EXCLUSIVE— #Online #banking service for U.S. #customers of TD Bank was #down for #over a #week after the bank updated to its digital services, prompting multiple customers to flock to social media to express outrage, frustration, or calls to leave the bank. The bank, which noted that it has experienced “#technology challenges” as a result …Read More
Bank Innovation
For a variety of companies, from ticket vendors to energy consulting, digital tokens are increasingly becoming a popular way to raise funds. #This is evident in the ballooning number of Initial Coin Offerings, or #ICOs, open right now. Aside from providing a more secure method of funding, having an ICO means appealing to a broader […]
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Are you really sure I am not a dog? Maybe I am a really smart dog with an AI implant pretending to be a human. Disclosure, #Daily #Fintech is written by a stealth mode AI venture as a proof of concept. Seriously folks, you cannot know my #Identity. To readRead More
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This #week is all about the impact of #Open APIs on Finance, what we call the Programmable Bank. This is part of a series where we look at the impact of different disruptive technologies on Finance. In the past we have covered #Blockchain, Artificial Intelligence, Regtech, Chatbots, XBRL and Wearables. API standsRead More
Bank Innovation
Image source This #week is all about #Wearables. This is part of a series where we look at impact of different disruptive technologies on Finance. In the past we have covered #Blockchain, Artificial Intelligence, Regtech, Chatbots and XBRL. Today is a background briefing on the #technology and its broader implications.Read More
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Wow, what a #week! Daily #Fintech is delighted to share with you 10 takeaways from #SIBOS and 7 insights directly from Palexpo. You can catch up on these conversations at your own convenience and add from your own takeaways on the Fintech Genome. From our curated research, we shared twoRead More
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New #York was rocking the #fintech this #week, from Next Money and BBVA Open Talent to Finovate Fall. Tune in to Brett King and company below to hear the fintech insider perspective.
Bank Innovation
  Its official – #XBRL is boring &8211; just look at Google Trends for XBRL vs #Blockchain. At #Daily #Fintech, we like to dig below the hype to describe those things that are becoming important, even if the media are ignoring them today. So, today’s post describes why we have chosen such a boring subject…Read more #Introducing XBRL #Week on Daily&160;Fintech
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Big bank comeback in mobile payments: Payment processing companies such as PayPal have long offered a nimbler and faster payment option to consumers. The downside has been cost as merchants typically pay a fee for using the service which is often passed on to consumers. US bank J.P. Morgan Chase seems willing to challenge nascent players head on with a payment solution of its own. The big bank maintains the upper hand in the battle as it can offer its services at a significantly discounted rate. The winner will be merchants, which have long complained of exorbitant transaction fees.
AmEx ventures into on-line loans: In more news of incumbents challenging new market players, AmEx has announced an on-line lending platform for small-business clients. Popularized by the likes of #fintech companies such as Lending Club, Square Inc. and On Deck Capital, on-line lending offers loans at significantly reduced turnaround times but at rates sometimes greater than those offered by financial institutions. AmEx is seeking to bridge that divide through quick funding and competitive rates.
Russian blockchain consortium sees daylight: Novel technologies face an uphill adoption challenge, comprehension of the concept being a major roadblock. Industry consortiums alleviate these concerns and promote further cooperation among members to accelerate adoption. With this in mind, a group of Russian #banks have announced their intention to form a consortium to explore #blockchain. Among the potential applications the consortium will investigate include KYC procedures as well as joint settlements. The news comes on the heels of a similar Chinese project recently announced and led by 31 financial and #technology firms.
Blockchain based FX clearing: Clearing trades is expensive and timely with the typical settlement time hovering around three days. Blockchain promises to cut that delay to mere minutes, if not instantaneously. As such, the application of distributed ledgers in clearing and settlements has garnered much attention in the past year. Enter FXCH, a startup Irish clearing house. It successfully cleared an fx-spot transaction using blockchain. Said Franck Mikulecz, founder of FXCH: “Streamlining steps to settle FX trades at a fraction of the current costs is brilliantly disruptive.” The successful transaction will surely give credence to the potential of blockchain in clearing and settling trades.
The Instagram bank branch: In an unconventional branding and marketing exercise, the Singaporean subsidiary of Malaysian bank CIMB has launched a new social media campaign to promote its offerings. Dubbed The Small Bank Theory, the bank has created an “Instagram branch” in the hopes of familiarizing potential clients with its products and services and to replicate, to the extent possible, the actual experience of visiting a physical branch.
Please contact me to discuss these and any other related topics.
Abraham A. Tachjian
[linkedinbadge URL=”https://www.linkedin.com/in/abrahamtachjian” connections=”off” mode=”icon” liname=”Abraham A. Tachjian”] is Legal Counsel at Standard Chartered Bank – FinTech/Blockchain Adviser and Speaker
We started the #week with the main takeaways from the Swiss International finance forum&160;after hearing from UBS, Blackrock, FINMA and Ian Goldin. We initiated a landscape report of #Fintechs using&160;#sentiment analysis in the East and Europe. The US will follow next week. The&160;#Open #Data issue is really a double edge sword, especially for #banks. Some thoughts…Read more #Wrap of Week #27:&160;Swiss #Fintech #conference, Sentiment Fintechs, Open Data in #banking, #InsurTech #Winners, #Blockchain&160;#pitchathon
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