The big banks make lots of money. They are very powerful. And, I believe, somewhat vulnerable. Why? Because they make TOO much money. Their fees for credit and transfers are high. That means aggressive youngsters looking for ways to lower those fees may disrupt them.
Impossible? It is not easy. But it is happening. Rob Price for BI offers an interesting glimpse into the process at an early stage.
We’re beginning to see a trend: Investors are finally waking up to the weakness of traditional banks and the possibilities of FinTech. And the UK’s FinTech startups are their main weapons.
An Estonian start up – Transferwise is in this game and I am rooting for them!