Rushd Averroes, the founder of blockchain based bank BABB has some interesting thoughts about the so-called ‘disruptive’ role of challenger banks in the UK:
“During my search, I found almost no evidence of companies building full-stack solutions independent of legacy systems.
"So-called challenger banks in the UK build into legacy payment systems and end up simply re-creating a banking business model.
"The only difference is a nifty smartphone app with a beautiful user interface.
"Those things are nice to have, of course, but I had clarified my thinking enough by that point to know that I had ambitions beyond plastering a pretty new facade onto crumbling old infrastructure.”
Read more about his vision here:
https://medium.com/@BABB/chapter-two-beyond-financial-inclusion-41497d5ed73
