tag:blogger.com,1999:blog-235433516644980443.post6861631146622642451..comments2024-03-27T05:08:10.195-04:00Comments on Jeff For Banks: Banks Are Far From AmazonJeff Marsicohttp://www.blogger.com/profile/12153599647481141591noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-235433516644980443.post-80298672397311398252015-08-23T15:51:11.212-04:002015-08-23T15:51:11.212-04:00I have an idea for a VC fund for FinTech that'...I have an idea for a VC fund for FinTech that's all bank holding companies. Easy way for them to hedge against disruption. We should talk soon! :) thanks for the shoutout! Z Mark Zmarzlyhttps://www.blogger.com/profile/11286270222052749772noreply@blogger.comtag:blogger.com,1999:blog-235433516644980443.post-56788880462167127472015-08-23T13:22:33.789-04:002015-08-23T13:22:33.789-04:00Mark,
"We build moats..." I'm gonna...Mark,<br /><br />"We build moats..." I'm gonna use that one again buddy.<br /><br />One thing banks have is capital. But when I hear boards and senior executives talk acquisitions it is nearly always about other banks. BBVA acquired Simple, and I think other large banks will buy some fintechs. But it remains elusive for a $10B or less financial institution to put their capital to work on something innovative. <br /><br />Thank you for the comment. <br /><br />And keep going with Hip Pocket (www.hippocket.net). Great way for banks to drive mortgage activity!<br /><br />~ JeffJeff Marsicohttps://www.blogger.com/profile/12153599647481141591noreply@blogger.comtag:blogger.com,1999:blog-235433516644980443.post-50331016645856726712015-08-22T22:53:57.706-04:002015-08-22T22:53:57.706-04:00First, I'm reading your post on a Saturday nig...First, I'm reading your post on a Saturday night at 9:43pm so I'm either dedicated to out industry or a nerd. Maybe both. <br /><br />Second, people in banking are too afraid of failure so big BINGO on #4. We do not advocate risk taking in our industry therefore we've developed a culture of people who avoid risk. Risk is at the heart in entreoreneurship. It's not about being risky but about piloting new ideas and mitigating risk. Unfortunately too many people confuse these issues. We build moats in our industry...we need to build bridges. <br /><br />Finally, we need to lose the "me too" philosophy. In my past jobs I'd get asked for ten references of banks that had used our solutions and succeeded. No problem. Now I'm Pickering new ideas and banks still ask for ten references. Guess what? I have one and they are on week 27 of a pilot. New is scary in an industry that is approaching 200 years old. <br /><br />But new is not scary for the competition. Nat Penn was 140+ years old with 120+ branches and they sold for $1.8B. SoFi is 4 years old with 0 branches and worth $4B. SoFi could have come out of a skunkworks project if a bank had the ability to think outside of itself. Mark Zmarzlyhttps://www.blogger.com/profile/11286270222052749772noreply@blogger.com