Bankers: Don’t Buy the Hype. Let Fintech Equity Investors Bear the Cost of Experimentation.
When JPMorgan Chase released its 2016 annual report, in which the celluloid CEO Jamie Dimon proudly acknowledged spending nearly $10 billion on technology, the talking heads erupted. Ten billion! Must be good. Jamie does it.
And from that moment the conventional wisdom was and is: community banks can’t compete. I just heard it on Friday. A team of investment bankers told a community bank board, “how do you compete with that?”
I have ideas. Watch/listen to my most recent vlog.
Who should bear the cost of experimentation?