bank

“So private lenders like Lending Home and Pierce Street do that, and banks aren't going to compete with them.”

“Many startups consequently in the financial services space, I think it's an interesting lesson, they give up on being consumer players because they realize that this distribution path is too hard. Instead, they are actually very content to be arms merchants to…”

“In the majority of the servers that we use, we don't own directly either, and, you know, the banks actually own those physical assets”

“And I see a lot of early adopters especially among banks, and that, to me, is always a sign that this is going somewhere real, because they're not gonna spend all their money and analyst time on things that aren't gonna make them money,”

“But if you were going to develop a bank from scratch today, chances are very, very high, you wouldn't say, my first order of business is to go sign 9000 leases at different, ah, commercial banking centers across the country. You'd say, I'm gonna have a mobile …”

“Certainly more than 50, I think it was close to 80% of millennials trust the brands, you know, Facebook or Google. Or Apple, I think was the top of the pile, much more than their banks.”

“Your exit opportunities aside from staying independent and maybe going public or whatever is potentially on the buyout side. You may not be selling to a bank, you might be selling to Facebook, you might be selling to Amazon, you might be selling to Google as t…”

“Consumers have come to expect that everything works the way Skype works the way Uber works. You know, you basically get what you want to get it now. You know how much you pay for it. You know how quickly it's going to arrive, but banks, you know, aren't quite …”

“We typically do it 10 times cheaper than the bank would do it, and we do it in a pretty quick way.”

“Banks have kind of gotten used to this world where, you know, they can have lavish office buildings and the branch network and all this jazz which doesn't really matter anymore.”

“There's definitely a lot around the millennial generation and how, you know, they hate going to their banks more than they hate going to the dentist. They would actually trust Apple, Google, name your tech Institute more than banks.”

“A banking charter is really good for one thing, it's for holding deposits, and that's actually the only thing that banks are still great at, for holding people's money.”

“Banks that have tried to get into, kind of, the UI, UX, I don't think they'll be able to compete with 50 really dedicated designers, developers that are just focusing on the user experience the user interface, and those 50 people will not be able to compete wi…”

“Finally, I think the smarter ones of these banks kind of recognize that an impediment to their forays into the millennial demographic in particular is not lack of technology or lack of the right product. It's actually who they are.”

“So I actually think banks in a few years will probably not exist the way they are today.”

“In the Millennial Disruption Index study, which was a giant survey, they, I think for fun, basically said, you know, list your top 10 most despised brands, top four wound up being banks.”

“My observation is that the banks want to improve themselves. But they don't want to disrupt themselves.”

“Yeah, but then the real task is to bring the animal home and see if you can domesticate them or not. That is the real task because a startup is wild. And so can they bring something wild into the domesticated environment and let them thrive or not? Or will the…”

“There will be many scenarios, but one of them is that they become more of a back end. If you think about it, now we are connecting more and more services to our bank account, and we are manipulating this money, but without touching the bank account itself. And…”

“So there have been precisely, I think one new bank in the last six years, and that's it.”

“So there's a trillion dollars of credit card debt in the United States, and this is on average yielding between 15 and 18% for the banks, so that's a lot of money for them, so every year they're making a 150 to a hundred and eighty billion dollars in interest …”

“The Volcker rule was something that had been put in place, which effectively kept banks from being able to make investments into You know, VC funds or other funds into startups.”

“There's a post fund future coming, right? Why are we all in these cookie cutter vehicles? Why is the banking system built on slogging them? Because you're pulling against certain costs, namely transaction costs. What happens as transaction costs go to almost z…”

“By end of this year I will be able to log in to several banks, to US government services, and none of these services share any information about how my keys used.”

“I think that banks will continue to do that and Maker basically has no dog in that fight because we don't exist in any single country.”

“Seeing it as this emergent, accessible space, I think, is really, really compelling for not only banks, but, like, tons of different finance companies and different enterprises in general to suddenly become these transnational actors that they weren't before, …”

“The bank bears the risk for the primary regulators. Now we've seen precedent being set where CFPB goes directly to fintech companies and also finds them, but mostly what happens is your primary regulator is going to knock on your door, you're being the bank's …”

“A lot of the back office functions that banks are hiring people for you can by and large automate depending on what type of operation it is from like 80 to high nineties percent”

“Banks, in most cases, are not good at, like, building out new software interfaces and tools and for that reason, even if they blew up their marketing, it would be highly unlikely that they'd be able to get in a lot of these customers.”

“Banks are definitely bad, with only 32% confidence, but they're not the worst.”

“If you're part of the millennial or Gen Z generation who saw your parents go through the financial crisis, 28% trust their banks to be fair and honest.”

“Estimates are between six to 10% of banks' revenue, of their entire revenue, is spent on compliance costs.”

“There's now an open source ACH library. And engineers from banks are running trillions of dollars through this library and catching all of these edge cases and fixing it.”

“We're trying to get legislation, and that will, I think, further accelerate it, because you've got, essentially, You know, 99, think of it as a network effect, and you've got 90, probably five, 90, or high percent, or some percentage of the nodes on the networ…”

“Well, and that's the thing, it's like, you know, software, like I'm very confident that all of the banks Cannot build software, will not be able to build software, will not build software.”

“The biggest funder of private capital is actually banks or private debt.”

“And so the same thing, by the way, is happening in the global fixed income market dominated historically by 10 large banks. It's about to be dominated by five large banks and five large tech companies. As much concentration as exists in the equity market, That…”