> PPI
Doesn't know anything about retail banking if you are reusing that term
Blue oceans for banks
11–20 of 45 posts
Re: Blue oceans for banks
#12I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed because of the governments in each of the countries you plan to do business in. They want to protect their own banks.
You're right, however there is a possibility it will play out like Uber. I.E. Many of the states across the globe initially fought hand and tooth to protect their own taxi license systems, only to loosen up later...
Re: Blue oceans for banks
#13ever heard of cryptocurrencies? no banks are neeeded, and identity on blockchain will actually happen.
Re: Blue oceans for banks
#14There ain’t no hubris like FinTech startup hubris.
Re: Blue oceans for banks
#15ever heard of cryptocurrencies? no banks are neeeded, and identity on blockchain will actually happen.
Identity on the blockchain won't actually happen if nobody actually works to make it happen. In practice, though, it's much more profitable (and easier) to build centralised businesses where you actually have a product or service to sell that only you can provide (due to network effects), so people work on that instead.
Re: Blue oceans for banks
#16Earlier quoted context omitted.
I think it was at the start of this week. They use Barclays as their backend but is anything of that visible to their customers?
It should be on bank statements and on the card. What I was trying to say though was that the fact that Barclays has a system like Revolut is a problem for other banks that don't have a system like that. So our solution is still valuable for them.
The idea of using Barclays, or any 3rd party bank, is just to get enough traction so they have their own participation method later. Also it doesn't show Barclays on the statement from my usage - it shows the end merchants details. I didn't really know it was Barclays till now.
Barclays has been known to help startups by lending them their (global) infrastructure in the UK. Another Example is Dopay where Egyptian Barclays ATMs have been lent out.
The Bank of England is moving towards allowing non banks to participate in the payments system by 2020, its supposedly blockchain secured so it goes a notch above what a sole bank/firm could do. Revolut could theoretically switch from Barclays then.
Re: Blue oceans for banks
#17ever heard of cryptocurrencies? no banks are neeeded, and identity on blockchain will actually happen.
Cryptocurrency is the only way to circumvent the prohibitionist laws against free exchange of money. The biggest source of inefficiency in the global economy is the organized censorship of human economic activity via state intervention, and cryptocurrency directly addresses that.
Re: Blue oceans for banks
#18Financial services are a commodity, and that is a good thing. They should face it.
Re: Blue oceans for banks
#19I don't like centralized versions of cryptocurrencies, but they provide the rails and on ramps to lower transaction costs. Ripple, Stellar and Tether are fascinating additions to the cryptocurrency and banking space
Tether providing stable value for settlement
I think people wouldn't come up with ideas like wrinq if they were aware of existing solutions to build on top of
And I say that as a consultant who has seen many potential founders scrap their idea, after I sign their NDA and they finally tell me about their supposedly original idea only for me to tell them the existing solutions
It's fine to be unoriginal but they scrap their idea.
Re: Blue oceans for banks
#20I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed because of the governments in each of the countries you plan to do business in. They want to protect their own banks.
You're right, however there is a possibility it will play out like Uber. I.E. Many of the states across the globe initially fought hand and tooth to protect their own taxi license systems, only to loosen up later...
The financial stability of their economies wasn't dependent on taxi firms.