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Banks falling further and further behind

January 30, 2018

I was looking at the agenda for NextMoney, and it’s just incredible to me how banks are utterly failing at innovation even when they try to catch up.  Right now, the rest of all are already establishing colonies on Mars while the banks are just trying to flap their wings to get off the ground.  At this point the big banks are so far behind, that i think it’s just hopeless for them.

https://ff18.nextmoney.org/Schedule/

For example, they are starting to have a pitch competition.  I’ve always hated pitch competition, because you have very earnest bright startups that are spending a lot of time and effort for a chance to get some money.  And in the end, they end up getting trivial amounts of cash.  With people getting USD 5-50 million in an ICO, then why the hell are you even bothering pitching to a bank.  If you have a brilliant idea, just go for it, do the ICO and you are looking at several million in funding if you are good.

The only startups that are pitching in fintech are those that are providing services for banks, and that’s like setting up a refreshment stand on the Titanic.

The mistake that people make is to assume that banks have money.  Banks don’t have money.  Banks manage other people’s money, and the people whose money they are managing are quite annoyed at banks.  Right now, I’m brokering several multi-million USD deals between miners, high net work individuals, and funds, and we are looking at each other wondering why we need a bank.

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