Choubey noted that his previous experience at large financial institutions (FIs) provided him with a front-row seat to the momentous events of the financial crisis and the Great Recession. And, he added, with the emergence of the government as a major shareholder of these large financial firms (via capital infusion and bailout packages), a dampening effect was felt on innovation. As Choubey described it, what he saw from a trickle-down effect was that for the average American, individuals who relied on the financial services system were left behind from an innovation perspective. According to Choubey, the same innovation that was happening in Silicon Valley, with people learning to lead private lives online with Facebook or LinkedIn, just wasn’t translating to how Americans were transacting, or how much credit or investment services were available or investment services.

https://www.pymnts.com/mastercard/2020/moneylion-mastercard-instant-improvements-financial-health/