Building alliances with startups is the most affordable route for community banks that want to offer innovative services, but industry officials cautioned that they must be balanced with smart internal investments, too.
Warren Kornfeld, senior vice president at Moody’s Investors Service, explains why banks’ fear of Amazon, Apple, Facebook and other tech giants is legitimate.
MyBucks and its subsidiary, New Finance Bank, have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.
Andrew Keys, co-founder of the venture capital firm ConsenSys Capital, has a vision of the future bankers might find chilling, in which banks and other middlemen are cut out of financial services.
The Omidyar Network has invested in five challenger banks. Tilman Ehrbeck, who is leading its financial inclusion efforts, says the firm will invest more in apps for gig workers and retirees next year.
