Walmart’s Push in Financial Services Will Trim Big Banks’ Fees

Alarm bells sounded on Wall Street in early 2021 when a financial-technology outfit backed by Walmart Inc. lured two highly regarded executives away from Goldman Sachs Group Inc. The world’s largest retailer had been trying for years to expand into financial services. Perhaps, the thinking went, it was finally poised to take on big banks.

Eighteen months later, the fintech business—known as One—is emerging from the shadows with an upgraded app and a looming marketing push. For now, the venture looks less like a threat to the masters of the financial universe and more like a tool for ...