4 ms·

Pretty much this, unfortunately. Which means the only way to fight back is to raise enough money to counter said lobbyists and try and get the laws the other w

by CM30 11y ago

Pretty much this, unfortunately. Which means the only way to fight back is to raise enough money to counter said lobbyists and try and get the laws the other way. That said, it's probable banking will get disrupted eventually. It's just that a large company like Google, Apple or Microsoft will probably be one of the main causes, since they have enough money to keep battling until they either become too big to stop or the incumbents give up.

nickpsecurity 11y ago
That's actually a decent possibility. Much more probable than getting all the startups to collectively, consistently fund lobbyists on their behalf. The big tech firms already do that. Google, Apple, and Facebook are already working on integrating in daily routines of users including with payments. It would be interesting for one or more to fund a push into banking maybe leveraging a bank they bought for its expertise and infrastructure. Probably opportunities for analysis and ad targeting on top of it. Wait, "ad-supported payments via displaying them at POS kiosks." Oh, shit, did I just make up an industry on the spot or does this already happen? ;)
- btmerr 11y ago
  We would welcome any new entrants that sought to provide a better customer experience. All of the companies you mentioned have already entertained the idea of entering banking, but they haven't yet jumped in. As for your other comment, apps and ATMs are already being used as an advertising channel. I wouldn't be surprised if we see (much) more of this.
  - nickpsecurity 11y ago
    "that sought to provide a better customer experience" First concrete thing you've said. Always a way to get into a market crowded with incumbents, esp if account reps have personal touch. Fix anything that annoys people and $$$'s result. Good luck to you on that part as you have a good chance of making it there. "As for your other comment, apps and ATMs are already being used as an advertising channel. I wouldn't be surprised if we see (much) more of this." Figures haha.

by CM30 11y ago

nickpsecurity 11y ago

That's actually a decent possibility. Much more probable than getting all the startups to collectively, consistently fund lobbyists on their behalf. The big tech firms already do that. Google, Apple, and Facebook are already working on integrating in daily routines of users including with payments. It would be interesting for one or more to fund a push into banking maybe leveraging a bank they bought for its expertise and infrastructure. Probably opportunities for analysis and ad targeting on top of it. Wait, "ad-supported payments via displaying them at POS kiosks." Oh, shit, did I just make up an industry on the spot or does this already happen? ;)

btmerr 11y ago
We would welcome any new entrants that sought to provide a better customer experience. All of the companies you mentioned have already entertained the idea of entering banking, but they haven't yet jumped in. As for your other comment, apps and ATMs are already being used as an advertising channel. I wouldn't be surprised if we see (much) more of this.
- nickpsecurity 11y ago
  "that sought to provide a better customer experience" First concrete thing you've said. Always a way to get into a market crowded with incumbents, esp if account reps have personal touch. Fix anything that annoys people and $$$'s result. Good luck to you on that part as you have a good chance of making it there. "As for your other comment, apps and ATMs are already being used as an advertising channel. I wouldn't be surprised if we see (much) more of this." Figures haha.