Credit Karma is looking to make managing your car related routines a lot easier by launching their auto information center; the new product will allow customers to manage their auto finances, insurance and other car related items like recall notices; the biggest benefit will allow users to shop for better auto insurance and loan refinance rates that will help make sure they are getting the best deal. Source.
Greenhouse, the new Wells Fargo banking app, will offer customers a new mobile banking experience to help manage finances; users will be able to manage their money and have the ability to send and receive payments; Crowdfund Insider reports Avid Modjtabai, Head of Payments, Virtual Solutions and Innovation at Wells Fargo said at an industry event, “We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge.” Source.
HSBC intends to launch a new product in 2018 to address problems they see in the automated investment market; the new product is dubbed robo-advising 2.0 by Dean Butler, HSBC’s head of retail wealth; it will provide holistic financial advice and will eventually include recommendations for other products such as pensions and insurance. Source
There have been a number of new funding deals closed in recent weeks and CB Insights reported that 278 fintech financing deals were done in the third quarter; Lend Academy provides the interesting mix of companies that have raised debt and equity capital. Source
PwC is out with new research saying alternative asset volumes will double by 2025; alternatives will make up about 15 percent of global assets under management by 2025 because investors are looking for diversification and reduced volatility; Rob Mellor, PwC asset management partner, tells AltFi, “We have seen the rise of the multi-strategy alternative manager and an increasing trend for traditional active managers looking to add alternative strategies to their product range.” Source.
Peter Renton, Founder of Lend Academy reports on the potential of Google, Amazon, Facebook and Apple being the fintech leaders of tomorrow. Source
According to data from TransUnion, financial technology groups originated $15 billion of personal loans in the first half of 2017; this represents nearly a third of the total US market for new personal loans; John Wirth, vice-president of fintech strategy at TransUnions stated, "fintech business model appears to be working nicely. Their use of the latest technology . . . has likely helped them become leaders."; Source
Writing an opinion piece in American Banker Jonah Crane, a fintech advisor, points out that the CFPB and other regulators need to keep a watchful eye on the data sharing guidance; the rules are currently non binding but offer the regulators a chance to use current oversight power to enforce egregious violations; ensuring a level playing field and working with industry players can help not only consumers but regulators better understand how data sharing can be done is the most beneficial way. Source.
Facial recognition startup Megvii Face++ raised $460mn in their most recent investment round led by China State-Owned Venture Capital Fund and the China-Russia Investment Fund; Ant Financial was also involved in the round and the company did not disclose valuation, though their most recent round valued the company at $1.5bn; Face++ uses facial recognition to identity people and counts Ant Financial and the Chinese government as two of their biggest clients. Source.