Chase will soon allow credit card customers to use voice authentication when dialing the call center, which will help to cut down on additional security questions; Chase will join TD, HSBC, Barclays and ANZ Banking Group in using voice authentication; the voiceprint is securely stored as a mathematical equation, and only works for verification with the bank’s system according to reporting by TearSheet; representatives can ask further authentication questions if needed, almost 30 percent of calls are requests for account access and improving efficiency will cut down on costs as well as time. Source.
JoinedNov. 30, 2016
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Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.
Speaking at LendIt Fintech 2018 Kabbage CEO Rob Frohwein talked about building a brand in the online lending space; he explained most companies think boiler rooms equal brands, he went on to say you need to spend time and money on building your company’s brand; building relationships is the key, not just credit scores and data, you need to understand what your customer wants and needs by engaging with them on a regular basis. Source.
Zelle is seeing thousands of signups each day and last year saw $75bn in payments, but fraud has become a bigger problem for the company; fraudsters have used some weaknesses like inconsistent notifications when money is sent or received and the speed of transactions because the full posting happens later; they have also seen spoof emails or texts which trick customers into authorizing transactions to a fraudster, Zelle and the banks say they are working on improving the issues. Source.
In this week’s PeerIQ Weekly Industry Update they cover the cover a small rise in retail sales from Q4 to Q1; banks have had a strong earnings season, boosted in part by the cut in the corporate tax rate; Frank Rotman of QED provides insight on the path for the evolution of banking with his paper:The Copernican Revolution in Banking; they also provide highlights from their recent securitization tracker. Source.
BB&T suffered a technical glitch that knocked out their ATMs, online and mobile banking in February; during a recent earnings call BB&T Chief Executive Kelly King described how they handled the incident and how it effected revenues; there are many lessons other banks can take from BB&T as this will not be the last tech hiccup, ensuring technology is full tested and then tested again is one of the main lessons others can take away. Source.
In this week’s WeiyangX Fintech Review from Crowdfund Insider they cover Ant Financial and Bank of China’s blockchain collaboration; China Construction Bank created Jianxin Financial Technology Co., Ltd., the first bank based fintech company from a state owned bank; 100Credit secured a big round of capital, JD bought shares in Allianz China General Insurance Company Ltd. and there is a trend of China fintechs starting to head to the Southeast Asian markets. Source.
Barclays US is trying to ensure they use AI in a efficient yet non intrusive way so their customers can get the most out of the technology; Tearsheet spoke with Mona Jantzi, managing director of strategic analytics and customer experience at Barclays US, to learn more about how the bank uses AI; topics discussed include using data to shape customer experience, going beyond product offerings, the dangers of AI use with data and more. Source.
Securitization continues to grow for the marketplace lending sector. As they do at this time every quarter PeerIQ released their Securitization Tracker. It showed another strong quarter with $4.3 billion of total issuance. This total was up 34% from Q1 2017 but down slightly from the record total in Q4 2017. Source.
Watch live today at 2:30pm ET as LendIt Fintech International Innovator of the Year award winner Imad Malhas, CEO, IrisGuard talks about financial inclusion, technology, and refugees at the World Bank Group Meetings. Source.
Banks know they need to update legacy technology, but investors are beginning to question at what cost can the banks innovate versus making profits; ensuring they stay competitive when it comes to technology, though keeping costs from skyrocketing is a tightrope more second and third tier banks are trying to navigate every day. Source.