When I was posted to Shanghai during the last financial crisis in 2008, most of the top financial institutions were traditional banks. A number of them were from China. Those were the unsteady days when the banks did not enjoy much reputation in customer service, financial inclusion, or user experience. A bunch of Fintechs rose to fill the gap left by the banks.
The financial services industry of 2020 is a far cry from how we knew finance back in 2010.
Platform business models are on the rise in finance today. According to a McKinsey & Company research report, more than 30% of the global economic activity – some $60 trillion — could be mediated by digital platforms in six years.
Visa, Mastercard, PayPal, Ant Group, and Tencent have all overthrown massive banks from 2010 in market capitalization and now climbed to be included in the top 10 for 2020.
Above their enormous increase in valuation since 2010, they have one more important common denominator: they all have platform business models.
How is your business adopting platform business models or unleashing network effects? Where will your business be in 10 years?
I will be glad to share transferable learnings from my last four years spent working closely in the startup ecosystems in the space of platform creation. Please ping me to have a debate/discussion.
#businessmodels #banks #platform #networkeffects
- Home
-
Health insurance
-
Latest article in health insuranceRecent articles
-
-
Plan selection
-
Latest article in plan selection
-
-
Fintech
-
Latest article in FintechRecent articles
-
-
Challenger Banks
-
Latest article in Challenger Banks
-
-
Covid
-
Latest article in Covid
-
-
Customer
-
Latest article in CustomerRecent articles
-
-
Insuretech
-
Latest article in InsuretechRecent articles
-
-
More
- Disruption
- Investing
- Angel
- Funding
- Digital wallet
- Samsung pay
- Digital transformation
- Banking
- Customer journeys
- E-commerce
- Metrics
- Micro-influencer
- Blockchain
- Bitcoin
- Applications of blockchain
- Price Comparison websites
- Motor insurance
- Natural Language Processing
- GPT3
- Privacy
- Web
- Data protection
- Money Transfer
- Digital health
- Women's health
- Insurance
- Digital
- SME Financing
- FinTech Valuation
- Philosophy
- Snapchat
- Digital Marketing
- Buy-Now Pay Later
- Fintech Business Model
- Affirm
- Strategy
- IPO
- Amazon
- Leadership
- Crypto Asset
- NFT
- Motor product
- Usage Based Insurance
- Insurtech Business Model
- Micro insurance
- Mobile network operators
- Short form video
- Social media
- Growth
- Financial Inclusion
- MGA
- Web3
- Ethereum
- Metaverse
- Web3.0
- Decentralized web
- Lending
- AI
- Education
- Startups
- Interest rate hike
- BNPL
- Wellness
- Financial Institutions
- No-code
- MVP
- Machine learning
- Python
- Apple Care+
- Phone Insurance
- Neo Bank
- Digital Bank
- Invesment
- Book excerpt
- Co-founder
- Stock exchange
- Team
- Online Grocery
- Silicon Valley Bank
- Auto GPT
- Generative AI
- ChatGPT
- Indiehackers
- Bard
- Apple Card
- Amex
- Goldman Sachs
- Threads
- Pitch deck
- Startup funding
- Tony Robbins
- Motivation
- Inspiration
- Insurtech
- Regulations
- Open finance
- Book review
- Persuasion
- Cialdini
- India
- Investor deck
- Teardown

Renjit Philip