SunTrust Bank saw the writing on the wall a couple of years ago, their aged technology was not efficient and new startup lenders were able to provide loans a lot faster; it took 18 months to overhaul their systems but the bank is now ready to go live with a unified, faster operation they feel is ready to compete in this new fintech era; "When you think about what clients want, most of all they want their money quickly, and they go to fintechs because of the speed," said Pam Kilday, head of operations at SunTrust bank; Pam Kilday says, "We see speed as a competitive edge and we want to be at the forefront." Source
Hong Kong Fintech Week began with an announcement from SuperCharger Fintech Accelerator of eight finalists; the companies provide a range of services including solutions for wealth management, regulatory technology, artificial intelligence, cybersecurity and blockchain; the eight companies will participate in a 12-week program which includes access to SuperChargers corporate partners and mentors. Source
An opinion editorial in American Banker makes the case for eliminating the Consumer Financial Protection Bureau; says the agency provides for unnecessary expansion of federal regulatory power; suggests a return to segregated oversight; provides a list of overreaching executive powers in addition to its recent unconstitutional ruling. Source
A survey from TWINO and KPMG provides statistics on alternative lending market trends in Europe; says UK alternative lending volumes are four times higher than the rest of Europe; consumer loans account for 72% of online lending in Europe; the European online alternative lending market has grown by 23% since the end of 2015, reaching lending volume of 600 million euros ($623.39 million) as of September 30, 2016; UK has 81% of market share; geographic location across Europe is becoming less of a factor as advanced technologies are the main driver for platform success. Source
In this week’s WeiyangX Fintech Review reported by Crowdfund Insider they cover the rumors that the CBRC suspended online lending by private banks; private banks were only permitted to be in operation for the last 3 years and this news is reported to be done because of concerns over stability at the banks; a charity crowdfunding platform, Fenbeichou, was accused of fraud; the PBOC released new rules for mobile payment security including all QR code providers now need a permit. Source.
Cloud Lending Solutions provides a white paper with insight on lending collections in their featured blog post; lending collections strategies can have a significant impact on a range of business factors for a lending firm; Cloud Lending Solutions offers CL Collections™ to help businesses develop more robust collections strategies that positively affect revenue and portfolio management. Sponsored Blog Post
SuperMoney has developed new auto loan technology to provide consumers with auto lending offers; it signed on 20 auto lenders for the product's launch and is able to provide interested borrowers with options for secured and unsecured loans, refinancings, and private-party auto loans; the firm is seeking to simplify the search process for finding an auto loan and compares its technology to current services for buying an airline ticket. Source
SupportPay is an app that provides a unique solution for managing child support payments; in 2016 the firm was one of only a few female led fintech venture capital fundraises; Sherri Atwood raised $4.1 million for development of SupportPay which offers a digital solution for receiving child support and tracking child care expenses; the increased transparency the child support app provides has helped the firm gain interest from state agencies and legal firms managing divorce cases involving child support. Source
An increasing number of employers are adding student loan services and contributions to their employee benefit programs; IonTuition.com is one provider for employer related student loan debt services; they have released a survey which reports that 87.7% of participants would consider a student loan contribution program from their employer to be an important benefit; 57.8% also said they were interested in online educational tools from their employer regarding student loan debt. Source
The world's oldest central bank is now looking to the future; Riksbank is looking to issue a national digital currency as they have seen a 40% drop in use of notes and coins since 2009; they do not view the digital currency as a replacement for notes; the new currency would be viewed as complementary; challenges lie ahead as there is no blueprint for this; Cecilia Skingsley, deputy governor at the Riksbank, told the Financial Times, "This is as revolutionary as the paper note 300 years ago. What does it mean for monetary policy and financial stability? How do we design this: a rechargeable card, an app or another way?" Source