More change is coming to banking in the United States. 2020 has seen an explosion in digital and online services across every industry, including financial services. But there are underlying trends in play that have the potential to shift the business models and competitive landscape of US banks fundamentally - including Partner Banking.

Big Tech firms can do a wide range of things that traditional banks find very difficult to do cost-effectively. Digital-only banks have had relatively limited success so far, partly because they have to build market reach incrementally, even when they are sponsored by a well-known commercial bank. Big Tech companies, like Google, Facebook, Amazon, Apple and Ant Group, have massive ready-made customer bases – both consumers and businesses – who are ripe for the digital finance picking.

Three trends that have been building up for the past 5-7 years are coming to a head in US banking with the advent of Covid-19. These have created an inflection point in banking in the USA.