Friction

by: Anthony Demangone

I remember paydays growing up. My father would go to the credit union and stand in line to get money. As did everyone else.

Friction. 

The ATM reduced that friction.

I remember working in the credit union on payday. I’d personally get more than 100 calls, a super majority of which consisted of the following question: What’s my balance? 

Friction.

Online banking reduced that friction.

Your Aunt Edith sent you a check for $20. But you don’t live or work near a branch. Friction. Reduced by remote deposit capture.

What’s the next big thing?

I’m not sure.

But look for the friction.

That’s where the gold is.

continue reading »