Green Dot is planning to launch a new affinity banking service called Bank OS, this would be a simpler version of their banking as a service platform; the new offering is aimed at “the app store developer, the social media influencer, the mid-sized retailer or the smallest store owner with three employees who wants to do some sort of payroll card or wants to do some sort of rewards card for their own customer base,” said Green Dot CEO Steve Streit in a February earnings call reported by American Banker; the move is a risky one with past social media influencer project like the Fyre Festival and the Kardashian Kard failing; this is part of a wider trend in banking with banks providing services for fintechs and others in a push towards open banking. Source.
