Marcus Treacher: Antique Banking System
on Wednesday, October 5, 2016Marcus Treacher Money Quote saying as head of strategic accounts at Ripple that banks are old and slow to change, holding back advancements from startup fintech companies. Marcus Treacher said:
“The payments industry is revving up, but it is stuck in second gear because it is being held back by the antiquated banking system” — Marcus Treacher
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In this quote, Marcus Treacher is commenting on the payments industry and how it is being hindered by outdated banking systems. By saying the payments sector is “revving up” but “stuck in second gear”, he implies there is growing momentum and potential that is being braked by outdated banking infrastructure.
The overall interpretation is that Treacher believes new payment technologies are emerging faster than traditional banks can modernize, creating a disconnect where the banking establishment is the bottleneck preventing the industry from shifting to “third gear” or higher levels of innovation and progress.