Consumer profile changes are driving the new wave of financial services firms.
Financial innovation might have been blamed when the credit crunch struck in mid-2007 but consumers’ greater mobility and acceptance of technology has led to new financial services firms being formed and changes in incumbents.
One of the most closelywatched is the largest retailer in the US, Wal-Mart Stores, which has been creating a de facto bank and made a strategic investment in prepaid debit card provider Green Dot ahead of its flotation in the summer.
Green Dot raised a more-than-expected…
