A new report from Equiniti found that 30 percent of millennials borrowed more than $1300 in the past year; borrowing has increased by 17 percent since 2015; 44 percent prefer to search for a loan on their phones and 47 percent said they would be willing to borrow from an unfamiliar lender; this is clearly encouraging for fintech firms but also shows challenges remain as millennials look for the cheapest, quickest way for funds. 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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As the date for open banking nears Banks and their digital only challengers are bracing for a new era of banking in Europe; writing an opinion piece in AltFi Lewis Hill of Instinctif Partners explains how digital only banks will need to explain their value proposition to the consumer to take advantage of the new rules; banks are still struggling with legacy technology and poor consumer ratings; the time is now for challengers to truly disrupt the incumbent players. Source.
Like many other startups, fintechs face challenges with a slowdown of funding...
Expense management start-up Payhawk lands $3.3m seed capital US Bank connects customers...
Banks have traditionally tried to keep their intellectual property secret, but as...
The People's Bank of China (PBOC) had meetings with various bitcoin exchanges this week including BTCC, OKCoin and Huobi; along with the meetings two press releases were issued; according to a translation from Coindesk, the document reads, "Bitcoin is not a currency and shouldn't be viewed as such. Those who invest in bitcoin should accordingly be aware of the risks it poses and protect their investment"; officials also reminded exchanges about complying with local state laws and other regulations. Source
Leading digital transaction management firm eOriginal has been selected to manage electronic documentation processes for Fannie Mae; as a government sponsored enterprise (GSE) Fannie Mae works with lenders nationwide; the eOriginal services will help improve all of the GSE's associated mortgage loan transactions providing support for lenders and loan portfolio services for Fannie Mae; in comments on the partnership, Cindy McKissock, vice president of customer digital experience at Fannie Mae said: "We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc™ Version 3.0 format in 2017. This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease." Source
A new survey by The Economist Intelligence Unit and Crypto.com says that...
Loan demand has increased in recent quarters and now banks find themselves...
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