Merriweather 15px – Much of their opportunity comes from the dire state of the traditional banking industry. Companies like Goldman Sachs are somewhat different because they make so much of their money from fees for advising on things like IPOs and mergers and acquisitions and from wealth management which may offer some protection. But old style branch-based consumer banking, the banking with which you and I come into contact, is desperately vulnerable.
The problem with traditional banks
When I think of banks I think maybe they are not too bad at providing a home for the liquid part of your savings. They take deposit and function reasonably well as a piggy bank although to the extent that they hold cash in current accounts with zero return that is not great for their customers. Everything else they do they do badly. They are slow to make payments, they are inflexible when it comes to lending money, they are outrageously expensive when it comes to transferring money internationally and there are innumerable hidden charges in their operations. This may reflect their high costs but whatever the reason they are a disaster for consumers and there must be a better way.
Merriweather 16px – Much of their opportunity comes from the dire state of the traditional banking industry. Companies like Goldman Sachs are somewhat different because they make so much of their money from fees for advising on things like IPOs and mergers and acquisitions and from wealth management which may offer some protection. But old style branch-based consumer banking, the banking with which you and I come into contact, is desperately vulnerable.
The problem with traditional banks
When I think of banks I think maybe they are not too bad at providing a home for the liquid part of your savings. They take deposit and function reasonably well as a piggy bank although to the extent that they hold cash in current accounts with zero return that is not great for their customers. Everything else they do they do badly. They are slow to make payments, they are inflexible when it comes to lending money, they are outrageously expensive when it comes to transferring money internationally and there are innumerable hidden charges in their operations. This may reflect their high costs but whatever the reason they are a disaster for consumers and there must be a better way.
Georgia 18px – Much of their opportunity comes from the dire state of the traditional banking industry. Companies like Goldman Sachs are somewhat different because they make so much of their money from fees for advising on things like IPOs and mergers and acquisitions and from wealth management which may offer some protection. But old style branch-based consumer banking, the banking with which you and I come into contact, is desperately vulnerable.
The problem with traditional banks
When I think of banks I think maybe they are not too bad at providing a home for the liquid part of your savings. They take deposit and function reasonably well as a piggy bank although to the extent that they hold cash in current accounts with zero return that is not great for their customers. Everything else they do they do badly. They are slow to make payments, they are inflexible when it comes to lending money, they are outrageously expensive when it comes to transferring money internationally and there are innumerable hidden charges in their operations. This may reflect their high costs but whatever the reason they are a disaster for consumers and there must be a better way.