Case Study: Blink
D&AD Future Impactrecognises and supports initiatives and products with the potential to drive positive change in the world. In 2019, we chose 11 winning ideas to receive a 12-month programme of support. This included a two-day accelerator with talks and mentoring sessions, hosted at the McCann offices in New York, with the aim of helping these ideas improve, evolve and continue to make an impact in the world.
Here we take a closer look at one of these ideas: Blink - a fintech startup that wants to turn Bolivia’s 70,000 taxis into the country’s first mobile ATM network.
There’s less than 28 ATMs for every hundred thousand inhabitants of Bolivia, which means it’s often a long trek to the nearest cash point. And there’s no solution in sight, with the World Bank reporting that the growth of ATMs has slowed significantly in the last decade. ATMs are expensive to set up, and banks don’t monetise the services - so there’s little incentive to fix the issue.
But Blink founder Henry Medina has a plan to turn the country’s fleet of taxis into on-demand ATMs, that would deliver cash to people as and when it’s needed. Using an app, people would request the amount they need, which would then be picked up by a nearby taxi driver - who takes a small commission - and delivered in person.
Medina, who’s CEO and CCO at Ogilvy Bolivia, came up with the idea while paying his gardener, who didn’t have a bank account, and needed cash in hand. “The situation made me think about the poorest people in Bolivia,” he says. “If I had to go to a nearby ATM in my car, four blocks away, what would they do if they didn’t have access? I thought Blink could be a great solution, but also a very good business, because the need is real.”
Blink: Future Impact / Wood Pencil / Product / Educational and Financial Empowerment / 2019
Not only would it make life easier for people, Medina says it makes things safer. Because there are so few ATMs, many people in Bolivia withdraw their entire salary in one go, leaving them vulnerable when walking home.
“This is going to help people that live far away and don’t have access to ATMs, as well as promote massive financial inclusion and digital education,” he adds. “Besides that it will function as an investment system with immediate return for drivers, provoking massive economic growth in the segment of people that need it very much.
Blink is still a work in progress, but Medina’s on his way towards making it a reality. He’s still seeking investors, but is in the final stages of an agreement with a major bank, and also considering how to expand the service to shops. He plans to launch Blink in the second half of 2020.