- Finance & Money Edge
- Posts
- Disruption is Coming to a Bank Near You
Disruption is Coming to a Bank Near You
Reading Time: 1 minute
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