Sublime

From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones.

When people entrust money to financial institutions, they generally don’t have the expertise or time to make sure the institution is doing its job. In most cases, it is much more efficient for people to band together and pool resources to ensure that their banks and exchanges are on the straight

Anyone who attempts to serve a customer at a new level of quality and scale is an entrepreneur. Anyone who does not, is not.” —Babak Nivi[134]

The most interesting part of this reduction is that the banking infrastructure responsible for the change has not come from the Banking Sector. Instead, the Telecommunications Sector has driven

Public markets reward predictability.

that acquirers are looking for, often in combination: revenue, customers and capabilities.

Sir Jon Cunliffe, the widely respected deputy governor of the Bank of England, once commented to me that, every several generations, society re-asks the question: “What is money?” He thinks this latest Internet wave is prompting society to ask that question once again.