Why Every Company will become a FinTech company, the next era of financial services, and the

AWS phase for FinTech by Angela Strange.

You can also find and share this essay at a six and z.com slash FinTech everywhere.

There are two banking systems in the world today.

One for people with money or good credit and another for people without.

But neither of these systems work well.

People with money have gotten used to clunky user experiences and low expectations.

For everyone else and that's most Americans and billions more worldwide. Banks don't serve them well or sometimes at all.

Not only that, but the current system actually extracts from the very people who need financial services the most.

The poorer you are, the fewer options you have,

and the more you will pay. The system is clearly broken. No one has been able to fix it despite

many attempts to do so. Big financial institutions already spend billions

of dollars a year simply to maintain the existing systems and comply with regulations,

leaving little room for new product development.

Meanwhile, compliance regulations and infrastructure complexity

make it challenging for new companies to even afford to enter the market.

But what if software could address these hard structural problems,

enabling even non-fin-tech companies to provide financial services for their customers?

What if, as a result, people didn't just put up with, but actually loved their banks.

Right now, despite how often people use financial services, few would list their bank as a

beloved brand among their daily products. But the next bank

does not have to start out as a bank. I believe the next era of financial services

...