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Facebook Twitter What has and hasn’t changed since the global financial crisis? The world economy has recently returned to robust growth.

What has and hasn’t changed since the global financial crisis?

But some familiar risks are creeping back, and new ones have emerged. It all started with debt. In the early 2000s, US real estate seemed irresistible, and a heady run-up in prices led consumers, banks, and investors alike to load up on debt. Exotic financial instruments designed to diffuse the risks instead magnified and obscured them as they attracted investors from around the globe. Cracks appeared in 2007 when US home prices began to decline, eventually causing the collapse of two large hedge funds loaded up with subprime mortgage securities. Audio Great strides have been made since 2008 to prevent a recurrence of the financial crisis and recession that followed. The road to recovery has been a long one since those white-knuckle days of September 2008.

Central banks, regulators, and policy makers were forced to take extraordinary measures after the 2008 crisis. Global debt continues to grow, fueled by new borrowers Mortgage debt. Evari Business Insurance - Get insured online in minutes. Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System. Seconds-out-new-challenger-86-400-bank-targets-big-four-s-turf-20180627-p4znzj. Amazon a bigger threat to banks than fintech: World Economic Forum. HSBC Connected Money. Cash App - Send Money Instantly. Cash App on the App Store. Morgan Stanley Launches ‘Robo’ Advice Service.

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To learn more and subscribe, please click here. JPMorgan Chase launched Finn, a standalone digital-only mobile banking platform that allows users to open accounts, make deposits, issue checks, track spending and create savings plans. The app is being tested for iOS users in St. Louis — where Chase does not have any branches — and will be offered to Android users and expand into more US cities next year. Finn offers tools specifically geared toward helping millennials manage spending. And Chase's robust digital investment could be a great gateway to reach key demographics of new customers. Millennials are likely to take advantage of mobile banking offerings. Why Mastercard Hasn’t Been ‘Disrupted’ Mastercard has had an incredible run this year, along with other tech-focused companies in the financial services industry including Visa and PayPal.

Why Mastercard Hasn’t Been ‘Disrupted’

The company’s earnings report on Tuesday blew away Wall Street expectations, with revenue jumping 18%. The stock was slightly down on Tuesday, probably because it’s already risen 44% this year. It’s a remarkable achievement given that Mastercard operates in two industries that have had an uneasy few years -- finance and “old” tech. Financial companies like big banks have been slowed by new regulations. And many tech companies that -- like Mastercard -- came of age decades ago have often been disrupted by newer tech companies. But Mastercard has mostly avoided new regulations since the financial crisis, aside from the impact of an amendment to cap fees on debit card transactions. Alibaba and Tencent Set Fast Pace in Mobile-Payments Race - WSJ. Alipay, WeChat Take Battle for Mobile-Payment Dominance Overseas - WSJ.

In India, Mobile Financial Services Are Displacing Traditional Ones - eMarketer. Mobile payments are almost on par with credit card use among some consumers in India, according to new data from financial services provider FIS.

In India, Mobile Financial Services Are Displacing Traditional Ones - eMarketer

A survey of internet users conducted on behalf of the firm by Kantar TNS in December 2016 found that 40% of respondents had used a credit card to complete a digital shopping transaction, while almost the same number (37%) had used some kind of mobile payment service. Credit cards held a similarly narrow lead over mobile payment systems for respondents making travel-related purchases and paying utilities.

However, mobile payments were more commonly used than credit cards for movie or entertainment purchases. But that’s not the only way that mobile devices are changing India’s financial sector. FIS also found that mobile banking is a big draw among younger consumers in the country. Clever Kash - Show kids the magic of saving. Capital One Launches Digital Identity APIs. Share Tweet Email Capital One announced Monday (May 15) it launched a pilot program that it says will make it easier for online services to identify customers, by letting them access the same identity verification technologies it uses with its own clients.

Capital One Launches Digital Identity APIs

According to a report, Capital One said the products are currently in the beta stage and will enable third-party websites and applications to authenticate the identity of users against identity information that Capital One has stored. “We have been building digital identity products and technology for years in order to serve our tens of millions of customers,” Matthew Thompson, director of Digital Business Development at Capital One, said in a report.

World Economic Forum Publishes Blockchain Governance Taxonomy. The World Economic Forum has published a detailed white paper arguing that blockchain stakeholders should organize in a way that would dwarf even the largest consortia.

World Economic Forum Publishes Blockchain Governance Taxonomy

Released today, "Realizing the Potential of Blockchain" proposes that a new distributed network of "ecosystems" should emerge to maximize the impact of the distributed ledger technology across three areas: a blockchain platform layer, an application layer and an overall ecosystem layer, where participants analyze legal structures and regulation from a scientific and business perspective. Among those who have already publicly expressed interest in the concept are the founder of the Enterprise Ethereum Alliance, Jeremy Millar; the executive director of Hyperledger at the Linux Foundation, Brian Behlendorf; the founder of the Chamber of Digital Commerce, Perianne Boring; and Jamie Smith, chief communications officer at Bitfury Group.

Samans told CoinDesk: 'End Poverty, Restore Trust': World Bank Dives into Blockchain with Lab Launch. The world's largest multilateral development bank is launching a blockchain lab as part of a bid to pilot projects that can improve governance and social outcomes in the developing world.

'End Poverty, Restore Trust': World Bank Dives into Blockchain with Lab Launch

The World Bank, based in Washington, DC, officially launched the venue Tuesday morning to serve as a forum for learning, experimentation and collaboration on distributed ledger technology. The blockchain lab will now seek to bring together internal and external participants to work on blockchain use cases of significance to the bank's more than 80 client countries. Core focus areas will include land registry, digital identity, aid distribution and financial infrastructure.

LinkedIn. Businessinsider. AI Changing the Game for Insurance - Tech Exec. US insurance company Lemonade are continuing their rise to the top using Artificial Intelligence, after revealing their research which shows they are gaining a large share of the New York market.

AI Changing the Game for Insurance - Tech Exec

The organisation only opened their doors to applications 8 months ago, and have quickly caught traction with customers as they put the user experience above all else. Lemonade’s unique catch is that their insurance is powered off of AI and behavioural economics, removing the annoying and unnecessary paperwork and providing almost immediate approvals. Their Google Surveys revealed that in less than a year, Lemonade has captured almost 5% of the market share in renters insurance.

Their ascent is even more incredible when considering that the average market share for the top 10 homeowners insurance is 6.3%, while being in business for 104 years. Lemonade: What the numbers say - Oxbow Partners. Lemonade recently published their latest ‘Transparency Chronicle’ blog post.

Lemonade: What the numbers say - Oxbow Partners

The data is a little patchy so we thought we’d do some digging into performance to date and see where things could be heading. In the spirit of transparency, you can download our spreadsheet with the source data and our calculations here. Please note that this analysis is based on public data and has not been reviewed by Lemonade. Lemonade: What is it? Insurance giant pilots blockchain-powered policies. Global insurance and banking heavyweights, AIG and Standard Chartered Bank, have teamed with technology titan IBM to pilot the world’s first multinational, ‘smart contract’ insurance policy developed with blockchain technology.

Insurance giant pilots blockchain-powered policies

The pilot was launched with a view to understanding “blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain,” according to release by IBM. The trio utilised distributive ledger technology (DLT) to convert a controlled master policy, written in the UK, along with three insurance policies created in the US, Singapore and Kenya, into a dynamic ‘smart contract’, providing a shared view of policy data and documentation in real-time. The ‘smart contract’ revealed unprecedented visibility into coverage and premium payment across both the local and master level.

An Interview with Philippe Ruault, Chief Innovation and Digital Officer, BNP Paribas. "All customers want to be part of the innovation process and they want to co-create much more with us and be much more involved and ahead of the process. I see that very consistently, whether it’s a customer based in France, or in the UK, in Hong Kong, or in Sydney... " FST Media: What are your business and digital priorities for the next six months? Ruault: Everything is a priority with digital because you have to move quickly and efficiently. Alibaba’s Ant Financial to develop services in Indonesia as global expansion continues. Ant Financial, the fintech company affiliated with Chinese e-commerce giant Alibaba, is continuing its global expansion.

The firm has taken its first official step into Indonesia today after it announced a joint venture to develop local financial services. BitPagos, now Ripio, lands $1.9M to promote financial inclusion in South America using bitcoin. BitPagos, a bitcoin and digital payments startup that was a Battlefield finalist at TechCrunch Disrupt New York 2016, has closed a $1.9 million Series A round to expand its services in its native South America. The round was led by China-based Huiyin Blockchain Venture with participation from existing investors Digital Currency Group, Boost VC and Draper VC.

The company was founded in Buenos Aires, Argentina, in 2014, and previously raised undisclosed seed funding. As part of the news, BitPagos is also renaming itself to Ripio, which means gravel in Spanish. That’s also the name of its consumer credit product, which enables those with limited banking history to get credit through the use of its consumer wallet service. CEO Sebastian Serrano (pictured at the top) told TechCrunch that the name is better suited for running a consumer business — it’s also more symbolic.

“I grew up in Choele Choel, Rio Negro in the Patagonia region. Bext360 is using robots and the blockchain to pay coffee farmers fairly. Coffee is the world’s second-most-traded commodity, after petroleum. Some 125 million people make a living growing coffee, according to estimates from the Fairtrade Foundation. Most are smallholders, or small-scale farmers whose families live on less than $2 a day, the World Bank reports. Now, a Denver-based startup called Bext Holdings Inc. wants to make it easier for these farmers to get a fair price, and get paid instantly, for their beans. The company built a mobile robot that is something like a sophisticated scale.

It allows buyers of coffee to rapidly analyze the quality of and weigh a farmer’s product in the field. The startup’s app and cloud-based software employ blockchain technology from to create a record of where beans came from, and who paid what for them. 3 trends currently reinventing the financial industry. FinTech Weekly - News & Articles on Fintech and Banking. 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.” One of the most important prongs of that ambition is the bank’s digital strategy—notably its determination to embrace technology, reimagine the customer journey, and make the bank’s culture more entrepreneurial. McKinsey senior partner Joydeep Sengupta recently sat down with Piyush Gupta, the CEO of DBS since 2009, to discuss the challenges and opportunities Gupta has encountered along the way and the future shape of banking, including the threat from platform companies.

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. Www.pymnts. Stripe's latest funding round values payments startup at $US9b. 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.

UBS Turns to Artificial Intelligence to Advise Clients - Bloomberg. UBS Group AG, facing the threat of competition from Google Inc. and Inc., has turned to a Singapore-based technology company that uses artificial intelligence for help delivering personalized advice to the bank’s wealthy clients. Beyond Robo-Advisers: How AI Could Rewire Wealth Management. 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. Cuvva - insurance you control. FinTech 2016 - Pranav Seth. NAB to open beta test banking app with transaction controls. Blockchain-based banking backend Vault OS from ex-Googler emerges from stealth mode. Ex-Google engineers have spent 2 years secretly trying to solve 'the hardest problem in banking' Atom Bank. Atom Bank raises $102M at $320M valuation for a mobile-only bank for millennials. Capital One Adds ‘Muscle’ to Machine Learning Effort - CIO Journal. Meet EVA - the future face of the Invisible Bank.

Meet EVA. The State of Fintech Industry as We Know It Infographic. What is WeChat Payment? A Simple Guide - WalktheChat. Businessinsider. The Pulse of Fintech – Q4 2016. Santander's voice app becomes first to allow customers to move money with speech. The Secret Behind Lemonade’s Instant Insurance – Shai Wininger – Medium. 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.