Listen: Goldman Marcus, Bill, Mo- G discussed on FinTech Insider
"Knobs Lutely anything just to Bill and both your points. I didn't feel like fin had a purpose when or clear mission attached to it. Right. Felt very much like chimes happening like alleys happening movements happening simples happening, therefore, we create something else as well. And there was a very clear valley position. So there was there wasn't clear beach for me. I think the way that Brandon was familiar news anything, that's a very, it feels like some Veith thoughts up with millennials on taking out enough new Bank counts. What do we do? We should do it out. Okay, what does it have? It has a mo- g millennials like mood, exactly exactly anything fintech is, I don't think should be heavily correlated with millennials because I was recently in Portugal. And when I was doing some wine tasting a couple in the mid fifties. The monster caught in sort of chatting, oh use monzo, like how did you get into like, oh, my, my son recommended to me, but I was okay so why do you use it? It's because I retire now and I wanna make sure that when trips overspending on each trip because I want strips per year. So I think as long as you solve a customer job, it's not about which age target, and I think you should start with the age group, because as always the wrong answer, my opinion, I think the customer expectation is so high now that you can't really go into market with a product that doesn't have that real mission and vision anymore. You have to have that really amazing customer experience and, and grab customers love in a way that monzo, revolu can have captured that otherwise you just can't you simply can't compete, it didn't used to be requirement that you loved the product. It used to be enough that it had an how. How did payments like what more does need to do? That's what banking product does. And now now you gotta have customers love you because there's competitive bid around the absolute evangelical zeal from the because you can get like a silver card or something, you know, or you know. It is. I knew I know it's not you can only get somebody to love them so much, if the subtle things that the products doing is often like, we talked about the, the cargo cult, which is like, if I put on a fit for an airplane, pilot airline pilot. It doesn't mean I can fly play. No, I'm, but I can put on the outfit and I can move levers, but you wouldn't want be flying your plane, and I think sometimes people look at challenges and go I understand what it is actually you don't there's a lot more there than meets the eye. And that's the differentiator knew all about this from an experienced point. I think the hardest thing that banks fail to admit to themselves as people don't really want to do banking, and therefore, you, you have to approach it as, as a human problem, and approach as one of your thereby facilitating financial life really more than anything else. And you exactly right. One of the spend more time reading psychology books, then I do read and take because actually it's a boat. The dopamine hit you mentioned and all these little things. These little things that the surprise and delight people. Get ten other far more important no-one no-one wakes up in the morning says, I'm gonna do some Anqing today. You know, but they have to interact with the Bank to facilitate things they want to do. And it's about focusing on that, then that, that's where the differentiation comes from, maybe with fed, and that's really can feel because you know putting him. Oh, geez. At and stuff like that wasn't solving a problem. It wasn't facilitating life. The believed it was something that people would want to go and do. And that is where you get it wrong because people won't want to do that. What's different is the differentiation between this Marcus by Goldman Marcus by Goldman has gone and taken the market by storm. It's really driven up customer numbers. They've got over one hundred thousand customers in the K the issued I and billions of deposits in the US. I think it was full seat somewhat. Sorry loans billion of loans books that built on five.."