[HN Gopher] Community Banking and Fintech ___________________________________________________________________ Community Banking and Fintech Author : Ozzie_osman Score : 24 points Date : 2021-10-23 16:39 UTC (1 days ago) (HTM) web link (bam.kalzumeus.com) (TXT) w3m dump (bam.kalzumeus.com) | skybrian wrote: | I'm wondering if postal banking in other countries serves a | similar role to community banking in the US, at least as far as | having local branches in rural areas is concerned? | | The US Post Office is starting a pilot program, but it's unclear | if it will get anywhere. | aspenmayer wrote: | You have more info about the pilot program? | rsj_hn wrote: | They will need to significantly lower fees and expand services | if their ambition is greater than competing with check-cashing | outfits. | bob1029 wrote: | > Community banks mostly don't have programmers on staff, and are | reliant on the so-called "core processors" like Fiserv, Jack | Henry & Associates and Fidelity National Information Services. | These companies specialize in extremely expensive SaaS that their | customers literally can't operate without. | | The complexity in this space is difficult to overstate. We've | been working on building solutions that integrate all of the | disparate legacy banking technology into 1 logical application | the bankers can use. Been going at this for almost a decade now. | | Success in this space is extremely unlikely. We failed ~4 times | but were encouraged by how close we got on that 4th try to give | it a final go. Seems we have some traction this time. Watching | other vendors (with far more resources than us) try to break into | this space is quite amusing at this point. | | The key to winning in banking with technology is to _listen to | the business_. There is a LOT of contradictory bullshit in | banking, and if you just use your developer intuition to build | the domain model in isolation, you _will_ fail as soon as the | business gets involved. Outsourcing development of these | integration products to a 3rd party is a guaranteed fail when | working with these kinds of customers. | | Expert mode is building a product that can work at 3+ banks at | the same time. Darksouls mode is building one that can handle | more than 5 jurisdictions. | patio11 wrote: | If HN has any requests for future topics in intersection of tech | and finance, let me know. (I just kicked off this newsletter last | Friday.) ___________________________________________________________________ (page generated 2021-10-24 23:00 UTC)