The Motley Fool Interview – Part 4

Customers Pay the Bills

The most intelligent telephone companies are about to become banks, and it’s not clear to me how the banks stop them. I recently met with some bank owners and their responses to how technology is changing their business and their customers’ expectations was shocking.

The Changing Nature of Big Data: Global Networks

We are entering a world where a small retailer, next year, will have more intelligence at their fingertips than Wal-Mart had two years ago. Facebook is going to be a universal consumer database, and it’s going to have more data than anybody in the history of the world, and it’s going to be interesting to everybody on Earth.

So we decided to build a universal market database with all this information in it. We take that Facebook data, we join it with Google data, with Wikipedia data, with Apple data, with government databases, clean it, deduplicate it, turn it around and then offer that as a service.

 

One thought on “The Motley Fool Interview – Part 4

  1. Jason Siegel

    Great commentary Michael. Its true how industries will consolidate due to mobile innovation. Companies like Apple with huge market power and huge cash reserves are very well positioned to turn into financial institutions. But not all mobile organizations have the ability to take on banking liabilities and infrastructure. Look at Sprint corporation. They are not financially strong enough to take the banking plunge while they are still trying to get their core business stable and growing. The really interesting thing is Samsung vs Google becoming banks. This major business shift could also enable foreign corporations like Samsung to control a lot of banking transaction flows. Keep up the great posts Michael!