The Importance of Sponsoring Banks

Thrun: The FinTechs are effectively digital first versions, tech forward products that are trying to leverage digital channels to acquire consumers in a new way compared to legacy financial institutions. And they're leveraging these vast providers, as Chris mentioned, to connect to underlying banking charters in a more seamless fashion and start their path towards revenue faster. Thrun: One of the key things for these smaller banks is that they can earn significantly more interchange on debit cards than the larger $10 billion plus banks. That gives them an advantage in the marketplace for card-related activity where they're able to essentially charge or receive full dollar interchange revenue.