Maybe that sounds like a silly question to ask. You know what a bank is, you use their products and services almost every day. Most people have a bank account. Unfortunately not everybody. Nonetheless, it’s probably worth breaking it down for a minute. If you want to understand what fintechs are trying to disrupt, it’s probably helpful to get to know how a bank actually works. And the fun thing to do is to actually compare what a bank does to the “innovation” that is coming out of certain fintechs. So it’s not a one-sided story. And you can make the difference between the people that are reinventing small parts of the journey from the true innovators. Nicer customer experience. More efficient operations. And people that are creating something entirely new. Back to basics: what is a bank?
Read more about it here: https://fintechreview.net/back-to-basics-what-is-a-bank/