"Meanwhile, the more than 50 percent of Americans who live paycheck to paycheck often experience an entirely different financial services system."

"This same monumental change—infrastructure “as a service”—is coming to financial services."

"Then you need a core system (analogous to a large database) that logs where your customers’ money is and how it is moving around."

"You need to integrate with a series of payment systems so customers can take money out of their accounts."

"Propel is a company that serves some of the 40 million families that are on Electronic Benefits (e.g., food stamps). One of the company’s founders grew up on food stamps and had deep insights into this market."

"Banks are required to comply with a set of laws that’s intended to prevent money laundering. They monitor hundreds of sanctions and terrorists lists around the world——as well as all of our transactions."

"As you might imagine, this results in many false positives (legitimate customers getting blocked), as well as a ton of manual reviews."

"More surprising, then, is the fact that less than 3 percent of that laundered money is actually caught."

"One of the big challenges in this market is that once a bank gets good at catching money launderers, the perpetrators often move to a weaker point in the system."

"You can pick almost any nine-digit number that doesn’t start with nine at random and it could be a legitimate social security number."

"Turns out that fake people take out loans at much different rates than real people. And if you’re focused on it, you can stop this kind of fraud much more effectively."

"What’s so unique about this disruption is that, with most large industry changes, oftentimes there’s one winner and many losers."

"Finally, the really exciting part comes to us as consumers. With new financial services companies spinning up—and some of our favorite brands launching financial services—our existing services are getting better."