1993-10-11 - Re: The Bank of the Internet!?

Header Data

From: cman@IO.COM (Douglas Barnes)
To: pmetzger@lehman.com
Message Hash: f2c21cba8ff0547e002aa53d35474927e410739592468528ba503f25566189fe
Message ID: <9310111642.AA26409@illuminati.IO.COM>
Reply To: <9310111341.AA18008@snark.lehman.com>
UTC Datetime: 1993-10-11 16:46:15 UTC
Raw Date: Mon, 11 Oct 93 09:46:15 PDT

Raw message

From: cman@IO.COM (Douglas Barnes)
Date: Mon, 11 Oct 93 09:46:15 PDT
To: pmetzger@lehman.com
Subject: Re: The Bank of the Internet!?
In-Reply-To: <9310111341.AA18008@snark.lehman.com>
Message-ID: <9310111642.AA26409@illuminati.IO.COM>
MIME-Version: 1.0
Content-Type: text/plain

> I don't care for the Government, but I suspect that Chase Manhattan
> has a much better idea of the problems involved in cash transfer and
> accounting systems than you guys do. People who've never worked for
> financial institutions rarely understand where the real problems are.
> I don't mean this to be patronizing -- I have a good deal of respect

Oh really? :-)
I worked for First City National Bank in MIS for three years... I'm
sure Chase has the drop in terms of experience, but you need to realize
that these institutions are the IBMs of the financial world. How
much truly innovative tech do you see out of IBM, despite all the 
centuries of experience locked up in meetings? (I went to work for
them after First City, so I got to see it frist hand.)

Also, the Credit Union movement was started by amateurs in the 19th
century, and the bulk of CUs are still started by rank amateurs today,
albeit the regulators like to see some folks who have at least a
basic grasp of accounting (of which do indeed have.) 

I think that you are overestimating the sexiness of this project, as
did an earlier poster. It's really quite ordinary, except that rather
than being driven merely by a desire to get low-cost loans and a 
customer-centered approach, our field of membership gets all the digital
banking services we can legally provide.... and if a few standards
get set on the way, all the better :-). 


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Douglas Barnes            cman@illuminati.io.com            /  \ 
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