financial institutions (2)

The Little Fintech Bank Charter that Could(n't)

For now, the OCC has lost its battle against the banking industry to establish a fintech bank charter in the U.S. and will need to regroup. Establishing a regulatory definition and operating rules for fintechs that are continuing to grow their account bases in this country does not seem like an illogical next step in our banking evolution. But that depends on where you're sitting. In a country that is intensely competitive, it is ironic how noncompetitive our markets really are.
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Apple Card is About Apple, Not Credit

The Apple Card is so much more than mere credit card. It's Apple's entry point to delivering real financial services to consumers through its iPhone Wallet. This strategy is based on becoming the centralizing agent for financial services and in my opinion, that's the future of competitive banking services. Piece by piece, Apple has been quietly building out its wallet to become not just usable, but indispensable. This is the big threat for traditional financial institutions and their depository accounts, not the credit card. Apple doesn't quite have all the puzzle pieces in place yet, but the Apple Card has pushed their strategy way down the road.
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