Hard to copy because it requires a flexible underlying software platform which other banks don’t have?
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Many banks still process transactions in batches. These systems are extremely hard to replace. So for example in B2B software, you encounter a lot of ‘make or buy’ decisions. For banks, this operates at company levels. Do we innovate ourselves, or invest into or buy a startup?
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Yup, though SEPA Instant Credit Transfers are likely a driver for making more bank systems real-time
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That’s why so many banks have big venture funds, spending that same money internally will not even get them close to the level of innovation they can get by buying companies.
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You also need the backend systems to build great frontends. But should also be a stable company. At this moment I only have hope with Stripe, for our company credit cards at least.
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And on the upside, when you invest but not integrate it into the business the money might be well invested over the long-term :) Which is their game anyways, investing money!
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