This week, we dive into the social, economic, and financial implications of data in a post-COVID world. As Apple and Google work to build out the government's contact tracing apps to combat pandemic, what Pandora's box are we opening without consideration? As Plaid reaches into payroll data to accelerate small business bailouts, what power do we hand to aggregators? Will dignity-preserving solutions come to market in time? The opportunity for decentralized identity and data storage is clearer than ever. Or will fear drive us to make permanent compromises?
PayPal just launched what it calls a super app. It has a cash account with a 0.40% interest rate, direct deposit, money movement, bill pay, and remittance features. It also integrates shopping functionality with rewards and cash back. In this analysis, we compare this offering with Google Pay and Square Cash App, as well as trace the DNA of PayPal to understand whether such an offering will succeed where others failed.
Voice recognition and machine learning technology are combining to offer consumers new services across various industries; in financial services ING has invested $945 million in a digital technology initiative that plans to include voice automated banking services through devices such as Amazon Alexa and Google Home; Amazon Alexa is now working with many financial services clients for voice integration including UBS, LPL, Fidelity, Capital One and Betterment; this week it was also reported that Wal-Mart will partner with Google to offer customers voice directed ordering through Google Home on Google Express. Source
Normally, I include all p2p lending news stories in my weekly Saturday roundup. Occasionally, though, I feature the major stories...
digital transformationEmbedded Financeenterprise blockchainexchanges / cap mktsmega banksneobankopen banking / PSD2open source
·In this analysis, we focus on Goldman Sachs launching an institutional embedded finance offering within Amazon Web Services, and Thought Machine raising a unicorn round for its cloud core banking platform. We explore these developments by focusing on the emerging role of cloud providers as distributors of third party software, think through some of the implications on standalone fintechs and open banking, and check in on AI company Kensho. Last, we highlight the difference between Web3 and Web3 approaches to “cloud”, and suggest a path as to how those can be rationalized in the future.
Tearsheet asked 107 financial professionals from traditional financial institutions and fintechs who is the biggest threat to banks in consumer...
Ron Shevlin’s latest article in Forbes digs into what the future might look for Google in financial services; it seems...
Google announced a new group of bank partners for their checking account, expanding on the initial announcement last year with...
Peter Renton, Founder of Lend Academy reports on the potential of Google, Amazon, Facebook and Apple being the fintech leaders of tomorrow. Source
Financial services firms have been anticipating when some of the biggest tech firms, Google, Facebook, Amazon and Apple, will fully...