Why Big Banks Are Declaring War on Venmo

The video discusses the competitive landscape between banks and Venmo, highlighting banks' strategies to broaden their audience and the technological challenges they face. It also covers operational questions regarding the new network and Venmo's response to these developments.

What is one of the main strategies banks are using to compete with apps like Venmo?

• Offering higher interest rates

• Broadening their audience beyond millennials

• Introducing cryptocurrency options

• Reducing transaction fees

What is a significant challenge banks face in launching their new network?

• High transaction fees

• Limited bank partnerships

• Technological hurdles

• Lack of customer interest

How are banks planning to introduce their new service to customers?

• By phasing it into existing bank apps

• Through a government partnership

• Through a single app for all banks

• By offering cash incentives

What company is responsible for setting up the new banking network?

• MasterCard

• Zelle

• Clear Exchange

• PayPal

How is Venmo responding to the competition from the new banking network?

• By launching a new app

• By partnering with more banks

• By increasing transaction fees

• By improving their cash-out process