Issue 178 · Aug 8, 2018 Weekly edition · 5 min read

Fintech News

Shout-out to all those people in big banks actually getting $h!t done! A much needed reality check about blockchain and Europe as a fintech hub. Enjoy yet another issue of your weekly fintech news summary. – Michael and

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Quit Facebook Before It Inevitably Accesses Your Banking Data

If no other Facebook FB +4.46%-related privacy issue hasn't made you leave the social platform in disgust, perhaps the notion of Facebook become bosom buddies with your financial institution will. Probably not. You've made it quite clear you have no intention of quitting Facebook. What's a bit more data surrendered at this point? Facebook already knows everything else about you, it may as well be privy to the intimacies of your financial transaction data as well right?

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In this issue · 16 items

You cut me deep, big bank, but I got you 11FS — There’s an old saying: The reason God was able to create the earth in 6 days and rest on the 7th is because they didn’t have millions of customers and legacy systems. That said, millions of customers and legacy systems can lead to some odd practices that never get questioned. Open story ↗ Technology and Real-Time Data Give Marketers the Personalization ‘Golden Ticket’ The Financial Brand — The combination of new marketing technologies and the ability to access and leverage real-time data allows financial marketers the opportunity to create personalization — at scale — for each individual at the right time, and with the right message. Open story ↗ How banks are using artificial intelligence and machine learning to streamline the finance sector Business Insider — Artificial intelligence (AI) is one of the most commonly referenced terms by financial institutions (FIs) and payments firms when describing their vision for the future of financial services. Open story ↗ New York Finance Watchdog 'Fiercely Opposes' Sandboxes for Fintech Firms coindesk — The chief of New York's financial regulatory body said Tuesday that the agency is "fiercely opposed" to the U.S. Treasury Department's recent endorsement of regulatory "sandboxes" for fintech firms Open story ↗ New Fintech Recommendations From Regulators Long Overdue Forbes — The Treasury Department and the Office of the Comptroller of the Currency both released major documents recently providing guidance on banking innovation, increased controls on the use and sharing of consumer data, and the potential for a new charter for financial technology firms (through the OCC). The response to these proposals varied from enthusiastic endorsement to confusion and rejection of some components of the recommendations. Open story ↗ A much needed reality check about blockchain FinTech Weekly Magazine — Blockchain is often upheld as a disruptive revolution that will dramatically change the way we conduct transactions on the internet. Its rise has generated somewhat of a ‘buzz’ throughout the technological landscape and many claim it will transform the financial industry and potentially the world. Open story ↗ Fintech vendors keep reinventing themselves, and banks struggle to keep up American Banker — Banks planning technology improvements should heed a warning about fintech vendors: Their industry is in a state of churn. Open story ↗ How tokenization is transforming real-world assets on the blockchain FinTech Weekly Magazine — Our world is full of untapped real-world assets. From real estate, gold reserves, fine art to agriculture, tangible items have been difficult to subdivide or physically transfer. So investors have traded these assets on paper, which is slow, complicated and expensive. These trades are also more difficult to track due to the regulatory nature of paper transactions, especially when it involves cross-border legislation. Open story ↗ Regulatory bodies consult on creation of Global Financial Innovation Network Finextra — The UK's Financial Conduct Authority has collaborated with 11 regulatory bodies from Europe, the Far East and the US on the creation of a Global Financial Innovation Network (GFIN), building on proposales earlier this year to create a cross-jurisidctional fintech sandbox. Open story ↗ Rationale For New Banking Technologies Must Move Beyond Cost Savings The Financial Brand — Most financial institutions are already using different technologies to reduce costs and increase efficiency. The real payoff, however, may be in the revenue growth benefits, and the ways automation can improve the customer experience. Open story ↗ Apple Pay to account for 1 in 2 contactless mobile wallet users by 2020 TechCrunch — The number of mobile payments users who tap to pay using a contactless payment solution provided by their mobile device’s maker will grow to 450 million people worldwide by 2020, according to a new forecast from Juniper Research. Open story ↗ Regulators should help, not hinder, the rise of virtual currencies FinTech Weekly Magazine — The news that the G20, the grouping of leading economies of the world, has decided to start monitoring virtual currencies has put some cryptocurrency enthusiasts in a spin. Open story ↗ Digital Transformation in Banking Requires a Big Cultural Shakeup The Financial Brand — Technological changes will almost always precede cultural adjustments within an organization. To succeed, banks and credit unions must support the elimination of silos, be willing to embrace risk, and have an obsessive focus on the needs of the consumer. Open story ↗ Could Europe Become a Fintech Hub? Entrepreneur.com — A number of technologies and new regulations are poised to disrupt the incumbent financial system. So much so that the emerging field of financial technologies has earned itself the "fintech'" portmanteau. The term "financial institution" no longer evokes visions of a centuries-old, technophobic business, but of an increasingly wide range of startups and partnerships that aim to turbocharge banking and investments on a rapidly evolving playing field. Open story ↗ Build a Better Bot to Build Better Loyalty IBM — Demanding customers. Rising costs. Security threats. As we embark on a digital revolution, banking is becoming a competitive battlefield where only the most efficient, adaptive and inventive survive. And one of the biggest weapons in our arsenal is the chatbot. Open story ↗ Fellow bankers: “ecosystem” is not a “safe word” Banking Tech — There was a moment, a few years ago, when bankers started talking about our ecosystem. That time was heady with the scent of possibility. The word suggested an open acceptance of connections, dependencies and a food chain where we may not all be friends but we all play a part. Open story ↗

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