CEO on smartphones and branchless banking

As banking goes branchless, companies like 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’s is born. And to me, that looks like a positive future for digital and direct-to-consumer banking.”

Ben Katz

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.

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