There is significant pain points for commercial clients of banks as they typically need to resend documents many times; as banks become more tech driven they have begun to solve these issues and clients are seeing the benefits; JP Morgan Chase has created Data Once and even smaller banks like Peapack-Gladstone Bank in NJ have new features for their clients; banks of all sizes see how the changes can impact client relations. 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.
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Some of Europes largest online lenders have started to grapple with the idea of potentially becoming a bank; Funding Circle says it has no plans to do so, Zopa on the other hand says they are becoming a bank; other online lenders like YOUnited Credit in France and Raize in Portugal have thought about becoming a bank but thus far see the flexibility of not being a bank as an advantage; the banking market overall is going through quite the change and the definition of a bank is sure to be examined. Source.
- Fitch Upgrades Select Ratings, Outlook on Prosper Marketplace ABS
- Mass-affluent investor platform launches
- Elevate Credit Third Quarter 2017 Earnings Release Available on Its Investor Relations Website
- P2P fund a ‘Buy’, says analyst
- After losing Wealthfront, robo custodian grabs $750M TAMP
- Chinese lending platform PPDAI Group sets terms for $298 million IPO
LendIt is returning to the west coast next year for LendIt USA 2018; it will take place on April 9-11 at the Moscone Center; this year we are focusing on three core areas: lending, digital banking and blockchain; new for 2018 is the BlockFin Summit which will take place in a dedicated space within LendIt; it will cover a wide variety of topics including: enterprise blockchain using digital ledger technology, global finance built on AI and blockchain, tokenized VC and investment banking, blockchain infrastructure for markets, trading, and back office, decentralized banking and insurance, and crypto-economics; early bird pricing ends this Friday, November 3.
Personetics Act will be offered to banks as a way to help their customers pay off their student loans ahead of schedule; the tool will use the Nudge Theory by identifying students who can repay loans quicker and helping them to do so or automatically pay more than the usual payment for them; David Sosna, Personetics’ co-founder and CEO tells Banking Technology, “we’re able to identify windows of opportunity for customers to make these extra payments with no effort on their end.” Source.
The new client house branch will allow retail, business and private banking customers to enjoy coffee and receive personal service; “A client house to me should feel like home,” comments Erik Van Den Eynden, CEO of ING Belgium, to Banking Technology; the branch has all the banks’ typical functions and meeting rooms complete with screens for video conferencing; the company will attempt to open about 15 by end of 2020. Source.
Leading home solar financed Mosaic has partnered with PeerIQ on latest securitization; Mosaic used the PeerIQ platform to allow potential ABS buyers to have insight into their complete set of loan-level data; the partnership will allow for more transparency, streamline diligence and execution. Source.
With the recent hack of Equifax still top of mind for regulators and consumers alike, there are individuals beginning to explore potential solutions including blockchain technology; Bloom and Open Identity Exchange are working on protocols and standards that could be used by any entity to create an ID system on the blockchain; having such a system would allow for more security from hackers and help to verify individuals; while there are current limitations to the technology there are many groups looking to solve these issues and a potential government led initiative could speed up development. Source.
The European Commission has announced a €30bn investment initiative for blockchain technology; the funding is part of the Horizon 2020 Initiative which helps commit capital to projects in security, climate, clean energy and the digital economy; “Artificial intelligence, genetics, blockchain: science is at the core of today's most promising breakthrough innovations,” said Carlos Moedas, commissioner for research, science and innovation according to CoinDesk. Source.
CME Group announced today that they plan to offer bitcoin futures by the end of the year which is a change from what they said just a month ago; others like Cboe Global Markets said earlier in the year it plans to do the same by early 2018; the move by exchanges will open up the bitcoin market to professional traders and institutional investors. Source