Envestnet is an analytics company, Backbase a digital banking platform; their partnership is building upon an existing relationship and will feature a collaboration on the Open Banking Marketplace; the partnership will focus on Backbase customers being offered the suite of tools offered by Envestnet | Yodlee like know-your-customer, cash management, budgeting and a simple overview of multiple accounts from different financial institutions; according to Jouk Pleiter, CEO and Co-Founder of Backbase, “With companies like Envestnet | Yodlee on our Open Banking Marketplace, banks are able to give banking clients the user experience they deserve.” Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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The insurtech industry is expected to grow significantly in 2017; insurtech startups are increasingly seeking to take advantage of a $4.5 trillion industry through new offerings and technological innovation; big data, Internet of Things, mobile technology, artificial intelligence, social networking and blockchain are some of the technologies driving startups in insurtech; Let's Talk Payments provides a list of 101 insurtech companies currently evolving in the insurtech business. Source
The business press have focused this week on Deutsche Bank, amid rumors they will require government action to stay viable in their current circumstances; trigger issue is US government seeking a US$14 billion fine over the 2008-2009 centered subprime mortgage crisis; rumors vary on whether Deutsche and German government are working on a crisis plan and/or considering government financial support; comparisons are proposed to that period's bailout of "too big to fail" Lehman Brothers. Source
Lantern Credit has acquired the Abstract Regression Classification (ARC) Machine Learning Library to enhance its proprietary machine learning solution, Beam AI; the firm expects the acquisition and machine learning enhancements to improve its credit advice, credit offers and support for financial institutions; according to Chad Swensen, CEO of Lantern Credit, "Leveraging the ARC software to advance the Beam AI technology produces the most advanced artificial intelligence and machine learning application in the consumer credit management space." Source
Here are the most read news stories from our daily newsletter today:...
During the week I share the latest marketplace lending and fintech news...
The NFIB Small Business Optimism Index increased to 105.9 in January and reported its highest level since December 2004; in December 2016 the Index increased 7.4 points and has since continued to gain; small businesses have reported plans to increase workers and their optimism overall has been helped by policy proposals from the Trump administration. Source
As more and more countries begin implementing biometric technology at their borders, banks are also beginning to use fingerprint analysis and retina scans to verify identities; Canada has used their NEXUS program to track travelers and India has used the Aadhaar program to identify their population; banks have begun testing out these technologies to see what fits their customer best: fingerprints, retina or facial recognition; with the new technology still comes age old issues of theft; stealing a fingerprint then changing it can happen just like the changing of a password; banks are still trying to figure out how to address the new technology and learning lessons from border patrol is one way for them to ensure the best solution. Source
Sandler O'Neill clients will soon get access to Orchard's suite of data analytics products thanks to a new partnership between the two firms; Lend Academy talked with Orchard to provide more insight on the partnership; clients of Sandler O'Neill include community banks, thrifts and specialty finance institutions; Orchard's Chief Commercial Officer Bill Ullman says the data partnership will provide expertise to help them evaluate investment opportunities in the online lending market. Source
I have been doing a bit of digging around the loan data...