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Samuel Laferriere's avatar

Reading this for the third time and the two "you"s still confuses me. Should this:

1. Borrows funds from several sources, compensating those sources with an interest rate (the cost of borrowing) — that’s where you need trust

2. Lends those funds to others, asking as compensation another interest rate (the loan yield) — that’s where you need knowledge

actually say "that's where YOU (the depositor) need trust" and "that's where THEY (the bank) need knowledge"?

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Jay Waghray's avatar

"HSBC, my traditional long-standing banking relationship, simply holds my current account on which they technically lose money. Nothing against them." - Well, the real case against them (as you mentioned) is the inability to produce value. Companies like Wise (powered by Currency Cloud?) are eating their lunch since they're basically now rent-seekers - charging a fee on a service that's no longer rare. Would you say the future of fintech's unbundling will go towards deploying funds / loans?

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