Many of the major US banks are now adopting digital strategies into their business; Lend Academy shares progress from JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs. Source
After more than a year of research focused on how millennials bank JP Morgan announced the launch of Finn by Chase; the app includes checking & savings accounts, a debit card, personal financial management tools and other features that would appeal to a younger user base; the thinking behind the app is to give customers another option and grow their customer base in regions that don’t include many branches. Source.
Customers are becoming more demanding as interest rates climb; the average interest rate paid by the biggest US Banks jumped to 0.40% in the third quarter; sophisticated customers are now reconsidering where they hold their cash accounts; Fifth Third is one bank that is raising rates for these types of customers; wealth management deposits have decreased at Bank of America, JP Morgan and Wells Fargo in the third quarter according to Autonomous Research. Source
After a successful IPO the Chinese online lender has seen shares drop as much as 20 percent after concerns about their business; Chinese media reports surfaced related to the high lending charges that exploit the poor and whether or nor they can handle increased defaults should the economy as a whole slow down; Qudian said the reports are “baseless attacks.” Source.
In an address to the 19th CPC National Congress Xi called for bigger efforts to increase growth in internet based companies, big data and artificial intelligence; “We will make sure that our payment, wealth management and credit services can improve the welfare of the unbanked and underbanked population,” said Ant Financial CEO Eric Jing who was responding to another section of Xi’s speech which looks for the economy to better serve everyone. Source.
Business Insider takes a look at a growing trend in fintech as companies look to offer blockchain technology as a service; companies offering this already include Amazon AWS, IBM, Microsoft Azure and R3 Corda; this trend is seen as something that will only increase in the coming years as more adoption of this technology occurs in financial services and beyond. Source.
One former trader discusses his foray into bitcoin; in a Forbes article he shares how he was wrong to dismiss bitcoin initially and why bitcoin matters more than the blockchain. Source
deBanked spoke with ID Analytics and learned that the firm has increased its visibility into the consumer lending market to 85%; ID Analytics offers a tool which allows lenders to see where a borrower is at with other lenders which is only accomplished with this kind of visibility into the market; ID Analytics also helps lenders combat fraud by analyzing applications for credit; the company analyzes about 1 million credit applications a day. Source
UK digital banks Monzo and Starling Bank announced payments integrations; Monzo plans to integrate Android Pay into the user interface for current account users; Starling Bank says it will be the first bank to partner with Fitbit Pay; while this is the first partnership of its kind for Monzo, Starling Bank integrated with Android pay a few months ago. Source.
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