As banking goes branchless, companies like Card.com that let customers manage their finances online and on mobile are right at the heart of that shift in behaviour. From the X Files and Family Guy to the Cookie Monster, the firm might be best-known for its branded prepaid cards, but the bigger picture is that its solution makes the bricks-and-mortar banking experience increasingly redundant.
Picking up $9m in growth capital at the end of last year, the company said at the time its customers had deposited more than $450m in deposits to date. During an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, CEO and co-founder Ben Katz shared his thoughts on what the future of financial services looks like.
“For the industry as a whole, I’m excited about anything that pulls consumers out of traditional high street banks and traditional central banks, or even in community banks into a modern product that’s, frankly, better, faster, and cheaper,” says Katz.
“It’s about accelerating that trend. Customers are increasingly gaining trust. Every time a child is born or someone graduates from high school, a customer looking for a bank that looks like my solution rather than something like Chase’sis born. And to me, that looks like a positive future for digital and direct-to-consumer banking.”
Access Ben Katz’s full interview, plus more insights on ‘The Shift from Digital Banking’ from Ryan Caldwell, Founder and CEO, MX; Hamed Shahbazi, CEO, TIO Networks; Lars Sandtorv, CEO, MeaWallet; and Pete Chiccino, Executive Vice President and Chief Information Officer, The Bancorp on The Bancorp’s Finetics blog.