BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1)

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

all the way from application to opening customer

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

accounts in,

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I believe,

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

under 12 months.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And that comes after 15 or however many years

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

of us basically not issuing net new charters.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So it's not just the names I've mentioned.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

There are now new folks who have barely gotten started who are already

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

coming out of the gate faster with their own chart.

0:24

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

there's just going to be more competition than ever before.

0:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So those are kind of the banks and the kind of fintech competitors

0:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you might see and think about.

0:33

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

There's another wave on the B2B front that I

0:37

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

think is probably the most important wave,

0:39

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and that's the rise of vertical SaaS.

0:41

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

This is easiest described with someone like Toast.

0:44

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And Toast is vertical SaaS for restaurants.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you run a restaurant...

0:49

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you do not wake up saying,

0:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know what I want?

0:51

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I want a bank account and I want to go to a bank branch and get a bank loan.

0:55

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

What you want from first principles is a piece of software

0:59

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that runs every aspect of your business for you.

1:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Before AI,

1:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it was pretty hard to build a lot of software.

1:07

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So that meant you had to pick a few different things.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And Toast started with the point of sale terminal.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And then years later,

1:14

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they've expanded into doing payroll and doing toast

1:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

capital.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So they actually lend to their customers.

1:20

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It took them like,

1:21

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I can't remember the exact timeline,

1:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but let's call it like six years to at least start doing the lending thing.

1:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But lending is now like 20 % of their revenue.

1:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So if you want to loan and you're a restaurant,

1:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you no longer have to go to a bank branch.

1:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You no longer have to go through a one to three month process to

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

get a loan.

1:37

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

There is,

1:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

yeah, it's a little bit more complicated than this,

1:40

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but you can like press a button in a piece of software you're in every day and

1:44

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

get capital.

1:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And eventually it will be that easy.

1:47

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It will literally be,

1:48

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

what do you want?

1:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Here are the terms,

1:51

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

accept.

1:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

In much the same way that PayPal does this,

1:54

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

where they know flow of funds and PayPal is willing to offer you pre -approved

1:58

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

loans because they know your business better than your bank does.

2:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Yeah.

2:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And what is happening now is Toast is many tens

2:07

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

of billions of dollars of market cap.

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Again, I think roughly 20 % of their revenue comes from Toast Capital.

2:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Now,

2:13

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

if you want to build a vertical SaaS platform for something like hair salons,

2:16

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

golf courses,

2:17

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

funeral homes...

2:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it has become a lot easier to build more software.

2:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And that software can do your CRM,

2:25

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your scheduling,

2:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your appointments,

2:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your payment processing,

2:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your payroll,

2:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your bank account,

2:30

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your FinOps and reconciliation.

2:34

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And your accounting,

2:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which means they have complete insight into your financial credibility as

2:40

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a business, which means they'll also be able to do loans.

2:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And so what is going to happen is that loans aren't going to be something that people

2:47

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

walk to a bank to get anymore.

2:49

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Loans are going to be provided to you in the normal course of business by

2:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a piece of software that has context around your entire organization.

2:57

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And that's going to move from...

3:00

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you look at restaurants,

3:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they're...

3:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Over a million restaurants in the country,

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S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

restaurant spend has recently crossed,

3:06

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

although I think it was maybe three or four years ago during the pandemic,

3:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

has crossed grocery spend.

3:10

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Restaurants are one of the largest verticals.

3:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So it kind of makes sense that Toast is one of the first large vertical SaaS companies.

3:16

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's just a huge category.

3:18

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

There are a lot of...

3:20

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you take the 8 million small businesses in this country,

3:23

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

there are a lot of other verticals.

3:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And now all of them are increasingly going to get their own versions of Toast.

3:30

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And those...

3:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

bits of software are going to be exceptional and they're actually going to cover more surface area from

3:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

day zero than Toast was able to do when they started.

3:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And that means that banks...

3:40

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If a bank goes to a small business customer,

3:43

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's like, hey, I have a bank account and a card and a loan.

3:46

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And people are like,

3:47

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but do you manage my whole business for me?

3:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And they're like, no,

3:51

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

no, we don't do that.

3:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And we take two weeks to open your bank account,

3:56

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

by the way.

3:56

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And the customer is like,

3:58

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I already have an account.

3:59

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's inside my software.

4:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And they already give me loads.

4:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I just click a button and I get a loan.

4:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Why?

4:08

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Why am I working with,

4:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

like, why are we talking?

4:10

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And that's the world we're having where it's going to be truly embedded.

4:14

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's crazy,

4:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Rex, because I go back a few years when banks

4:20

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

were actually giving the terminals that would take the card payments from

4:24

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

small business to small business.

4:26

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's part of the business.

4:27

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You had salesmen out there giving those to organizations so they could have their

4:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

accounts.

4:31

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And then they completely got out of that.

4:35

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Right at the cusp of data being important,

4:37

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that you'd be able to collect all that data and be able to serve the customer more than just on the

4:41

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

credit card side,

4:42

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but on the data side.

4:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And now you see things like Toast.

4:45

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You see things like PayPal.

4:46

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You see things like Square.

4:47

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

All these other organizations,

4:48

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you go, they have made complete business models around the

4:53

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

capture device and around the entire software stack,

4:56

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

as you said.

4:57

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And it's crazy because these are.

5:00

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

These are parts of the business that the banking world gave away because

5:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they didn't see the profitability of the time.

5:06

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And there's other things such as eugenic AI,

5:09

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

stable coins,

5:10

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

these other things that are not at the edges of the relationship that

5:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

consumers and small businesses and corporations actually have with their financial

5:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

institutions.

5:20

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

How does a traditional bank hang on in this environment or

5:25

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

what defenses or are there defenses?

5:27

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I see you smirking already,

5:28

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

so I'm going down a path.

5:30

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I hate to tell you,

5:32

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but that horse left the barn.

5:34

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Again, back to that analogy.

5:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

That's why I'm in business is I believe that.

5:40

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Well,

5:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but the thing is,

5:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

don't a lot of bankers kind of believe it,

5:46

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but it keeps them up at night where they're realizing that.

5:49

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

There's all these organizations that they don't control anymore and they

5:53

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

don't control their consumer.

5:54

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It looks great on a financial statement that you have the same number of customers,

5:58

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you have the same number of deposits,

5:59

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but these are manufactured and they're not holding what

6:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they've got as far as where it's going to go forward.

6:06

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, when you've recently had conversations around stablecoin and agentic AI and how

6:10

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

this can really,

6:12

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

really substantially disrupt organizations,

6:14

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

not just on the payment side,

6:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but organizationally in the way they do business.

6:18

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Are we looking at the beginning of what you

6:23

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and I have talked about this,

6:24

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the sky is falling moment where all of a sudden we're going to see a massive consolidation

6:29

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

in the banking industry that.

6:31

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

we've talked about for decades and it's never really happened to the degree we thought it was

6:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

going to happen.

6:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's still going to take time.

6:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's still going to take another 10 years.

6:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But I think now for the first time - But 10 years is a short amount of time.

6:41

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Yeah.

6:42

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I mean,

6:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

six years was COVID and that feels like yesterday.

6:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Yeah.

6:47

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And let's go back to like the Robinhood gold number,

6:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

4 million subscribers versus Chase's 60 million monthly actives.

6:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Once that starts getting to like 10 -

6:57

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Four, it's kind of spread out across,

6:59

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know, there are another big five banks that also have 60 million.

7:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You still don't really feel the pain of four.

7:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But when you get to 10,

7:06

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and 10 is not that far away,

7:07

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's maybe another two years,

7:08

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

right?

7:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And then you start to think about the Mercuries and the Ramps and

7:13

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the Chimes and maybe the new banks.

7:15

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And across all those folks,

7:17

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

when you start to get north of the 10 million customer mark

7:21

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that are being pulled out,

7:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that's when banks really start to notice it.

7:24

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And they can't...

7:25

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Right now, the economy is still growing.

7:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

People are getting...

7:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think economics continue to grow.

7:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But it's growing enough that even if you're losing a little bit of market share,

7:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you still see growth in your business.

7:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

At some point,

7:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think that flips where the underlying growth of your existing customers...

7:44

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

relative to the attrition,

7:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that's maybe two years away where you start to feel the pain of some business lines actually just

7:49

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

stop growing and start shrinking.

7:51

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I think we're going to start to see that in the first business lines in another year

7:55

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

or two.

7:56

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I know there have been some large private market investors who do cohort

8:00

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

analysis of new businesses.

8:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Who do they open bank accounts with?

8:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Who do they use for their card spend?

8:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And when you do the rankings of those...

8:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It is not the big five banks who have the largest market share.

8:12

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And they're not opening the most new accounts.

8:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I mean, that's,

8:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know,

8:16

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

yes, it's death by a thousand cuts,

8:18

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but the reality is,

8:19

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know, organizations,

8:21

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

financial institutions got to realize that if Chime is getting the most new

8:25

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

consumer accounts right now,

8:26

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

opening up on a monthly basis,

8:28

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that should be a warning sign that says it may not hurt now,

8:32

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but it's hurting each of you a little bit.

8:34

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But eventually they're going to get scaled to the degree that they become a household

8:38

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

name beyond the original target market.

8:41

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And it's going to happen for the Robin.

8:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's going to happen for the SoFi.

8:44

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And it may happen in different ways with the PayPals of the world where you say they

8:49

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

already had a brand,

8:50

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but they completely shift their business model to serve in new ways.

8:54

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's bigger than a warning sign because,

8:58

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

as you said, scale may not be there,

9:00

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but by the time it is.

9:02

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Are you ready to respond?

9:03

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And, you know,

9:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and I'm going to put you in the spot a little bit here.

9:07

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, if you were all of a sudden,

9:09

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they convinced you somehow to become a CEO of a legacy

9:13

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

bank, what's the first thing you would do to respond?

9:17

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I mean, I'm going to just take it.

9:18

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Obviously, I'm taking a bland organization,

9:21

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but saying most of them are very similar to each other.

9:24

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

What's the first thing you would do to defend turf?

9:29

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

assuming that you had enough revenue and everything else to do so.

9:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

No one should give me that job.

9:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I do a terrible job.

9:34

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But, I mean,

9:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the three buckets to mostly think about are buy,

9:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

build, and partner.

9:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I think the reality is you probably

9:43

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

have to buy something.

9:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Yeah.

9:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And equip that team that you're purchasing to

9:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

really go after it.

9:52

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And this is why I think the Capital One acquisition of Brex makes a lot of sense.

9:56

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I don't think Capital One could have built Brex internally.

10:00

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And even now that they've bought Brex,

10:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they're going to have to make sure that they give them enough operational independence to pursue

10:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the market opportunity as it exists today.

10:07

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But that's probably one of the most important things for you to do.

10:11

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But an acquisition like that is really hard.

10:13

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you're not Capital One and you have a much bigger

10:17

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

existing SMB business practice and card portfolio,

10:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's incredibly political and difficult to

10:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

try to do that.

10:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And so it's just a very hard job to do to take,

10:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think, the degree of the bold bets you would need to do as a banking leader to

10:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

make some of this stuff happen.

10:39

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, that being said,

10:41

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and knowing that you have to restructure this,

10:44

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

we see things like something you never would have seen Chase building

10:49

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a digital only bank in the UK,

10:50

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but not building themselves,

10:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

building with a partner,

10:53

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which was very interesting that you don't usually see something like that happen with them.

10:57

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You're seeing organizations.

10:59

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I mean,

10:59

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Chase bought a number of fintechs.

11:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And by the way, they had fin by Chase,

11:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which.

11:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They started and then they killed.

11:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's hard to build these things internally.

11:07

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Before that,

11:08

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they had the online bank.

11:10

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I keep on saying that when you have 35 stories of branch bankers in your

11:14

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

tower,

11:15

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's pretty hard to all of a sudden say,

11:16

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

we're going to go into the digital -only world,

11:19

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which is what they would have loved to have done.

11:20

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They didn't have to fight anybody in the UK because nobody worked at the organization before that.

11:24

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But do you see any— And even for Goldman,

11:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which didn't have that,

11:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they found it very,

11:30

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

very difficult.

11:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to build this,

11:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

right?

11:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Because the other parts of Goldman were making money and this part was costing a lot of

11:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

money. That was difficult for them too.

11:39

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Hard to sell to quarterly shareholders.

11:41

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So do you see any legacy bank being able to get out

11:45

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

of their own way enough?

11:47

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to compete aggressively with the fintech providers that we

11:51

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

see possibly?

11:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I mean, we make all kinds of assumptions,

11:54

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but they're obviously doing a lot of things right.

11:56

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Do you see any of the legacy financial institutions or a set

12:00

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

of financial institutions that are going to be able to get out of their way to serve the marketplace the way the fintechs

12:05

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

can right now?

12:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think probably the part of the...

12:08

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

large bank franchise,

12:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the most defensible or anything that operates at the largest level of scale.

12:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So they're like the global corporate banking franchises where you bank the largest

12:16

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

companies in the world.

12:18

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You can also see a little bit of how this is playing out just with

12:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

what's going on private credit and banks are retranching and

12:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

being the more senior lenders to the private credit firms who then take

12:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the more junior.

12:33

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

positions.

12:33

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Well, they don't take the more junior position,

12:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but they're the ones actually out there making loans to the end company.

12:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And so I think there could just be this retranching where they become

12:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

partners and infrastructure.

12:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But also,

12:45

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

if you're a huge organization,

12:48

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you want to work with someone like JP Morgan,

12:52

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

who has a huge balance sheet.

12:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And so for some of the largest customers,

12:56

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that's where they're still going to be.

13:01

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they're going to have an opportunity for a while.

13:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But even for the largest banks,

13:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

global banking and those large customers are

13:10

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

not 80 % of their business.

13:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They still really depend on the mass affluent in these other segments to be these

13:16

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

broadly diversified businesses.

13:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

One other thing I'll mention,

13:20

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

too, is we talked a lot about understanding how the transformation is starting to happen by

13:24

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

speaking about the end customer and what they need and why what they need does not map

13:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to today's ecosystem.

13:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And I think that's probably one of the most important lenses to understand how banking transformation

13:34

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

is going to happen.

13:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But there's another lens,

13:37

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which is just starting with the business model of banking.

13:39

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And to oversimplify...

13:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

One of the core things about banking is you take deposits,

13:46

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and they're about $20 trillion in bank deposits,

13:48

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and you pay no interest.

13:50

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And then you lend out at a much higher rate.

13:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And to do that lending,

13:55

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you spend about 50 % of the spread on your

13:59

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

costs.

13:59

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

That's your expense ratio.

14:03

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Don't pay any interest.

14:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You're pretty inefficient in terms of how you lend that out just because it's the expense

14:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

of managing all those people and processes and things that manage

14:13

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

those loans.

14:13

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And then you lend out at a high price.

14:17

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Most of that $20 trillion in bank deposits is just idle money

14:21

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

that's sitting there,

14:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

not because the customer intentioned it to be that way,

14:25

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but because there's friction in the system and it's a pain to

14:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

move money around.

14:30

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I have this.

14:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I hold more cash than I would like because ACH is a pain.

14:34

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I need some money here.

14:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I need some money there.

14:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Dividends came in there.

14:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I haven't moved around.

14:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

That's what the financial ecosystem depends on is inertia

14:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to be able to charge 0 % interest to be able to make spread.

14:47

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you believe that we're going to have real -time money movement at scale in

14:51

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the next 10 years,

14:52

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and we're going to have agents or more autonomous

14:57

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

software, this doesn't even have to be crazy.

14:58

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's just...

15:00

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

sets of rules that move money to seek yield and are able to

15:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

do that in real time as opposed to getting stopped because it's a bank holiday or

15:08

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a weekend or it's 5 p .m.

15:09

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So if you just believe that you're going to have software moving

15:14

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

money to seek yield,

15:15

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

how can you possibly believe that in 10 years,

15:18

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

there's still going to be $20 trillion of bank deposits that is willing

15:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to receive zero yield?

15:25

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I don't see that being true,

15:26

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

regardless of all the customer stuff.

15:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And if that's the case,

15:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

the cost of capital is one of banks' core competitive advantages,

15:33

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and that deposit franchise is going to be eroded.

15:38

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think that's reasonable.

15:39

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

At the same time that you've run out of ways to cut your costs in the back office,

15:42

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know,

15:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's not surprising that agentic AI is

15:47

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

being used more to cut costs in the back office than it is to deliver better services,

15:51

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

better products,

15:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

better experiences.

15:53

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And you go,

15:54

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

at some point,

15:55

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you zero out and you still have your hard costs of branches

16:00

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and old technology in the back office that you can't

16:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

work around.

16:06

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And this is,

16:06

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I think, the big thing that people did not talk enough about with the collapse of the SVB.

16:11

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's like,

16:11

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

oh my goodness.

16:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

A lot of people don't actually know what happens.

16:14

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

If you're a banker, you know what happened.

16:15

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They mismanaged rate exposure and they didn't expect rates to grow.

16:17

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And they're like,

16:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

wow, that was dumb.

16:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You shouldn't have done that.

16:20

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But why did customers move their deposits?

16:24

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They moved them for a perfectly rational reason that they had large amounts of

16:28

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

money and they didn't want to get paid 0 % interest on it anymore.

16:31

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And rates went up for the first time in 5 to 10

16:35

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

to 15 years.

16:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Right. So the fundamental reason why people started moving money

16:41

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

was just rational.

16:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They didn't want to be wasting money.

16:44

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And there are a lot of people who are going to rationally

16:49

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

start looking at their money all across the financial ecosystem.

16:52

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

in the next,

16:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know, one,

16:53

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

three, 10 years and realize they don't have to get paid 0 % interest anymore.

16:57

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And when the SVB collapsed and they did the whole thing,

17:00

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

like how many banks are functionally insolvent,

17:02

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it wasn't just SVB.

17:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It was a lot of banks.

17:05

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And the reason was customers were making rational choices.

17:09

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Well, and rational choices that for the first time ever could

17:13

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

be done on this.

17:14

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And the rational choices precipitated

17:18

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a bank run,

17:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but people are just like,

17:20

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

oh, it was a bank run.

17:22

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Yes, it was a bank run,

17:23

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but it was precipitated,

17:24

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

not by consumer psychology,

17:27

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but by people making a very rational choice to not get paid 0 % interest.

17:30

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And so I think that was a harbinger of what is to come.

17:34

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Not a harbinger of like,

17:36

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

oh my God, we're going to have massive bank runs and they're all going to collapse,

17:38

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but more of a slow bleed of deposits.

17:42

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

into seeking higher yield alternatives.

17:45

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Well, and the inefficiency of banking is what holds money where

17:49

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it is.

17:49

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You and I and everyone else,

17:51

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

anyone between ages of 20 up to 90 has money

17:56

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

at an organization that's not the best financial decision,

17:58

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but it's sometimes easy to open,

18:01

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

almost impossible to close.

18:03

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And you go,

18:04

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

you know what?

18:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I got money in my Starbucks account that's not much bigger than that.

18:08

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So I can deal with that.

18:09

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

But the reality is,

18:11

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It's going to be made more and more efficient and consumers are going to,

18:14

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

they now have the capability to day trade their money in

18:18

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

a way that makes it so that it's massively efficient.

18:20

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They get rid of the spread.

18:22

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

They own the spread within their own organization.

18:24

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, we talked about open banking.

18:26

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Well, in the UK,

18:27

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it's different than the US,

18:28

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but in the US, I have open banking every day.

18:30

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I deal with multiple organizations.

18:33

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I'm transferring money between them.

18:35

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I'm owning my open banking account.

18:36

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

On the other hand,

18:37

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

it is a story I tell many times that you talked about transfer money for a wire.

18:42

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I can't transfer money from my business bank to my

18:46

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

consumer bank,

18:46

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which are both top six banks,

18:48

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which gives it away that it's right around that five or six level that one of them is without

18:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

writing a check to myself because one of them doesn't work with any

18:56

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

third -party provider to transfer money.

18:58

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

So I'm sitting here going,

18:59

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I'm...

19:00

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

twice a week or twice a month,

19:02

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I'm writing a check to myself,

19:03

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

taking a picture,

19:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

sending it.

19:04

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You go, there's efficiency to that,

19:06

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but there's a very inefficient process.

19:08

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I used to have to do that.

19:10

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And yeah,

19:10

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

any small business owner who has personal business,

19:12

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

like it's just kind of painfully aware how stupid a lot of this is.

19:15

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I've thankfully gotten away from the point where I have to write checks to myself,

19:19

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which is crazy that you can like put like ink on paper and that

19:23

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

allows you to transfer more money than...

19:25

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

and you're limited moving money from one beneficial owner to the exact same

19:29

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

beneficial owner digitally

19:32

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Cool.

19:32

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

Rex.

19:33

S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

That's the current state of affairs.

19:35

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

I'm glad we finally got together.

19:36

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, it's interesting because you have a very positive attitude about banking.

19:40

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

It just isn't the traditional banks we're all used to.

19:43

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And you've actually started a fund that basically puts

19:47

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

your money where your mouth is.

19:48

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

And it's not as easy to

19:52

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

have money flowing in and flowing out as it was maybe eight or nine years ago,

19:55

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

but it's a much more rational decision being made.

19:59

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

You know, can't go throughout this without giving a plug out to the organization.

20:03

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

We're both trying to work with FinTech NerdCon,

20:06

S… Speaker 2 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))

which is a great organization that's putting on a great

BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1)

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