Fintechs are expanding their products and services in 2019 as the competition for consumer wallets intensifies.
While many challenger fintechs entered the space with mono-line offerings, product expansion — or rebundling — has been a key theme over the last few quarters with customer acquisition and retention primary goals.
Leading consumer fintech companies are actively expanding their offerings to provide customers with bank-like capabilities.
For example, Credit Karma most recently announced a decision to launch a high-yield savings account of its own — a notable divergence from its origins as a credit monitoring tool. Others like Dave and Chime offer features including payday advances to target the 78% of Americans living paycheck to paycheck.