I was initially going to title this blog “F*ck The Banks” because of all the havoc they’ve wrought in peoples’ lives, and how, even after the bailouts and the recession, the foreclosures and congressional hearings, they still don’t get the American middle class.
Then I reflected on the fact that these are, for the most part, decent, hard working, intelligent Americans whose institutions helped build this country, but who happen to be stuck in an old mindset, with outdated “brick and mortar” infrastructures, piles of bureaucracy, and systems that were built over decades to charge hidden fees to their customers. It will take them many years to change, but I believe that they will change, if for no other reason than to survive. In the meantime, technology is enabling companies like mine to circumvent the banks altogether and to pick up the middle class they left behind.
Nearly a decade ago I realized that most banks didn’t want to touch the 60 million Americans, disproportionately minority, student and immigrant, but of every color, race and age – who had little or no access to the traditional banking system.