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I'm curious why a tech-first bank like Revolut is not building something like this internally if it's such an obvious cost-saving measure? I understand why trad
by shafyy 2y ago
I'm curious why a tech-first bank like Revolut is not building something like this internally if it's such an obvious cost-saving measure? I understand why traditional banks might not (no tech culture, old processes, all the usual bla).
- whiplash451 2y agoTraditional banks are actually a harder sell b/c they are more risk averse in terms of data leaving their servers.
- rhimshah 2y agoYup very true! Traditional banks are far more risk averse and generally have larger budgets for compliance. Whereas fintechs/neobanks have smaller budgets for these things as most of their capital is poured into growth. In the case of Revolut, I'm sure they will build something similar in-house, if they haven't already since I left!