New fintech infrastructure is enabling more companies to add banking services into existing apps and products.
After Amazon Web Services launched in 2006, the ability to launch a software company became dramatically easier as costs declined. The rise of AWS ushered in a wave of new seed-stage startups.
In a similar vein, APIs including data aggregation and banking-as-a-service are making it significantly easier for companies to add banking services into existing apps and products. Smaller Durbin-exempt banks are aggressively pursuing relationships with fintech partners and new unusual suspects are coming onto the scene.
With new alternatives, consumers now expect more from big banks.
In this report, we analyze the impact of AWS on software startup formation, the rise of fintech infrastructure and new digital banking products, as well as threats and opportunities incumbents face.