Increasingly, financial technology firms from online payments apps to small business lending startups are competing against traditional firms, such as America’s biggest banks, to provide customers with better, cheaper, and more accessible financial services. However, today’s rules regulating various licenses and charters are incredibly outdated and not well-suited to the fintech world. For example, the way banking licenses are issued by state was established years ago when bric-and-mortar stores did not compete with online retailers. Read more: fortune.com
