Latest / What the Flux / CommBank's banking backflip | Salesforce's 'hard pivot' | SpaceX's valuation goes to the moon

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CommBank's banking backflip | Salesforce's 'hard pivot' | SpaceX's valuation goes to the moon · What the Flux

• 0:05
  Speaker 1: This is what the flucks.
• 0:06
  Speaker 2: I'm Brett and Justin As Friday, the sixth of December.
• 0:09
  Speaker 1: Tis the season for shrink flation. Juzzy Boy, and your
• 0:13
  Speaker 1: report has found that Christmas treats are smaller and more
• 0:17
  Speaker 1: expensive this year. Get this one, Lynse Christmas Champagne Gala
• 0:21
  Speaker 1: box is two dollars and more expensive than last year
• 0:23
  Speaker 1: and dropped in size by eight and a half percent
• 0:26
  Speaker 1: of the double whammy. Yep, and there are a whole
• 0:28
  Speaker 1: lot more to shrink. Flation is everywhere. Just another reason
• 0:32
  Speaker 1: for Colson Will is to be under the pump.
• 0:36
  Speaker 2: With an expensive summer probably coming up for everyone, there
• 0:39
  Speaker 2: is one way to lighten the load, and that is
• 0:41
  Speaker 2: winning Quick Sticks Today. That's our weekly quis. We're the
• 0:44
  Speaker 2: first person to answer three questions correctly wins fifty bucks
• 0:47
  Speaker 2: in their pocket. Last week the winner was a Shish
• 0:50
  Speaker 2: and this week it could be you. So make sure
• 0:52
  Speaker 2: to download the flucks out, turn your notifications on to
• 0:54
  Speaker 2: play quick six today and win at money.
• 0:56
  Speaker 1: Three victorious stories today Juzzy Boy for our first combank
• 1:01
  Speaker 1: has backed down from its plan to charge customers three
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  Speaker 1: bucks to withdraw their own money after some pretty enormous backlash.
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  Speaker 2: The customers, the media, even the done Treasurer got involved.
• 1:12
  Speaker 2: Here be man, so tell me more.
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  Speaker 1: Well, Juzi boy. We know Combank as the big yellow
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  Speaker 1: bank with a wopp and seventeen million customers around Australia,
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  Speaker 1: the big yellow bank with a whopping nine point eight
• 1:23
  Speaker 1: billion dollars in profit for the last financial year. But
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  Speaker 1: earlier this week Combank announced some changes to its customer accounts.
• 1:29
  Speaker 2: It was closing one million complete access accounts and moving
• 1:33
  Speaker 2: those customers into a smart access account.
• 1:35
  Speaker 1: Doesn't mean much on the surface. These smart access accounts
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  Speaker 1: charged customers three bucks per any assisted withdrawal.
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  Speaker 2: As any withdrawal from bank branches or on the telephone.
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  Speaker 1: And Jessie boy, when I say this created uproar, I
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  Speaker 1: mean it created uproar.
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  Speaker 2: Think a current affair level uproar.
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  Speaker 1: And it even got Jim Gary, Superintendent Charmers involved. He
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  Speaker 1: called the Combank CEO directly.
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  Speaker 2: And now Combank has backed down from this three dollar.
• 1:59
  Speaker 1: Charge and Combank's PR team really has its work cut
• 2:02
  Speaker 1: out for it after this communication the bungle.
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  Speaker 2: So what is the key learning here?
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  Speaker 1: Sometimes the messaging is even more important than the substance.
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  Speaker 2: He's the ironyb man Shifting these one million Combank customers
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  Speaker 2: to the new account would actually save them two dollars
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  Speaker 2: per month in account.
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  Speaker 1: Fees, and ninety percent of the customers with those legacy
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  Speaker 1: accounts don't withdraw at a branch or on the phone.
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  Speaker 2: So logically it sounds like this isn't the worst move
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  Speaker 2: for customers.
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  Speaker 1: Do way. The communication of this message and its timing
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  Speaker 1: couldn't really have been worse, could it.
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  Speaker 2: They announced the change in the lead up to Christmas
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  Speaker 2: when eighty seven percent of households are worried about how
• 2:35
  Speaker 2: much they're spending at the supermarket.
• 2:37
  Speaker 1: And they underestimated the passion that customers would feel about
• 2:39
  Speaker 1: being charged to access their own mulla.
• 2:42
  Speaker 2: They're on top of that some media coverage and you
• 2:44
  Speaker 2: have a recipe for PR disaster.
• 2:47
  Speaker 1: So rather than being the grinch this Christmas, Combank has
• 2:50
  Speaker 1: decided to pull back.
• 2:51
  Speaker 2: Because the PR team just ain't ready for another PR
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  Speaker 2: debarcle this close to Christmas.
• 2:55
  Speaker 1: For our second story, Salesforce has seen its value jump
• 2:59
  Speaker 1: by more than thirty billion US dollars after it rolled
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  Speaker 1: out a brand new feature. Anyone heard of AI?
• 3:05
  Speaker 2: How we ahead of its time? B Man haven't heard
• 3:07
  Speaker 2: any other tech company sprook ai lately, so tell me more.
• 3:10
  Speaker 1: So some background here. Salesforce is one of the OG
• 3:12
  Speaker 1: software companies and it hails from San Francisco, yep.
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  Speaker 2: It was founded back in nineteen ninety nine and it's
• 3:18
  Speaker 2: grown to be worth over three hundred and fifty billion
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  Speaker 2: US dollars.
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  Speaker 1: And what exactly do Salesforce actually do well.
• 3:24
  Speaker 2: It's an all in one sales and marketing service for businesses.
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  Speaker 1: And it's also the same company that acquired Slack in
• 3:29
  Speaker 1: a deal worth thirty eight billion dollars.
• 3:30
  Speaker 2: And now be Man Salesforce's founder and CEO, So they'll
• 3:33
  Speaker 2: be making a hard pivot to a new AI agent
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  Speaker 2: platform called agent Force.
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  Speaker 1: Essentially, this would let Salesforce users build AI powered agent
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  Speaker 1: and those agents do what well they can supposedly make
• 3:45
  Speaker 1: decisions and automate customer service tasks and the.
• 3:48
  Speaker 2: Man, it seems like Salesforce are pretty serious about this.
• 3:51
  Speaker 2: The CEO and found out Mark Benuoff mentioned the word
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  Speaker 2: Agent Force eighty times during a court with investors this week.
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  Speaker 1: And it clearly worked. Next minute, shares jump more than
• 3:59
  Speaker 1: an eleven percent to a record high.
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  Speaker 2: But now be man, they actually need to deliver and
• 4:04
  Speaker 2: get thousands of its customers at using these AI agents.
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  Speaker 2: Got me wondering what is the key learning here? Investor
• 4:09
  Speaker 2: enthusiasm can only last so long, so when you talk
• 4:12
  Speaker 2: the talk, you've got to walk the walk very quickly,
• 4:15
  Speaker 2: run the run, you see the man. Salesforce has been
• 4:18
  Speaker 2: spending big on its AI division en quote undisclosed amount,
• 4:22
  Speaker 2: but a large amount, nonetheless, and that means Salesforce needs
• 4:25
  Speaker 2: to desperately hustle to actually sell Agent Force to meet
• 4:28
  Speaker 2: its lofty promises.
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  Speaker 1: Now, Salesforce has already supposedly sold two hundred deals for
• 4:33
  Speaker 1: Agent Force, which is a good start, but their plan
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  Speaker 1: is to have tens of thousands of people using Agent
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  Speaker 1: Force by this January twenty twenty five. And Josey Boy
• 4:42
  Speaker 1: given Salesforce market value jump by more than thirty bill
• 4:45
  Speaker 1: USD off the back of this announcement, this AI has
• 4:48
  Speaker 1: some pretty big shoes to fill.
• 4:50
  Speaker 2: For our third and final story, SpaceX Elon Musk space
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  Speaker 2: startup is reportedly gearing up for a three hundred and
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  Speaker 2: fifty billion US doll evaluation, which would make it the
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  Speaker 2: world's most valuable startup.
• 5:01
  Speaker 1: Hardly a startup when it's been backed by the world's
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  Speaker 1: richest man. But you know, go on, Okay.
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  Speaker 2: So SpaceX was founded in two thousand and two as
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  Speaker 2: part of Elon Musk's plans to revolutionize space technology.
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  Speaker 1: As well as dominate the space launch industry.
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  Speaker 2: Now be man. In the past, launching a rocket into
• 5:15
  Speaker 2: space was mainly done by government organizations like NASA.
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  Speaker 1: But does it wait? Last year SpaceX did ninety six
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  Speaker 1: orbital launches, ahead of every other space launch organization in
• 5:25
  Speaker 1: the whole wide universe as far as we know.
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  Speaker 2: It also launched four thousand, two hundred satellites for its
• 5:30
  Speaker 2: Starlink company, which provides global Internet covery.
• 5:34
  Speaker 1: And now SpaceX is reportedly raising money at a valuation
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  Speaker 1: of three hundred and fifty billion US dollary dues. So Jose, wait,
• 5:40
  Speaker 1: how much money is SpaceX making right now?
• 5:42
  Speaker 2: Well, it's a private company, so it's hard to know
• 5:44
  Speaker 2: any of its financial details. But Starlink is projected to
• 5:48
  Speaker 2: generate six point six billion US dollars in revenue for
• 5:50
  Speaker 2: twenty twenty four.
• 5:51
  Speaker 1: And SpaceX already as a partnership with NASA, which is
• 5:54
  Speaker 1: expected to grow under Donald Trump. So what is the
• 5:57
  Speaker 1: key learning here?
• 5:58
  Speaker 2: Going to the moon has become more excessive and more
• 6:00
  Speaker 2: lucrative than.
• 6:01
  Speaker 1: Ever before see does it way. Over the past decade,
• 6:03
  Speaker 1: we've seen enormous advancements in the space industry.
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  Speaker 2: We've seen the cost of space launchers become cheaper and cheaper.
• 6:09
  Speaker 1: We've also seen improvements in high tech satellites.
• 6:11
  Speaker 2: Which help with Internet access, navigation, weather forecasting.
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  Speaker 1: And it ain't stopping here. The World Economic Forum expects
• 6:18
  Speaker 1: the space economy to hit a massive one point eight
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  Speaker 1: trillion dollars by twenty thirty five.
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  Speaker 2: That's three times the size of the space economy in
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  Speaker 2: twenty twenty three.
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  Speaker 1: So while space used to be the domain of NASA
• 6:28
  Speaker 1: and you know your Neil Armstrong's, we're seeing it become
• 6:31
  Speaker 1: more and more central to the broader economy, and SpaceX.
• 6:34
  Speaker 2: And its lofty valuation are right at the center of it. Floxam.
• 6:38
  Speaker 2: If you want to kick off the weekend with fifty
• 6:39
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• 6:42
  Speaker 2: to be. It is enough Flux app at some time
• 6:44
  Speaker 2: today to be the first person to answer three business
• 6:47
  Speaker 2: of finance questions correctly. Make sure you download the Flux app,
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  Speaker 2: turn on your notifications if you want to win at money.
• 6:52
  Speaker 1: Thanks for listening and we'll see you on Monday,