Salaryo and Joust are among the companies catering to a clientele of underbanked entrepreneurs, Uber drivers and the like. Venture capital dollars are starting to follow.
MoneyLion and Varo say familiarity with existing customers — whom they already offer savings, investment and personal finance products — will help them make smart credit decisions.
The largest financial institutions have a golden opportunity to capture more market share because of the under-40 crowd’s decided preference for digital banking, J.D. Power says. Yet so do nonbanks.
In addition to launching an automated investing app, the bank created a dedicated adviser unit to provide personal service to customers when they need it.
