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Better banking vs digitalizing banks

No one needs another Neobank — so why are we launching one?

We don't need to digitalise banks but a whole new approach to managing money

“Hi Ben,

Thank you. I went over the deck and will Pass on this opportunity. I think there is plenty of Digital banks out there offering very similar services.” [sic]

With over 60 neobanks in the US alone — and more launching every month — some people wonder if we really need another digital banking service.

So, why do I have such conviction that I will one day be able to paste that email on my bathroom wall and laugh about it?

Because we’re doing something different.

So if we don’t need more banks, what do we need? Better banks

First off, let me say: I agree with the sentiment that we don’t need more banks — digital or otherwise. But though there are almost 5,000 FDIC member banks in the US today, that’s down from 24,000 in 1966.