Fintech News Issue #79 August 3rd, 2016

Issue #79 contains a few striking articles on topics not exactly fintech, but closely related and highly relevant. Should we be ashamed? I don't think so! – Michael and the FinTech Weekly Team

Top Stories

    Have a little dream on me…
    by Sebastien Taveau

    ...or a peek at recent financial technology trends and innovations.

    Banks must lower their services cost to at least 10% of their current cost. How is it possible that my credit card costs the same today as it did in 2007?

    Many banks and credit unions may forget that the key to successful introduction of new products, processes and strategies is the employee. Understanding how the employee is impacted by change, and helping them modify behaviors will go a long way towards a positive end result.

Top Events

    BarCampBankLondon is an informal event for FinTech practitioners in and around London [that includes Kraków and New York]. The first events were an offshot of BarCampBankParis and held in 2008. After a brief hiatus we're back! BCBL gives practitioners a chance to discuss and socialise with other knowledgeable professionals. Escape the permissioned vs. permission-less blockchain debate for a day and come to a place that understands your pain when the CSV file isn't escaped properly and it's not clear what the comma in the FCA handbook really means.

    Join us for a complete tour of financial innovation in the heart of Silicon Valley. Attend site visits to leading fintech companies and incubators, participate in world class workshops, mingle with the finalists of LATAM’s Fintech Award and finish off with a highly curated agenda program.

    A full list of conferences and events is available via our website https://www.fintechweekly.com/fintech-conferences

FinTech Articles

    We're midway through 2016. We've been talking about innovation in financial services for a long time. In some ways, it feels like we're fighting the same battles as we were a 3 years ago.

    Imagine that before responding to a co-worker's Slack message about going to lunch, consumers could ping their bank from the popular office messaging system to ask if a $12 burrito bowl at Chipotle fits within their budget. The bank's bot says the bowl is OK, but maybe skip the guacamole. After all, that's extra.

    MARCH OF THE MACHINES
    by Swanest Blog

    What history tells us about the future of artificial intelligence—and how society should respond.

    During the course of my career I have learned that innovation has to be open and collaborative. Gone are the days when companies worked behind closed doors to develop the "next big thing." Today you need to be part of an ecosystem, to collaborate and partner with the broader community in the area of innovation relevant to your organization.

    DBS has said that using cloud will help it better meet customer needs and speed up the pace of innovation. It is one of a growing number of financial services firms that are testing or using AWS cloud, including Capital One and JPMorgan. Here are some reasons why banks are using cloud technology:

    Innovation in the investment technology space is creating a fierce race among startups, brokerages, wealth management firms and insurance companies to serve a shifting and evolving account base. But there are many factors to consider as competition heats up.

    In practice, the Bitcoin Blockchain was a solution designed to solve one problem: solving the double spending problem in a P2P and trustless environment. Financial Institutions operate in a B2B/B2C, trusted and heavily regulated environment. It should be obvious that for a different problem, you need a different solution!

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