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It offers wealth management, credit and loans; wealth and tax planning; and investment solutions.
The Retail Banking segment include acceptance of deposits, residential mortgages, hire purchase, consumer loans, wealth management, stock brokerage and insurance services.
For example, SoFi, which began as a way for students from top universities to refinance their debt, has since branched into personal loans, wealth management and mortgages.
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"Payday lending and other predatory loans strip wealth from working families," Mr. Merkley said.
The change will permit same-sex couples to adopt children, apply for joint bank loans, inherit wealth and share insurance policies.
Today, however, the company is tackling an even wider range of services, from mortgages to personal loans, to wealth management and life insurance.
One of my favorite graphics comes from CB Insights and depicts a screenshot of the Wells Fargo homepage, with an overlay of the logos of various fintech companies that are disrupting different parts of traditional finance's business — from student loans to wealth management to insurance.
For SoFi, it makes sense to add banking services like deposits, checking and savings accounts to its existing loan and wealth management products.
"Essentially what you had was a bank using a trust company to package that bank's own loans into a wealth management product, which was then sold to its own customers," says Jason Bedford, a manager at KPMG in Beijing.
The Global Consumer/Private Banking segment provides deposit products, consumer loans, credit cards, wealth management products, and brokerage services.
When this model creaked and crashed, the Asian crisis was about solving the mismatch of low return on investments, the banks' useless loans and savers' wealth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com