The Week in Review

The Week in Review
The Week in Review
Posted on October 28, 2018 in Banking, Bitcoin, Credit cards, Fintech, Lending, Mobile, Payments

Friday October 26, 2018 –

Here are the new and noteworthy stories we have been following this week.

FICO Plans Big Shift in Credit-Score Calculations, Potentially Boosting Millions of Borrowers

Fair Isaac Corp. plans to roll out a new scoring system in early 2019 that factors in how consumers handle their depository accounts.

Zelle Network® Announces $32 Billion, 116 Million in Payments for Q3 2018

Zelle continued to exhibit strong growth with transaction volume up 16% quarter-over-quarter (QoQ), and total money moved up 13%.

Lenders Share Their Underwriting Secrets With Credit Karma

As part of a new service, lenders will begin sharing some elements of their underwriting policies and models with Credit Karma in the hope of growing customer acquisition.

https://www.wsj.com/articles/lenders-share-their-underwriting-secrets-with-credit-karma-1540206000

Visa Makes Strategic Investment in Conductor to Accelerate Adoption of Digital Payments in Brazil

Visa makes its first investment in Brazil as part of a broader global strategy to open up the Visa ecosystem and support a broad range of new partners transforming commerce.

https://www.businesswire.com/news/home/20181023005470/en/Visa-Strategic-Investment-Conductor-Accelerate-Adoption-Digital

IBM introduces Open Banking platform

IBM is launching a platform for banks designed to bridge the gap between legacy systems and the API future.

https://www.finextra.com/newsarticle/32833/sibos-ibm-introduces-open-banking-platform

Citigroup escalates credit card wars with boost to top card’s dining, air travel rewards

Citi is fighting back for premium credit card market share by boosting the rewards on its Prestige card.

https://www.cnbc.com/2018/10/23/citi-escalates-credit-card-wars-with-boost-to-dining-air-travel-perks.html

Visa tops profit estimates as consumer spending grows

Visa earns $2.8 billion in Q4 and $10.7 billion for FY 2018 driven by double-digit gains in payments volume.

NAB and Microsoft test facial recognition for ATM withdrawals

National Australia Bank has teamed up with Microsoft on a proof-of-concept that taps AI to let customers make ATM withdrawals using facial recognition and a PIN.

Discover Financial Services Reports Third Quarter Net Income of $720 Million or $2.05 Per Diluted Share

Discover generated $720 million in Q3 earnings, up 20% YOY 2017.

https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2018/Discover-Financial-Services-Reports-Third-Quarter-Net-Income-of-720-Million-or-205-Per-Diluted-Share/default.aspx

BlackRock plans 1,000-job innovation center in Atlanta

BlackRock has announced plans to open a new innovation center in Atlanta, where it expects to locate about 1,000 jobs.

https://www.ajc.com/business/blackrock-open-tech-hub-atlanta-with-000-jobs/o1ehaSozlTRbDma7An0xVM/

Sweden’s central bank prepares for cashless future with e-krona

Sweden’s central bank is pushing ahead with plans to build a technical framework for the issuance of a new electronic currency, the e-krona.

https://www.finextra.com/newsarticle/32856/swedens-central-bank-prepares-for-cashless-future-with-e-krona

Is a Cashless Society Problematic?

The Bank of Canada releases a paper that looks at the implication of a cashless future.

https://www.bankofcanada.ca/2018/10/staff-discussion-paper-2018-12/

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