Despite the clear value proposition of the banking system to the U.S. economy, customer satisfaction at large national banks is lower than almost every other major industry. Change is difficult in a highly regulated industry that is steeped in tradition. Major innovations have historically come from outside of the industry. Even the credit card, now a banking mainstay, was originally developed by someone outside the industry.
Today, innovation is coming from companies that are using technology to shake up banking with new, more efficient, approaches. Companies like GoBank, Check, Square and Lending Club are revolutionizing the way we bank, pay our bills, collect money from customers and invest. Now that Finance 2.0 is moving into the mainstream, traditional banks have realized the benefits of partnering with these technology providers and evolving their own models. Discuss today's banking innovations and how Silicon Valley and Wall Street are working together in this new age of finance.