According to Ask.com, “The world's first bank on record was the Taula de la Ciutat, which opened in Barcelona in 1401. Banking practices can be traced back to the Roman Empire.” But how long will banks be around in the future?
The trouble with longstanding, traditional industries is their lack of adaptability, flexibility, and resistance to change. This makes them susceptible to maverick upstart companies that can identify weaknesses and quickly jump in to provide more customer-centric alternatives, leaving the established industry players obsolete.
One such example is that of TransferWise. I know from personal experience the frustration, complication and ridiculous fees charged by banks for international wire transfers. Clearly a major customer pain point left unaddressed. So a start-up from the Baltics steps in to fill the void by re-imagining the mechanics of transfers to take advantage of new technologies. The result? Significant reduction of fees and the empowerment of customers to control and monitor transfers online. Just like that, another David takes down a Goliath.
Read about the TransferWise story here: