The most successful financial products of the next decade will not look like banks. They will look like checkout buttons, payroll toggles and dashboards inside software people already use.
The unbundling matured
Licensing, ledgering and compliance are now purchasable as APIs. That collapses the cost of shipping a credit or payments feature from years to weeks.
Where the margin sits
Distribution owners capture the economics. Software companies with recurring customer relationships are better positioned than the balance sheets behind them.
