Fintech Labs Insights

NOVEMBER 10, 2023

Consumers have been banking online for 28 years. And from the very beginning, there have been pure-play digital banking startups. The first, online bank Security First Network Bank (SFNB) launched in 1995, just a year after Amazon.com. But unlike ecommerce, digital-only banking was slow to catch on.

Digital Banking 15

Digital Banking Online Atlanta Las Vegas 15

PYMNTS

MARCH 18, 2019

According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. The account that was eliminated was introduced in 2010, when the company was trying to lure customers to online banking. In 2017, 6.5 percent of 129.3 million U.S.

America 175

America Survey FDIC System 175

PYMNTS

JANUARY 30, 2018

fee was charged each month that the digital customer opted to use a bank branch for services or if they did not make the direct deposit. The program was intended to compete with the “digital only” banks popping up at the time. Three years later, in 2013, Bank of America stopped enrolling new customers in the program.

America 109

America Maryland FDIC Millennials 109