In all frankness, I don’t really feel anything about starting a startup bank. Creating a bank that deeply integrates with a comprehensive personal finance toolbox and common sense financial literacy/education is just addressing a hole in the market that has been sorely neglected by legacy players. I don’t really see myself as creating a bank at all, but rather creating a new financial language similar to Amy Adams with the aliens.
The future of banking, personal finance and money management is in data. Although I call Enrich, the startup that we’re working on, a bank its so much more than that. Enrich is an all-encompassing financial platform that automatically takes unstructured data from your life (social, transactional, news, markets, promotions, anything really) and structures it to create a financial blueprint of who you are. We use this information to create a Rosetta Stone of sorts of your financial language. If you’re the sort of person who spends money you don’t really have and also have trouble sticking to goals, Enrich will learn this about you and play hardball with you as a method to condition you to spend smarter and actually save.