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I spent a while working in a financial institution department as a monetary advisor again within the early 2000s. It is a fairly good gig, if for no different motive than the inordinate variety of paid holidays (Columbus Day, Flag Day, Arbor Day). However what actually amazes me is that nearly 20 years later, the financial institution hasn’t actually modified a bit.
This can be a timeless enterprise mannequin.
Simply consider the variety of services which were disrupted or rendered out of date since then. VCRs. Dot Matrix printers. Fax machines. Floppy disc drives. However banks are simply as viable and essential right now as they have been a century in the past. Greater than that, you might argue the monetary system is the spine of your entire economic system. In any case, borrowing and lending are what grease the wheels of commerce.
Banks even have very “sticky” revenues. Switching monetary establishments is a serious problem, which is why few prospects stray and most keep put. That stickiness makes for a recurring and predictable income stream.
And in contrast to, say, a division retailer…