rd 2014, and I think by about 10AM that morning we knew we had something. […] We knew that the pain [point] was real and that the value we were creating was real.

You find a point of pain and you find a unique way to solve that for the client, and then you’ve created something that is very difficult to compete with. What are your feelings about how Koho has done that?

Answer: I think you’ve nailed it right on the head. I think we were just fortunate and had given it a bit of foresight ahead of time. With the launch of our website and the conversations that we were able to have, we were able to work backwards from the value that people perceived that we’d create. A lot of times, people go to market and the value that they create isn’t necessarily the one they set out to create. In launching the website and having those conversations we were able to engage with people in a really meaningful way and reverse engineer the product from there.

Could you share a story where culture has accelerated your business and created a positive environment for you?

Answer:Culture is one of the first filters that you pass your decisions through. We’ve had the opportunity to partner with some incredible teams and some very large organizations that we’ll be announcing next month. I wish I could be more specific, but when it came to offers from two of them, one of them was financially better for us and the other was better from a cultural standpoint. I was very fortunate in that I could take this to the board and take this to the team. It was unanimous that the people who were going to allow us to better execute our vision were the ones that we were better aligned with. That sort of decision framework applies to everything we do and every feature we roll out.

Culture According to Daniel Eberhard:

You need to work for a greater purpose. For us, we talk about this notion of financial empowerment. We are in a really unique and fortunate position where we can help people do more with their lives. We can help people pay off debt, travel and make a down payment on a house. That’s the lens through which we look at all of this. […] We are very driven by the opportunity to make people’s lives better.

Book Recommendations:

  • Where Men Win Glory: The Odyssey of Pat Tillman by Jon Krakauer

Go To Quote for Inspiration

What Daniel Eberhard Wants His Company to BE:

  • BE Transparent
  • BE Ethical
  • BE Humble

Links and Resources Mentioned in this Interview:

Where to Find Daniel Eberhard:

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