Smartphone apps threaten to give banks a run for their money
It may not be much longer before bank branches join video-rental stores and record shops as relics of a bygone era.
Silicon Valley is pressuring banks to change their ways or risk becoming the latest industry overtaken by technology. Hundreds of startups are offering easier and cheaper ways to save, borrow, spend and invest. They are doing it by shifting the battleground to smartphone apps and websites, which function as digital offices that are accessible around the clock with minimal staffing, and by lowering fees.
Given how much customers dislike it, the financial services industry seems ripe for “disruption,” as Silicon Valley likes to call industry upheaval. These financial technology, or “fintech,” startups may also soon get further validation from a key banking regulator. Comptroller of the Currency Thomas Curry last week announced plans for a special national bank charter that would allow fintechs to offer their products without having...
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