At LendIt's Lang Di Fintech conference this July in Shanghai, Up Financial CEO Steven Yuan talked about the power of big data and artificial intelligence for the economy; he calls this intelligent finance and believes that using these tools will allow for investing to come to the masses; he also thinks that the tools can help to lift up the broader economy; he points to a report by Boston Consulting Group about China's private investable assets in the next three years and believes there is an enormous opportunity to leverage wealth management; Up Financial's goal is to create a personalized new financial system for individual investors and big data plus artificial intelligence will allow for them to potentially reach these goals. Source
Starting August 1 at about 8:20 AM EST, the bitcoin blockchain split, and there is a new set of tokens - bitcoin cash (BCC) - on the new blockchain; bitcoin's price dropped about 10% from $2,944 to $2,632 in about forty minutes, according to bitcoin trading platform OKCoin. Source (Chinese)
APIs combined with banking has become an important topic for banks and fintech companies; we are seeing increasing interest in APIs as every bank has to have an API or open banking strategy; since APIs often need to be built on legacy infrastructure there are often many challenges involved; the panel has a wide variety of perspectives from API service providers to banks who share how to build APIs on traditional banking technology. Source
In its discussion of how banks can become digital lenders, The Financial Brand provides the above chart; while mobile lending apps are only one aspect of a comprehensive digital lending platform, they are a core feature that customers rely on; the chart outlines the key features customers seek from mobile lending apps with the top features including the capability to lock in interest rates, calculate loan amounts and check an application status. Source