As Sam Cooke sang many years ago, "It's been a long, a long time coming, but I know a change is gonna come, oh yes it will." Our rapidly changing financial system triggers the same reaction from us. Banking is in the midst of a Sam Cooke moment, with technology and competition driving the train. This decade, without question, is the high-water mark for disruption in the … [Read more...]

Back in 1994, in the days when telephone banking was new and transactions were still hand-to-hand over the counter, a friend opened a new account in a North Carolina community bank. He made a $1,500 deposit in cash to open the account. Two days later, he wrote two checks to his new landlord totaling $900 to cover his deposit and first month’s rent. Two days after that, he … [Read more...]

Searching for an object lesson on why banks and businesses need to adapt and change? Consider New York City’s iconic yellow taxis and the pricey medallions cab owners must have to join a crowded, competitive public transportation market. In short, cowards who fear competition need not apply. For non-New Yorkers, here’s a primer on how the city’s taxi medallions work. … [Read more...]