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.
Overstock.com plans to launch their new regulated token exchange with its own initial coin offering; launched under Overstock.com's capital markets arm, tØ, the token offering will be the first listed event on the new exchange; CoinDesk reports that Overstock.com CEO Patrick Byrne said the company will be able to raise between $200mn and $500mn easily. 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
PeerIQ’s weekly update includes a look at recent testimony on capitol hill by Equifax and Janet Yellen’s remarks at an event on reducing regulatory burdens on smaller banks; they also take a deep dive into the recent Navient acquisition of Earnest and how the servicer stacks up to SoFi. Source.
Chatbots are a great tool for banks to appeal to tech-savvy customers at a lower cost compared to a standalone app; according to Business Insider, DBS uses Kaisto’s Kai which allows customers to use Facebook Messenger to process transactions; Swedbank is currently using Nuance’s NINA to better serve customer inquiries; article shares other companies using chatbots and why this is a segment positioned for continued growth. 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
The American Bankers Association released their quarterly delinquency bulletin which shows steady delinquency rates at 1.56%; the 15-year average is 2.16%; Household debt hit a record $12.84 trillion in the second quarter with increases in automobile, mortgage and credit card debt. Source