You've nailed it. We can't outcompete banks with gimmicks. We can't afford to lure people in with teaser rates or rewards programs that look great in an ad, but never work as well in reality.
Instead, we're competing on experience. Crafting that experience, especially given the cruft of banking, is a schlep. And its a huge competitive advantage for us.
To the grandparent poster, yes, switching banks is hard, but $30bn of revenue switches retail banks each year because of negative experiences. Thats a tiny amount for the top 4 banks, but a large market for a startup. If you can deal with the schlep.
You've nailed it. We can't outcompete banks with gimmicks. We can't afford to lure people in with teaser rates or rewards programs that look great in an ad, but never work as well in reality.
Instead, we're competing on experience. Crafting that experience, especially given the cruft of banking, is a schlep. And its a huge competitive advantage for us.
To the grandparent poster, yes, switching banks is hard, but $30bn of revenue switches retail banks each year because of negative experiences. Thats a tiny amount for the top 4 banks, but a large market for a startup. If you can deal with the schlep.