Matt Thinks about starting a Bank
Friday, September 4, 2009 at 16:59Matt Mullenweg has a great post called Starting a Bank and I'd love it if he would think more about it. Of course having used Citibank some time ago, I know how much US banking interfaces must suck, at least compared to stuff like Comdirect. In Germany Ficoba might actually be going down that route a little bit.
What the focus should be is really a bank by the people for the people. Hell, make it a non profit if you have to. Many people would love to have somebody take care of their money in a transparent way. Possibly the system could even use other banks. e.g. if you want to trade stocks, you can do so but it will be handled via different systems wherever it is cheapest. Above that it would be all public what costs the bank what and you just carry that cost and add something like $5 per month just because you get everything very cheap and how no hidden costs.
Then add the Mint way to give you suggestions on how to save money. There would be a lot of ways to make money and if it could be bootstrapped then you wouldn't need to please investors. Can it possibly even be open source?
Maybe you take two companies, like one building the first bank based on the second company that just has APIs and acts more like a VISA system. Creating a standard that any new bank can use. But there are most likely already banking services available somewhere.
Please continue thinking people. This is one market really in need of some radical changes.
Reader Comments (3)
I think you might enjoy reading Bankervision by the now ex-head of innovation there. I'm simplifying but I seem to recall he suggested something similar to your last paragraph, ie in the future banks will either be marketing channels or best of breed execution platforms serving as backoffice for the various distribution channels.
It seems to me though that your average sparkasse can do a lot of what Matt asks for (minus the iphone app ;-)
Yeah, they could and possibly even can but their focus is different. The thing is though that everything you do with wordpress can be done with movable type, but it is still better with wordpress. The question really is if you can do something better.
Here's someone else who's been thinking about banking, money and all the problems related to it: William Spademan.
Have you ever thought about a bank that puts PEOPLE and the common good above all else?
Just take a look at:
http://commongoodbank.com/
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* All profits go to schools and other nonprofits.
* Depositors decide what the bank should invest in.
* Free local credit card processing for local businesses.
* Micro-loans for new businesses and community projects.
* A full range of secure, FDIC-insured banking services.
* Committed to sustainability and economic justice.
Once the first common good bank opens, 50 people ANYWHERE can start one in just a few days, with no need for a bank building.
—
Their site explains in more details this concept.