Amex Squeezes Into Business Banking as Fintechs Chip Away at Traditional Finance

American Express has been expanding its presence in business banking, raising questions about the future of traditional banking. Chris Britt, Chime's CEO, believes that banking is broken and his company can fix it.

American Express has been making strides in providing financial services to businesses, offering a range of products and services such as B2B payment solutions and cash management tools. This move into business banking is part of a larger trend of fintech companies encroaching on traditional banking's turf.

Wyoming-based bank, which was unavailable for comment, has been offline for a week due to a cyber incident. The exact nature of the incident is unknown, but it highlights the growing threat of cybersecurity breaches in the financial sector.