Deepening of Relationships Drives Deposit Push by Fintechs

Recent news of deposit products from Aspiration, SoFi and Wealthfront point to a wider trend in the market of fintech firms creating deposit accounts; the move shows that these firms are looking to deepen their relationships with their customers and continue to cross sell to drive revenue streams; Lex Sokolin, global director of fintech strategy at Autonomous Research, tells American Banker. “They’ve paid to acquire customers and the strategic entry was to acquire a younger customer who is not profitable. They have to monetize millions of users who have a hundredth of the size of assets in other accounts.” Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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