"Really big, multi-million dollar businesses run on paper in America still, and I don't think people realize that," she says.
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The Brazilian banking system was one of the most concentrated and profitable in the world — five banks controlled over 80% of all deposits, and the average Brazilian paid over 30 times more in banking fees than the average American.
Invest Like the Best with Patrick O'Shaughnessy
If you're an intern at company this last summer, you absolutely were using Claude or, you know, chat GPT and just turning it those answers into people, cuz it's better than you at your job. And middle managers were increasingly turning to using AI instead of interns, cuz it does the work and doesn't cry, right? And so, as a result, you saw this loop where nobody was learning the sort of entry skills before.
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David believes the industry is still in its Blockbuster era, with most of the world's banking still running through branches and incumbent banks, and that AI will make digital banks dramatically more efficient than the incumbents they compete with.
Invest Like the Best with Patrick O'Shaughnessy