Why do you believe that incumbent banks are structurally bad at innovation?
Replied byNigel Morris
Co-founder & Managing Partner at QED Investors
Niche: Finance
Revenue: Not Publicly Disclosed/month
Location: Alexandria, Virginia, United States
Started: 2007
Incumbent banks are optimized to avoid mistakes and grow at three percent a year, which makes their culture antithetical to venture-scale innovation. They suffer from the Galapagos effect, failing to partner with or acquire the agile fintech startups that could serve as their outsourced research and development engines.
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