#2553: Will Non-traditional Entrants like Walmart and Walgreens Reinvent the Fintech Supply Chain?

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Enjoy the clip above and be sure to watch the entire episode below for all the details.

OneSpan’s Security Evangelist Will LaSala joined us on the show to share his insights on the new face of banking: "Will non-traditional entrants like Walmart and Walgreens reinvent the fintech supply chain?”

Will talked about how Walmart and Walgreens are the first examples two major retail giants of many to enter the fintech space, which could signal the beginning of a new fintech game and era of competition.

Will also addressed how new entrants banking on brand loyalty will win the race through innovative partnerships. He adds that brand loyalty and bank partnerships with nimbler neobanks will be the way of the future. These retail chains already have capital and loyal customers. This break into financial services will only solidify the direction banking is taking. 

In addition, Will discusses why consumer preferences for digital banking are largely driven by neobanks. App-based service offerings from neobanks and challenger banks are changing consumer preferences and assumptions about when and how to access and conduct transactions.

Lastly, he talks about how banks can leverage artificial intelligence and machine learning to further evolve their mobile-first models. Processes such as account opening will become a one-click button. As financial institutions have access to more data through customers’ mobile devices, they leverage machine learning and artificial intelligence to analyze data and provide consumers with more tailored offerings and services.

Check it out and let us know your thoughts. And watch the entire interview with Will below for all the details.