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I can imagine it's a really shitty situation for e.g. smaller banks here in the US. Most of them don't have the resources to build their own custom back end ser

I can imagine it's a really shitty situation for e.g. smaller banks here in the US. Most of them don't have the resources to build their own custom back end services, so many outsource the tech. And then shit like Fiserv getting hacked the other week happens, and not only is Fiserv's reputation hurt but so is all their client's. I'd love to "bank local", but when shit like that happens, the only way I'd feel safe with my finances is by going with the Bank of Americas/Fidelity's/etc. over Mom & Pop Credit Union.

gowld 8y ago
That calls for startups to build good tech for these companies to all use.
- Dirlewanger 8y ago
  Very, very difficult in fintech. Very high barrier to entry. The Paypals/Venmos/Acorns of the world have been increasingly getting into the traditional banking realm, offering checking account/debit card products, but their back ends are still the same old slow companies. Polishing a turd essentially.