How FNBO built Bend, an in-house credit card as a service offering with Marc Butterfield

Whenever I’ve spoken about transformation of traditional banks, I pointed to Goldman Sachs building Marcus, its new mainstreet brand. But look around the industry and there aren’t a lot of good stories of digital transformation. Even Goldman is trying, but it isn’t clear that Marcus is working financially, even though it has attracted a lot of deposits. That’s why stories about a traditional institution evolving into something new are compelling – it’s just really hard to do. Marc Butterfied heads innovation for the First National Bank of Omaha. And he and his team recently launched Bend, a credit card as a service offering that’s competitive to fintechs in the space. Marc shares how he went about creating a startup within the bank that made the most of its resources and institutional knowledge and experience to punch above its weight. We discuss the new product, Bend, and its work with Greenlight to launch a credit card used by families and kids. Marc Butterfield is my guest today on the Tearsheet Podcast.