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Big banks are losing customers to fintech companies at a rapid rate.
Fintechs have been trying to disrupt big banks for years, and the time may have finally come. Big banks are losing deposits to SoFi (SOFI -4.01%) and Robinhood (HOOD -3.70%), and that may drive the stocks higher for years to come. Travis Hoium covers the latest news in this video.
*Stock prices used were end-of-day prices of July 15, 2024. The video was published on July 16, 2024.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Travis Hoium has positions in Robinhood Markets and SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
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