It’s a marketplace. It’s a hub. It’s open source. It’s all kinds of things. There are plenty of people talking about the future of finance and the future of banks: “will fintech and banks get along?”, “Banks will have to change to keep up”... all that stuff. But there’s one thing missing from a lot of these conversations and articles. The people. And when I say people I mean real people. Not tech people or finance people. The other people OUT THERE!
In the last five years there has been a bit of a revolution. Technology companies are exploiting areas in which banks are failing people. Foreign exchange, investing, payments… you name it. Tech companies are making it cheaper, easier and smarter for people to use their products over banks: ‘The unbundling of banks’.
So far so good, right? Well… No. Yes, people are getting better individual services from these companies, but are they getting a better overall service? That’s the important question.
People who are used to dealing with one company for their finances (a bank) can now get a better deal if they put the effort in and use many companies. The problem with that is most people are lazy. More companies means more hassle, more hassle means more unwillingness to keep coming back again and again.
My view is, if it is not an entirely better system it won’t stick. And if it don’t stick, it don’t work.
Bud isn't a new financial product. It's a new system. One that we think will be better than what we've got at the minute. Customisation is at the heart of what Bud does, we know that everyone has different needs and that those needs change as their lives change. So why build a system any other way?
In the end, people will determine what works and what doesn't and they will show us what sticks. So, where do people fit in this battle? I believe they're in the driving seat. They have all the power and they will realise that this power can - and will - create change.