Bloomberg reports that Walmart has filed a trademark for the name "Hazel by Walmart," which the story suggests is a possible moniker for its new financial technology venture.
According to the story, " The application with the U.S. Patent and Trademark Office includes a slew of financial services that the startup could potentially offer, from issuing credit cards to offering credit-repair services. The list even includes financial-portfolio analysis and consulting, which suggests that Walmart may target wealthier customers along with its traditional lower-income clientele."
Bloomberg notes that "Walmart shook up the banking world earlier this year when it unveiled the fintech startup, a partnership with Ribbit Capital, an investor in stock-trading platform Robinhood. The companies said they would start an independent venture that 'will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates,' according to a statement."
- KC's View:
Not big on predictions - I leave that to self-styled "futurists," and I just consider myself to be a pundit and a reasonably good guesser - but I'll make one here: This is just the beginning of Walmart shaking up the banking world.
It'll do so in two ways.
First by undercutting legacy financial services on prices and offering people more for their money.
And second, by going after the roughly five percent of US households that are unbanked … Walmart will make banking services accessible, transparent and desirable.