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  "docSlug": "jarvis-paypal-confinity-wallet-banking-business-plan",
  "documentTitle": "Paypal Confinity Wallet Banking Business Plan",
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      "kind": "paragraph",
      "text": "Confinity would enjoy a critical advantage by leveraging its wallet customers into banking customers. For starters, Confinity could start offering a service whereby wallet customers would earn interest on the money in their wallets. This would (a) decrease the turnover rate (as there would be no advantage to shifting the funds to an interest-earning bank account); and (b) reinforce the wallet branding by making it the only wallet to generate interest on the cash it contains.",
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      "text": "Confinity still would need to hire 2-3 people to coordinate all of the regulatory, tax, and accounting issues related to running a bank. Nevertheless, most of the \"work\" would be done by the eProfile service/software operation. Confinity also would hire 2-3 more developers to build the banking user interface on various mobile devices. In this way, Confinity could create a full-service mobile bank by the fall of 2000.",
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      "kind": "paragraph",
      "text": "Once a Confinity customer has chosen the interest-bearing option on his wallet, he would de facto have opened a small bank account. From here, the marketing issue would be to convince customers of the added value of a Confinity mobile account and bring them to consolidate all of their checking and savings accounts with Confinity. In effect, Confinity will have created a grass-roots (\"viral\") method of acquiring new bank customers.",
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      "kind": "paragraph",
      "text": "Given a banking charter, there is a need for online banking software and back office operations. Both of these are provided by eProfile (a joint venture between Edify, a banking software developer, and Sanchez, a back office service provider), which can put together all of the operations needed to run a bank in 90 to 120 days. The software supports full-service online banking (including bill payment, balance transfer procedures, and integration with mutual funds) and costs between $700K and $1M. The back office service operations cost $4 to $5 per customer per month.",
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      "kind": "paragraph",
      "text": "New federal bank charters are granted through the Office of Thrift Supervision (OTS) or the Office of the Comptroller of the Currency (OCC). Although the OTS process is less onerous, the rush into online banking has created a serious backlog. Based on some preliminary discussions, it would take about 12-18 months to receive a new bank charter.",
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      "kind": "title",
      "text": "D. Setting Up A Bank",
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      "kind": "title",
      "text": "2. Technology Issues",
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      "kind": "title",
      "text": "1. Legal/Regulatory Issues",
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      "text": "E. Branding and Distribution and Branding Strategies",
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