Ripple and The Uberization of Banks

When I read this post, I was reminded of MoneyAisle and TransFS, two new startups that had launched back in 2008.

MoneyAisle hosted live bids from banks for Certificate of Deposits and many other retail banking products. More in my blog post titled Seller-Side Auctions for eBay-Weary Buyers. When I just checked, this company seems to have shuttered down.

TransFS found credit card processors for SMBs offering the best rates. More in Seller Side Auctions Gaining Traction: Part-2. When I just checked, this company seems to have pivoted to a financial advisor.

I know timing is everything but I'm keen on knowing your thoughts on

1. What is Ripple's secret sauce that gives it a better chance at succeeding now;
2. How easy is it for corporate ERPs to be modified to work on the fly with any random bank that wins a particular bid without the prior existence of a C2B interface with that bank.  

PS: Hyperlinks of my blog posts removed to comply with Finextra Community Rules but the above mentioned posts will appear on top of Google Search results when searched by their titles.

Enrico I think you will find that quote from DBS is actually a really famous quote from some guy called Bill Gates?

https://www.crowd2fund.com/news/Banking-is-necessary-banks-are-not-Bill-Gates#.VsLXHfKLShc

The same quote was used as the title of an article written by the Chairman of a large Public Sector Bank in India a few days ago. Just as “People Don't Want a Drill, They Want a Hole”, people never wanted banks or even banking. They want solutions to their financial problems. Banks and nonbanks (e.g. pawnbrokers, payday loan providers) have both been providing such financial solutions. As I pointed out in Calling B.S On Banking The Unbanked, banks and nonbanks have coexisted for literally thousands of years. With the proliferation of fintech, the list of nonbanks has increased. As with the rise of competition in any industry, some incumbents will die, some newcomers will become big, some incumbents will become bigger, some newcomers will fade away. I don't see anything drastically different happening in finserv either.

If bank honchos keep using this line as if it was invented today, I think it's to appear hip and cool to the Millennials among their employees and customers:)