Dan P. Simon

“Other fintechs followed similar trajectories, growing slowly until an economy of scale led them to grow, very suddenly, into ubiquity. Because fintechs mostly focus on smaller dollar amounts than the big banks, scale matters. A wealth manager who only deals with high-net-worth individuals may consider everyone else “lobby trash,” but as wealth consolidates among fewer and fewer people, the wealth manager’s potential client base keeps shrinking. Meanwhile, the fintechs have earned the loyalty of all the “lobby trash.” When three hundred or three thousand individuals withdraw their savings from their bank and move their money into Betterment or Acorns or Chime, the amount is an insignificant percentage of a bank’s holdings; the bank doesn’t notice or especially care.”
― Dan P. Simon, The Money Hackers: How a Group of Misfits Took on Wall Street and Changed Finance Forever

“Who will learn the best lessons from the past decade’s fintech revolution? The innovations in financial services haven’t just been a consequence of the iPhone and the App Store, of high-speed downloads and always-online connections. They have also been a consequence of new kinds of thinking—thinking that prioritizes transparency, democratization of access, a frictionless and customer-centric user experience, and an evolving understanding of the role of a brand in that experience. There is no going back. What remains to be seen is, who will lead us forward?”
― Dan P. Simon, The Money Hackers: How a Group of Misfits Took on Wall Street and Changed Finance Forever