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.
I am undertaking my internship with Droplet, and being in the middle of this revolution is an exciting world for an entrepreneur like me, because it’s a place where there is no navigation chart, only a blank page that we are writing on. At the same time is very risky; we have to succeed because there are no second chances. I love it.
We work with a philosophy: banks can no longer be in the dominant position that fills the pockets of the top management with 150k per year while the rest of the economy struggles. Our customers share the same philosophy; because we have a strong social core, customers are incrementing their profits as the service is for free. (We feel like the modern Robin Hood –but within the law!). Want to know how we make revenues? !
I am extremely thankful to Exeter University because they made it happen. They offered two subsidies for my internship – please take into account I am Colombian, with no British link at all – making me very attractive to Droplet. The company also recognized the relevance of the university because they had just ended a successful round of crowdfunding with Crowdcube that is located in the university innovation centre.
Making the most of my MBA is more than just coming to class; it is also learning in a work environment that is leading a revolution. Taking an internship is an integral part of this experience and the One Planet MBA has offered their unconditional support for making this whole experience come true.