We’re thrilled to unveil our newly redesigned website. The financial services industry is already so complicated, murky, and difficult to navigate, that we wanted to ensure Alloy’s home online was just the opposite: friendly, simple, and transparent.
14 min read
I love fintech, but fintech got problems. Financial technology has plenty of hype, with many going as far as to say banks are going to have an "Uber Moment" where they are fully disrupted by technology driven companies. This sounds great, but there's an obvious problem: nobody is actually allowed to compete with banks. There are over 6,000 FDIC insured banks in the US, but only 3 new charters have been issued since 2010. The option to compete with banks directly has been removed by the federal government, and with it the opportunity to build a "Full Stack Startup" like Uber.
But it gets worse!
4 min read
Average people do not love fintech. In fact, in many cases they hate it. I’ve seen this first hand since I took the (currently on pause) dive into fintech a little over two years ago, but two posts by Pascal Bouvier of Route 66 Ventures got me thinking about how deep this problem really is. Pascal’s example of the relative lack of progress in modernizing remittances (sending money home from, for example, the US to Mexico) is a great one: remittances SHOULD be done electronically, they ARE incredibly horrible/expensive/broken, there are MANY players trying to disrupt the market; yet, the incumbent (Western Union) is still cleaning up. Why? Because nobody is winning their users’ hearts. Nobody loves their bank, but nobody LOVES fintech startups either.
2 min read
We’ve added “aas” to so many functions and products, from Software to Platforms to Backend (there’s some joke to be made here, but I’ll refrain…). If you started building products or services in the last few years (like me), you might take for granted that you don’t have to reinvent the wheel every time you want to access basic infrastructure and functionality; you probably rely on AWS for hosting, and use a CRM in the cloud to keep track of your customers.
But when it comes to financial services, building products & services is still largely on-premise, and most product managers and developers are reinventing the wheel.