Banks are broken
My name is Zach Bruhnke, I’m currently working on Spout and this is my case for why the next big retail bank shouldn’t look (or start as) a bank at all.
I read that Simple was acquired this morning and my first thought was that I was happy for the team because I knew it had been a long fight already for them, they’re probably tired. And in all likelihood they got more than they bargained for when they set out to build Simple. Having a partner like BBVA will make their road ahead … well, Simpler.
Then I read Zac Townsend’s post and what really got my wheels turning is that so many people are looking for a better retail bank when what they should be looking for is a better data company.
A better trust mechanism for consumers and a better way forward for future generations.
Banks are broken.
The fundamental problem with banking is that it hasn’t changed or reshaped in centuries
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