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I’ve seen too many fintech pitches that go something like: Fintech: here is our amazing solution to a problem you didn’t even know you had! Banker: oh you mea
by gaius 9y ago
I’ve seen too many fintech pitches that go something like:
Fintech: here is our amazing solution to a problem you didn’t even know you had!
Banker: oh you mean like <some common piece of banking terminology>
Fintech: blank stares
A fintech that is all ex-bank who spun off to solve a problem they knew they had, will probably succeed. A fintech that is all web devs solving problems that they only imagine exist will not.
- rahimnathwani 9y agoThis is true in many cases, because either: A) There's no problem to be solved (which I think is your point), or B) The problem looks unsolved because it's harder than it looks (e.g. payment fraud). But I imagine there are spaces (e.g. consumer payments) where a pair of fresh eyes wouldn't suffer from either of the above. I don't know whether companies like Revolut or Transferwise were founded by ex retail bankers, but I could imagine someone from outside the industry identifying the problems they solve, purely from their customer perspective.
- gaius 9y agoAlso C) what they propose would be illegal under the regulatory regime of at least one jurisdiction the bank operates in, and that’s the only reason the bank hasn’t already done it could imagine someone from outside the industry identifying the problems they solve, purely from their customer perspective That’s a fair point
- dukeflukem 9y agoBitcoin excepted...