Scottish-born entrepreneur John Dennis, who came to America 35 years ago, is interested in the future of American finance. While his grandfather was managing partner of a merchant bank in England in the 1920s, John believes the next great institution will arise from young young entrepreneurs. "Whatever it is, we need to have start-ups in America," he said.

When Dennis studied applied economics in college, one of his professors introduced him to the ideas of Venture Capital. Many of the lessons applied later in his career when he cofounded South Pointe Bank, and finally when he left a relatively profitable job in banking in 2004 to venture forward with Equinox Credit Card Company, which he started in 2016.

Dennis emphasized that there's so much emphasis in America on Wall Street, but that banking should be about much more than that. "There has to be a much more support for start-ups," he said. "Starting a company is an uphill battle in America."

Here are a few of Dennis' tips and ideas on investing in America's banks and personal finance:

1. Consolidate your bank accounts into one location. If you have more than one credit card or checking account, you might not get the best deal, and it could complicate your financial lives.

"If you consolidate your accounts, you get a better rate of interest, you'll save a ton of paper and a lot of time. And you can customize your accounts to your needs," Dennis explained.

2. Open a 401(k) for your business. What would have become an extra personal expense would become a personal asset if done correctly. All it takes is a little effort to include your business in your tax return, as required, and you'll be able to save an additional 20 to 30 percent on payroll taxes.

3. Consider investing in a small business. Doing so means that you'll be one of the first customers a company will offer to. Companies often target retail customers who are looking to make a profit, so what you purchase could be of great benefit to the company.

4. Start your own mortgage company. "Going into a mortgage firm is the only way to be competitive when it comes to fixed-rate mortgages," Dennis said. "They need to keep costs down because they have to compete with the big banks. You have the ability to be competitive without building a large office. It requires far less overhead than some of the banks."

5. Start a small business. Sure, you'll still face some of the same risks as with your own personal finances, but what you'll gain from your own business will come more directly from the money you'll be earning. "I think it makes more sense if you're small," Dennis said. "That's when you're most likely to make mistakes."

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