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What is the bank's incentive to offer this? Answer that and you'll have the answer to your question.
by shostack 5y ago
What is the bank's incentive to offer this? Answer that and you'll have the answer to your question.
- foxcurve 5y agoI see it as a differentiator and unique competitive advantage. New banks aren't solely competing on interest rates and fees, but also on social and personal interests. I'll post a snippet we recently added to our pitch deck: > Accounts like those catering specifically to the LGBTQ+ community (https://joindaylight.com https://joindaylight.com), the Black community (https://firstboulevard.com https://firstboulevard.com), individuals interested in supporting renewable energies (https://www.tomorrow.one/en-EU/ https://www.tomorrow.one/en-EU/), and social media creators (https://www.trykarat.com/ https://www.trykarat.com/) have proliferated. Retail accounts catering to the unique wants and needs of software developers is a natural next step.
- mjcl 5y agoWells Fargo worked with Plaid to implement a direct API (incl. oauth) because it meant Plaid would no longer hold onto the credentials of millions of WF customers.