This post is slightly wandering on purpose. It’s a slew of related thoughts, tying together a lot of unrelated observations.
The CEO of a large bank recently told my CEO that he viewed his bank as a “technology company with a banking license.”
Hearsay, for sure. But reasonable to assume he’s not the only one thinking this way. In fact, no assumption necessary:
J.P. Morgan: Silicon Valley will be competing with us very soon. We are ready.
— Sammy the Walrus IV (@SammyWalrusIV) February 26, 2014
We can reasonably question whether a lot of these startups are software companies with financial products, or financial companies that deliver software products. Here’s a short list of the ones I think about all the time; the full list is long and growing:
If they’re financial companies using software to deliver products… well, then Ebay owns a financial company in Paypal. But, if they’re software companies first… then BBVA just bought a software company.
Why does it matter? [Read more…]