Friday September 28, 2018 –
Here are the new and noteworthy stories we have been following this week.
App-Only Banks Rise in Europe and Aim at Traditional Lenders
App-only and challenger banks are growing in Europe driven by a favorable regulatory environment, VC money, and millennial demand – can they scale and become profitable?
Wealth-Management Firms Battle Over Millennials
Fintech startups have made strong headway with millenials but the traditional firms are fighting back.
USAA trials augmented reality app for car buying
USAA is piloting an AR app that lets members point their phone at a car and see information like purchase price, cost of insurance, and if similar vehicles are for sale.
JPMorgan blockchain project recruits 70+ banks
An interbank blockchain project led by Chase designed to speed up the exceptions process has recruited more than 70 banks.
Chicago unicorn Avant is hiring 50 software engineers, forming a new company for banks that use its lending tech
Avant launches new company ‘Amount’ to offer its lending platform to banks providing them a turnkey capability to deploy assets in online lending without a technology and infrastructure investment.
The Future of Credit-Card ID Verification
Increasingly card issuers are looking at biometrics for identity verification vs. the traditional passwords and PIN’s.
Shoppers Love Rewards Credit Cards. Retailers Hate Them.
Some large merchants are trying to end the “honor all cards” rule so as to discourage the use of premium rewards credit cards that carry high interchange.
Digital Bank ‘Simple’ Rolls Out Personal Loans, Savings APY
Simple on expansion path as it raises savings rates to 2.02% and partners with Prosper to offer online loans.
Australian inquiry slams greedy banks and regulator for rampant misconduct
The banking and financial services royal commission has released its interim report, covering consumer lending, financial planning, business lending, farm finance and Indigenous finance.
A scramble to replace LIBOR is under way
The Fed has created a new benchmark dollar interest rate, the Secured Overnight Financing Rate (SOFR) and central banks in Britain, the euro zone, Japan and Switzerland are also constructing new benchmark rates.
Canada sets up Committee on Open Banking
The Canadian Government has established an Advisory Committee on Open Banking to explore giving consumers the ability to share their financial data with third parties.