The primary focus in the online real estate market has been on consumer and residential products however a significant opportunity appears to exist in commercial real estate with the size of the market valued at approximately $3.5 trillion; HousingWire provides a recap of LendIt's commercial real estate panel featuring the three primary companies active in the space including: Cadre, Money360 and Plum Lending; panelists discussed the success of the their businesses and the main challenges for new entrants including the complexities of data sets and the lack of technology solutions for commercial market services. Source
Alex Tapscott took the stage on day two of LendIt USA to begin the day with a discussion on how blockchain can help financial services; blockchain technology has the potential to recreate the infrastructure that the financial services industry was built upon and consumers and banks appear to be onboard with the use of the new technology; however its implementation is far from ready and Tapscott says will not be a reality for at least another three to four years. Source
At LendIt USA, Antony Jenkins from 10x Future Technologies discussed the challenges for incumbent banks in implementing transformative technology; Jenkins says transformation for incumbent banks is very difficult primarily because of the cultural change; Jenkins' 10x Future Technologies is developing software and API technology for banking products including current accounts, credit cards, mortgages and loans. Source
Thomas Curry spent most of his speech at LendIt USA refuting arguments against the Office of the Comptroller of the Currency's (OCC) fintech charter and the agency's authority for establishing the charter however controversial factors affecting the charter's implementation were the primary topic for discussion on a LendIt USA panel; while panelists generally agreed that more regulatory clarity is needed for financial innovation overall, panelists were divided on the need for a fintech charter to regulate fintech firms; panelists reported that fintech chartering could potentially promote partnerships with banks through more standardized regulation however it seems the fintech charter is far from ready to match the broad ranging fintech variants for which it's trying to target. Source
LendIt is returning to the west coast next year for LendIt USA 2018; it will take place on April 9-11 at the Moscone Center; this year we are focusing on three core areas: lending, digital banking and blockchain; new for 2018 is the BlockFin Summit which will take place in a dedicated space within LendIt; it will cover a wide variety of topics including: enterprise blockchain using digital ledger technology, global finance built on AI and blockchain, tokenized VC and investment banking, blockchain infrastructure for markets, trading, and back office, decentralized banking and insurance, and crypto-economics; early bird pricing ends this Friday, November 3.
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[Editor’s note: This is a guest post from Joshua Schnoll, Director, Product Marketing at FICO. FICO is a bronze sponsor and will be...
As the global leader in cognitive solutions, IBM's Watson is one of the top artificial intelligence offerings for financial services companies; Brian Walter is IBM's Global Leader of Watson Client Insights and Cognitive Experience for the company's Watson Financial Services Solutions group; Brian Walter gave a keynote speech on Tuesday at LendIt USA and also talked with Forbes about how artificial intelligence is changing the financial world; in his interview with Forbes he discusses the use of cognitive solutions for financial services compliance, customer service and customer acquisition; also talks about IBM's cognitive solutions for supporting banks, fintechs and developers. Source
eOriginal surveyed participants at the LendIt USA 2017 conference to gain insight on drivers of industry growth and market challenges; according to the survey report 90% of participants expect an increase in partnerships between traditional banks and marketplace lenders in 2017; when asked about challenges for the industry overall, 47% reported regulation as the top challenge followed by access to capital at 25%; respondents also reported a number of challenges in end-to-end digital transaction management solutions including: full adoption by partners, lack of infrastructure, security and privacy concerns, and cost. Source
In our recent blog post, we share a list of companies who spoke at LendIt USA 2016; companies came from over 20 countries with strong participation from the major markets including the UK, China, India, Canada and Australia; below we share details on our attendee breakdown by country and segment which illustrates the diverse crowd you'll get to interact with at LendIt USA 2017. Source
Patrick McHenry is one of the most active proponents for fintech in Congress; Lend Academy talks with McHenry at LendIt USA following his keynote presentation; in the podcast he talks about the role of the House Financial Services Committee, his perspective on fintech, current legislation and his outlook for financial innovation over the next four years. Source