Building a digital bank — from scratch

“The real ‘move the needle’ opportunity in banking is to build a bank from scratch.” That’s according to financial services vet and Varo Money CEO and Cofounder Colin Walsh, who told Karen Webster recently that the future of banking, for millennials in particular, lies not in branches but in bots who become money coaches. Millennials, Walsh went on to say, get very, very little, if any, advice at all from their bank about what to do with their money. In addition, said the executive, millennials also prove to be easy targets for banks levying fees since they do not have much money to keep with the banks and thus are charged overdraft fees, minimum balance fees and late fees, to name just a few. The combination of fees and no tools with which to build a financial strategy, said Walsh, is not one to engender trust in the banks. Read more: