The other credit risk to watch in China: Fintech-fuelled debt. Trov Insurance on Forbes. Wells Fargo Innovation Group to Focus on Artificial Intelligence, Payments and APIs - CIO Journal. Stripe’s Valuation Nearly Doubles to $9.2 Billion. The digital reinvention of an Asian bank. The CEO of DBS says it’s not enough to apply digital “lipstick.”
DBS is one of the leading financial-services groups in Asia. Headquartered and listed in Singapore, the company has a growing presence across the region and aspires to be what it calls “the Asian Bank of choice for the new Asia.” 5X QYT5l2T YUV4/L/hUjyK 0cD27TLg380o6tX3OwKdy7TrZXEKM9ByXlGUuCvXEjpUnEPhKoU. Better Than Cash Alliance. A small Queensland bank has beaten the big four to create a wearable Visa card. Queensland’s Heritage Bank has beaten the big four in getting wearable payment devices out to customers, with today’s rollout of wristbands that act as Visa cards.
The wristband contains the same Visa Paywave chip that allows the customer to “wave” credit and debit cards over a payment terminal. Staff trials were completed earlier this year and now 40 customers are getting their hands on the device. Heritage chief executive Peter Lock said the bands work exactly the same as a Visa card but it just happens to be strapped to the wrist – and is waterproof.
Www.pymnts. Share Tweet Email Lloyds customers will soon be able to use fingerprint and facial recognition technology to access their bank accounts.
Lloyds, with its new upgrades, will be the first financial services firm in the U.K. to bring in Microsoft to strengthen consumer banking security. Stripe's latest funding round values payments startup at $US9b. By Jing Cao Stripe raised new financing that values the startup at about $US9 billion, cementing its status as a major player in the crowded digital payments space and heralding a possible initial public offering.
CapitalG, the late-stage investment arm of Alphabet, and venture capital firm General Catalyst Partners led the $US150 million round, with participation from existing investors including Sequoia Capital. The San Francisco-based startup was previously valued at $US5 billion and has raised more than $US450 million to date. "The company's valuation is a reflection on its size, scale, profitability and an unbounded market size," General Catalyst managing director Hemant Taneja said, comparing Stripe to Amazon Web Services, Amazon.com's cloud-computing business, which pulls in more than $US2 billion in quarterly revenue. About Us. Brolly is your free personal insurance concierge, powered by AI, and available through our mobile app.
Brolly is being built to make it incredibly easy for you to understand, manage and buy the insurance you need, using the Brolly Advisor, Brolly Locker and Brolly Shop. Brolly Advisor is a useful tool that gets to understand your insurance needs, and tells you if you're over or under-insured, whether you have duplicate or missing cover, and highlights all of the personal insurance products that you may be missing.
It’s there to be informative, and to automate the advice you would traditionally get by speaking with an insurance broker or an IFA. UBS Turns to Artificial Intelligence to Advise Clients - Bloomberg. UBS Group AG, facing the threat of competition from Google Inc. and Amazon.com Inc., has turned to a Singapore-based technology company that uses artificial intelligence for help delivering personalized advice to the bank’s wealthy clients.
Sqreem Technologies Pte. Ltd. beat some 80 teams competing in the Innovation Challenge, a contest organized by Switzerland’s biggest bank that offered S$40,000 ($30,000) and a potential contract to the winner. Their task: Extract the information most relevant to an individual client from an explosion of data and deliver this tailored content to clients’ mobile phones, iPads and other digital devices. “Banking is one of the most rudimentary industries when it comes to digitalization,” Dirk Klee, chief operating officer for UBS wealth management and responsible for digital initiatives, said in an interview.
Businessinsider.com. Shane Williams, cohead of UBS SmartWealth.
UBS LONDON — How can big banks keep up with nimble fintech startups trying to eat their lunch? Beyond Robo-Advisers: How AI Could Rewire Wealth Management. Asked if a computer will ever be able to give better investment advice than a human, Oliver Bussmann does not hesitate.
"I believe it's possible," said Bussmann, who until March was the chief information officer of UBS. Banks' wealth management departments and other investment firms are starting to adopt artificial intelligence. UBS-Amazon partnership: A glimpse of wealth management’s future. Could UBS clients soon be serviced by voice-controlled AI?
Maybe not yet, but a new pilot program between the bank and Amazon's Alexa service is testing the frontiers of both science fiction and wealth management. UBS' partnership with Amazon will enable clients and non-clients of the bank to get answers to financial and economic questions, ranging from what is inflation to how the U.S. economy is faring.
Cuvva - insurance you control. FinTech 2016 - Pranav Seth. NAB to open beta test banking app with transaction controls. The National Australia Bank has been working on a new banking app that will allow its customers to turn off features of Visa debit and credit cards on the fly.
Users will be able to temporarily block cards, turn off online shopping, disable PayWave functionality, and prevent cash withdrawals from ATMs. NAB digital general manager Todd Copeland said the bank was able to offer the functionality thanks to a partnership with Visa. "We've had a lot of feedback from customers, where they've accidentally made a cash withdrawal on their credit card, and they get charged maybe a fee or a cash advance, and they didn't mean to do that ... so you can turn that off," he said.
Copeland said the app has 60 to 70 percent of the functionality of the final version, and is currently in beta with 2,000 users across both Android and iOS. In a fortnight, all Android customers will be able to test the bank's new app by downloading it from the Google Play store. Blockchain-based banking backend Vault OS from ex-Googler emerges from stealth mode. Despite holding the vast majority of the world’s wealth (or perhaps because of that), banks aren’t exactly hotbeds of cutting-edge tech, often relying on decades-old systems for everyday tasks. ThoughtMachine, a company led by ex-Google engineer Paul Taylor, is looking to change that with a modern, fully integrated, blockchain-based banking operating system called Vault OS.
The bombastic press release announcing the system’s emergence from two years of stealth development makes a lot of promises: the company “has solved the greatest challenge in fintech;” Vault OS is “100% future-proof,” “hugely flexible,” and “fixes broken banking forever.” Whether Vault OS is able to live up to its own hype is a question that will have to wait (legacy banking systems aren’t replaced overnight) — but it’s hard to deny that the problem is real and the solution, or at least what the company reveals of it, is compelling.
ThoughtMachine’s Paul Taylor Featured Image: ThoughtMachine. Ex-Google engineers have spent 2 years secretly trying to solve 'the hardest problem in banking' Paul Taylor, left, CEO of Thought Machine. Thought Machine A startup led by two former Google engineers on Wednesday unveiled a cloud-based "operating system" for banks meant to bring the infrastructure at the heart of finance into the 21st century. London-based Thought Machine has been working on its VaultOS platform behind closed doors for two years, with over 50 engineers dedicated to the project. The project is one of the first bottom-up attempts to built a modern computer system for banks, which can be used out of the box by any bank and then tailored as necessary.
The platform draws on the latest technology such as cloud infrastructure and blockchain. Atom Bank. Atom Bank raises $102M at $320M valuation for a mobile-only bank for millennials. Atom Bank, a startup out of the U.K. that has built a mobile-only bank targeting consumers between the ages of 18 and 34, has raised another £83 million ($102 million) in funding led by BBVA, the Spanish bank and owner of Simple in the U.S.
The funding gives Atom a post-money valuation of £261 million ($320 million), TechCrunch has confirmed with the company. BBVA also led Atom’s previous $128 million round in November 2015. The plan is to use the funding to continue building out its customer base and services, as well as provide capital for lending: Atom officially launched in April 2016 and customers access the services via iPhone and Android apps. Today it offers mortgages, Fixed Saver accounts and secured loans for small and medium-sized businesses. BBVA led the round with a £29.4 million investment, and it says that this investment will help it maintain a 29.5 percent share of the startup post-money.
Capital One Adds ‘Muscle’ to Machine Learning Effort - CIO Journal. Meet EVA - the future face of the Invisible Bank. Meet EVA. Driven by the evolution of artificial intelligence, EVA will combine banking seamlessly with our everyday routine. She will be constantly available and can be personalised to your needs, helping you live a comfortable, efficient and well-balanced life. Our vision for retail banking in 2030 is one of a disaggregated industry – with three distinct components. The State of Fintech Industry as We Know It Infographic.
A financial monitoring and notification service company Call Levels has recently published an infographic that shows the current state of FinTech. Call Levels, a financial monitoring and notification service that provides users with the critical information necessary for a successful investment strategy, has recently published an infographic presenting an overarching view of the innovations and key players expanding the FinTech landscape. What is WeChat Payment? A Simple Guide - WalktheChat. Businessinsider. The Pulse of Fintech – Q4 2016. Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG is bringing you pulse of fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges around the world, in addition to key trends and insights related to fintech in key regions, including North America, Asia and Europe.
Santander's voice app becomes first to allow customers to move money with speech. The frustration of a forgotten password may soon become a thing of the past for online bankers. The Secret Behind Lemonade’s Instant Insurance – Shai Wininger – Medium. Hey everyone. How artificial intelligence is transforming marketing. Commonwealth Bank trials blockchain for bonds. How One Bank Uses Brand Content that Goes Beyond Banking. How One Bank Uses Brand Content that Goes Beyond Banking. How One Bank Uses Brand Content that Goes Beyond Banking. How Jyske Bank Uses Web TV to Transform Business. Moven. Single Item Insurance. NatWest trials BioCatch behavioural biometrics tech.
Royal Bank of Scotland to use AI platform for customer services. How Suncorp plans to reduce churn with its connected customer strategy. Suncorp Group overhauls business model. Cardless Cash - how it works. Find Doctors & Healthcare Specialists – Book Appointment Online. Great Eastern Life leads the way in going the extra mile to help customers live healthier. Japanese insurance firm replaces 34 staff with AI. Problem loading page. Uk.businessinsider. Lemonade Sets New World Record – Lemonade Insurance. Never overpay. Hassle-free car buying from TrueCar Certified Dealers.
Apple Wins Battle With Australian Banks Over Mobile Payments. Future of Banking Looks Dark—Why That’s a Problem. Wells Fargo CEO John Stumpf forfeits $53 million in fight to keep his job. Health insurance companies encourage consumers to rate doctors on new website. Driverless Cars Threaten to Crash Insurers’ Earnings. Driverless Cars Threaten to Crash Insurers’ Earnings. Big Banks Join Forces to Compete With the Likes of Venmo. My Dad is a Liar - Emotional Commercial. World Retail Banking Report 2016 from Capgemini and Efma. WeChat, Baidu, and Alibaba Help Chinese Embrace Digital Banking. The Big-Bank Bloodbath: Losses Near Half a Trillion Dollars. A quarter of bank revenue may be lost to disrupters: PwC. Could Blockchain Prove to Be ‘The Next Big Thing’? - The CIO Report. Is FinTech Forcing Banking to a Tipping Point? - The CIO Report.
Insurers brace for mega fintech shake up. Suncorp buys equity in tech start-up Trov. On-demand insurance Trov launches in Australia targeting Generation Y. Suncorp CEO Michael Cameron talks up digital transformation. Alibaba Financial Affiliate Plans to Buy Stake in Thailand’s Ascend Money. Blockchain’s Benefits Extend Beyond The Financial Services Sector - CFO Journal. As Banking Evolves, ‘Fintech’ Emerges From the Branch. What Is a Bank? The Future of Banking Is in China. 16 Banks That Are Experimenting With Blockchain. J.P. Morgan Looks Into Cutting the Cord for Traders.
Bitcoin’s Blockchain Technology Proves Itself in Wall Street Test. Key Blockchain Vendors, Cloud Providers Square Off in Major Test - The CIO Report. CIO Explainer: What Is Blockchain? - The CIO Report. The Morning Download: Blockchain Gets Key Test in Massive Financial Market - The CIO Report. Blockchain Gains Momentum in Small-Scale Markets - The CIO Report. Blockchain: The Good, The Bad, and The Business Case. Life Insurers Pass Pain of Low Rates on to Consumers. The Future of Financial Services.
The Blockchain and Open Innovation. The blockchain business - Intelligent Investor. Block Chain 2.0: The Renaissance of Money. Facebook Isn’t So Good At Judging Your Credit After All. How Mobile Payments Reshape Lifestyles. Mastercard launches selfie payments. Your insurer wants to know everything about you. Businessinsider.com. Every second banker may lose job within 10 years: Barclays' ex-boss. NAB's Visa digital wallet helps block Apple. Banks exploit your personal data to stave off competitors.