Saturday, June 22, 2024

Why don’t banks rush to change?

By DAC000 , in Fintech Open Banking , at February 14, 2020 Tags: ,

First up this evening, a rhetorical question that surely will result in an oratorical answer:  Do Big Banks want to kill Fintech?  The CEO of Monzo thinks so and even goes so far as to suggest “Banks are set up to prevent change …“.  He later, correctly observed banks are risk averse. About a three-minute read.

Comment: It’s clear he’s never worked at a bank.  Also, I would respectfully suggest his negative opinion might have more to do with Monzo’s continuing losses than any sabotage from Big Banks.