The 2008 sub-prime lending crisis that rippled across the world had a severe impact on the trust we have with our banks. As did the miss-selling of Payment Protection Insurance (PPI) and also the Libor Scandal, the list can go on.

According to YouGov, 66% of people polled in 2018 did not trust their banks. The new “challenger” or “Neo” banks have done well with increasing transparency with their own services. However, to paraphrase Alessandro Hatami, a former Lloyd’s Bank director, they’re just digital versions of incumbent banks. They may have become comfortably complacent with replicating traditional banking in a digital setting and there is so much more to be done to truly transform the finance industry.

One way to imagine the change that could happen is to relate the current environment to the music industry. For example, Incumbent banks are similar to music stores that sold CD’s. They then had to compete against iTunes and Napster who also just sold music, albeit digitally, similar to challenger/neo banks. Music stores and iTunes had altered the industry to some extent, but the real transformation came with music streaming services like Spotify.

At CoinCoach our vision is extensive and we aim to deliver real transformation in the finance industry. How would we achieve this? By not being a bank or challenger/neo bank and instead helping you analyse and benefit from your data that the banks hold. Next we put the power of machine learning in your hands to dig into that data. This would then give you the power to (even across borders) optimise your finances, achieve your goals and find the best accounts, cards, mortgages, insurance etc. all tailored to you. We want to you to profit and save from your own data.