008 | The Banks.com Story Part 2
In this episode, Chris continues telling the story of how he got involved in Banks.com. He takes a deep dive into the Fintech marketplace and explains its significance in the traditional financial services industry. Fintech is defined as new technology that seeks to improve and automate the delivery and use of financial services. Companies within this disruptor category include Credit Karma, Revolut and NerdWallet, among others. Chris breaks down the multiple sub-categories that make up the financial services category,including lending, crypto and block chain, personal finance, wealth management,capital markets, and insurance, to name a few. It is Chris’ opinion that traditional banks are not innovating fast enough to keep up with consumer needs. Thus,companies such as Amazon are entering the space to take advantage of this oversight. In closing, Chris talks about the importance he places on doing the right thing and his hope that Banks.com can do right by their customers now and in the future.
Listen to "The Banks Story: Part 1" if you missed the beginning of the story.
Chris is the President and partner at Juhll.com, a full-service digital marketing agency aimed at delivering superior results to help clients achieve their business goals. He's also the founder, operator and investor in Banks.com, a financial online market place aimed to become everyone’s trusted, go-to resource for all things financial on the web.
- 00:45 – Welcome back to Part 2 of the Banks.com story
- 01:13 – The difference between early venture capital and laterstage venture capital
- 05:29 – Financial services as a category/the ten (sub) categoriesthat make up the financial services industry
- 07:28 – The multiple areas of financial services that Banks.comcan play in
- 09:01 – Why these Fintech companies are disrupting banking
- 14:04 – The importance of expanding your services to expand yourfootprint
- 19:09 – The antiquated business models that some banking companiesemploy
- 22:01 – Amazon’s entry into the financial services industry
- 28:44 – Chris talks about the importance of doing what is right
- 33:58 – Chris talks about the accountability he would like to seefrom traditional banks
- 35:52 – Chris shares his hopes for the future success of Banks.com
“I thinks Banks.com can play in that baking and payment area and it can be B2B or B2C. I think it can certainly play in investments. I think that it can certainly play in any of the crypto or any of the block chain technology.” (07:33)
“In my opinion, the banks are not innovating fast enough to keep up with what their customers wanted. And it’s allowed all these Fintechs to create a multi-billion dollar industry out of their lack of being responsive to customer need.” (10:28)
“At the end of the day, as any business leader would know, if you’re gonna expand your footprint, you need to expand your services.” (14:04)
“A lot of these companies can get incrementally better. But, I think what we really need is a full scale better.” (19:56)
“We are gonna take as long as we want and spend a lot of our time focused on doing the right thing by the consumer.” (29:33)
“I’m excited about it. This keeps me up every single night in a good way. It keeps me motivated every single day.” (38:14)