CB Insights: Building The Bank Of The Future

Found this to be an interesting read, particularly the rebundling trend :slight_smile: What are you most excited about what’s coming up in the fintech and payment space?

5 trends shaping the future of banking

  1. Banking APIs are enabling developers to build fintech
  2. Partner bank model lets tech companies act as banks
  3. Fintech unbundlers begin rebundling
  4. Differentiation in consumer banking products and services
  5. Tech platforms and large banks want in
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I do find this trend fascinating, especially the fact that they seem to be reasonably successful. Every bundle I’ve seen from fintechs (Curve, N26, Monzo, Revolut) provides really bad value compared to similar products from incumbents, but they seem to still attract users. I don’t know whether it’s because people don’t realise that better value is available, or if the simple UX from the fintechs means people just don’t bother looking.

To be honest, the prospect that excites me the most is pressure from fintechs forcing incumbents to improve their UX. This will be positive for consumers regardless of who they bank with.

The thing I dislike the most from this is the idea of big tech getting involved. The last thing we need is Google/Facebook/Amazon dominating another segment of the economy/our lives.

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If it provides competition and makes other companies improve themselves further, I’m all for Amazon and Facebook trying to weasel their way in.

Hopefully kicks U.K. banks into gear so they find a nicer UX.