Let’s look at the recent Fortnite blackout and compare it to neobank Chime's embarassing down time, as well as explore the business model implication of what it means to be the social square where people hang out. Does Finance have such an equivalent? Maybe it is Venmo, crypto Twitter, or the credit unions. We also look at statistics behind influencer marketing, and how influencers have usurped the position of music labels. Perhaps banks should get ahead of this game too.
Two things are on my mind: (1) the acquisition of United Capital by Goldman Sachs, and (2) Mike Cagney's Figure securing a $1 billion funding line from Jefferies and WSFS for blockchain-tracked home equity loans. Both are outcomes of complex, interesting, somewhat unexpected processes -- and both are examples of demand-driven market expansion. Let me highlight that again. Both of these are consumer-centric developments, and not product-driven developments, which goes to the core of the problem in the financial services industry.
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