MoneyLion’s new feature is called Grow Your Stack; will help customers see a visual representation of their account balance as ‘cash’ over the real world; the feature will leverage iOS 11’s ARKit technology; Tim Hong, Chief Marketing Officer at MoneyLion stated, “If I write that you spent $350 on coffee as text, versus if I show you that in terms of a [visual] stack, you may be more likely to change your habits,” he said. “Not everyone learns in the traditional way.” Source
Orchard has been working for a long time on their new platform called Orchard Deals; the platform has been redesigned from the ground up and boasts more than just a secondary market; features include deal listings, capital management, advanced analytics, data services and news & insights; Peter Renton from Lend Academy spoke with Orchard CEO Matt Burton and outlines what’s new in the blog post. Source
Samsung has already been working with bank branches for five years; the new retail pop-ups will be rolled out in “sooner than a year”; an example of the pop-ups is a shopping center which usually has ATMs where banks could setup for a weekend to attract new customers; Samsung provides the devices that help bank employees engage with their customers. Source
Speaking at an industry conference JPMorgan Chase CEO Jamie Dimon said bitcoin was a fraud and that it will eventually blow up; American Banker reports, “If we had a trader who traded bitcoin, I’d fire them in a second,” Dimon said. Not only would doing so be against company rules, but it would also simply be “stupid.”; he also talked about the bank's future plans in new locations and mobile banking. Source
Goldman Sachs said that their loan business would contribute almost half of the $5 billion in revenue growth it is projecting by 2020; the company will put $28 billion towards loans in the next three years in order to grow that part of the business; Revenue growth has remained flat since the financial crisis and trading revenues remain stagnant. Source
There has been a lot of news coming out about SoFi recently; first came the departures of several senior executives; then news of a sexual harassment lawsuit came in August; now CEO Mike Cagney is stepping down as CEO from the company by the end of the year, having already stepped down as Chairman; in a letter sent to employees Cagney wrote, “The combination of HR-related litigation and negative press have become a distraction from the company’s core mission. I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.” Source
SoFi has published a blog post in response to a New York Times article about recent news at the company; discusses what SoFi calls vague claims as it relates to their mortgage and personal loans business; provides updates on what the company is doing related to corporate culture and Mike Cagney’s departure. Source
The deal will allow Mosaic to free up room on their own balance sheet and finance more loans; the company operates as a hybrid lender and completed a $139 million securitization in February; the move shows the willingness for a big bank to buy and own solar loans. Source
Through the partnership, the firm hopes to provide more personalization to their over 270,000 users; both portfolios were vetted by Betterment to ensure quality and affordability standards; Dan Egan, director of behavioral finance investments at Betterment stated, “We wanted to get these strategies out to our clients as quickly as possible, rather than build them out ourselves.” Source
deBanked reports that Bond Street has stopped making new loans; seven months ago Bond Street announced a $300 million loan purchase agreement with Jefferies; the WSJ outlines that engineers, product developers, and risk and marketing specialists will join Goldman’s consumer bank; Square is allegedly also in talks with some Bond Street employees. Source