I had the opportunity to be on the advisory board of my local bank at a very young age (19-21). I'm in Canada, so we have less competition and we were the leadi

I had the opportunity to be on the advisory board of my local bank at a very young age (19-21). I'm in Canada, so we have less competition and we were the leading bank in my region (size ~$2billion). You come to see at their problems with a new eye, but you do learn a lot and you change your mind quickly. I thought it would be easy to change banking. Boy I was wrong. People underestimate the complexity of banking. I think one of the area where people overestimate their chances is on the consumer side. Banks have a very good distribution network, good salespeople and they act as a platform with a network effect where the more you own products from a bank the less likely you are to switch. Sure their products is shitty, but people don't really care about their money. Money is not sexy. If a bank is not going to make money with a good chunk of their customers, how will you make money ? Sure they have high infrastructure cost, but you still need to acquire that customer. I'm still excited by some startups like Plaid, but on the consumer side i'm still somewhat skeptic of a lot of things I see.