One reason you see everyone doing the same thing is because there is not a lot of risk involved in what they are doing,” he told Bank Innovation. You can say we are doing innovative things, you can start a blockchain team this afternoon, but you need to set material goals, which will have an impact in the market.
As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?
A combination of mutual and clashing interests has driven many players — big banks, community banks, credit unions and fintechs — to offer high-interest, digital-only savings and checking.
Goldman Sachs is continuing its push into retail banking with checking accounts, wealth management and a potential foray into small business lending with Amazon. Experts say that competitors across the banking world stand to lose business to Marcus.