- Whether it’s your full-time job or side hustle, the “gig” economy is an exciting space -- but how could getting paid be better? I’m joined by Visa’s Michael Nevski, Director of Consumer Insights
- Panos Panay, Amazon’s SVP of Devices and Services, carves out some time to talk to Tech It Out listeners about the latest in Ring doorbells, Echo speakers, Kindles, FireTV and more – all powered by Alexa+
- Love your Peloton? I also sit down with Peloton’s Nick Caldwell, Chief Product Officer, who tells us what’s new with its popular Peloton Bike, Tread and Row – and an AI-powered camera that analyzes your form
- Starting with this episode, Norton is an official partner on Tech It Out! I’ll talk about its offerings to help keep you protected – even if you’re more tech shy than tech savvy
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Do you ever feel overwhelmed by the ever changing world
of technology, Check it Out can help make some sense
of it all. Breaking down GeekSpeak into street speak. Technology columnist, author,
and TV personality Mark Saltzman covers consumer technology each week
for every listener. Mark tackles the latest news, reviews, and
how toos to help you understand what's hot, what's not
(00:22):
and why.
Speaker 2 (00:24):
Hey everyone, welcome to Tech it Out. This is episode
four fourteen. As we're now in October, a spectacular month,
of course, love Halloween, and in the tech world we're
inching towards the holidays, of course, before that Black Friday
and Cyber Monday next month. Very exciting time. If you're
into gadget's gear and games, and I assume you are.
(00:48):
If you're tuning into a show called tech it Out,
whether it's on your local talk radio station or in
podcast form, thrilled to have you along. Well, it's an
exciting show for a couple of reasons. Norton the leader
in cybersecurity are as of today, an official partner on
tech it Out. That's right, that's right, very exciting, indeed,
(01:08):
keep it going. Norton, of course, is a leader in
the cybersecurity space in personal protection, identity protection, and now
they're officially part of the tech it Out family along
with another company that keeps you safe, Visa, who we're
going to hear from this hour in fact, but a
heartfelt welcome to Norton. I'm going to tell you more
about them shortly, and we'll also have a guest on
(01:30):
this show to talk about Norton on the next Tech
it Out in a week from now. Okay, so yes,
we're going to chat with Visa's Michael Nevsky this hour
about serving those in the gig economy. And they're not
just uber drivers, believe it or not, so many other
jobs to fall into that category. So we'll define what
a gig economy is and how Visa, a company devoted
(01:50):
to securing payments for both buyers and merchants alike, caters
to those in the gig economy and what's different about
their needs. Before that, I was in New York on
Tuesday visiting two companies, Amazon and Peloton Hey that rhymes.
I conducted two interviews there, one oh play in a
moment with Penos Penna. He's SVP of Devices and Services
(02:12):
at Amazon, a celebrity in the tech space in fact,
so they're going to hear what's new from Amazon soon
from Panos. In about sixty seconds, their event covered Alexa
powered Echo, smart speakers and smart displays, ring video doorbells,
and indoor and outdoor cameras less expensive but still feature
rich cameras from Blink. We learn what's new from Kindle,
(02:34):
including an e readers that also double as note taking devices,
and we talked fire TV as well. So a lot
to get to and then later on in the show today,
Peloton's Nick Caldwell, chief Product Officer, will join us to
chat about what's new with its popular Peloton bike tread
and row so a stationary bike treadmill and its rowing machine,
(02:55):
including new hardware to support CrossFit exercises and strength right
beside the machine, plus deeper personalization with AI called Peloton Iq,
which we're going to hear about as well. All of
this and more on a brand new tech it out
Let's officially kick things off with our first interview. As
I mentioned earlier in the show, Amazon hosted a huge
(03:17):
event in New York last week, not only to debut
new hardware for the home, but also showcasing how the
greatly improved Alexa called Alexa Plus, ties much of these
experiences together, joining us to talk about Amazon's vision. I'm
thrilled to have on the show for the first time.
Panos Penney, Senior vice president of Devices and Services at Amazon.
(03:38):
It's a pleasure to meet you.
Speaker 3 (03:39):
Panos.
Speaker 2 (03:40):
Thank you so much for your time.
Speaker 4 (03:41):
Yeah, pumped to be here. Thank you for having me.
Speaker 2 (03:43):
It was a great day today, really impressive lineup of devices,
all this new hardware for the home. But the underlying
connection between them all, if you will, the glue that
holds it all together and creates the magic is the
new Alexa Plus. Before we get to that, you were
mentioning on stage that tech should be invisible for it
to feel magical. Could you elaborate on that.
Speaker 5 (04:02):
Yeah, it's not the word invisible, but in the background,
because I think we always want to be present, We
want to be with each other, like that's just our nature.
Speaker 4 (04:09):
And sometimes, you know, you put that barrier.
Speaker 5 (04:11):
Between us, which is, you know, the physicality of a
device in your hand looking at it. I think it
takes away from that emotional connection that can be there
and should be there at times and other times you
want to be lost in the product. But either way,
like when you're in a kindle, you know you want
to get lost in the product, but the product still
has to get out of your way. It just has to.
You don't want it to be a barrier. Open something,
save something.
Speaker 4 (04:31):
What do I do now? And what you.
Speaker 5 (04:33):
Want is to be able to be creative. Put your
thoughts down as fast as you can. Just like alexas
same it's in the background. You want to use AI.
You want to get to the crux of like the
core of what you're talking about. Just take Alexa plus
to your example. The eco devices.
Speaker 4 (04:46):
Are just there. They're in the background.
Speaker 5 (04:47):
They they sit beautifully, they fade away, but when you
need them, you just call.
Speaker 2 (04:52):
Much like our house, you are mentioning at the top
of your presentation today that in your home, the kitchen
table is a no device's place. I have three kids
in their early twenties, but like your family, as you
painted this picture of having a friendly debate about something,
who started in what movie? Or who hit that home
run or what have you? Again, that's an example. I
(05:13):
think of being able to sum in an assistant hands
free without everybody pulling out the devices away.
Speaker 4 (05:19):
It's not always friendly. I would be honest with you.
Speaker 3 (05:21):
You have teenages at your house. It's not always friendly.
Speaker 4 (05:24):
Sometimes it's like I'm right, you're right, you're wrong, Like okay, then.
Speaker 2 (05:27):
You need to rely on AI to pull the rail, settle.
Speaker 4 (05:30):
The debate, Like it's pretty cool.
Speaker 5 (05:32):
This is kind of fun settling debates with her because
you can ask an opinion, but you can also just
get the facts. And that blend is like where a
little bit of that energy where you just you start
to you start to really engage the product and feel
closer to it. It's just something that it's pretty meaningful
to our customers.
Speaker 2 (05:47):
Again without losing that moment you want that family quality time.
Device is free if you can help.
Speaker 3 (05:52):
It very tough today.
Speaker 2 (05:53):
And you also made another reference towards the end of
the conference. You said, make AI truly useful in people's lives.
As you say, that's like the mo of these new
devices from Amazon.
Speaker 4 (06:02):
Yeah, I just don't want Ai for AI's sake.
Speaker 5 (06:04):
It's like it's a buzzword right now. But what we
want is it We just want it to be useful.
Like if you look at search party for ring where
you find your missing dog.
Speaker 2 (06:12):
That's a highlight for me by the way for tool right.
Speaker 3 (06:14):
It's just cool.
Speaker 4 (06:15):
It's not only cool, it's also and romantic, but it's useful.
Speaker 5 (06:19):
Like I lost my dog, help or I just need
the answer now. I don't want to wait, I don't
want to open something. I don't want to be distracted.
I need you to manage my calendar. I need you
to tell me who's at the door. Like I want
to be able to manage my home. I want to
be able to have any conversation I want and just
get through it.
Speaker 4 (06:33):
I want to set a reminder.
Speaker 5 (06:35):
Like these are things that are useful to people, but
you do it and with natural conversation, and you end
up with some incredible results of you know, just people
being more productive and finding you know, the impact in
their lives is massive.
Speaker 2 (06:48):
Going back to search Party for our listeners, this is
a new feature coming to ring video door bells and
other products. I believe that will not only use artificial
intelligence to recognize a person and greet them at the door,
like my dad who shares a home office with me
every morning. He's retired but he likes to come every morning,
but also recognizing pets. And you can now leverage your
community with this search Party feature. It's an opt in
(07:09):
thing where it will recognize your dog, push an alert
to those who may be around you and could help
find your dog. And the video that was pulling on
the heart strings. That's an example, a concrete example of
a smart use of AI. And I want to circle back,
please to kindle the new scribe for those who like
to not just consume content but create it as well
or no taking purposes. What does a color do you
(07:31):
think bring to the equation?
Speaker 5 (07:32):
People think differently. It's fascinating, like some people get more
creative in color. It's one of these things like color
is part of life, like period, look at your shirt,
look at the table like it just it brings a
different emotion to the table.
Speaker 4 (07:44):
And a lot of people they think in color.
Speaker 5 (07:45):
It's funny, you can't get your emotions down quicker. But
then when you're trying to create depth to sketching or
you're trying to highlight, like these are just the practical realities,
or you want a redline a doc because now you
can get your docks on Kindle on the scribe and.
Speaker 4 (08:00):
So basically you can find those moments.
Speaker 5 (08:03):
Now here's the thing, like if you if you read
line a doc or highlights something you remember it, you
remember it differently.
Speaker 4 (08:09):
You retain that knowledge quicker.
Speaker 5 (08:11):
So when you're writing, a lot of people as they write,
they retain it.
Speaker 6 (08:14):
Mark.
Speaker 5 (08:14):
Have you ever written a doc or you've been like
writing or taking notes, You remember what the notes look like,
but you don't remember what you wrote down.
Speaker 4 (08:21):
Like, that's the same thing.
Speaker 5 (08:22):
Some people when I say thinking color like, they remember
I remember I wrote this down and read yeah, And
then you just go back and you're like, just you
just flip through your notes as fast as you can,
like real paper, not not on a kindle. But then
you're like, ah, there it is, that same context is
right there.
Speaker 2 (08:36):
Speaking of search, this is just a side note that
you can now search through both handwritten and text documents
on your Kindlescribe or kindlescribe color soft and it'll pull
it up, saving you countless minutes searching for content. I
want to ask you Panels. We are joined by Panels Pine.
He has SVP of Devices and Services at Amazon. There
are others in this space trying to create a smart
(08:59):
home with an eye. It must be a challenge for
a company like Amazon, who's been at the forefront of
this for the last decade with Alexa clearly a market leader.
How do you build upon what made Alexa so great
to begin with? But justifying the upgrade because people might say, oh,
I'm already happy with Alex. I can play my music,
I can set a reminder for the oven for fifteen minutes.
It's got to be a fine line between creating something
(09:19):
fresh and something that's familiar.
Speaker 5 (09:20):
Yeah, you can just do so much more. She knows
so much more. That's it. It's that simple.
Speaker 4 (09:24):
Like the depth of her knowledge.
Speaker 5 (09:26):
Alexa's knowledge is incredible, you know, it's limitless right now.
But also like what you can do with partners with
natural language, and we kind of move from your being
an expert on how to control your home and you
have to remember what you set a light ning to
or you had to call the exact situation up. But
now you're moving to natural conversation. Just say what you're thinking,
and that transformation happens. You were watching that actually right
(09:49):
now in our usage, we just see it. The Alexa
plus users there are twice is engaged across the board,
and smart home usage is spiking because you've now fallen
into I can create routines that any I can just say
what I'm thinking, I can ask her to get something
done for me right away. In my house, my family
has figured out how to turn on the lights, turn
off the lights at a certain time, at a certain
day and a certain part of the.
Speaker 4 (10:10):
Moment, and you're like, oh my gosh, this never happened before.
Speaker 5 (10:13):
It was just one setting you would go and do it.
But now it's just so natural and it's become just common.
So I think just in that spirit of natural language,
that transformation, with the depth of AI behind it, is
what people are leaping into right now.
Speaker 2 (10:26):
Kenos, thank you so much for your time. It's been
a pleasure reading with you. And congratulations on a huge
day today.
Speaker 4 (10:30):
Thanks Mark enjoyed the time.
Speaker 2 (10:32):
As I mentioned, Norton is an official partner on tech
It out thrilled to have them along. As you may
have heard, Windows tens Extended Support is coming to a
close this month. That means no more security updates from Microsoft.
But you don't have to be left completely exposed. You've
got an option to stay protected from malware or malicious
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(10:53):
rely on Norton. For years, Norton has been synonymous with
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safely with the confidence of Norton. Head over to Norton
dot com today to stay protected. When we return on
(11:15):
tech it Out, we catch up with Michael Nevski from
Visa to learn about the gig economy. Stick with us,
We'll be right back with more check it Out.
Speaker 1 (11:24):
Listen to check it out whenever you want to find
the check it Out podcast, Did I Do? Or wherever
you get your podcasts.
Speaker 2 (11:40):
Welcome back everyone you're listening to check it Out. One
of the fastest growing economies in the country is the
gig economy. Whether it's your full time job or side hustle,
the gig economy is a really exciting place. I'd argue
freelance or contract work that fulfills very much you need
today in the services industry. Waiting us to share info
(12:01):
on this sector is Michael Nevsky, Director of Consumer Insights
at Visa, who has devoted a lot of research into
the gig economy, including their financial preferences. Thrilled to have
you onto the show for the first time. Michael, appreciate
your time.
Speaker 6 (12:14):
Mark. Thank you. I'm really happy to be here.
Speaker 2 (12:17):
Excellent. Now, before we talk about the gig economy, tell
us a bit about your role at Visa as Director
of Consumer Insights.
Speaker 6 (12:24):
Thank you, Mark.
Speaker 7 (12:25):
Actually, I feel very lucky because I joined this team
almost five years ago where I focus on consumer insights
in terms of the global trends dot slot leadership. So
my work is devoted to outward the trends and not
necessarily focusing on what is going on within internally, but
(12:46):
what's going on with global consumers, with American consumers, Canadian consumers.
And I intertwined this work with my global economics team
because day in day out, I worked with a whole
bunch of economists around the globe. Well, they're talking about
economy and how economy affects consumers in general. I actually
translate that to our consumer sentiment, translate that to consumer
(13:08):
attitudes and behaviors related to economy. But still with the
focus on consumer and segmentation and your traditional insight about
the consumers.
Speaker 2 (13:19):
All right, thank you for that. I know you said
that a lot of your work is looking outside of
the organization and looking at trends in the payment space
and financial space and then bringing it inwards. But what
could Visa do with that data about its customers.
Speaker 6 (13:33):
Yeah, that's a great question.
Speaker 7 (13:34):
Everything what we do in support our business partners and consumers,
and as you can imagine, mind borrow very much so
in the B to B environment or I would say
B to B twoc environment and bringing those insights and
understanding customers is fundamental because we're helping our business partners
and enable them with knowledge and insights on how they
(13:58):
can improve their relationship with their consumers, their customers. So
that's why it's extremely important understand those trends, whether it's
a cross border travel or rise of a single person household,
or a new trends with a geek economy as you
mentioned earlier, whether there was few workers who are actually
(14:18):
involved in geek, what their financial preferences pending habits. It's
important to understand because we can actually connect those insights
with needs and opportunities for our clients, whether we're working
with merchants, issuers, or acquires, and that's where this kind
of a synergy comes between us as Visa and our
business clients and support of consumers awesome.
Speaker 2 (14:41):
I think that's a great segue into the gig economy.
I'd love to ask you to define it if you can. Offhand.
I think we're talking about services like yesterday I took
a lift vehicle that I ordered Uber Eats for my son,
and I also ordered today a logo of my radio
show in Neon to have behind me on some video
(15:01):
segments from Timu. It's a marketplace, so I think these
are all part of the gig economy. This is very
much part of our lives today.
Speaker 7 (15:08):
To me gig economy, I would say engagement, right, not
even occupation, but engagement when people get involved in the
sense in a giek some kind of a gig, they
work as an independent and think of it as an
independent contractor some type of employment on a temporary basis.
Those workers earning their wages being independent and providers of
(15:29):
products or services. You might drive Uber, or you might
teach French language, or you might teach piano lessons. The
perception by many experts in the industry that probably digital
platforms so like Uber, Leaved, task Rabbit, Fiver, would be
the ubickers, that majority of those gig workers are involved
(15:51):
in a gig economy via platform. But actually, through our research,
we see that in US and other countries, around three
out of five geek workers are independent providers. What it
means they don't drive over, they don't use digital platforms
to get engaged into the gig economy. And it's only
(16:11):
twenty three percent or so in the United States who
really utilized the digital platforms like Lift or task rabit
to earn their income out of those digital platforms. And
we need to keep in mind that actually, yes, absolutely
innother that what we consider in the United States ten
ninety nine workers those independent contractors who preferred to work
(16:35):
for one employer at a time on a temporary engagement
let's say three months, six months, one year, and then
move on and get a new engagement. And I know
friends like that and to it and technology who actually
value their independence and value their freedom and flexibility to
do that as a ten ninety nine worker or contractor.
(16:55):
But they're also still being considered as a gig worker.
Speaker 6 (16:59):
Interesting.
Speaker 2 (16:59):
Yeah, think that the majority would be part of a
digital platform like Uber and all that, but it sounds
like they're in the minority, which is really interesting. I
have a friend anecdotally who is a video game animator,
and so he gets picked up gig by gig like
he works on different games at different times, sometimes simultaneously,
but usually in a linear fashion. He'll work on one
(17:20):
game for three months and then another game for six months,
and he prefers it that way. So what would you
say that, Michael, How are the needs of a gig
economy worker any different than other entrepreneurs or small businesses
out there?
Speaker 6 (17:33):
That's that's a great question. Mark.
Speaker 7 (17:35):
My research indicates that most gig workers prioritize quak reliable
access to your earnings and appreciate flexible payment methods. That
their lifestyles whether they work full time or is a
side hassle which could be an additional engagement while I'm
having a full time income, whether it's an employee or
is a gig economy worker. And this capabilities also help
(17:56):
platform companies and financial institutions boost depast. It's captured in
new revenue streams and I've broad economic activity.
Speaker 2 (18:04):
More with Michael Nevski, director of Consumer Insights at Visa.
When we return on teck it Out, I'm your host,
Mark Saltzman. Stick with us, We'll be right back.
Speaker 1 (18:15):
I want to follow Mark Google and Mark with a
C and Saltzman with a Z, breaking down geeks peak
into street speak. This is check it Out Check it
Out with technology columnist, author, and TV personality Mark Saltzman.
Speaker 2 (18:39):
Welcome back to check it Out. We are chatting with
Michael Nevski, director of Consumer Insights at Visa, where we
are chatting about the gig economy and how their needs
when it comes to payments and finances are any different
from other businesses out there, and it sounds like it's
not a one size fits all scenario. Just a paraphrase
before the break, Michael, you are starting to talk about
(19:00):
the importance of flexibility and you are about to talk
a bit more about speed of payouts. This is something
that obviously gig workers really need.
Speaker 3 (19:09):
Is that fair?
Speaker 7 (19:10):
Absolutely, gig workers demand faster payouts, financial tools gear it
towards flexibility and access to savings and credit options. They
were it for a non traditional work, while entrepreneurs and
small businesses rely more unstructured payment timelines, financial infrastructure and
ongoing client connection. To give an example would be for
(19:31):
gig worker immediate payment needs and for example, we have
an excellent product like visit direct which can facilitate or
help with that need, while entrepreneurs or small business owners
they work off the scheduled billing cycles. Also, when we
talk about gig economy, we need to think about highly
(19:52):
irregulating because those engagements can come and go ebbs and flows,
while for small business owners it's more predictable cash fall.
Another aspect, we need to consider frequent financial hardships for
geek workers because they don't know where their next ink
I'm going to come from. Sometimes again, because of this
(20:14):
kind of uncertainty and envolvement, especially if you doing part
time geek economy engagement, while small business owners they have
financial reserves, they have access to financial credits. Those we
need to consider when we compare to groups. Another thing
with gig economy, sometimes they do direct engagement with their
(20:35):
customers and sometimes they use the multi platform engagements. I
could be doing Uber, I could get some engagement via
Fiber and.
Speaker 6 (20:43):
Where it leads us.
Speaker 7 (20:44):
It leads us to all loyalty right where to do
through those channels where I get engaged and get my
income from. While small business owners they have more direct
client relationship with their financial institutions or providers who support
So again two different groups on surfaces that looks like
(21:04):
similar needs, but actually in reality they need different financial
products in different support.
Speaker 2 (21:10):
Yeah, thanks for that, Michael. So obviously flexibility is key
here and reliability things that are synonymous with Visa. You
already answered my question. I was going to ask you
how is Visa servicing the gig economy. You gave some
concrete examples there, But if I can ask you just
one more question when it comes to payment options for
gig workers, whether it's a freelance graphic designer who creates
(21:32):
logos and sells them on platforms or marketplaces like at see,
over the internet or in person where you know, tap
to pay may be a challenge for some gig workers
in person when they want to have a secure, fast,
easy payment solution.
Speaker 6 (21:46):
For their customers.
Speaker 2 (21:47):
What are some tips that you can offer to gig
workers And when it comes to payments, but.
Speaker 7 (21:51):
Gig economy workers, whether they're right share drivers, freelance designers,
or independent contractors, financial agility is absolutely critical to their success.
This recognizes that traditional payment methods simply don't meet the
needs of today's flexible workforce. As we discussed, that is
where Busy Direct comes in our real time payment solution
(22:12):
that enables instant security outs. This technology addresses one of
the most significant pain points in the gig academy, the
delays and certain self conventional wire transfers and acach payments,
especially for our global workforce engage in cross boarder transactions,
and we talked about that mark earlier. Because of the
uncertainty with the cash flow and need to get a
(22:35):
payment immediately, I think it would be one of the
great solutions for gig workers. Also, when geek workers have
access to their earnings in real time, it fundamentally transforms
their financial stability because, again focusing on a cash flow,
they can respond to unexpected expenses management, manage their cash
flow more effectively in make informed decisions about their next
(22:57):
chapel investment. Because we know that about fifteen to twenty
percent of GIK workers reinvests into their geek almost acting
like a small business owners, and our transparent transaction system
provides the valid the visibility they need to budget and.
Speaker 6 (23:14):
Plan for their financial future.
Speaker 7 (23:16):
This isn't just about faster payments also, it's about economy empowerment.
It's about removing traditional b areas to payment access. We
are enabling millions of independent networkers to participate more fully
in the global economy. This is directly supports visas mission
to be the world's referred payments made a network while
(23:37):
advancing broader financial incosions.
Speaker 2 (23:39):
All right, love that financial agility, real time payments that
are not just fast but secure and just offering flexibility.
Not to be the dead horse here, but the gig
economy worker. They're not all the same. They all have
different needs and it sounds like Visa is servicing all
of them. Is there a place we can learn more, Michael,
about Visa Direct and some other solutions.
Speaker 7 (24:00):
And foremost you can learn more by going to Visa
dot com slash Economic Insights where you can subscribe and
read our economic and consumer insides reports. And definitely Visa
dot com over will provide more information into products and
services we serve an offer to our business clients consumers.
Speaker 2 (24:21):
All right, Visa dot Com slash Economic Insights. Michael, thank
you so much for carving out some time to chat
about this really fascinating topic. Again one of the fastest
growing economies in the country. Michael, thank you so much.
Once again, all the best. Thank you Mark for full transparency.
Visa is a partner on tech it Out they have
been since mid twenty twenty two. Amazing company. I've been
(24:43):
to their headquarters at their visa product drop earlier this
year seeing how they're leveraging technology like AI AGENTICAI in
the near future. It's really cool and amazing. People too
thrilled to have them as an official partner on the program,
and starting today Norton is but also now part of
the tech it Out family. I am so happy about that.
(25:04):
As you can probably tell, it's never been more important
to protect all your devices and your identity from malicious
types out there in cyberspace. It's getting really bad, speaking
of AI. These cyber criminals are leveraging AI to better
trick you, to better dupe you out of your money.
Those techs and emails that you receive look a lot
more legit than they used to because of AI. There's
(25:25):
fewer grammatical and spelling mistakes. There's deep fake audio and
video that sounds or even looks like someone you know,
and it's fooling a lot of people. So through tech
it Out, we're going to help you stay on top
of your game. Even if you're more tech shy than
tech savvy. It's all good. So once again Welcome to
Norton to the tech it Out family, joining Visa as well.
(25:48):
All right, when we return on tech it Out. While
I was in New York for that Amazon event on Tuesday,
I also swung by the Peloton New York studios where
they teach a lot of classes and over the internet.
Really cool. A lot of my friends who use Peloton gear.
We're pretty excited about that. I got to sit down
with some really cool people and also test drive their
new equipment. So we're going to talk about new hardware
(26:10):
and software to give you a way better workout. You're
going to love this, So hang tight. When we return
Check it Out talks with Peloton, we'll be right back.
Speaker 1 (26:19):
Breaking down GeekSpeak into street speak check it Out holosted
by Mark Saltzman.
Speaker 2 (26:37):
Welcome back everyone you're listening to check it Out. Big
news from Peloton this week, as the company that's synonymous
with connected wellness unveiled DO hardware for the home to
add to its existing lineup Peloton Bike, tread and row
of course, along with deeper personalization with technology called Peloton Iq.
Joining us from the iconic Peloton Studios in New York
(26:58):
City is Nick Caldwell, Product officer at the company. Great
to meet you, Nick, Thanks so much for your time.
Speaker 3 (27:03):
Oh, great to meet you as well.
Speaker 6 (27:04):
Mark.
Speaker 2 (27:04):
Pretty swank facilities here. I have to say my first time,
but hopefully it won't be my last. Really cool.
Speaker 3 (27:09):
Oh yeah, this is a wonderful place.
Speaker 8 (27:11):
People come here from around the world to take the
classes in person, and hopefully you've gotten the participant.
Speaker 3 (27:16):
Yeah.
Speaker 2 (27:16):
So look, before we talk about what's new, you had
a lot of journalists here to watch the company unveil
some new hardware that I hinted at, and software and
services and community features. Let's first just take a sort
of step back and at a higher level talk about Peloton.
Why do you think it is this iconic brand when
it comes to connected wellness.
Speaker 8 (27:35):
Well, Peloton's been around a while and we've had time
to perfect what we call our magic formula that consists
of four things. First, as we make amazing hardware, like
you look at it. It's beautiful, it sits in your home,
looks it looks like it belongs in your living room.
Speaker 2 (27:49):
Sometimes premium hardware, right, there's a lot of other companies
out there that you know.
Speaker 8 (27:53):
Yeah, No, ours is sturdy, it'll stand the test of time. Second,
the software experiences. You know you've seen something announcements today.
We were all ready i would claim, like a best
software on connective fitness devices. We've really taken that to
the next level with the recent release. Third are human
coaching and instructors. We feel proud to say that we
have the best fitness instructors in the world coming to
(28:15):
our platform to offer classes.
Speaker 3 (28:17):
And then of course the community.
Speaker 8 (28:18):
So you know, it's the combination of that great hardware, software,
the human coaching, and community. You bring that all together
into magic formula and you can come up with a
product that stands the test of time.
Speaker 2 (28:28):
All right, So that's the secret, sauce. And speaking of software,
talk to us a bit about the app. I know
a lot of people really like the Peloton app, which may.
Speaker 3 (28:36):
Or may not require the hardware like the machines. Well,
that's totally right. You know, the machines are great.
Speaker 2 (28:42):
But if you're traveling, you're in a hotel room, yeah.
Speaker 8 (28:44):
If you travel or you know, some people like to
stream to their TV and so on and so forth.
But yeah, we offer many, many fitness modalities beyond bike.
I know we're most known for that, but we also
have an app that offers our strength classes, our yoga classes,
bar several other modalities, and it's also pretty popular.
Speaker 3 (29:01):
You can carry with you stream.
Speaker 8 (29:03):
You still get access to all of the personalized planning
features and the ability to participate in the new Peloton
team's features.
Speaker 2 (29:10):
Okay, all right, So I think much of the excitement
here today was new hardware. So I've mentioned earlier. There's
of course bike and tread and row already and the
Plus series tell us what's new.
Speaker 8 (29:21):
Yeah, so we've refreshed the entire lineup. I will try
and go through everything. That's a lot to drop it once.
With Peloton Cross Training, we've essentially added the swivel that
was previously available only on the Bike Plus. We've now
put that on every product in our lineup.
Speaker 3 (29:38):
So that's the screen, just to be clear.
Speaker 2 (29:40):
So when you're riding a bike, for example, or you're
rowing in front of it, but then you want to
hit like a mat and do some weights, the screen
swivels around, where previously only the Plus or Premium models
have that.
Speaker 8 (29:51):
Yeah, previously it was fixed, and we thought this was
an important investment because we're seeing the rise of cross training,
the idea that you need to do cardio and strength
together since the beginning of time that there are two
ways to do workout. To you, if you want to
be healthy, live longer, you've got to get your heart pumping,
and you've got to lift weights that require some exertion.
This sort of just acknowledges that and puts it all
(30:12):
into one device. So with any of our products, you're
gonna be able to swivel and do cross training.
Speaker 2 (30:17):
Okay, So to be clear, it's not a new machine
per se. It's a refreshed version of the bike row
or tread which is a treadmill now with enhanced hardware
including a screen that swivels, not just in the PLUS version.
Speaker 6 (30:30):
Is that fair?
Speaker 2 (30:31):
It's not like a fourth new modality, that's right.
Speaker 3 (30:33):
It's not a new modality.
Speaker 8 (30:35):
It's just making cross training, which is something our members
want in the you know, I guess world in general
is trending toward easier to do on our devices.
Speaker 3 (30:42):
There is important new hardware though.
Speaker 8 (30:45):
For the Plus line, we're including a new AI powered camera.
So this is a machine vision camera that allows you
to do strength exercises and get form feedback, rep counting
and waits to cos as you go. So this is
really important we know for strength, the number one requests
(31:06):
that we get from our members who are getting in
strength exercises, Hey, keep me safe. I don't want to
get injured. That's where form feedback comes in. I just
had a demo that so it's really cool.
Speaker 2 (31:14):
So the camera is on you, you're doing some weights
on a mat for example, following along with a class
or an on demand instructor if not live, and the
camera can tell you, hey, you know you're the reps
that you're doing, you're doing too many, or you've got to,
you know, straighten your back, or it's looking at your form.
I'm giving some examples, and please correct me if I'm
giving incorrect ones. But the idea is that you're getting
(31:36):
real time feedback, both visual and audio that will help
you work out better and safer.
Speaker 3 (31:41):
Exactly.
Speaker 8 (31:42):
I know you didn't want me to get too deep
into the tech, but I got to too. My own
horn teen has done a great job here. What you're
seeing in our product is we can detect more than
one hundred and twenty different types of exercises. Those exercises
are also affected. We always want the content on PELL
to be linked to the hardware and software, so we
(32:02):
can detect when people are doing compound exercises, for example,
a bicep curl into an overhead press. This is the
same type of exercise that our fitness instructors like to
train toward. For form feedback, we're able to look at
any particular exercise, say a push up, and offer three
different types of suggestions.
Speaker 3 (32:20):
That's what we aim for.
Speaker 8 (32:20):
So maybe your pushup's not going low enough to the ground,
or maybe you're arching your back too much. We're trying
to help you perfect that form and keep you safe.
Speaker 2 (32:29):
That's so cool. We're chating with Nick Caldwell. He's chief
product officer at Peloton. We're at Peloton Studios in New
York City and the company just unveils some new hardware
and something that I just want to focus a bit
more on for a moment, and that is the peloton IQ.
So that real time feedback is that part of peloton Iq.
Speaker 8 (32:48):
It's all a part of peloton Iq. I would say
that peloton Iq, though, is a much broader set of
capabilities I'd like to talk about for sure.
Speaker 2 (32:56):
So when we return on teck it out, Nick, and
to have you explain what peloton iq is at a
high level, so everybody can understand how AI is leveraged
to give you a better workout.
Speaker 3 (33:07):
Stick with us.
Speaker 2 (33:07):
We will return with more tech it out right after
this short break. Stay with us.
Speaker 1 (33:12):
Follow Mark Saltzman on Facebook, on Twitter, on Instagram listen
to check it out whenever you want.
Speaker 2 (33:28):
A few more minutes with Nick Caldwell from Peloton, He's
chief product officer. Before the break, Nick, you are starting
to tell us about Peloton IQ, Please continue with what
it is exactly and how it works with Peloton hardware
to give you a better workout.
Speaker 8 (33:42):
Yeah, you know, at a high level what i'd say,
I'm sure your audience would understand that AI is just
becoming such an essential part of day to day life.
That also effects how we think about fitness and the
way that Peloton looks at AI is that, hey, we
have six million members and we want each one of
them to feel like they're having a one to one
relationship with us to help achieve their goals. AI allows
(34:06):
us to scale toward that ambition. So if you're using
Peloton AQ, when you turn on your piece of equipment,
it's gonna try and ask you what are your goals?
Are you here because you want to improve your cardio health,
are you trying to manage your weight? Are you training
for a marathon? We'll figure out your goals, the type
of music you like, your favorite instructor, what your schedule's like,
(34:27):
and all of that will put out for you a
personalized weekly workout plant. Now we also have the advantage
of being able to monitor you throughout the week to
see whether or not you are actually achieving the plan
that we've set out for you, and we can adjust
it dynamically. If we notice that, you know, hey, you're
not getting enough running into your workout regimen to meet
(34:48):
your overall goals, We'll swap in a couple more classes
with running. We can also see if you're tasting music
or changing over time, if you're not vibing with a
particular instructor. It's not a one time things. Dynamically reacts
to you and your performance.
Speaker 2 (35:02):
It's not a one time thing, and it's not a
one size fits all scenario.
Speaker 3 (35:06):
Got it okay?
Speaker 6 (35:06):
Cool?
Speaker 2 (35:07):
Speaking of new hardware, though, Nick, we also saw this
that we saw better audio today or heard better audio
rather built in fan tell us about some of these
other things that I think people have been asking for
a more comfortable seat among them.
Speaker 8 (35:19):
It's fun to talk about all school AI powered stuff,
and sometimes you just got to go back to basics.
And we've tried to address our members top three requests
with this release.
Speaker 3 (35:27):
The first is, of course, the seat.
Speaker 8 (35:29):
We want members to have a comfortable experience while they're
working out. The new seat is softer and more ergonomic,
and it just fits you better. We also have a
wider seat that's going to be available as an accessory.
That's actually my personal favorite. Next up is the fan.
This thing is integrated beautifully into the console. It looks
like it's like just a part of the machine, and
(35:49):
it is very powerful. So our members were complaining, like, hey,
sweat's tripping all over my bike. This will absolutely solve
that problem for you. You're going to be like Beyonce with
your hair blowing back. And then the third thing is
a phone holder. We got to acknowledge that, you know,
people want to have their phones like nearby even while
they're working out. People were trying to use our water
(36:10):
bottle holders as a phone holder. The new phone holder
is sweat resistant. It can hold a phone or a
tablet in either vertical or horizontal. It's just going to
make the overall experience of riding on our equipment much
much more.
Speaker 3 (36:24):
Comfortable before I let you go.
Speaker 2 (36:25):
I also like the voice control, so you can like
pause or music, make it louder, all hands free, right,
so kind of like a serie or a Google or
an Alexa.
Speaker 8 (36:33):
Yeah, and that's really essential when we're thinking about cross training.
So if you're standing there trying to do exercises and we,
for example, notice.
Speaker 3 (36:42):
That you know your weight's changing.
Speaker 8 (36:46):
Hey, it looks like you're struggling to do those bicep curls.
Speaker 3 (36:50):
Do you want to go down to a lower weight.
Speaker 8 (36:53):
Well, at that point, we don't want the user to
have to stop, do what they're doing, walk over to
the screen, hit the button. It's just easier to tell
peloton Iq what you want and move on with your
exercises uninterrupted.
Speaker 3 (37:04):
I saw that sort of cut you off, nick.
Speaker 2 (37:05):
I saw that in the demo where they're asking if
they wanted to change something, and you just have to
verbally say accept, yeah, which is really great, so you
don't have to stop your workout.
Speaker 3 (37:12):
There's so much that.
Speaker 2 (37:13):
We didn't even get to like some of the new
wellness features, community features, the mental health focus, and there's
just so much to unpack. But you know, it was
really great chatting with you about the new hardware and
peloton Iq. Love to have you back on in the
future and thanks so much for hosting us today.
Speaker 3 (37:29):
A very exciting day for the company. Oh, thank you
so much and happy to do this again anytime.
Speaker 2 (37:33):
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SanDisk dot com has more some great sales too at retail. Hey,
thank you so much for tuning in to teck it
Out everyone, Thanks to all of our guests Visa, Peloton
and Amazon, and I look forward to catching up with
you all next week for another brand new episode of.
Speaker 6 (39:03):
Tack it Out.
Speaker 2 (39:04):
But bye for now,
Do you ever feel overwhelmed by the ever changing world
of technology, Check it Out can help make some sense
of it all. Breaking down GeekSpeak into street speak. Technology columnist, author,
and TV personality Mark Saltzman covers consumer technology each week
for every listener. Mark tackles the latest news, reviews, and
how toos to help you understand what's hot, what's not
(00:22):
and why.
Speaker 2 (00:24):
Hey everyone, welcome to Tech it Out. This is episode
four fourteen. As we're now in October, a spectacular month,
of course, love Halloween, and in the tech world we're
inching towards the holidays, of course, before that Black Friday
and Cyber Monday next month. Very exciting time. If you're
into gadget's gear and games, and I assume you are.
(00:48):
If you're tuning into a show called tech it Out,
whether it's on your local talk radio station or in
podcast form, thrilled to have you along. Well, it's an
exciting show for a couple of reasons. Norton the leader
in cybersecurity are as of today, an official partner on
tech it Out. That's right, that's right, very exciting, indeed,
(01:08):
keep it going. Norton, of course, is a leader in
the cybersecurity space in personal protection, identity protection, and now
they're officially part of the tech it Out family along
with another company that keeps you safe, Visa, who we're
going to hear from this hour in fact, but a
heartfelt welcome to Norton. I'm going to tell you more
about them shortly, and we'll also have a guest on
(01:30):
this show to talk about Norton on the next Tech
it Out in a week from now. Okay, so yes,
we're going to chat with Visa's Michael Nevsky this hour
about serving those in the gig economy. And they're not
just uber drivers, believe it or not, so many other
jobs to fall into that category. So we'll define what
a gig economy is and how Visa, a company devoted
(01:50):
to securing payments for both buyers and merchants alike, caters
to those in the gig economy and what's different about
their needs. Before that, I was in New York on
Tuesday visiting two companies, Amazon and Peloton Hey that rhymes.
I conducted two interviews there, one oh play in a
moment with Penos Penna. He's SVP of Devices and Services
(02:12):
at Amazon, a celebrity in the tech space in fact,
so they're going to hear what's new from Amazon soon
from Panos. In about sixty seconds, their event covered Alexa
powered Echo, smart speakers and smart displays, ring video doorbells,
and indoor and outdoor cameras less expensive but still feature
rich cameras from Blink. We learn what's new from Kindle,
(02:34):
including an e readers that also double as note taking devices,
and we talked fire TV as well. So a lot
to get to and then later on in the show today,
Peloton's Nick Caldwell, chief Product Officer, will join us to
chat about what's new with its popular Peloton bike tread
and row so a stationary bike treadmill and its rowing machine,
(02:55):
including new hardware to support CrossFit exercises and strength right
beside the machine, plus deeper personalization with AI called Peloton Iq,
which we're going to hear about as well. All of
this and more on a brand new tech it out
Let's officially kick things off with our first interview. As
I mentioned earlier in the show, Amazon hosted a huge
(03:17):
event in New York last week, not only to debut
new hardware for the home, but also showcasing how the
greatly improved Alexa called Alexa Plus, ties much of these
experiences together, joining us to talk about Amazon's vision. I'm
thrilled to have on the show for the first time.
Panos Penney, Senior vice president of Devices and Services at Amazon.
(03:38):
It's a pleasure to meet you.
Speaker 3 (03:39):
Panos.
Speaker 2 (03:40):
Thank you so much for your time.
Speaker 4 (03:41):
Yeah, pumped to be here. Thank you for having me.
Speaker 2 (03:43):
It was a great day today, really impressive lineup of devices,
all this new hardware for the home. But the underlying
connection between them all, if you will, the glue that
holds it all together and creates the magic is the
new Alexa Plus. Before we get to that, you were
mentioning on stage that tech should be invisible for it
to feel magical. Could you elaborate on that.
Speaker 5 (04:02):
Yeah, it's not the word invisible, but in the background,
because I think we always want to be present, We
want to be with each other, like that's just our nature.
Speaker 4 (04:09):
And sometimes, you know, you put that barrier.
Speaker 5 (04:11):
Between us, which is, you know, the physicality of a
device in your hand looking at it. I think it
takes away from that emotional connection that can be there
and should be there at times and other times you
want to be lost in the product. But either way,
like when you're in a kindle, you know you want
to get lost in the product, but the product still
has to get out of your way. It just has to.
You don't want it to be a barrier. Open something,
save something.
Speaker 4 (04:31):
What do I do now? And what you.
Speaker 5 (04:33):
Want is to be able to be creative. Put your
thoughts down as fast as you can. Just like alexas
same it's in the background. You want to use AI.
You want to get to the crux of like the
core of what you're talking about. Just take Alexa plus
to your example. The eco devices.
Speaker 4 (04:46):
Are just there. They're in the background.
Speaker 5 (04:47):
They they sit beautifully, they fade away, but when you
need them, you just call.
Speaker 2 (04:52):
Much like our house, you are mentioning at the top
of your presentation today that in your home, the kitchen
table is a no device's place. I have three kids
in their early twenties, but like your family, as you
painted this picture of having a friendly debate about something,
who started in what movie? Or who hit that home
run or what have you? Again, that's an example. I
(05:13):
think of being able to sum in an assistant hands
free without everybody pulling out the devices away.
Speaker 4 (05:19):
It's not always friendly. I would be honest with you.
Speaker 3 (05:21):
You have teenages at your house. It's not always friendly.
Speaker 4 (05:24):
Sometimes it's like I'm right, you're right, you're wrong, Like okay, then.
Speaker 2 (05:27):
You need to rely on AI to pull the rail, settle.
Speaker 4 (05:30):
The debate, Like it's pretty cool.
Speaker 5 (05:32):
This is kind of fun settling debates with her because
you can ask an opinion, but you can also just
get the facts. And that blend is like where a
little bit of that energy where you just you start
to you start to really engage the product and feel
closer to it. It's just something that it's pretty meaningful
to our customers.
Speaker 2 (05:47):
Again without losing that moment you want that family quality time.
Device is free if you can help.
Speaker 3 (05:52):
It very tough today.
Speaker 2 (05:53):
And you also made another reference towards the end of
the conference. You said, make AI truly useful in people's lives.
As you say, that's like the mo of these new
devices from Amazon.
Speaker 4 (06:02):
Yeah, I just don't want Ai for AI's sake.
Speaker 5 (06:04):
It's like it's a buzzword right now. But what we
want is it We just want it to be useful.
Like if you look at search party for ring where
you find your missing dog.
Speaker 2 (06:12):
That's a highlight for me by the way for tool right.
Speaker 3 (06:14):
It's just cool.
Speaker 4 (06:15):
It's not only cool, it's also and romantic, but it's useful.
Speaker 5 (06:19):
Like I lost my dog, help or I just need
the answer now. I don't want to wait, I don't
want to open something. I don't want to be distracted.
I need you to manage my calendar. I need you
to tell me who's at the door. Like I want
to be able to manage my home. I want to
be able to have any conversation I want and just
get through it.
Speaker 4 (06:33):
I want to set a reminder.
Speaker 5 (06:35):
Like these are things that are useful to people, but
you do it and with natural conversation, and you end
up with some incredible results of you know, just people
being more productive and finding you know, the impact in
their lives is massive.
Speaker 2 (06:48):
Going back to search Party for our listeners, this is
a new feature coming to ring video door bells and
other products. I believe that will not only use artificial
intelligence to recognize a person and greet them at the door,
like my dad who shares a home office with me
every morning. He's retired but he likes to come every morning,
but also recognizing pets. And you can now leverage your
community with this search Party feature. It's an opt in
(07:09):
thing where it will recognize your dog, push an alert
to those who may be around you and could help
find your dog. And the video that was pulling on
the heart strings. That's an example, a concrete example of
a smart use of AI. And I want to circle back,
please to kindle the new scribe for those who like
to not just consume content but create it as well
or no taking purposes. What does a color do you
(07:31):
think bring to the equation?
Speaker 5 (07:32):
People think differently. It's fascinating, like some people get more
creative in color. It's one of these things like color
is part of life, like period, look at your shirt,
look at the table like it just it brings a
different emotion to the table.
Speaker 4 (07:44):
And a lot of people they think in color.
Speaker 5 (07:45):
It's funny, you can't get your emotions down quicker. But
then when you're trying to create depth to sketching or
you're trying to highlight, like these are just the practical realities,
or you want a redline a doc because now you
can get your docks on Kindle on the scribe and.
Speaker 4 (08:00):
So basically you can find those moments.
Speaker 5 (08:03):
Now here's the thing, like if you if you read
line a doc or highlights something you remember it, you
remember it differently.
Speaker 4 (08:09):
You retain that knowledge quicker.
Speaker 5 (08:11):
So when you're writing, a lot of people as they write,
they retain it.
Speaker 6 (08:14):
Mark.
Speaker 5 (08:14):
Have you ever written a doc or you've been like
writing or taking notes, You remember what the notes look like,
but you don't remember what you wrote down.
Speaker 4 (08:21):
Like, that's the same thing.
Speaker 5 (08:22):
Some people when I say thinking color like, they remember
I remember I wrote this down and read yeah, And
then you just go back and you're like, just you
just flip through your notes as fast as you can,
like real paper, not not on a kindle. But then
you're like, ah, there it is, that same context is
right there.
Speaker 2 (08:36):
Speaking of search, this is just a side note that
you can now search through both handwritten and text documents
on your Kindlescribe or kindlescribe color soft and it'll pull
it up, saving you countless minutes searching for content. I
want to ask you Panels. We are joined by Panels Pine.
He has SVP of Devices and Services at Amazon. There
are others in this space trying to create a smart
(08:59):
home with an eye. It must be a challenge for
a company like Amazon, who's been at the forefront of
this for the last decade with Alexa clearly a market leader.
How do you build upon what made Alexa so great
to begin with? But justifying the upgrade because people might say, oh,
I'm already happy with Alex. I can play my music,
I can set a reminder for the oven for fifteen minutes.
It's got to be a fine line between creating something
(09:19):
fresh and something that's familiar.
Speaker 5 (09:20):
Yeah, you can just do so much more. She knows
so much more. That's it. It's that simple.
Speaker 4 (09:24):
Like the depth of her knowledge.
Speaker 5 (09:26):
Alexa's knowledge is incredible, you know, it's limitless right now.
But also like what you can do with partners with
natural language, and we kind of move from your being
an expert on how to control your home and you
have to remember what you set a light ning to
or you had to call the exact situation up. But
now you're moving to natural conversation. Just say what you're thinking,
and that transformation happens. You were watching that actually right
(09:49):
now in our usage, we just see it. The Alexa
plus users there are twice is engaged across the board,
and smart home usage is spiking because you've now fallen
into I can create routines that any I can just say
what I'm thinking, I can ask her to get something
done for me right away. In my house, my family
has figured out how to turn on the lights, turn
off the lights at a certain time, at a certain
day and a certain part of the.
Speaker 4 (10:10):
Moment, and you're like, oh my gosh, this never happened before.
Speaker 5 (10:13):
It was just one setting you would go and do it.
But now it's just so natural and it's become just common.
So I think just in that spirit of natural language,
that transformation, with the depth of AI behind it, is
what people are leaping into right now.
Speaker 2 (10:26):
Kenos, thank you so much for your time. It's been
a pleasure reading with you. And congratulations on a huge
day today.
Speaker 4 (10:30):
Thanks Mark enjoyed the time.
Speaker 2 (10:32):
As I mentioned, Norton is an official partner on tech
It out thrilled to have them along. As you may
have heard, Windows tens Extended Support is coming to a
close this month. That means no more security updates from Microsoft.
But you don't have to be left completely exposed. You've
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(10:53):
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(11:15):
tech it Out, we catch up with Michael Nevski from
Visa to learn about the gig economy. Stick with us,
We'll be right back with more check it Out.
Speaker 1 (11:24):
Listen to check it out whenever you want to find
the check it Out podcast, Did I Do? Or wherever
you get your podcasts.
Speaker 2 (11:40):
Welcome back everyone you're listening to check it Out. One
of the fastest growing economies in the country is the
gig economy. Whether it's your full time job or side hustle,
the gig economy is a really exciting place. I'd argue
freelance or contract work that fulfills very much you need
today in the services industry. Waiting us to share info
(12:01):
on this sector is Michael Nevsky, Director of Consumer Insights
at Visa, who has devoted a lot of research into
the gig economy, including their financial preferences. Thrilled to have
you onto the show for the first time. Michael, appreciate
your time.
Speaker 6 (12:14):
Mark. Thank you. I'm really happy to be here.
Speaker 2 (12:17):
Excellent. Now, before we talk about the gig economy, tell
us a bit about your role at Visa as Director
of Consumer Insights.
Speaker 6 (12:24):
Thank you, Mark.
Speaker 7 (12:25):
Actually, I feel very lucky because I joined this team
almost five years ago where I focus on consumer insights
in terms of the global trends dot slot leadership. So
my work is devoted to outward the trends and not
necessarily focusing on what is going on within internally, but
(12:46):
what's going on with global consumers, with American consumers, Canadian consumers.
And I intertwined this work with my global economics team
because day in day out, I worked with a whole
bunch of economists around the globe. Well, they're talking about
economy and how economy affects consumers in general. I actually
translate that to our consumer sentiment, translate that to consumer
(13:08):
attitudes and behaviors related to economy. But still with the
focus on consumer and segmentation and your traditional insight about
the consumers.
Speaker 2 (13:19):
All right, thank you for that. I know you said
that a lot of your work is looking outside of
the organization and looking at trends in the payment space
and financial space and then bringing it inwards. But what
could Visa do with that data about its customers.
Speaker 6 (13:33):
Yeah, that's a great question.
Speaker 7 (13:34):
Everything what we do in support our business partners and consumers,
and as you can imagine, mind borrow very much so
in the B to B environment or I would say
B to B twoc environment and bringing those insights and
understanding customers is fundamental because we're helping our business partners
and enable them with knowledge and insights on how they
(13:58):
can improve their relationship with their consumers, their customers. So
that's why it's extremely important understand those trends, whether it's
a cross border travel or rise of a single person household,
or a new trends with a geek economy as you
mentioned earlier, whether there was few workers who are actually
(14:18):
involved in geek, what their financial preferences pending habits. It's
important to understand because we can actually connect those insights
with needs and opportunities for our clients, whether we're working
with merchants, issuers, or acquires, and that's where this kind
of a synergy comes between us as Visa and our
business clients and support of consumers awesome.
Speaker 2 (14:41):
I think that's a great segue into the gig economy.
I'd love to ask you to define it if you can. Offhand.
I think we're talking about services like yesterday I took
a lift vehicle that I ordered Uber Eats for my son,
and I also ordered today a logo of my radio
show in Neon to have behind me on some video
(15:01):
segments from Timu. It's a marketplace, so I think these
are all part of the gig economy. This is very
much part of our lives today.
Speaker 7 (15:08):
To me gig economy, I would say engagement, right, not
even occupation, but engagement when people get involved in the
sense in a giek some kind of a gig, they
work as an independent and think of it as an
independent contractor some type of employment on a temporary basis.
Those workers earning their wages being independent and providers of
(15:29):
products or services. You might drive Uber, or you might
teach French language, or you might teach piano lessons. The
perception by many experts in the industry that probably digital
platforms so like Uber, Leaved, task Rabbit, Fiver, would be
the ubickers, that majority of those gig workers are involved
(15:51):
in a gig economy via platform. But actually, through our research,
we see that in US and other countries, around three
out of five geek workers are independent providers. What it
means they don't drive over, they don't use digital platforms
to get engaged into the gig economy. And it's only
(16:11):
twenty three percent or so in the United States who
really utilized the digital platforms like Lift or task rabit
to earn their income out of those digital platforms. And
we need to keep in mind that actually, yes, absolutely
innother that what we consider in the United States ten
ninety nine workers those independent contractors who preferred to work
(16:35):
for one employer at a time on a temporary engagement
let's say three months, six months, one year, and then
move on and get a new engagement. And I know
friends like that and to it and technology who actually
value their independence and value their freedom and flexibility to
do that as a ten ninety nine worker or contractor.
(16:55):
But they're also still being considered as a gig worker.
Speaker 6 (16:59):
Interesting.
Speaker 2 (16:59):
Yeah, think that the majority would be part of a
digital platform like Uber and all that, but it sounds
like they're in the minority, which is really interesting. I
have a friend anecdotally who is a video game animator,
and so he gets picked up gig by gig like
he works on different games at different times, sometimes simultaneously,
but usually in a linear fashion. He'll work on one
(17:20):
game for three months and then another game for six months,
and he prefers it that way. So what would you
say that, Michael, How are the needs of a gig
economy worker any different than other entrepreneurs or small businesses
out there?
Speaker 6 (17:33):
That's that's a great question. Mark.
Speaker 7 (17:35):
My research indicates that most gig workers prioritize quak reliable
access to your earnings and appreciate flexible payment methods. That
their lifestyles whether they work full time or is a
side hassle which could be an additional engagement while I'm
having a full time income, whether it's an employee or
is a gig economy worker. And this capabilities also help
(17:56):
platform companies and financial institutions boost depast. It's captured in
new revenue streams and I've broad economic activity.
Speaker 2 (18:04):
More with Michael Nevski, director of Consumer Insights at Visa.
When we return on teck it Out, I'm your host,
Mark Saltzman. Stick with us, We'll be right back.
Speaker 1 (18:15):
I want to follow Mark Google and Mark with a
C and Saltzman with a Z, breaking down geeks peak
into street speak. This is check it Out Check it
Out with technology columnist, author, and TV personality Mark Saltzman.
Speaker 2 (18:39):
Welcome back to check it Out. We are chatting with
Michael Nevski, director of Consumer Insights at Visa, where we
are chatting about the gig economy and how their needs
when it comes to payments and finances are any different
from other businesses out there, and it sounds like it's
not a one size fits all scenario. Just a paraphrase
before the break, Michael, you are starting to talk about
(19:00):
the importance of flexibility and you are about to talk
a bit more about speed of payouts. This is something
that obviously gig workers really need.
Speaker 3 (19:09):
Is that fair?
Speaker 7 (19:10):
Absolutely, gig workers demand faster payouts, financial tools gear it
towards flexibility and access to savings and credit options. They
were it for a non traditional work, while entrepreneurs and
small businesses rely more unstructured payment timelines, financial infrastructure and
ongoing client connection. To give an example would be for
(19:31):
gig worker immediate payment needs and for example, we have
an excellent product like visit direct which can facilitate or
help with that need, while entrepreneurs or small business owners
they work off the scheduled billing cycles. Also, when we
talk about gig economy, we need to think about highly
(19:52):
irregulating because those engagements can come and go ebbs and flows,
while for small business owners it's more predictable cash fall.
Another aspect, we need to consider frequent financial hardships for
geek workers because they don't know where their next ink
I'm going to come from. Sometimes again, because of this
(20:14):
kind of uncertainty and envolvement, especially if you doing part
time geek economy engagement, while small business owners they have
financial reserves, they have access to financial credits. Those we
need to consider when we compare to groups. Another thing
with gig economy, sometimes they do direct engagement with their
(20:35):
customers and sometimes they use the multi platform engagements. I
could be doing Uber, I could get some engagement via
Fiber and.
Speaker 6 (20:43):
Where it leads us.
Speaker 7 (20:44):
It leads us to all loyalty right where to do
through those channels where I get engaged and get my
income from. While small business owners they have more direct
client relationship with their financial institutions or providers who support
So again two different groups on surfaces that looks like
(21:04):
similar needs, but actually in reality they need different financial
products in different support.
Speaker 2 (21:10):
Yeah, thanks for that, Michael. So obviously flexibility is key
here and reliability things that are synonymous with Visa. You
already answered my question. I was going to ask you
how is Visa servicing the gig economy. You gave some
concrete examples there, But if I can ask you just
one more question when it comes to payment options for
gig workers, whether it's a freelance graphic designer who creates
(21:32):
logos and sells them on platforms or marketplaces like at see,
over the internet or in person where you know, tap
to pay may be a challenge for some gig workers
in person when they want to have a secure, fast,
easy payment solution.
Speaker 6 (21:46):
For their customers.
Speaker 2 (21:47):
What are some tips that you can offer to gig
workers And when it comes to payments, but.
Speaker 7 (21:51):
Gig economy workers, whether they're right share drivers, freelance designers,
or independent contractors, financial agility is absolutely critical to their success.
This recognizes that traditional payment methods simply don't meet the
needs of today's flexible workforce. As we discussed, that is
where Busy Direct comes in our real time payment solution
(22:12):
that enables instant security outs. This technology addresses one of
the most significant pain points in the gig academy, the
delays and certain self conventional wire transfers and acach payments,
especially for our global workforce engage in cross boarder transactions,
and we talked about that mark earlier. Because of the
uncertainty with the cash flow and need to get a
(22:35):
payment immediately, I think it would be one of the
great solutions for gig workers. Also, when geek workers have
access to their earnings in real time, it fundamentally transforms
their financial stability because, again focusing on a cash flow,
they can respond to unexpected expenses management, manage their cash
flow more effectively in make informed decisions about their next
(22:57):
chapel investment. Because we know that about fifteen to twenty
percent of GIK workers reinvests into their geek almost acting
like a small business owners, and our transparent transaction system
provides the valid the visibility they need to budget and.
Speaker 6 (23:14):
Plan for their financial future.
Speaker 7 (23:16):
This isn't just about faster payments also, it's about economy empowerment.
It's about removing traditional b areas to payment access. We
are enabling millions of independent networkers to participate more fully
in the global economy. This is directly supports visas mission
to be the world's referred payments made a network while
(23:37):
advancing broader financial incosions.
Speaker 2 (23:39):
All right, love that financial agility, real time payments that
are not just fast but secure and just offering flexibility.
Not to be the dead horse here, but the gig
economy worker. They're not all the same. They all have
different needs and it sounds like Visa is servicing all
of them. Is there a place we can learn more, Michael,
about Visa Direct and some other solutions.
Speaker 7 (24:00):
And foremost you can learn more by going to Visa
dot com slash Economic Insights where you can subscribe and
read our economic and consumer insides reports. And definitely Visa
dot com over will provide more information into products and
services we serve an offer to our business clients consumers.
Speaker 2 (24:21):
All right, Visa dot Com slash Economic Insights. Michael, thank
you so much for carving out some time to chat
about this really fascinating topic. Again one of the fastest
growing economies in the country. Michael, thank you so much.
Once again, all the best. Thank you Mark for full transparency.
Visa is a partner on tech it Out they have
been since mid twenty twenty two. Amazing company. I've been
(24:43):
to their headquarters at their visa product drop earlier this
year seeing how they're leveraging technology like AI AGENTICAI in
the near future. It's really cool and amazing. People too
thrilled to have them as an official partner on the program,
and starting today Norton is but also now part of
the tech it Out family. I am so happy about that.
(25:04):
As you can probably tell, it's never been more important
to protect all your devices and your identity from malicious
types out there in cyberspace. It's getting really bad, speaking
of AI. These cyber criminals are leveraging AI to better
trick you, to better dupe you out of your money.
Those techs and emails that you receive look a lot
more legit than they used to because of AI. There's
(25:25):
fewer grammatical and spelling mistakes. There's deep fake audio and
video that sounds or even looks like someone you know,
and it's fooling a lot of people. So through tech
it Out, we're going to help you stay on top
of your game. Even if you're more tech shy than
tech savvy. It's all good. So once again Welcome to
Norton to the tech it Out family, joining Visa as well.
(25:48):
All right, when we return on tech it Out. While
I was in New York for that Amazon event on Tuesday,
I also swung by the Peloton New York studios where
they teach a lot of classes and over the internet.
Really cool. A lot of my friends who use Peloton gear.
We're pretty excited about that. I got to sit down
with some really cool people and also test drive their
new equipment. So we're going to talk about new hardware
(26:10):
and software to give you a way better workout. You're
going to love this, So hang tight. When we return
Check it Out talks with Peloton, we'll be right back.
Speaker 1 (26:19):
Breaking down GeekSpeak into street speak check it Out holosted
by Mark Saltzman.
Speaker 2 (26:37):
Welcome back everyone you're listening to check it Out. Big
news from Peloton this week, as the company that's synonymous
with connected wellness unveiled DO hardware for the home to
add to its existing lineup Peloton Bike, tread and row
of course, along with deeper personalization with technology called Peloton Iq.
Joining us from the iconic Peloton Studios in New York
(26:58):
City is Nick Caldwell, Product officer at the company. Great
to meet you, Nick, Thanks so much for your time.
Speaker 3 (27:03):
Oh, great to meet you as well.
Speaker 6 (27:04):
Mark.
Speaker 2 (27:04):
Pretty swank facilities here. I have to say my first time,
but hopefully it won't be my last. Really cool.
Speaker 3 (27:09):
Oh yeah, this is a wonderful place.
Speaker 8 (27:11):
People come here from around the world to take the
classes in person, and hopefully you've gotten the participant.
Speaker 3 (27:16):
Yeah.
Speaker 2 (27:16):
So look, before we talk about what's new, you had
a lot of journalists here to watch the company unveil
some new hardware that I hinted at, and software and
services and community features. Let's first just take a sort
of step back and at a higher level talk about Peloton.
Why do you think it is this iconic brand when
it comes to connected wellness.
Speaker 8 (27:35):
Well, Peloton's been around a while and we've had time
to perfect what we call our magic formula that consists
of four things. First, as we make amazing hardware, like
you look at it. It's beautiful, it sits in your home,
looks it looks like it belongs in your living room.
Speaker 2 (27:49):
Sometimes premium hardware, right, there's a lot of other companies
out there that you know.
Speaker 8 (27:53):
Yeah, No, ours is sturdy, it'll stand the test of time. Second,
the software experiences. You know you've seen something announcements today.
We were all ready i would claim, like a best
software on connective fitness devices. We've really taken that to
the next level with the recent release. Third are human
coaching and instructors. We feel proud to say that we
have the best fitness instructors in the world coming to
(28:15):
our platform to offer classes.
Speaker 3 (28:17):
And then of course the community.
Speaker 8 (28:18):
So you know, it's the combination of that great hardware, software,
the human coaching, and community. You bring that all together
into magic formula and you can come up with a
product that stands the test of time.
Speaker 2 (28:28):
All right, So that's the secret, sauce. And speaking of software,
talk to us a bit about the app. I know
a lot of people really like the Peloton app, which may.
Speaker 3 (28:36):
Or may not require the hardware like the machines. Well,
that's totally right. You know, the machines are great.
Speaker 2 (28:42):
But if you're traveling, you're in a hotel room, yeah.
Speaker 8 (28:44):
If you travel or you know, some people like to
stream to their TV and so on and so forth.
But yeah, we offer many, many fitness modalities beyond bike.
I know we're most known for that, but we also
have an app that offers our strength classes, our yoga classes,
bar several other modalities, and it's also pretty popular.
Speaker 3 (29:01):
You can carry with you stream.
Speaker 8 (29:03):
You still get access to all of the personalized planning
features and the ability to participate in the new Peloton
team's features.
Speaker 2 (29:10):
Okay, all right, So I think much of the excitement
here today was new hardware. So I've mentioned earlier. There's
of course bike and tread and row already and the
Plus series tell us what's new.
Speaker 8 (29:21):
Yeah, so we've refreshed the entire lineup. I will try
and go through everything. That's a lot to drop it once.
With Peloton Cross Training, we've essentially added the swivel that
was previously available only on the Bike Plus. We've now
put that on every product in our lineup.
Speaker 3 (29:38):
So that's the screen, just to be clear.
Speaker 2 (29:40):
So when you're riding a bike, for example, or you're
rowing in front of it, but then you want to
hit like a mat and do some weights, the screen
swivels around, where previously only the Plus or Premium models
have that.
Speaker 8 (29:51):
Yeah, previously it was fixed, and we thought this was
an important investment because we're seeing the rise of cross training,
the idea that you need to do cardio and strength
together since the beginning of time that there are two
ways to do workout. To you, if you want to
be healthy, live longer, you've got to get your heart pumping,
and you've got to lift weights that require some exertion.
This sort of just acknowledges that and puts it all
(30:12):
into one device. So with any of our products, you're
gonna be able to swivel and do cross training.
Speaker 2 (30:17):
Okay, So to be clear, it's not a new machine
per se. It's a refreshed version of the bike row
or tread which is a treadmill now with enhanced hardware
including a screen that swivels, not just in the PLUS version.
Speaker 6 (30:30):
Is that fair?
Speaker 2 (30:31):
It's not like a fourth new modality, that's right.
Speaker 3 (30:33):
It's not a new modality.
Speaker 8 (30:35):
It's just making cross training, which is something our members
want in the you know, I guess world in general
is trending toward easier to do on our devices.
Speaker 3 (30:42):
There is important new hardware though.
Speaker 8 (30:45):
For the Plus line, we're including a new AI powered camera.
So this is a machine vision camera that allows you
to do strength exercises and get form feedback, rep counting
and waits to cos as you go. So this is
really important we know for strength, the number one requests
(31:06):
that we get from our members who are getting in
strength exercises, Hey, keep me safe. I don't want to
get injured. That's where form feedback comes in. I just
had a demo that so it's really cool.
Speaker 2 (31:14):
So the camera is on you, you're doing some weights
on a mat for example, following along with a class
or an on demand instructor if not live, and the
camera can tell you, hey, you know you're the reps
that you're doing, you're doing too many, or you've got to,
you know, straighten your back, or it's looking at your form.
I'm giving some examples, and please correct me if I'm
giving incorrect ones. But the idea is that you're getting
(31:36):
real time feedback, both visual and audio that will help
you work out better and safer.
Speaker 3 (31:41):
Exactly.
Speaker 8 (31:42):
I know you didn't want me to get too deep
into the tech, but I got to too. My own
horn teen has done a great job here. What you're
seeing in our product is we can detect more than
one hundred and twenty different types of exercises. Those exercises
are also affected. We always want the content on PELL
to be linked to the hardware and software, so we
(32:02):
can detect when people are doing compound exercises, for example,
a bicep curl into an overhead press. This is the
same type of exercise that our fitness instructors like to
train toward. For form feedback, we're able to look at
any particular exercise, say a push up, and offer three
different types of suggestions.
Speaker 3 (32:20):
That's what we aim for.
Speaker 8 (32:20):
So maybe your pushup's not going low enough to the ground,
or maybe you're arching your back too much. We're trying
to help you perfect that form and keep you safe.
Speaker 2 (32:29):
That's so cool. We're chating with Nick Caldwell. He's chief
product officer at Peloton. We're at Peloton Studios in New
York City and the company just unveils some new hardware
and something that I just want to focus a bit
more on for a moment, and that is the peloton IQ.
So that real time feedback is that part of peloton Iq.
Speaker 8 (32:48):
It's all a part of peloton Iq. I would say
that peloton Iq, though, is a much broader set of
capabilities I'd like to talk about for sure.
Speaker 2 (32:56):
So when we return on teck it out, Nick, and
to have you explain what peloton iq is at a
high level, so everybody can understand how AI is leveraged
to give you a better workout.
Speaker 3 (33:07):
Stick with us.
Speaker 2 (33:07):
We will return with more tech it out right after
this short break. Stay with us.
Speaker 1 (33:12):
Follow Mark Saltzman on Facebook, on Twitter, on Instagram listen
to check it out whenever you want.
Speaker 2 (33:28):
A few more minutes with Nick Caldwell from Peloton, He's
chief product officer. Before the break, Nick, you are starting
to tell us about Peloton IQ, Please continue with what
it is exactly and how it works with Peloton hardware
to give you a better workout.
Speaker 8 (33:42):
Yeah, you know, at a high level what i'd say,
I'm sure your audience would understand that AI is just
becoming such an essential part of day to day life.
That also effects how we think about fitness and the
way that Peloton looks at AI is that, hey, we
have six million members and we want each one of
them to feel like they're having a one to one
relationship with us to help achieve their goals. AI allows
(34:06):
us to scale toward that ambition. So if you're using
Peloton AQ, when you turn on your piece of equipment,
it's gonna try and ask you what are your goals?
Are you here because you want to improve your cardio health,
are you trying to manage your weight? Are you training
for a marathon? We'll figure out your goals, the type
of music you like, your favorite instructor, what your schedule's like,
(34:27):
and all of that will put out for you a
personalized weekly workout plant. Now we also have the advantage
of being able to monitor you throughout the week to
see whether or not you are actually achieving the plan
that we've set out for you, and we can adjust
it dynamically. If we notice that, you know, hey, you're
not getting enough running into your workout regimen to meet
(34:48):
your overall goals, We'll swap in a couple more classes
with running. We can also see if you're tasting music
or changing over time, if you're not vibing with a
particular instructor. It's not a one time things. Dynamically reacts
to you and your performance.
Speaker 2 (35:02):
It's not a one time thing, and it's not a
one size fits all scenario.
Speaker 3 (35:06):
Got it okay?
Speaker 6 (35:06):
Cool?
Speaker 2 (35:07):
Speaking of new hardware, though, Nick, we also saw this
that we saw better audio today or heard better audio
rather built in fan tell us about some of these
other things that I think people have been asking for
a more comfortable seat among them.
Speaker 8 (35:19):
It's fun to talk about all school AI powered stuff,
and sometimes you just got to go back to basics.
And we've tried to address our members top three requests
with this release.
Speaker 3 (35:27):
The first is, of course, the seat.
Speaker 8 (35:29):
We want members to have a comfortable experience while they're
working out. The new seat is softer and more ergonomic,
and it just fits you better. We also have a
wider seat that's going to be available as an accessory.
That's actually my personal favorite. Next up is the fan.
This thing is integrated beautifully into the console. It looks
like it's like just a part of the machine, and
(35:49):
it is very powerful. So our members were complaining, like, hey,
sweat's tripping all over my bike. This will absolutely solve
that problem for you. You're going to be like Beyonce with
your hair blowing back. And then the third thing is
a phone holder. We got to acknowledge that, you know,
people want to have their phones like nearby even while
they're working out. People were trying to use our water
(36:10):
bottle holders as a phone holder. The new phone holder
is sweat resistant. It can hold a phone or a
tablet in either vertical or horizontal. It's just going to
make the overall experience of riding on our equipment much
much more.
Speaker 3 (36:24):
Comfortable before I let you go.
Speaker 2 (36:25):
I also like the voice control, so you can like
pause or music, make it louder, all hands free, right,
so kind of like a serie or a Google or
an Alexa.
Speaker 8 (36:33):
Yeah, and that's really essential when we're thinking about cross training.
So if you're standing there trying to do exercises and we,
for example, notice.
Speaker 3 (36:42):
That you know your weight's changing.
Speaker 8 (36:46):
Hey, it looks like you're struggling to do those bicep curls.
Speaker 3 (36:50):
Do you want to go down to a lower weight.
Speaker 8 (36:53):
Well, at that point, we don't want the user to
have to stop, do what they're doing, walk over to
the screen, hit the button. It's just easier to tell
peloton Iq what you want and move on with your
exercises uninterrupted.
Speaker 3 (37:04):
I saw that sort of cut you off, nick.
Speaker 2 (37:05):
I saw that in the demo where they're asking if
they wanted to change something, and you just have to
verbally say accept, yeah, which is really great, so you
don't have to stop your workout.
Speaker 3 (37:12):
There's so much that.
Speaker 2 (37:13):
We didn't even get to like some of the new
wellness features, community features, the mental health focus, and there's
just so much to unpack. But you know, it was
really great chatting with you about the new hardware and
peloton Iq. Love to have you back on in the
future and thanks so much for hosting us today.
Speaker 3 (37:29):
A very exciting day for the company. Oh, thank you
so much and happy to do this again anytime.
Speaker 2 (37:33):
Thank you once again to Visa and our new partner
on tech it Out Norton. In today's connected world, a
simple antivirus just isn't enough. Your identity, your finances, and
your privacy are all on the line.
Speaker 4 (37:45):
That's why you.
Speaker 2 (37:46):
Need Norton three point sixty with LifeLock, the comprehensive solution
that bundles device security and identity theft protection. Tech it
Out has proudly partnered with Norton as they protect your PC,
MAC and mobile devices from virul ransomware and malware, and
LifeLock takes it a step further, constantly monitoring for the
fraudulent use of your personal info. If a threat is detected,
(38:08):
you receive an alert. If the worst happens and your
identity is stolen, a dedicated US based identity restoration specialist
will be there to personally help fix it. Stop patching
together protection, get the all in one piece of mind
with Norton three point sixty with LifeLock. Visit Norton dot
com today. Speaking of protection, don't forget to also back
up your important info on a regular basis. I was
(38:31):
just using the sand disk phone drive with USBC on
my iPhone. Have backed up every photo and video and
contact that I have just in case something happens to
my phone. And that means you don't have to pay
for cloud storage, which is great because it's all on that.
Speaker 4 (38:44):
Drive and then you can easily plug it.
Speaker 2 (38:45):
Into a laptop or desktop to transfer files over as well.
Speaker 3 (38:48):
Great stuff.
Speaker 2 (38:49):
SanDisk dot com has more some great sales too at retail. Hey,
thank you so much for tuning in to teck it
Out everyone, Thanks to all of our guests Visa, Peloton
and Amazon, and I look forward to catching up with
you all next week for another brand new episode of.
Speaker 6 (39:03):
Tack it Out.
Speaker 2 (39:04):
But bye for now,
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