Tom Blomfield of Monzo was recently interviewed on City A.M.’s Unregulated podcast; Blomfield said that he has been approached by big banks and tech companies and that the firm receives a takeover offer every month. Source
Former FDIC Chair Sheila Bair writes in the FT that in light of the recent hack to Equifax should regulators be providing more entry points to customer data; she goes on to explain past bank hacks are typically done using a third party who has gained access to a customer’s data; other key points include can these service providers cover potential losses and are regulators forcing service providers into the most secure process. Source.
During a keynote panel at LendIt Europe Funding Circle CEO Samir Desai wondered if incumbent banks who build fintechs are attempting to pull a fast one on customers; the discussion talked about banks building fintech platforms and delivering better customer experiences; they also touched upon some misconceptions in online lending and the main customer lead channels. Source.
While speaking as a keynote at LendIt Europe 2017 Zopa CEO Jaidev Janardana said old school banking was a zero-sum game; he explained how Zopa is looking to build what he thinks will be a fairer bank based on customer needs; they are currently about halfway through the licensing process. Source.
The EU is investigating whether banks in several countries are preventing the sharing of information that the bank customers have granted; the raids were a preliminary step and the results of the investigation are not yet known; in 2018 banks will be required to give third parties access to account data provided the customers have given consent. Source
The challenger bank is working to add bitcoin, litecoin and ethereum; Revolut customers will also be able to transfer cryptocurrencies to others; what makes what they’re working on unique is allowing an instant conversion to happen within the app; typically users must have an account on a crypto exchange where funds are transferred between accounts; the firm is currently testing features with 3,000 customers. Source
Tony Zerucha from BanklessTimes shares insights from the first day of LendIt Europe 2017. Source
- Trustly partners with Emric, part of Tieto
- Disruptive lending technology to assess applicants on verified income - The ID Co.
- Mintos marketplace exceeds 35,000 investors
- Creditshelf Announces Results of New SME-Study at LendIt Europe 2017 Conference
- Global Online Lender Issues €120M In Credit Lines to SMEs - Spotcap
- LendIt Launches the BlockFin Summit
- Digital Dunning and Debt Collection: collectAI manages 25m Euro in Receivables
- Afluenta Celebrates Its Fifth Anniversary by Adding Commercial Loans to a New and Smarter Platform
- Crowdvouching service Suretly, raised $2.8 mln in August, is launching beta version in 6 weeks
- Oakam Accelerates Financial Inclusion in the UK with Alternative Data
- Linked? ?Finance? ?Launches? ?Pension? ?Investment? ?Product
- ArchOver Headed for a Record Year of Lending
Christine Lagarde, the head of the International Monetary Fund, told CNBC that the price of bitcoin was too high but that virtual currencies should be taken seriously; “Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays," she said. "So I think it may not be wise to dismiss virtual currencies.”; the interview also touches on the recent regulatory trend to crackdown on the new currencies. Source.
Oliver Wyman’s new report, Beyond Restructuring: The New Agenda - European Banking 2017, points out that banks have recovered from the crisis but face digital headwinds; for the most part banks have restructured into a new regulatory environment with more capital and smaller balance sheets; but they now they face digital challenges from fintechs and customers looking for better experiences. Source.