NYU Professor Scott Galloway, who has a massive cult following, comments in his latest blog post:
“It’s hard to imagine an industry more ripe for disruption than the business of money.
Let’s start with this: Twenty-five percent of U.S. households are either unbanked or underbanked. Half of the nation’s unbanked households say they don’t have enough money to meet the minimum balance requirements. Thirty-four percent say bank fees are too high. And, if you’re trying to get a mortgage, you’d better hope the house isn’t cheap.”
Fintech companies are focusing on incumbent banks’ weaknesses and areas they’re ignoring such as:
- Innovation
- Offering lower fees
- Less inequity
- Serving the under-served
[Read more on what Professor Galloway sees happening in the financial industry.]
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