First principles thinking not only creates rapid innovation, but also rewrites the rules governing the industry’s economics and market dynamics. It changes the baseline of how society operates around the core utility they’ve innovated on. Right now we see strong evidence that the likes of Alipay, Tencent WeChat, M-Pesa, the challenger banks of the world and others are all using elements of first principles thinking to start from scratch and deliver banking more efficiently at scale.
