We're building a new kind of bank - Yes, an actual real bank. We're starting with a small acquisition and re-building the underlying tech from the ground up. The ultimate goal is creating a bank consumers would actually love to use.
Think of paying your bills via "push" vs "pull" so instead of simply paying someone on autopay and authorizing them to debit your account at their will we'd actually say something like "hey, PG&E wants you to pay $55.86, would you like us to send that over now" when you respond they'll get your money but not your actual account info.
Basically instead of using the typical system of handing out your actual account numbers we generate an account number that works for only that vendor and if that account number ever got stolen it wouldn't matter because its locked down on a unique vendor or amount basis.
The main pain point for us right now that we'd like to talk about is re-thinking savings and loans and what the largest consumer pain points are in modern (or lack thereof) banking.
Think of paying your bills via "push" vs "pull" so instead of simply paying someone on autopay and authorizing them to debit your account at their will we'd actually say something like "hey, PG&E wants you to pay $55.86, would you like us to send that over now" when you respond they'll get your money but not your actual account info.
Basically instead of using the typical system of handing out your actual account numbers we generate an account number that works for only that vendor and if that account number ever got stolen it wouldn't matter because its locked down on a unique vendor or amount basis.
The main pain point for us right now that we'd like to talk about is re-thinking savings and loans and what the largest consumer pain points are in modern (or lack thereof) banking.