The future of financial services will be driven by non-financial companies that add a financial services layer to serve engaged, frequent users.
One [trend] is the rebundling of a bank by new fintech players… So you can imagine a world where those types of businesses end up actually becoming big financial services brands…
The other really interesting piece is non-fintechs becoming fintechs due to the creation of the infrastructure layer ushered in by Plaid, and companies like Marqeta which do card issuing, and other banking-as-a-service or payments-as-a-service platforms.
You’re now seeing the ability for marketplaces, consumer tech businesses, and SMB platforms like Shopify, enabling people to stay on the platforms where they do business, transact, or buy things. And they can offer financial services products to their constituents.
… non-fintech companies… have the ability to… offer financial services and financial products to their customers… The thesis there is that these companies can be the ones to provide financial services offerings to their customers, because they’re already engaging with them every day or quite often.