An ‘early warning’ about big name players

Is it time for credit unions to be more concerned about checking competition from some big-name, big-budget brands that also own fintechs?

moebs

Despite the record level of deposits in checking accounts, the number of depository checking accounts is actually falling, as fintech firms–including big established brands such as Walmart–pick up what is being let go, a new report shows.

This is likely an early warning that these fintechs, which also include Amazon, may someday dominate the checking market, said Michael Moebs, economist and CEO at Moebs $ervices.

A study by Moebs $ervices, using bank, thrift and credit union data from the FDIC, NCUA and the Federal Reserve, reveals this trend is occurring.

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