a16z Podcast Every Company Is a Fintech Company
Jul 7, 2020
Angela Strange, a venture capitalist at Andreessen Horowitz and fintech expert, discusses transformative shifts in the financial sector. She highlights the stark differences between affluent banking systems and those leaving many underserved. Strange emphasizes the pivotal role of technology in making financial services more accessible and affordable, particularly for those traditionally neglected. She also delves into the challenges faced by fintech startups amid regulatory pressures but remains optimistic about innovation paving the way for a more equitable financial landscape.
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A Broken Banking System
- The current banking system is broken, with one system for the wealthy and another for everyone else.
- Neither system works efficiently, and the system disproportionately impacts those with fewer resources.
Barriers to Innovation
- Traditional financial institutions struggle to innovate due to high maintenance costs and regulatory compliance.
- This makes it hard for new companies to enter the market.
The AWS Phase for Fintech
- The financial services sector is entering an "AWS phase," where infrastructure costs are decreasing.
- This allows non-fintech companies to offer financial services.