It’s likely because so many Fintechs fail or get bought out by larger banks/corporations that immediately make the product worse or deprecate it entirely. In the past decade, I’ve been a member of Simple, OneFinance, Envel, PointCard, and N26 (US division). Simple was bought out and deprecated by BBVA. OneFinance was bought out and stripped of all its notable features by Walmart. The last three are completely dead, Envel being the most recent. Novel technologies in finance are certainly needed, but the average person isn’t willing to trade stability for innovation.
Discussion
Fair play. I’d argue that, from the Jobs to be Done view, fintechs are “hired” for very specific and often different jobs than banks.
Also, RIP Simple. What a pioneer.
I agree on the purpose of fintechs. They’re meant to shake things up and are, as a result, more volatile by default. It’s just hard to sell the average working-class person on that kind of volatility. And yes, my wounds from the Simple fallout never fully healed. lol