Feldnotizen
Aufsätze und Forschung, während wir arbeiten
Signature economy
Anyone can build a finance AI tool now. Almost no one can sign what it produces - and that gap is the whole opportunity.
The P&L was the moat
New rails lower the cost to launch, but AI lowers the cost to operate, and in SMB banking that's the bigger shift. The moat that kept the market closed is breaking, and building a bank is possible again.
Money as Code
Stablecoins gave money an API. AI agents are the first corporate-finance users that can finally turn programmable money into operating infrastructure, not just another payment rail.
Banking for Vertical Agents
The next customer of a bank won't be a company. It will be an agent acting on behalf of one — and serving that customer requires rebuilding the financial stack from the rails up.
The bank with no interface
Nobody wants to live inside a banking app. Finance teams already work in spreadsheets, chat, and AI. The bank of the future is a ledger, a memory layer, and a set of agents — and the interface lives somewhere else entirely.
The next fintech isn't a bank
It'll be an application layer on top of stablecoin rails, built for agents. The bank becomes the blockchain. The regulation becomes the stablecoin. The experience layer on top gets designed for AI from scratch — not bolted on.