Many entrepreneurs in Silicon Valley believe that the financial services industry in the United States is “ripe for disruption. ” The basis of this argument is really two fold. First, they believe that the current offerings from the financial incumbents are lacking. They would argue that credit card fees are too high, that there is a lack of true competition amongst American financial institutions, and that the ACH process is borderline asinine. They also believe that today’s technologies, most notably the smartphone, should allow for remarkably simpler one-click paperless transactions that have transaction costs that are a fraction of the status quo. Consumers want faster, simpler, and cheaper transactions, and entrepreneurs want to give it to them. The problem […]