Despite the declines seen in the sector in 2018, many analysts see 2019 as the year blockchain innovation will begin...
Citi and PNC striking a deal with HighRadius is the latest example of banks forming partnerships to improve commercial payments; HighRadius has already done partnerships with Bank of America, Walmart, Johnson & Johnson, Procter & Gamble and Starbucks; HighRadius uses artificial intelligence to help automate some of the slower more paper driven processes in commercial payments. Source.
Visa’s Africa strategy banks on startup partnerships Lending startups are angling for new business from the COVID-19 bailout SMBs Accuse...
Stripe's possible IPO sent excited waves through the industry. Many see it as the vote of confidence they have been waiting for.
Bank of America has optimized auto loan applications for mobile apps and is looking to expand to mortgages with a similar offering; the expansion follows a market trend toward increased demand for digital mortgage offerings; Bank of America plans to launch its mobile mortgage application in 2017 as it seeks to broaden its service availability to a full range of service channels; the mobile offering will expand on the firm's current online mortgage experience which provides for electronic applications and documentation with the benefit of automating and verifying customer information; within the industry, JPMorgan is also developing a mobile mortgage offering through its partnership with Roostify and Canadian Imperial Bank of Commerce has set a precedent for mobile mortgage service with the launch of its Hello Home product. Source
Fifth Third Bank has struck a partnership with fintech Fundation to offer small business loans and lines of credit; Fifth...
According to researchers from the Federal Reserve and University of California, non-bank mortgage lenders are not prepared to weather a financial downturn and are a risk to taxpayers; According to the paper, “Non-bank failures could be quite costly to the government, but this issue has received very little attention in the housing-reform debate. The funding and operational structure of the non-bank mortgage sector remains a significant channel for systemic liquidity risk.”; non-bank lenders originated half of home loans in 2016. Source
Fondeadora is a Mexican challenger bank that just raised $14 million Banks, Non-Banks, Fintech and More Came Through for Lendio...
Overstock.com launches a joint venture with RenGen and Argon Group for an automated trading system for tokens via ICOs; according to Overstock CEO Patrick Byrne the JV will be the first platform to meet regulatory requirements of both the SEC and Finra. Source.
The future of fintech within the metaverse looks promising, with applications being developed to facilitate virtual transactions, impart financial education and enhance the user experience of customers and employees.