Alibaba, China’s Amazon/eBay/PayPal mega-company, just dropped $192 million on a football team. Why? Straight from the CEO’s mouth: “We’re not investing in football, we’re investing in entertainment. Alibaba’s future strategies are health and entertainment.” (via TabDump)
Banks are software companies. As long as they think small, and refer to themselves as banking companies they’re open to being outflanked by companies who think bigger. Companies that identify with ‘personal finance’ instead of banking are going to win because they’re identifying with the customer experience (all the things one does with money) not with the internal process (banking).
When banks make this mental shift, they’ll have the explosive growth experienced by other silicon valley companies.