In early 2018 we learned that more than 80% of borrowers taking up loans with Goldman Sachs’ Marcus had FICO...
According to KPMG’s Pulse of Fintech report fintech investment increased for the third straight quarter to $5.8bn; the big driver behind this is banks continue to increase their investments and partnerships with fintech firms; “You’re seeing more partnerships because there is more interest on both sides in collaborating, and bringing two different sets of values to the table,” said Luis Valdich, managing director of venture investing at Citi Ventures, to American Banker; banks have been keen to focus on news technologies like artificial intelligence, advanced analytics tools and blockchain. Source.
SBI Group, owner of SoftBank is investing into the mobile-first bank; SBI Group will also get a seat on Moven's board and the companies plan to form a joint venture in Japan; Moven is also splitting its business in two; one side is the software provider that powers digital banking software and the other is the neobank, MovenBank; Moven also announced that it is in the process of purchasing a US bank. Source
Bank of America Merrill Lynch has formed a partnership with quant hedge fund MANA Partners that will help the bank test algorithms to stay compliant with MiFID II in Europe; the testing environment allows for traders to see if algorithms are safe and how they affect other traders; the move is seen as part of a trend by banks to cut costs and get more efficient within their trading practices. Source.
In an American Banker op-ed, a senior fellow at the Cato Institute argues against the idea of allowing post offices...
The new joint credit card is anticipated to be launched next year and will carry the Apple Pay brand; this...
Lincoln Savings Bank is a 117-year-old community bank based in Iowa; but five years ago they started a fintech initiative...
Many consumers love the convenience of digital communication but still seek live human interaction. Source
Mercantile Bank of Michigan has struck a partnership with Abe AI to build a chatbot; MercMoney is an AI based...
The CEO and Co-founder of Varo discusses what is wrong with traditional banks and how his startup digital bank is different. Source