The FDIC's recent upward tick in application approvals marks a turning point for new banks

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The FDIC's approvals of bank license applications are at recent high — marking a turning point for prospective applicants:

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to 31, before bottoming out at 0 in 2012, 2014, and 2016. But the industry might be on the up-and-up, with the FDIC signing off on 10 charters in both 2016 and 2017 before approving 14 last year.

It also recently sought public comment on how to improve the application process. Further, FDIC Chairman Jelena McWilliams recentlythat she recognizes that"like many competitive industries, a dynamic banking sector needs new startups entering the marketplace." That outlook, coupled with the gradually climbing approval figures, could mean the FDIC is ready to take on a higher volume of new applicants.

More digital-first banks could try and pounce on the apparent opportunity. New digital-first entrants could directly pursue licenses rather than partnering with existing banks, which has been the predominant strategy thus far. That would ultimately invite more competition into the banking space as consumers become more digitally inclined.

Meanwhile, nonbanks and big tech firms might have a better chance on moving into banking, but we think it's unlikely they'd push hard for traditional banking licenses.Big techincluding Amazon, Apple, and Google, have been moving further into financial services.

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