The online lender is counting on other arrangements with banks — and perhaps even a bank charter of its own — to help recover from the loss of a key partnership.

The decision is a blow to OnDeck, which said Monday that it intends to pursue a bank charter, either by applying for one or by buying a bank.

The industry trade group said Rakuten's nonfinancial activities raise questions about its pursuit of a banking charter.

Top technology innovations in digital banking you need to see

Rakuten joins a growing list of fintechs trying to enter the regulated banking sector. All have faced their share of obstacles.

One credit union's launch of a financial wellness app aims to utilize behavioral research to better resonate with how consumers today use mobile applications.

The Alabama bank, which is spending hundreds of millions on technology, says the ability to make faster credit decisions is one reason digital metrics such as checking account openings are soaring.

Several wealth management firms, including Marcus by Goldman Sachs and Wealthfront, have launched banking products to complement their investment services.

Weighing in on interest rate and other uncertainties facing all banks, Citizens Financial CEO Bruce Van Saun emphasized investments in point of sale, digital banking and other initiatives meant to enhance revenue down the road.

Lenders have learned that automated wealth management tools enhance financial advisers' interaction with clients and can bring in more business.