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Did Natwest dump BNPL because the business model doesn't work or they screwed it up?

Just thinking aloud, what happens if a bank comes on the scene and all it does is provide an interface for FinTech to use its APIs for services? Imagine a Dropbox of banking.

Banking as a service - platform, APIs, license!

Do I hold Siri responsible for wrong payments if it was eavesdropping? 

Regulations will probably increase to stem the likelihood of mass-scale frauds and breaches. For example, the recent phantom withdrawals from 20,000 Tesco Bank accounts come to mind.

Digital banks would probably be tasked to meet a stringent level of security and it is possible that their technical architectures may require approvals and tests before being allowed to be released into the wild.

Fiddling with customers’ money will never go away so I expect additional rules to be made targeted at keeping digital bankers within a safe pen.

How will this be affected by Brexit? Even without the Brexit, how will currency conversion happen between Euro and Pounds?

The horror stories painted by those who vehemently resisted the chip cards never happened. So basically, it was just fear of change.

Everyone is happy that this has been done, dusted and now behind us. My worry is that the bad guys wouldn’t retire and ride into the sunset.

The next big wave of fraud may be on something else and just around the corner. 

In a recent conversation with some friends, we concluded that trust may be the biggest challenge FinTechs would have to overcome. Traditional banks have been around for years to build trust from stability.

While everyone loves shining new toys and startups, handing over hard-earned money to a company you are not sure of its existence by next week may be asking for too much.

Concerns abound about the perceived risks startups take, the high mortality rates and the absence of a regulatory body enforcing them to toe the straight and narrow path.

I believe things would change over the coming years but that trust must be earned and it won’t come easy or cheap.