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I worked in finance too, trading platforms in investment banks and prop trading shops. There hasn't been accountants there for a long time. Places that still re
by user5994461 7y ago
I worked in finance too, trading platforms in investment banks and prop trading shops. There hasn't been accountants there for a long time. Places that still rely on manual labor are a very different kind.
- toomuchtodo 7y agoAgreed. In those cases, where the business is stubborn, you might have to consume the entire business [1] [2] to be able to enact automation in the underlying functions. That's also the question, right? What tools can you develop (Similar to Brex and Stripe) that make it exceedingly more simple for upstarts to compete against the entrenched? If I can't sell to your internal divisions, maybe I go get some VC and compete against your whole business. Lots of margin hiding as inefficiencies in the economy still, just have to go get it. Give me a lever long enough. [1] https://a16z.com/2011/08/20/why-software-is-eating-the-world/ https://a16z.com/2011/08/20/why-software-is-eating-the-world... [2] https://techcrunch.com/2016/06/07/software-is-eating-the-world-5-years-later/ https://techcrunch.com/2016/06/07/software-is-eating-the-wor...
- user5994461 7y agoRemind me, saw a fintech company with almost a billion in VC funding earlier this year. Basically a bank doing loans. The whole business was based low cost labor taking whole days to evaluate stuff manually and write risk reports. Crazy thing is they were hiring loads of developers and data scientists, but the core of the business is all manual.