My last post here generated quite an in depth discussion among the readers of this blog. This got me thinking....
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[Editor’s note: This is a guest post from Lisa Weinberger, Director of Digital Marketing at CircleBack Lending. CircleBack Lending is a Silver sponsor...
This week Digit announced it was launching a savings bot which will operate on Facebook's messenger; to date users have saved over $350 million with the app which tracks income and spending and subsequently transfers small amounts of money to a savings; the company is also rolling out a financial goal program using artificial intelligence which will allow users to set savings goals and timelines. Source
The "Facebook Initiative" has helped increase lending at Irish credit unions and now 15% to 20% of loan inquiries come through the social networking site; the program initially started out as a pilot project and has moved into a key source of new leads; half of consumers that used this program never borrowed from a credit union before; the process involves a 30 second inquiry online, then lending officers call the borrowers to ensure they understand what they are borrowing; this is part of a broader move by the Credit Union Development Association (CUDA) in Ireland to spur innovation in finance. Source
One of the first posts I ever wrote on Lend Academy back in 2010 was about mulling the idea of...
A post on Friendfeed earlier today was interesting. I wrote this blog post last year, Will Facebook Become a Peer...
Facebook's data and privacy rules have slowed business development plans for insurtech firm, Admiral; many fintech firms have sought to use social media profiles in crowdfunding with little success for various reasons; insurtech firm, Admiral, will now be forced to end its plans to use Facebook social media posts and likes for consideration in auto insurance underwriting; Facebook says use of the information is a violation of its data privacy rules. Source
Facebook has partnered with TransferWise for international money transfers as the firm continues to increase its financial services activity on the platform; TransferWise has internally developed a Facebook Messenger chatbot that will facilitate the international money transfer service; the service will expand on Facebook's current domestic money transfer capabilities. Source
Clearbanc provides revenue-based financing to online businesses; a new program launched with Facebook will give Facebook’s 5 million merchants in Canada and the US access to $500,000 in financing; advertisers who have been working with Facebook for 6 months and have positive economics on ad spends will be able to apply through Clearbanc’s Chrged program and connect their Facebook Ad account. Source
Peter Renton, Founder of Lend Academy reports on the potential of Google, Amazon, Facebook and Apple being the fintech leaders of tomorrow. Source