Last month, Rebank’s Will Beeson sat down with Galileo CEO Clay Wilkes to record a podcast covering a wide range of topics, most notably a recent infographic published by the research firm Apptopia, showing that Galileo holds a 95 percent market share among the largest challenger banks in the U.S.
After expressing his delight with the infographic, which was created independently with no input from Galileo, Wilkes shared that Galileo’s dominance in the U.S. challenger bank market will only accelerate as newer entrants supported by Galileo begin to scale, continuing to fuel Galileo’s growth.
According to Wilkes, it’s not just challenger banks, which have become a Galileo specialty, that are seeking out the company’s services. It’s mainstream banks as well. Wilkes shared that Galileo recently was approached by some of the world’s leading banks that are interested in deploying Galileo’s tech stack to promote innovation and leverage Galileo’s nimbleness to take them further, faster than they can go on their own.
We’ve built “a lot of capability”
In describing the core of the Galileo system, Wilkes says it’s an account-based platform that structures the “account” differently than nearly every other payment platform. “For us, it's a control structure,” he says, “and off that hangs these other important dimensions of the services that we deliver. It enables us to be either the primary or sub-ledger in any one of a number of different environments or applications.”
Wilkes explains, “It’s not an account, like, oh, Will Beeson, he lives at this address, et cetera. It's the control structure that's really core and fundamental to what we do."
What might those different environments or applications be? Wilkes offers as examples including cash management, stock trading and securities.
More to come
Beeson grilled Wilkes on what Galileo’s recent acquisition by SoFi means. Wilkes responded by highlighting the power of the combination and the potential for Galileo to white label credit services to its B2B client base.
In addition, Wilkes described Galileo’s foray into Latin America, with strong gains already in Mexico, and the introduction of Galileo Instant, a streamlined solution for a variety of businesses to create debit cards fast, without the time and cost barriers that have kept many away from offering creative financial solutions.
To listen to the full interaction between Beeson and Wilkes, click here.
Related:
How the quiet giant of fintech is rewriting the rules - Clay Wilkes (Galileo) and Accel's John Locke
3 Coisas Que Marcas Focadas no Consumidor Devem Fazer para Vencer com Financiamento Incorporado
Descubra estratégias essenciais que marcas focadas no consumidor devem implementar para ter sucesso com soluções de finanças incorporadas.
Por que as Instituições Financeiras estão Migrando para o Banking Componível
Para se defender dos desafiantes digitais e permanecer competitivas à medida que o setor bancário se digitaliza, as instituições financeiras estabelecidas estão buscando o banking componível para transformar seus negócios.
3 Prioridades para Instituições Financeiras com a Transformação Bancária em 2024
Novas pesquisas da Galileo e Datos Insights revelam como os comportamentos dos consumidores em bancos estão mudando - e como as instituições financeiras precisam se transformar para competir com os desafiantes digitais e permanecerem relevantes à medida que a indústria evolui.
Inovação Apoiada por Experiência e Infraestrutura
O novo chefe de desenvolvimento de negócios da Galileo Brasil, Abdul Assal, explica como os bancos podem aproveitar a inovação e a experiência para ter sucesso no mercado de serviços financeiros brasileiro em rápida evolução.
3 Maneiras de os Bancos Brasileiros Entregarem um Serviço Bancário Centrado no Cliente em 2024
Para manter a participação no mercado em meio à crescente concorrência das fintechs, os bancos brasileiros devem oferecer conveniência e personalização aos clientes – e precisam da tecnologia certa para proporcionar essas experiências.