Quotes from Brett King

In 2013, Alibaba's money fund Yu'e Bao ("leftover treasure") was launched and marketed to users of Alipay. They then expanded into banking in 2015, launching MyBank during the summer and, in an audacious move, opened their bank capabilities to other Chinese banks through an open marketplace of apps and APIs.

That looked like an intense little conversation," she said. "Who called?" "President of the United States," he answered, starting the engine. "Okay, fine," Cori sighed. "Don't tell me.

Too often new initiatives coming into a bank are perceived culturally as a threat because of the change it forces, and the bank reacts like an immune system attacking a virus.

Incumbents are admittedly iterating on the friction, but have to butt up against compliance, legal and risk departments constantly trying to retain as much of the friction as possible. It takes a really strong CEO and executive team to reform that systemic thinking.