So here we see a powerful model for the future of banking and financial services.
This is what disruption is really all about, with "removal of all the costs and charges from the global financial model" being a laudable but apparently achievable goal.
I strongly recommend that you read the full article and then click through to the Uphold site to watch the video.
As you do, you can't help thinking that we're on the verge of something big and exciting. And it will be interesting to see where else in Financial Services this model can be applied.
It’s not just that traditional banks have been slow to embrace new technology, explains Watson, but that their business processes – the heart of how they make money – are out of date too. Currently, most banks work by accepting customer deposits, taking out investments with that money (generating their revenue from those investments) and keeping a small portion of the deposits in reserve ready for customers to withdraw. Northern Rock customers withdrew £1 billion in savings (about 5 per cent of the bank's total deposits) during one day in September 2007