New entrants don’t pose a disruptive threat to the incumbent cohort of issuers, credit card networks and acquirers primarily because the incumbents — Visa, Mastercard and First Data — are prepared to compete in all segments of the market.
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.
MPOWER Financing announced a deal Tuesday with Bank of Lake Mills in Wisconsin that will enable the Washington, D.C.-based company to lend to students in all 50 states.
Varo Money, an app designed for people who want to exclusively bank on their cell phones, announced Tuesday that it has filed formal applications for a national bank charter.
In recent years, the country’s largest cellphone carriers have begun to experiment with new financing options for smartphones and other devices. That forebodes a deeper interest in financial products.
A handful of underfinanced startups aren’t enough to sink the industry. Community banks will survive digital disruption so long as they concentrate on what their customers want and need.
Auto risks mounting. Mortgage market tightening. Are there any good risks these days in consumer lending? Regional bank executives insist partnerships with online lenders, unsecured personal loans and other niche efforts can work if done properly.
A profile of New York's superintendent of banking offers insight into her thinking on hot regulatory issues; the women behind the machine learning at Morgan Stanley and UBS see a future with better advice; plus, Jane Austen and the new Doctor Who.
