2015, November, 09

The bold start-up pouncing on banks’ turf

According to Ask.com, “Taula de la Ciutat was the first bank to record in Barcelona in 1401. Banking practices can be traced back to the Roman Empire.

Trouble with longstanding, traditional industries are lacking in adaptability, flexibility, and resistance to change. This makes them susceptible to maverick upstart companies that identify weaknesses and quickly jump in to provide more customer-centric alternatives, leaving the established obsolete players.

One such example is that of TransferWise. I know from personal experience frustration, complications and ridiculous fees charged by banks for international wire transfers. Clearly a major customer pain point left unaddressed. So and start-up from the Baltics steps to fill the void by re-imagining the mechanics of transfers to take advantage of new technologies. The result? Significant reduction of fees and empowerment of customers to control and monitor transfers online. Just Like That, Another David Takes Down and Goliath.

Read about the TransferWise story here:
http://www.bbc.com/news/business-34294466

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