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.
