Discover and read the best of Twitter Threads about #neobank
Most recents (2)
1/ There are 6k banks in the US. Most will cease to exist in the next decade, as NeoBanks drive consolidation, driven by increasingly household names like Chime and Square and even Walmart, who is again mulling a leap into banking. This is a THREAD. pymnts.com/walmart/2021/w…
2/ Why so many banks (Canada has 88, Japan has 200, the US has 6000)? Partially regulation (lots of regulators), partially local markets (pre-web), and partially inherent conservatism. But many of those are about to get trampled by tech-enabled brands. forbes.com/sites/ronshevl…
3/ Mobile UX, digital distr & cost are the whole game today -- things fintechs (more efficient due to tech) are greatly positioned to provide. Physical proximity evaporated as a key concern with COVID-19. Contagion finished what ATMs started 20 years ago. smithsonianmag.com/history/atm-de…
After 15 yrs in FinTech, I notice there is still confusion around Open Banking, Core Banking and BaaS. Yes, all 3 involve Banking & APIs. But they're totally different. Quick thread to resolve this👇
1. BaaS/Embedded Finance via #API >> make digital banking services a part of your product and customer experience. No need for an external #banking app! Use cases: smart company cards w/your logo, or create a #neobank!+lots more. @Railsbank @TreezorBanking @Solarisbank @swanapi
