In the past month, every major tech company has revealed new fintech ambitions — and that's good for consumers, according to Brandon Krieg, CEO of the fractional investing and banking app Stash.
"It's really telling for the consumer that there's a better way and different way to manage your money versus only going to the brick and mortar," Krieg said in an interview with Cheddar Monday. "I welcome this continued innovation it's going to help us all stay on our toes."
This month alone, Google revealed plans to offer consumer checking accounts, JPMorgan Chase said it's developing an e-wallet for Amazon and gig economy platforms like Lyft and Airbnb, and Facebook began rolling out Facebook Pay. In October, Uber introduced debit cards for drivers through a partnership with Green Dot, the same company that powers the Stash bank account.
With platforms of such large existing scale integrating financial services, it remains to be seen what happens to the disruptors: young fintech companies, like Stash, that have made a dent in the consumer finance industry with a new lower-fee, transparent, and customer-centric versions of core financial products (checking and savings accounts, investing, lending, and insurance).
"It's all about data and the customer being dead center," Krieg said. "The financial ecosystem is there for them when they need it, and that's it. The days of selling everything you have at a customer — those days will quickly end. The customer will get access to different types of products they never really had access to and all wrapped around advice … That's where this business is going versus a financial supermarket where you just get everything."
Stash, which initially launched as an investing app, currently has four million customers, up from 3.1 million in April. It launched its bank account in March, along with its stock-back feature, which earns users stock in the companies where they spend, rather than cash. Krieg said Monday that users have earned fractional shares of stock from more than five million qualifying transactions.
In the last month, Stash has added support for Apple Pay and Google Pay wallets, mobile check deposit, and bill pay.
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
