Fintech infrastructure is still hot. As earnings season wraps up, we heard from nCino yesterday as they reported on their fiscal first quarter, which ended on April 30.
There is a new report out today that looks at the impact of generative AI on the workforce and what industries will be most impacted.
We have heard before that white-collar jobs, those people with college degrees will be most impacted. This report tries to quantify some of this impact.
Yesterday, the CFPB proposed supervision of “larger nonbank companies that offer services like digital wallets and payment apps.”
We learned back in February that Klarna's AI chatbot was doing the work of 700 people.
Today, Klarna is reporting about its employee's internal use of AI. It's internal AI assistant, named Kiki, is answering 2,000 employee questions a day and over 87% of its employees are now using it.
Payment by bank account is a functionality that has existed for more than a decade in many countries. But it is still a relatively new phenomenon in the U.S.
Many people have called Capital One the original fintech.
Founded in 1994 by Richard Fairbanks and Nigel Morris (of QED) Capital One broke new ground as a monoline credit card bank that married technology and data science before that was a thing in banking.
The fintech space, and the tech space more broadly, is enamored with company valuations. The term unicorn arose out of that fascination.
When the CFPB released their long-awaited proposal on open banking rules in October there was cautious optimism from both banking and fintech groups.
Fast forward two and a half months, when everyone has had a chance to fully digest the 299-page proposed rulemaking, there are many suggestions for improvement. With the 60-day comment period ending this week, the CFPB has received over 11,000 comments.
With the trial of Sam Bankman-Fried in the spotlight last month it is easy to forget that there is still the massive FTX bankruptcy that has to be sorted out.
The next step in that process has now been revealed in the form of a proposal. At this stage, it is just a proposal that must be approved by creditors before it can go to the bankruptcy judge. But the major creditor and consumer groups have agreed to the plan outline.
Today, the company announced that they had added a programmable payments feature to their private permissioned blockchain-based JPM Coin.