01:05:10 · David Senra, Nik Storonsky
[01:05:10] S0: So you think your advantage relative to the legacy banks is you're more of a technology company? [01:05:14] S1: Our advantage is tech. And then if you think about banks in the past, when they expanded country to country, just bought other banks. As a result, they have many systems in many countries. They don't really control anything to produce any report. It takes months to extract data from different systems. Our advantage is that we have just standardized one system, one ledger across many countries. As we go from one country to another country, we do not need to write things from scratch. We just adjust configuration of our software. And now, for example, onboarding UK, we adjust certain configs to change onboarding to US or to change onboarding to Mexico and and so on. So it becomes, you know, one product which is highly configurable. We do not need to build another bank, another country from scratch. As you do it, you obviously need much less people to maintain it compared to 10 banks in 10 countries. As a result, is an economy of scale so we can sell products much cheaper compared to other banks. Plus, the whole institutional knowledge, how you build product, how you do marketing, and so on. So you reply the same knowledge in in in any new country. And I think, you know, over time it can become almost unstoppable machine. Right? Because it provides much better products and services at a much better price compared to local banks.
01:06:33 · David Senra
[01:06:33] S0: Over time, I'm building an unstoppable machine. That's a great place to end. Thanks, Nik, for the time. It was I hope you enjoyed this episode. Please remember to subscribe wherever you're listening and leave a review, and make sure you listen to my other podcast founders. For almost a decade, I've obsessively read over 400 biographies of history's greatest entrepreneurs searching for ideas that you can use in your work. Most of the guests you hear on this show first found me through founders.