The $2.6 trillion-asset bank's recent commitment to digital lending augurs the development of a two-tier market for borrowers who want fast access to cash.
Banks are being pushed into the background of popular digital experiences. But they can reappear on interfaces that customers use daily by doubling down on financial wellness efforts.
The online consumer lender reported a net loss of $25.4 million, bringing its red ink in the five most recent quarterly reports to more than $200 million.
Customers can ask Amazon’s virtual assistant about account balances, spending habits and financial questions that they may be too embarrassed to ask a human.
Through the partnership, Clarity Money customers can use Acorns’ automated investing features, while Acorns users can see a snapshot of their investing activity in the Clarity app.
Up to now, the most successful fintech firms have tried to fill gaps in underserved market, not replace banks. But a new crop of U.K. startups seeking bank charters is turning up the heat.
