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It starts out saying that he wants to make a bank because it makes lots of money and then lists a bunch of idea that don't earn money. "We would only give out
by icefox 17y ago
It starts out saying that he wants to make a bank because it makes lots of money and then lists a bunch of idea that don't earn money.
"We would only give out credit cards to those who are qualified to receive one" The people who are not qualified are the ones you earn your margin on.
"Oh yeah, our vehicle loans would only be for hybrid vehicles. We would never give out an auto loan for an SUV like a Hummer because of our values." Not even for a 30% loan?
"Yes, we would have a 0% profit margin but the warm fuzzy feeling of doing good is priceless."
The only idea that does make sense is to have a good website, that is the only reason I still have an ING account.
I want to start a bank and be the trading house for all US to CA and Euro currency converting. Take 1cent from every trade and do it a billion times a day. Who wants to join me?
- fnid 17y agohere in lies the problem. Being good doesn't make money. Making no money means you have no power. Power gives the advantage to make more money and more power and the good get squashed.
- icefox 17y agoWell you can be good and make money, just not insane money. Gives out loans to the local community and not sell the loans so you would be forced to take solid loans. Require anyone who is getting a housing mortgage to take a free finance class. Work with city hall to help with zoning laws, construction projects, and projects such as solar panel incentives. In other words be a force of good in the community.
- tomsaffell 17y agoTotally agree with your critique, and your point on needing a good website (I bank with Smile Bank in the UK, who have not changed their site design in 11 years - and it is still (IMO) the best bank website design out there). But what aspect of the existing currency exchange markets makes you think that doing a "billion" (or any other extremely high number) trades per day allows you to break-even only taking 1c per trade?
- icefox 17y agoTrue, 1cent might not be enough, but the basic idea of just sitting in the middle of a large number of trades and skimming a tiny bit off the top is what a number of banks already do.
- caffeine 17y agoAn example of someone who has recently started a new bank: Yes Bank, which is a fairly new bank in India (I think they started 5-6 years ago). http://www.yesbank.in/aboutyes.htm http://www.yesbank.in/aboutyes.htm