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Top Fintech News Daily 2020: Week #3

Top fintech news and insights from the global financial services industry

#11 The State of Digital Banking Transformation

"While progress is being made by banks and credit unions in their digital transformation efforts, there is still a great deal of work required as organizations need to move beyond technology implementation to changing organizational culture around digital banking. This will move initiatives beyond IT to include the cross-functional collaboration required to compete against fintech and big tech offerings."

Source: The Financial Brand

submitted by Christophe Langlois

#12 Dallas Mavericks Announce Multi-Year Partnership With Chime As The New Jersey Sponsor

“We’re thrilled to announce our partnership with the Mavs, one of the most exciting teams in the NBA,” Chris Britt, Chime CEO and co-founder, said in a statement. “At Chime, we focus on helping our members achieve financial peace of mind with banking services that are simple and free. One of our core values is to always be member obsessed and we’re proud to partner with an organization that is similarly committed to its fans and community.”

Source: Forbes

submitted by Christophe Langlois

#13 You Can Soon Spend XRP at Amazon and Major Retailers With New BitPay Integration

"The crypto payments service BitPay is launching new support for XRP.

BitPay co-founder Tony Gallippi confirms that users will be able to buy gift cards with XRP starting next week. Gallippi retweeted the news, which was first uncovered by a group of XRP enthusiasts."

Source: Daily Hodl

submitted by Christophe Langlois

#14 RBC files AI patents to predict clients’ needs as big tech encroaches on bankers’ turf

"The Royal Bank of Canada is looking to patent several artificial-intelligence inventions, including one that could predict when consumers are about to make major purchases, public filings show."

Source: Financial Post

submitted by Christophe Langlois

#15 New Blockchain-based Visa Token Service Set To Launch in 2020 – Set to Reach $1 Trillion

"Visa, the world’s largest digital payment platform Visa is to launch its blockchain-based Visa Token Service (VTS) would be instituted and it’s estimated that Visa will process a combined ecommerce volume of $1 trillion with the service.  The Visa simplified online checkout experience will replace Visa Checkout in the US starting in January 2020 and will continue to expand globally through the end of 2020 to additional markets."

Source: Blockchain News

submitted by Christophe Langlois

#16 Goldman Sachs quietly releases Marcus app three years after launch

"The much anticipated app launch arrives three years after Marcus was first created in 2016, when the bank aimed to diversify its revenue and funding sources by tapping up retail customers. Marcus now has four million users.

Despite the lack of hype around the launch, it’s understood that the app has been designed with the eventual expectation that it will become Goldman Sachs’ main mobile face for the large majority of its digital banking services."

Source: BankInnovation

submitted by Christophe Langlois

#17 Half would use Open Banking apps for financial health

"Nearly half (47 per cent) of UK consumers said they would use Open Banking apps to help them manage their finances, according to new research. An Opinium survey of 2,000 adults for Nesta’s Open Up 2020 challenge found that 31 per cent of 18-34 year olds plan to sign up to an open banking app this year in order to use financial data to improve saving and manage spending. "

Source: FStech

submitted by Christophe Langlois

#18 Artificial Intelligence for Risk Reduction in Banking: Current Uses

"Banks are investing heavily in artificial intelligence for risk reduction, namely fraud detection, compliance and cybersecurity. In machine learning terms, these are applications of anomaly detection techniques. We will look at how three banks — HSBC, JPMorgan and Danske Bank use AI to combat fraud, comply with anti-money laundering (AML) regulation, and shield against cyber threats."

Source: Towards Data Science

submitted by Christophe Langlois

#19 MUFG taps math expert as CEO to lead digital transformation amid Japan’s negative rates

"Mitsubishi UFJ Financial Group Inc. named Hironori Kamezawa as chief executive officer on Friday, turning to a math expert to help Japan’s biggest bank forge a path in the digital era."

Source: Japan Times

submitted by Christophe Langlois

#20 Ripple Spent $170,000 Lobbying President Trump’s Staff on Blockchain and Cryptocurrency in 2019: OpenSecrets

"Ripple spent $170,000 lobbying the American government across the first three quarters of 2019, according to the Center for Responsive Politics. The nonpartisan research tracking group secured the data from the Senate Office of Public Records and says Ripple lobbied the Executive Office of President Donald Trump."

Source: The Daily Hodl

submitted by Christophe Langlois

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What do you think?

Written by Christophe Langlois

Based in London for almost a decade, Christophe is an entertaining fintech marketing keynote speaker and a trusted advisor to the global financial services industry on the topics of digital marketing, innovation and B2B social media.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is advising a number of fintech startups on marketing and growth hacking and he is the Chief Marketing Officer of The Fintech Power 50, an exclusive annual programme helping fintech scale-ups to accelerate their growth globally.

Christophe's views on VisibleBanking.com are his own.

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