We have all had the experience of meeting a friend or ‘relatives’ new baby and at the grand unveiling, discovering that the poor little bouncing ball of happiness is ugly.
I’m talking the type of ugly that led to the phrase a face only a mother could love.
The ugly truth is that some babies are just… well, ugly.
In spite of that, we love them anyway, and most of them grow up to be good looking adults with bright futures.
The same goes for stocks.…
FinTech was going to make banking obsolete.
That was the consensus not all that long ago.
I remember being at a Bank Director conference several years ago out in Arizona. They hosted a Financial Technology panel talking about all the technological advancements that were coming to banking over the next several years. The FinTech company reps demonstrated some of the next big things in payments, deposit gathering, loan marketing, automatic tellers, and underwriting.
As I looked around the room, it was like seeing Baltimore Colts fans at the end of Super Bowl 3. No one could believe what they had just seen, and they had visions of their demise dancing around in their heads.
In the hall after the session, a coffee pot conversation sprung up on the topic, and several bankers expressed fears that this would be the end of banking as we know it.
I declared BS for a couple of reasons.