All in digital banking

Banks and Fintechs Work As a Team

When fintechs first popped up a few years ago, these startups had a goal of disrupting and displacing banks in the world of financial services.  Banks stood their ground and made small reactive changes, but kept systems and processes mostly the same.  The relationship between these rivals has dramatically changed, with both fintechs and banks now working closely together to impact the future of finance.

This is Why Fintech Goes Beyond Millennials in 2018

Millennials embrace technology, growing up in the age of internet and smartphones apps.  Fintech, the connection between finance and technology, has greatly benefited from millennials' quick adoption rates, representing the highest usage by any age group.  Despite older generations having a higher net worth and increasing their own daily tech usage, the fintech community as a whole has ignored their specialized needs.  2018 is the year that the industry will venture beyond millennials to baby boomers and Gen Xers that have complex financial goals, in order to disrupt traditional wealth management.

Fintech Targets "Unbanked" with Mobile Deposit and Debit Cards

As far as fintech companies go, PayPal is among the first and most well-known for its online payment platform that offers an alternative option to using debit or credit cards.  The company is now looking to go further by targeting an underserved market: millions of “unbanked” clients (adult consumers unable to have bank accounts due to various reasons), with deposit accounts and debit cards.

From Traditional to Digital Banks, now Neobanks

As the fintech movement continues to evolve from traditional banks to solely digital banks, startups and more established fintechs are launching efforts to become neobanks.

Neobanks are companies that target improving consumer banking through minimizing or eliminating fees and offering advice that customers need (most commonly around budgeting or saving) through a simple digital user experience.

Photo from WSJ.com