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

May 12, 2026 10:05 · 22:23 · English · Whisper Turbo · 2 Mga Speaker
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0:00
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
all the way from application to opening customer
0:04
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
accounts in,
0:06
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
I believe,
0:06
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
under 12 months.
0:07
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
And that comes after 15 or however many years
0:11
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
of us basically not issuing net new charters.
0:14
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
So it's not just the names I've mentioned.
0:16
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
0:20
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.
0:47
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.
1:10
S… Speaker 1 (BT_RexSalisbury_2026-05-10_Mix1_MR1943 (mp3cut.net) (1))
And Toast started with the point of sale terminal.
1:13
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.
1:19
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
1:36
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.
2:08
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,
3:03
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

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