New banks, Podcasts

The Challengers 5: Why would anyone want to be a bank — the rise of BaaS — Wells should heed Buffett

  • This week's episode explores the growing trend of brands introducing financial services
  • It calls into question who and what is a bank: 'People want to bank with the brands they love'
close

Email a Friend

The Challengers 5: Why would anyone want to be a bank — the rise of BaaS — Wells should heed Buffett

On today’s episode, Josh and Zack dive into the rising trend of banking as a service. As companies like Walmart and Apple continue to introduce financial services, they clearly don’t want to be banks. Instead they turn to banking as a service players.

Interestingly, challenger Starling Bank is embarking on a BaaS strategy, much like Amazon does with its AWS group. The young company will continue to grow its retail brand and B2B banking services in parallel.

Also in this episode:

  • South Africa’s first challenger TymeBank uses a hybrid online/offline user acquisition strategy and conversational AI to scale Source
  • Uncle Warren’s admonition for Wells Fargo’s CEO search committee to find someone outside of Wall Street Source

0 comments on “The Challengers 5: Why would anyone want to be a bank — the rise of BaaS — Wells should heed Buffett”

Finance Everywhere, Podcasts

‘How to build a credit card product like a Lego rocketship’: Railsbank’s Dov Marmor

  • Dov Marmor has led banking as a service businesses at Currencycloud, Green Dot and now Railsbank.
  • The European embedded finance player is launching in the U.S. with a credit-card-as-a-service offering.
Zachary Miller | December 01, 2020
Podcasts

‘Combining our customer-first focus and local brand’: Inside Seattle Bank’s partnership with Google

  • Google's new bank accounts are being launched in partnership with banks around the U.S.
  • Seattle Bank, a community bank serving Puget Sound, is collaborating with Google to launch a new Google Plex account.
Zachary Miller | November 26, 2020
New banks, Podcasts

Building the Marcus brand: Goldman’s 2021 vision for its consumer banking product

  • Marcus by Goldman Sachs, Goldman’s consumer banking product suite, reached $96 billion in deposits in the third quarter of 2020.
  • Goldman will grow the Marcus product suite in 2021, encompassing checking, wealth management, savings and personal finance management.
Suman Bhattacharyya | November 25, 2020
Data, Podcasts

‘With Boost, we had to break things’: Experian’s Gregory Wright

  • Credit bureaus are moving along the value chain.
  • Experian's chief product officer joins the podcast to talk about lessons the firm has learned from Silicon Valley.
Zachary Miller | November 23, 2020
New banks, Podcasts

Step’s CJ MacDonald on building a bank for teens

  • CJ MacDonald cofounded gyft, which was acquired by First Data in 2014.
  • He's back with Step, a banking platform targeting teens with age-appropriate services and financial education.
Zachary Miller | November 09, 2020
More Articles