Welcome to the new edition of the Fintech Wrap Up! This week showed how scale still matters, but only when backed by strong infrastructure. Bank of America’s consumer bank generates over 41 billion dollars in revenue and 10.8 billion dollars in profit, yet retail banking continues to miss on personalisation despite high customer expectations. https://open.substack.com/pub/samboboev/p/coinbases-strategy-map-baas-vs-embedded?utm_campaign=post-expanded-share&utm_medium=web
I just published a new Fintech Wrap Up deep dive, and I wrote it because I kept hearing the same lazy take: “Big banks win because they’re big.” That’s not what I see. Bank of America’s consumer bank wins because its model is structurally tight. It is a set of compounding loops that reinforce each other. https://www.fintechwrapup.com/p/deep-dive-bank-of-americas-consumer