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Dec 17, 2020 · 24m · how-i-built-this

How I Built Resilience: Daniela Corrente of Reel

Daniela Corrente · 17m spoken Guy Raz · 4m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this Resilience Edition of NPR's How I Built This, host Guy Raz interviews Reel co-founder and CEO Daniela Corrente to discuss how her fintech platform harnesses behavioral psychology to eliminate unnecessary debt and make aspirational purchasing achievable through automated savings.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Guy holds 23.5% of the talking time here. How this is scored →

Guy as informed peer 3.3 Guest teaching 2.7 Guest disagreement 0.2 Guy pushing back 0.2
05100:0010:0020:001:09–5:48 · Guy as informed peer 3/10 How Reel Works and Retailer Integrations Guy asks basic introductory questions about how Reel operates and its retailer partnerships like Bloomingdale's. Daniela explains the end-to-end user experience and shares the backstory behind founding the company in a cordial, collaborative tone.5:48–9:30 · Guy as informed peer 3/10 Fundraising Challenges and Securing Institutional Backing Guy prompts Daniela on typical investor skepticism and attempts to state her fundraising total. Daniela politely corrects his figure from $1.5 million to nearly $5 million and explains the psychology of pitching non-relatable consumer products to affluent investors.9:30–13:16 · Guy as informed peer 3/10 Targeting Unnecessary Debt in American Consumer Culture Guy discusses the pervasive culture of consumer debt in the US. Daniela refines the discussion by differentiating necessary debt from unnecessary impulse debt, further elaborating on Reel's pricing psychology and revenue model.13:17–16:15 · Guy as informed peer 3/10 Navigating 2020 and Accelerating Product Verticals Guy inquires about the impact of the pandemic on user saving patterns and remote operations. Daniela outlines how COVID-19 accelerated consumer demand for alternative payment methods and forced Reel to rapidly expand into new product verticals.16:15–19:36 · Guy as informed peer 5/10 Listener Q&A: Charitable Giving and Goal-Oriented Saving Guy relays audience questions regarding charity savings and traditional bank accounts, astutely connecting Reel's mechanics to goal-oriented robo-advisors like Betterment and Wealthfront. Daniela confirms this connection and explains how lifestyle goals drive savings behavior.19:37–23:33 · Guy as informed peer 3/10 Customer Behavior Shifts and Organic User Acquisition Guy asks about shifting transaction trends and highlights the high cost of customer acquisition for digital startups during the pandemic. Daniela explains how Reel leverages organic customer loops and behavioral flexibility as users transfer savings between items.1:09–5:48 · Guest teaching 2/10 How Reel Works and Retailer Integrations Guy asks basic introductory questions about how Reel operates and its retailer partnerships like Bloomingdale's. Daniela explains the end-to-end user experience and shares the backstory behind founding the company in a cordial, collaborative tone.5:48–9:30 · Guest teaching 5/10 Fundraising Challenges and Securing Institutional Backing Guy prompts Daniela on typical investor skepticism and attempts to state her fundraising total. Daniela politely corrects his figure from $1.5 million to nearly $5 million and explains the psychology of pitching non-relatable consumer products to affluent investors.9:30–13:16 · Guest teaching 3/10 Targeting Unnecessary Debt in American Consumer Culture Guy discusses the pervasive culture of consumer debt in the US. Daniela refines the discussion by differentiating necessary debt from unnecessary impulse debt, further elaborating on Reel's pricing psychology and revenue model.13:17–16:15 · Guest teaching 2/10 Navigating 2020 and Accelerating Product Verticals Guy inquires about the impact of the pandemic on user saving patterns and remote operations. Daniela outlines how COVID-19 accelerated consumer demand for alternative payment methods and forced Reel to rapidly expand into new product verticals.16:15–19:36 · Guest teaching 2/10 Listener Q&A: Charitable Giving and Goal-Oriented Saving Guy relays audience questions regarding charity savings and traditional bank accounts, astutely connecting Reel's mechanics to goal-oriented robo-advisors like Betterment and Wealthfront. Daniela confirms this connection and explains how lifestyle goals drive savings behavior.19:37–23:33 · Guest teaching 2/10 Customer Behavior Shifts and Organic User Acquisition Guy asks about shifting transaction trends and highlights the high cost of customer acquisition for digital startups during the pandemic. Daniela explains how Reel leverages organic customer loops and behavioral flexibility as users transfer savings between items.1:09–5:48 · Guest disagreement 0/10 How Reel Works and Retailer Integrations Guy asks basic introductory questions about how Reel operates and its retailer partnerships like Bloomingdale's. Daniela explains the end-to-end user experience and shares the backstory behind founding the company in a cordial, collaborative tone.5:48–9:30 · Guest disagreement 1/10 Fundraising Challenges and Securing Institutional Backing Guy prompts Daniela on typical investor skepticism and attempts to state her fundraising total. Daniela politely corrects his figure from $1.5 million to nearly $5 million and explains the psychology of pitching non-relatable consumer products to affluent investors.9:30–13:16 · Guest disagreement 0/10 Targeting Unnecessary Debt in American Consumer Culture Guy discusses the pervasive culture of consumer debt in the US. Daniela refines the discussion by differentiating necessary debt from unnecessary impulse debt, further elaborating on Reel's pricing psychology and revenue model.13:17–16:15 · Guest disagreement 0/10 Navigating 2020 and Accelerating Product Verticals Guy inquires about the impact of the pandemic on user saving patterns and remote operations. Daniela outlines how COVID-19 accelerated consumer demand for alternative payment methods and forced Reel to rapidly expand into new product verticals.16:15–19:36 · Guest disagreement 0/10 Listener Q&A: Charitable Giving and Goal-Oriented Saving Guy relays audience questions regarding charity savings and traditional bank accounts, astutely connecting Reel's mechanics to goal-oriented robo-advisors like Betterment and Wealthfront. Daniela confirms this connection and explains how lifestyle goals drive savings behavior.19:37–23:33 · Guest disagreement 0/10 Customer Behavior Shifts and Organic User Acquisition Guy asks about shifting transaction trends and highlights the high cost of customer acquisition for digital startups during the pandemic. Daniela explains how Reel leverages organic customer loops and behavioral flexibility as users transfer savings between items.1:09–5:48 · Guy pushing back 0/10 How Reel Works and Retailer Integrations Guy asks basic introductory questions about how Reel operates and its retailer partnerships like Bloomingdale's. Daniela explains the end-to-end user experience and shares the backstory behind founding the company in a cordial, collaborative tone.5:48–9:30 · Guy pushing back 1/10 Fundraising Challenges and Securing Institutional Backing Guy prompts Daniela on typical investor skepticism and attempts to state her fundraising total. Daniela politely corrects his figure from $1.5 million to nearly $5 million and explains the psychology of pitching non-relatable consumer products to affluent investors.9:30–13:16 · Guy pushing back 0/10 Targeting Unnecessary Debt in American Consumer Culture Guy discusses the pervasive culture of consumer debt in the US. Daniela refines the discussion by differentiating necessary debt from unnecessary impulse debt, further elaborating on Reel's pricing psychology and revenue model.13:17–16:15 · Guy pushing back 0/10 Navigating 2020 and Accelerating Product Verticals Guy inquires about the impact of the pandemic on user saving patterns and remote operations. Daniela outlines how COVID-19 accelerated consumer demand for alternative payment methods and forced Reel to rapidly expand into new product verticals.16:15–19:36 · Guy pushing back 0/10 Listener Q&A: Charitable Giving and Goal-Oriented Saving Guy relays audience questions regarding charity savings and traditional bank accounts, astutely connecting Reel's mechanics to goal-oriented robo-advisors like Betterment and Wealthfront. Daniela confirms this connection and explains how lifestyle goals drive savings behavior.19:37–23:33 · Guy pushing back 0/10 Customer Behavior Shifts and Organic User Acquisition Guy asks about shifting transaction trends and highlights the high cost of customer acquisition for digital startups during the pandemic. Daniela explains how Reel leverages organic customer loops and behavioral flexibility as users transfer savings between items.

speaking balance: gold is Guy, purple is the guest (3 minute bins)

0:00 · Guy 32.5% · guest 67.5%0:00 · Guy 32.5% · guest 67.5%3:00 · Guy 8.4% · guest 91.6%3:00 · Guy 8.4% · guest 91.6%6:00 · Guy 9.9% · guest 90.1%6:00 · Guy 9.9% · guest 90.1%9:00 · Guy 37.5% · guest 62.5%9:00 · Guy 37.5% · guest 62.5%12:00 · Guy 23.6% · guest 76.4%12:00 · Guy 23.6% · guest 76.4%15:00 · Guy 13.2% · guest 86.8%15:00 · Guy 13.2% · guest 86.8%18:00 · Guy 22.3% · guest 77.7%18:00 · Guy 22.3% · guest 77.7%21:00 · Guy 34.5% · guest 65.5%21:00 · Guy 34.5% · guest 65.5%24:00 · Guy 100% · guest 0%24:00 · Guy 100% · guest 0%
Sharpest disagreement ▶ 9:57 Reframing debt categories

In a very mild exchange, Daniela reframes Guy's broad premise about American debt culture by clarifying the crucial distinction between debt and unnecessary debt.

 Hardest push from Guy ▶ 5:48 Channeling investor skepticism

Guy plays devil's advocate by challenging the premise of Reel, pressing on why consumers wouldn't simply use high-yield savings accounts, layaway, or low-interest cards.

 Biggest teaching moment ▶ 7:19 Fundraising total correction

Daniela cleanly corrects Guy's inaccurate assumption that Reel had raised $1.5 million by revealing they had actually raised close to $5 million.

 Guy holds their own ▶ 18:15 Domain expertise on robo-advisors

Guy displays industry knowledge by connecting Reel's behavioral architecture to bucket-based fintech robo-advisors like Betterment and Wealthfront.
the scores for every segment, with the reasoning behind each
ChapterTopicGuy as informed peerGuest teachingGuest disagreementGuy pushing backWhy
How Reel Works and Retailer Integrations 3200 Guy asks basic introductory questions about how Reel operates and its retailer partnerships like Bloomingdale's. Daniela explains the end-to-end user experience and shares the backstory behind founding the company in a cordial, collaborative tone.
Fundraising Challenges and Securing Institutional Backing 3511 Guy prompts Daniela on typical investor skepticism and attempts to state her fundraising total. Daniela politely corrects his figure from $1.5 million to nearly $5 million and explains the psychology of pitching non-relatable consumer products to affluent investors.
Targeting Unnecessary Debt in American Consumer Culture 3300 Guy discusses the pervasive culture of consumer debt in the US. Daniela refines the discussion by differentiating necessary debt from unnecessary impulse debt, further elaborating on Reel's pricing psychology and revenue model.
Navigating 2020 and Accelerating Product Verticals 3200 Guy inquires about the impact of the pandemic on user saving patterns and remote operations. Daniela outlines how COVID-19 accelerated consumer demand for alternative payment methods and forced Reel to rapidly expand into new product verticals.
Listener Q&A: Charitable Giving and Goal-Oriented Saving 5200 Guy relays audience questions regarding charity savings and traditional bank accounts, astutely connecting Reel's mechanics to goal-oriented robo-advisors like Betterment and Wealthfront. Daniela confirms this connection and explains how lifestyle goals drive savings behavior.
Customer Behavior Shifts and Organic User Acquisition 3200 Guy asks about shifting transaction trends and highlights the high cost of customer acquisition for digital startups during the pandemic. Daniela explains how Reel leverages organic customer loops and behavioral flexibility as users transfer savings between items.

Statements from this episode (13)

Assertion Supported
Corrente: Reel aggregates inventory from thousands of stores via web scraping
“We also aggregate inventory from thousands of stores. So we serve as an aggregator where we, you know, scrape the web and present you with possibilities of items based on what you have liked before.”
Daniela Corrente Dec 17, 2020 ▶ 2:28
Disclosure
Corrente: Reel is establishing direct retail partnerships for point-of-purchase savings
“And we are starting to do direct partnerships with retailers to be part of the point of purchase instead of putting something on a wish list and not taking action and to actually start saving for things as they are shopping.”
Daniela Corrente Dec 17, 2020 ▶ 2:39
Assertion Not checkable as stated
Corrente: Reel Landed First Investor Meeting at SXSW Using Squarespace Site
“I can put a Squarespace website and print business cards, and we can go and talk about this and see if people would like it. And that's how I got my first investor meeting.”
Daniela Corrente Dec 17, 2020 ▶ 5:29
Assertion Not publicly verifiable
Daniela Corrente: Reel has raised close to $5 million
“No, we've raised close to five.”
Daniela Corrente Dec 17, 2020 ▶ 7:24
Disclosure
Corrente: Reel Targets Unnecessary Debt for Delayed Consumer Needs
“And we are highly focused on the debt that is unnecessary, right? Things that you might not need right away.”
Daniela Corrente Dec 17, 2020 ▶ 10:01
Assertion Not checkable as stated
Corrente: A Lot of Reel's Users Are First-Time Mothers
“A lot of our users are first-time moms, and when you're a first-time mom, and you're going to need a stroller, you don't need it for another 10 months, nine months.”
Daniela Corrente Dec 17, 2020 ▶ 10:10
Assertion Not checkable as stated
Corrente: Reel saw higher conversion after introducing a platform fee
“And we saw higher conversion when we started charging A fee to use the platform, which was fascinating.”
Daniela Corrente Dec 17, 2020 ▶ 12:17
Disclosure
Corrente: Reel monetizes via user deposit float and retail partnerships
“So we monetize obviously on the money that we're holding on behalf of the users. Right. And then we also monetize through partnerships with retailers because we're driving traffic towards their website, right? We're driving conversion. And so we get paid for t…”
Daniela Corrente Dec 17, 2020 ▶ 13:00
Assertion Supported
Corrente: Millennials Held Fewer Credit Cards Than Prior Generations Post-2008
“It happened after 2008. You could see how millennials Had less credit cards than the previous generation, because they saw what their parents went through, right?”
Daniela Corrente Dec 17, 2020 ▶ 14:40
Disclosure
Corrente: Reel launched feature allowing users to save for charities
“We just did that last week. People can save for charities that they want to, and that came out, honestly, from a partnership with some influencers where they asked us, hey, look, I want to share these with my following, but I want to make sure that we also hav…”
Daniela Corrente Dec 17, 2020 ▶ 16:26
Insight
Corrente: Goal-oriented savings is the necessary model for digital consumers
“Goal-oriented is the way to go when it comes to savings because it aligns with the reality of a digital world where we're consuming the lifestyle that we want 24 seven in our devices.”
Daniela Corrente Dec 17, 2020 ▶ 19:24
Assertion Not checkable as stated
Corrente: Reel's Transacted Savings Grew 24% Month-Over-Month in November 2020
“Like November was 24% higher than the previous month, right?”
Daniela Corrente Dec 17, 2020 ▶ 20:59
Assertion Not checkable as stated
Corrente: Users reallocate savings between goals for over 20% of items
“In fact, over 20% of the items that people save for they transfer in between items because there is this element of gamification on your savings.”
Daniela Corrente Dec 17, 2020 ▶ 21:32
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