How artificial intelligence and fintech can work together. Which myths preventing more fintech+banking partnerships? Which Startup wants to be a Bank now too? Enjoy another issue of your weekly fintech news roundup. – Max and the FinTech Weekly team
Many misconceptions surround alliances between innovative fintechs and traditional banking providers. Here's how to manage some key structural differences to produce partnerships with greater potential for both parties.
Artificial intelligence (AI) in fintech firms will bring in a new series of opportunities, like personalized wealth management, automated customer support, intelligent financial assistance, fraud detection, accurate decision-making, and so much more.
The startups trying to disrupt the finance industry are starting to look more and more like the players that already control it. Robinhood, a brokerage that offers free stock and options trading, is applying to become a nationally chartered bank. It’s a sign that finance could remain stubbornly resistant to the kinds of disruption that have changed retail shopping, food-ordering, and taxi hailing.
At the Huawei Financial Services Industry (FSI) Summit in Shanghai this week, the biggest financial services players in China were showcased. We heard from ICBC, the largest bank in the world, along with China Life and others talking their digital strategies in the Bank 4.0 world.
As new technologies and regulations bring new opportunities and challenges to the financial services industry, nearly two-thirds of established companies are leveraging fintech capabilities for growth, according to a new survey from Harvard Business Review Analytic Services. That number is expected to increase by 20 percent in the next three years.
Lobbying disclosures for the first quarter of 2019 show a wide swath of industries and advocacy groups focusing on financial technology issues, including the Association of National Advertisers, Intuit, Mastercard, Alibaba, FreedomWorks, IBM, the Entertainment Software Association and U.S. Public Interest Research Group.
This Spring, 1500 people came together for the world’s largest hackathon that was held in the Netherlands, the event was something I picked up on earlier this year. It fascinated me, that a project focused on the application of technology in the public sector was backed so publicly, with teams working on blockchain, AI, and robotic-based projects.
Aspiration Financial shifts its deposit strategy in order to have greater control over innovation. The bank-like fintech's formula: Give consumers a better return, a 'sustainable' reason for being, a clearer conscience, 'green' cashback rewards, and the ability to set their own monthly fee — even $0 if they choose.
Financial apps keep multiplying. Yet many can't function without riding the rails of traditional institutions, but only a handful of legacy banking institutions fill that role, so far. The LSBX venture of Lincoln Savings Bank is one of the exceptions. They are fueling growth and keeping their roots intact while serving as the back-end for A-list clients like the Square Cash App, Acorns, and other fintechs. This 117-year-old rural agricultural lender has a success story every community banking institution needs to hear.
Like many countries, the Philippines has come to rely on remittances as a vital part of its economy. For a good number of those workers, the cruise industry has been an attractive option. However, sending money home isn’t always easy. And for a large unbanked population, getting money in the hands of loved ones while working at sea is even more challenging.
As Chief Operating Officer of the non-profit Wall Street Blockchain Alliance, I was interested in learning more about a new trend in the crypto space known as decentralized finance and how its creators and operators build robust communities of stakeholders. With hundreds of members spanning all aspects of financial services, decentralized finance, also known as DeFi, will have a significant impact on the work of our organization throughout 2019 and beyond.