As Money20/20 looks to next year, we have some ideas about the trends, topics, and expectations that 2020 will bring to the industry. 2020 is going to be a year of acquisitions, rebundling and big tech. In fact, it has already begun! Challenger banks have been making strides in customer acquisition but have struggled to create profitable business models. Meanwhile, the big tech companies are coming: Google is partnering with Citibank, Apple is offering credit, Facebook just launched Facebook Pay and is working to develop Calibra, and Uber has created its own money accounts to enhance driver loyalty. It’s clear that established players are branching out to bring banking services into their portfolios. Take Wealthfront and Betterment for example, established as investing firms utilizing AI they have launched into the checking and savings account space. Loan giant SoFi keeps expanding, creating hybrid accounts and most recently obtaining a BitLicense to offer crypto trading to its customers. Will challenger banks be able to keep afloat in the market? Will they be acquired? And as the great rebundling begins, will it be banks vs. tech or banks partnering with tech?
Guest: Theo Priestley
Hosts: Kisha Allison, Head of Content, Money 20/20, Rachel Morrissey
Producers: Roland Bodenham, Rachel Morrissey