By Tico Altahona,
MBA student 2014/5
“Too big to fail”, is how the importance of banks has traditionally been defined, as they are so large and interconnected that if they collapse, there would be a chain reaction that would affect the whole economy. They are the link that connects the economy and lets everything happen: from government policy (expand the circulation with credits) to buy groceries (payment services).
We are living in exciting moments because a revolution is happening right now. There are serious threats to the banks foundations, and I am happy to announce that I am part of it. The Financial Technology (Fintech) revolution has been made by start-ups that use Internet and mobile applications to side step banks. Companies like Droplet are now able to replace the traditional services offered ONLY by banks, in this particular case: payments with cards.