Okay, it is time everyone acknowledges the elephant in the room—big banking is dying a long and tedious death—and banking institutions know this.
If you have ever had the “privilege” of opening a checking account, or better yet the nightmare of trying to close one then you will totally understand why most individuals are moving away from their hometown banks and branches and putting their funds elsewhere.
Even the big bankers themselves conceded that Americans are jumping ship causing a very massive shift in the banking business as we have come to know it. Deloitte, a multinational professional services network put out a report that states that 3-4 business executives realize that in the next 3-5 years their work will drastically change, all due to the current digital business trends.
However, even though these individuals are willing to admit they see a change coming, even they do not realize just how far reaching that change will be. And how is this possible one would ask? Simply put, there is one company that is growing three times faster than Paypal’s own Venmo, and they are presenting themselves as the future of “anything you can do today with a bank account.”
Although the company is still tiny, it does appear to be on Wall Street’s radar as it will be little time before the investors start flocking to become a part of the future of banking. And, when this tiny company does take hold, it will literally lay waste to a $16 trillion dollar market. When this is achieved, the big banking of today will be gone, leaving a major sized hole that anyone could step into and take over.
Tom Gardner, CEO of Motley Fool, has a pretty impressive track record when it comes to investing advice, including such major players as Netflix, UnitedHealth Group and even Tesla. However, he is sounding the buy alert on this new company. The problem is, no one is wanting to release the name of the company at this time. It would seem they are signaling to buy, but are themselves in a “wait and see” mode.
With all the talk around the yet unknown company, and major investors hovering to buy, it would seem that there may some truth in the story at hand. One thing we do know for sure is that big banking is sweating, because they do see what is coming down the road, and they are finding that they will no longer be a part of the grander plan—when it comes to banking.
So, what's the verdict--you decide
Will digital banking indeed put an end to big banking?