It’s Hard for Big Banks to Be Cool
Also glamorous insider trading, corporate parenthood, Martin Shkreli and blockchains for peace.
Who has the competitive advantage in setting up a modern youth-oriented mobile and internet banking service:
The bank has some obvious advantages. Banking is a very regulated business, and if you are already a bank you already have most of the necessary regulatory approvals and the know-how and connections to get the rest. If you’re already a biggish bank, you probably have some name recognition, which will make it easier to attract customers and convince them to trust you with their money. You already have the back-end technology to, like, keep track of the money, so you can just build a mobile and internet interface on top of that rather than starting from scratch. Plus you already have money; you have deposits, and a process for investing them in assets, etc., so you don’t have to start from scratch there either.