• McKinsey

Fintech start-ups must still build the most important asset of any business from scratch: customers. Banks already have them, and attackers will find it difficult to acquire them cost-effectively in most cases. Fintech attackers are subject to the same rules that apply to any e-commerce business. Over time, a key test of scalability is that gross margins increase while customer acquisition costs decrease. During the dot-com boom, eBay, a commerce ecosystem with plenty of customers.
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