Retail banking has changed dramatically over the past several years, with the rise of digital banking and tech-forward neobanks like Dave and Chime, which pushed incumbent financial institutions to develop their own mobile-first offerings. Now this competitive market is being disrupted again by two of the country’s biggest retailers, Walmart and Walgreens.
Both companies recently announced new banking initiatives designed to capture the mid-market consumer and monetize their most valuable asset: the loyal relationships they have with customers. Research shows the average person goes to Walmart or its website about 30 times a year.
Partnering with the fintech firm InComm Payments, Walgreens will be making its new bank accounts available online and at 9,000 of its retail stores across the nation in the second half of this year. With nearly 80% of the U.S. population living within five miles of a Walgreens, all but guaranteeing built-in foot traffic at its stores, Walgreens could be…
Read More…
Source : fastcompany.com
Source link
