In recent years there have been a number of innovations in the finance industry. Many were formed outside of the traditional banking space as a solution to the frustration of many consumers with traditional banks. Companies such as Mint.com, Moven, Simple and GoBank have responded to consumer needs left unattended by banks and do in fact potentially pose a threat to traditional banking. But, is that such a bad thing? Perhaps banks should try to cooperate and get inspired by these institutions rather than be threatened by them. It is entirely possible that these institutions could open up new revenue streams for banks thereby creating opportunities for increased profitability. Jim Marous has written an insightful article, "Challenger Brands & Disruptive Ideas: Learning From The NeoBanks", about how banks can learn from NeoBanks such as Moven, Simple and GoBank.
