Observers speculate that Intuit simply wants to enhance revenue and protect its tax software business, but the CEOs of each company say the deal would also give consumers more control of their overall finances.
Intuit is reportedly buying Credit Karma for $7 billion. The move is seen as a way for Intuit to get access to more consumer behavior data, generate new sources of income and potentially protect a key business.
Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say.
It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
The digital-only bank found customers are anxious about their inability to set aside money, so it decided to offer automated savings tools, consumer chief Diane Morais says. It is one of the larger companies to do so.
A new report from J.D. Power found that younger consumers increasingly believe the largest banks are better than regionals at providing financial guidance through digital channels.
A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.
