Money poured into fintechs through 2021, prompting banks to respond with investments in both R&D and directly in fintechs themselves.
The number of global fintech patent filings has increased by 49% in the past five years; in 2016 there were 9,545 fintech patents filed globally; the US was the global leader in fintech patent filings with 4,523; China ranked second with approximately half of the number of filings as the US; data on the filings was compiled by commercial law firm EMW who reported that the increase was a result of more filings from both startups and traditional financial services firms. Source
The new digital assistant is launching inside the Bank of America mobile app next year and will be named Erica; the bank is looking for the tool to help customers better understand their spending habits and offers different ways to stay financially fit; Erica will use artificial intelligence and predictive analytics to help customers make payments, check balances, save money and pay down debt. Source
The first major upgrade in electronic payments since the Automated Clearing House (ACH) was created 40 years ago and Check...
As scrutiny of Buy Now Pay Later increases, so too do satisfaction scores among customers using the short-term financing mechanism structured like an installment loan.
This week Isabelle spoke to Pagaya's CIO, Ed Mallon about how lenders can still fulfill demand for credit despite challenges.
Until now little has been known about the hedge fund that invests in cryptocurrencies; it is backed by big names including Andreessen Horowitz, Sequoia Capital, Union Square Ventures, Founders Fund and Bessemer Venture Partners; the firm owns about a dozen cryptocurrencies, taking a value investing approach; Fortune shares more details about how the fund operates and the eye popping returns the fund has returned to date. Source
NYC-based, insurance software provider Namely has obtained $50 million in Series D funding; the company offers software services for human resources, payroll and benefits; its services are targeted for small to medium-sized businesses with 50 to 2,000 employees; they have recently been enhancing their software services to offer new features including daily employee interactions and company news feeds. Source
The deputy governor of the Reserve Bank of India recently said at an event that currently there are different regulations for various categories of non-banking financial companies (NBFCs) which could lead to regulatory arbitrage, and that the central bank is moving in the direction of harmonizing some of the regulations, and they will get clarity on this sooner than later. Source
While Amazon is unlikely to buy a bank in 2018, they are still a threat to banks and other fintech companies; the company is already involved in payments, cash, debit cards, small business lending and consumer credit; Tearsheet shares how retail and financial services companies are becoming more intertwined and how this is a trend that will continue into 2018; the way consumers interact across various apps and accounts is also having a significant effect on banks. Source