Forbes is reporting that Betterment is looking to take on one of the core offerings of banks: the checking account; Betterment has disrupted investing in the past decade with its online investment platform and they have recently offered a high yielding savings-like account they call Smart Saver; they also have a cash analysis tool that tells users how much extra cash is sitting in their checking account; now they are going after these accounts directly; CEO Jon Stein said, “Our mission is to eliminate the checking account, which is an antiquated idea. We want to make every dollar either working for you or invested.” Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.