The landscape of finance is shifting dramatically, and it’s not just about the players involved; it’s about how they fit into an evolving ecosystem. As the article puts it, “Banks are infrastructure now — they just haven’t figured it out yet.”
“Wells Fargo didn’t fail Bilt. Goldman Sachs didn’t fail Apple. Something more fundamental broke.”
Recent moves by fintech like Bilt and tech giants like Apple reveal a crucial insight: the co-brand credit card is becoming obsolete. This isn’t a result of failure; rather, it underscores a fundamental misalignment in traditional banking models. Here’s why:
- Bilt’s innovation: Earning rewards on rent complicates traditional card economics.
- Apple’s vision: A seamless credit card experience clashes with consumer finance realities.
Now, modern platforms are beginning to see banks as mere infrastructure rather than partners. They want bespoke financial systems that adapt to user needs, moving away from traditional banking constraints.
As the article concludes, keep an eye on platforms shifting from talking about banking partners to financial infrastructure. This will signal the dawn of real innovation in finance.
Curious about the future of finance? Explore more insights in the full article here.
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