--- title: "Meaning & Key Takeaway of: Banks are really bad when it comes to…" description: "\"Banks are really bad when it comes to building consumer-centred products.\" — Taavet Hinrikus" image: "https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg" --- # Banks are really bad when it comes to building… ![“Banks are really bad when it comes to building consumer-centred products.” quote by Taavet Hinrikus](https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg) [Download](https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg) [Open image](https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg) > “Banks are really bad when it comes to building consumer-centred products.” [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Banks often prioritize profit over user needs, leading to products that ignore consumer perspectives. **In simple terms:** Banks ignore consumer needs. Key Takeaway Prioritize user research. Themes finance product design consumer focus Mood critical skeptical Type analytical critical When to use this quote - startup product development - banking app redesign - customer feedback loops Key Concepts User‑centric design profit vs. purpose Questions to Reflect On - How can banks align profit with user needs? - What incentives could shift focus? A Different Perspective Banks may lack incentive without regulatory pressure. ★ ★ ★ ★ ★ No ratings yet [Bad](https://sms4smile.com/quotes/about/bad/) [Banks](https://sms4smile.com/quotes/about/banks/) [Banks Really](https://sms4smile.com/quotes/about/banks-really-2440285/) [Building](https://sms4smile.com/quotes/about/building/) [Building Consumer](https://sms4smile.com/quotes/about/building-consumer-5360272/) [Consumer Centred](https://sms4smile.com/quotes/about/consumer-centred-5360273/) [Customer](https://sms4smile.com/quotes/about/customer/) [Products](https://sms4smile.com/quotes/about/products/) [Really](https://sms4smile.com/quotes/about/really/) [Really Bad](https://sms4smile.com/quotes/about/really-bad/) ## Related quotes > [When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.](https://sms4smile.com/quotes/michael-hudson/when-you-say-paying-the-banks-what-they-really-mean-is-paying-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [If you're building a consumer app, you're necessarily coupled to the intrinsic time cycle of human fashion in that it's a fashion-driven space, and…](https://sms4smile.com/quotes/patrick-collison/if-you-re-building-a-consumer-app-you-re-necessarily-coupled-to-the/) [Patrick Collison](https://sms4smile.com/quotes/author/patrick-collison/) > [The banks never sent me one chequebook. 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I don't believe it when people tell me they've been working 80-hour weeks for five…](https://sms4smile.com/quotes/taavet-hinrikus/building-a-business-is-a-marathon-not-a-sprint-i-don-t-believe-it/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [In 2011, when we launched TransferWise, it was our frustration with banks not giving us what we wanted or needed as customers. The motivation…](https://sms4smile.com/quotes/taavet-hinrikus/in-2011-when-we-launched-transferwise-it-was-our-frustration-with/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [Scaling a business at speed can feel like an out of control roller-coaster.](https://sms4smile.com/quotes/taavet-hinrikus/scaling-a-business-at-speed-can-feel-like-an-out-of-control-roller/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. 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It's a snowball effect.](https://sms4smile.com/quotes/taavet-hinrikus/historically-people-have-flocked-to-silicon-valley-because-of-the/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [Sometimes, companies are better placed than politicians and governments to make change happen. That doesn't mean that they should not be held to account…](https://sms4smile.com/quotes/taavet-hinrikus/sometimes-companies-are-better-placed-than-politicians-and/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [A preoccupation with job title is an immediate giveaway that someone's priorities are not in line with the company's.](https://sms4smile.com/quotes/taavet-hinrikus/a-preoccupation-with-job-title-is-an-immediate-giveaway-that-someone/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [The growth of FinTech has been driven by adoption across age groups, but the demand from the millennial generation to innovate and think about…](https://sms4smile.com/quotes/taavet-hinrikus/the-growth-of-fintech-has-been-driven-by-adoption-across-age-groups/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [As consumers in general, and with Millennials in particular, we're getting used to everything being cheaper, faster, better - and banks aren't keeping up.](https://sms4smile.com/quotes/taavet-hinrikus/as-consumers-in-general-and-with-millennials-in-particular-we-re/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [There's always been a lot of interest in the tech community about how to foster innovation and creativity - both within a company but…](https://sms4smile.com/quotes/taavet-hinrikus/there-s-always-been-a-lot-of-interest-in-the-tech-community-about-how/) [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) > [Traditional consumer finance has been unfair for decades. 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So I feel bad about spending excess amount of money on things.](https://sms4smile.com/quotes/syd/my-conscience-is-really-active-so-i-feel-bad-about-spending-excess/) [Syd](https://sms4smile.com/quotes/author/syd/) [Browse all 7,973 Bad quotes ](https://sms4smile.com/quotes/about/bad/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Banks are really bad when it comes to building consumer-centred products.", "creator": { "@type": "Person", "name": "Taavet Hinrikus" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/taavet-hinrikus/banks-are-really-bad-when-it-comes-to-building-consumer-centred/", "about": { "@type": "Thing", "name": "Bad" }, "@id": "https://sms4smile.com/quotes/taavet-hinrikus/banks-are-really-bad-when-it-comes-to-building-consumer-centred/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg", "contentUrl": "https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg", "url": "https://sms4smile.com/quotes/i/970/taavet-hinrikus-9070_bad_banks-are-really-bad-when-it-comes-to-bu_2287141.jpg", "width": 1080, "height": 1080, "caption": "“Banks are really bad when it comes to building consumer-centred products.” — Taavet Hinrikus", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Taavet Hinrikus", "item": "https://sms4smile.com/quotes/author/taavet-hinrikus/" }, { "@type": "ListItem", "position": 4, "name": "Banks are really bad when it...", "item": "https://sms4smile.com/quotes/taavet-hinrikus/banks-are-really-bad-when-it-comes-to-building-consumer-centred/" } ], "@id": "https://sms4smile.com/quotes/taavet-hinrikus/banks-are-really-bad-when-it-comes-to-building-consumer-centred/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```