tl;dr: new tech adjusts the definition of “need.” Crypto and traditional finance.

There’s an ad on where I live from Capital One saying “when you need your bank, it’s there for you.”

It’s a nice sentiment, but not entirely true.

What about when: you “need” to

• send money overseas at 2am?
• send a bank wire on a weekend?
• deposit a paper check and use the cash immediately?
• change the name of an account holder?

I have the CapitalOne app.

It’s fine, but the idea that anytime you “need” your bank, it’s available, is about to get changed.

Heck, it’s already getting changed.

The arrival of public blockchains where crypto assets are available 24/7 and available for 24/7 transaction settlement is a game changer for financial access and expectations.

In other words, the definition of “customer need” will expand, just like the definition of “need a phone” expanded from flip to smartphone thanks to Apple.

At that point, what will CapitalOne do?