The New York Federal Reserve says 70% of U.S. adults opened at least one new financial account last year—checking, loans, mortgages, or credit cards.
On average, people now have 5-7 financial accounts, a 5.2% increase from last year.
🔹 How FinTechs Are Making Money Move Faster
• Virtual accounts turn outgoing payments into new deposits, helping banks, businesses, and consumers.
• Companies use virtual accounts to pay workers, gamers, and insurance claims instantly, keeping money within their own system.
• FinTechs and new technology make opening accounts and moving money easier.
🔹 FinTechs vs. Traditional Banks
• Buy Now, Pay Later (BNPL) companies use virtual accounts to handle payments and keep customers returning.
• 56% of people have used BNPL in the past year, growing the FinTech-powered money movement.
• 50% of new checking accounts last year were opened with FinTechs, not banks.
🔹 The Four Pillars of Money Mobility
✅ Payments ✅ Accounts ✅ Money In/Money Out ✅ Settlement
FinTechs are reshaping banking, payments, and financial relationships.
Banks need to catch up fast. ⏳
Image and data from Pymnts Intelligence
