Funding of startups will cool overall, but venture capitalists anticipate growth in new areas of financial services that are ripe for innovation, including wealth management, insurance and back-office operations.
The Silicon Valley payment processor is firing back at critics who say its bid for a bank charter would open the door to similar gambits by tech giants. Community activists, meanwhile, seem to be coming around to the idea of Square opening a bank.
Ally has a lot of digital competitors, so Diane Morais is banking on customer centricity; Heather Cox plans to “levelize” the business and technology team at USAA; and outgoing Fed Chair Janet Yellen has achieved rock star status.
Covault has begun offering a digital identification and virtual safe deposit box service to banks and others. Similar efforts have failed before, but its backers say mobile apps and the cloud have made the service more practical.
Grupo Coppel and Insikt, an online lender, would appear to be cut from different cloth, but they share an expertise in providing credit to working-class, largely Hispanic consumers. The retail conglomerate also operates 1,000 bank branches in Mexico, mixing banking and commerce in a way that U.S. regulators have not allowed.