AI Native Bank P1
Consider the bank that runs entirely on AI—no human intervention, just algorithms managing everything from onboarding through churn...
Ever read Ender's Game? Bit of a deep cut, but later short stories in the anthology ('The Investment Counselor') introduce Jane - the all-knowing AI who advises Ender not just on strategy but on morality. The best part to me, though? She decimates his liability of a few hundred years of untaxed capital growth.
Consider the bank that runs entirely on AI—no human intervention, just algorithms managing everything from onboarding through churn (would churn even be a thing?). Every week, I see a different services that build towards that future bubble up...many of which have been featured on this newsletter (archive).
If a neobank were run by an AI like Jane, it wouldn’t just be processing transactions faster; it would understand your needs on a deeper level. It would optimize your finances not just based on algorithms, but on holistic context and personalized guidance.
Maybe I'm impatient...but it increasingly feels like what's being built is evolution over true revolution. The entrants stay to the course of what technology has always done to financial services - not reinvent the wheel, but make it spin faster.
I'm starting a new series to think through the steps to this eventuality. Stay tuned.