Holvi, a Finnish neobank built for entrepreneurs, has recently been acquired by BBVA. With Holvi, entrepreneurs get a full digital account system, saving them time and paperwork. According to a BBVA blog post, entrepreneurs "can see their expenditure and income, generate invoices, and check which have been paid and which are still pending collection." It's banking for small business owners.
Leeno Rao of Fortune Magazine writes about SoFi, a neobank built for millennial account holders. According to their advertisements, SoFi aims to be sort of the anti-bank — building on the lingering resentment some young might feel from the 2008 crash. Rao says, "SoFi distinguishes itself by offering its members job placement, career counseling, and wealth management advice alongside the usual loans and mortgages."
Javier Saade writes in the Huffington Post about the rise of fintech and how it means that more people will get the financial help they need. He outlines four reasons why this is currently a problem: "First, underserved populations have little experience or knowledge about financial services. Second, the traditional, highly regulated capital providers have little knowledge about these populations. Third creditors have limited and inflexible data driving lending decisions. And fourth, the connective tissue between financial institutions and underserved populations is lacking because origination costs are high inhibiting profitably scaling." Then he gives details about how fintech will change the game.
A study earlier this month from Accenture found that only 6% of bank board members have a background in tech. In an effort to fix this problem, Santander's CEO, Ana Botin, has hired seven experts from the world of tech to lead a digital transformation at the bank. She said, “The true power of technology to transform lives emerges when it is adopted and distributed by companies like ours. The way we internalise and adapt to new technology in the coming years will determine our success.”