Weekly Coffee Break: Roundup of Industry News
Every week, we’ll share a roundup of industry news links because these resources have informed and inspired us. Here’s our weekly roundup of industry news:
The Fed wants faster, more secure payments – The Federal Reserve System is intent on building a faster and safer payments system, according to Korie Miller, the Fed’s vice president and director of financial services marketing. The Federal Reserve is collaborating on the project with payment system stakeholders, including large and small businesses, emerging payment firms, card networks, payment processors, consumers, and financial institutions.
Millennials Avoid Financial Risk: Navy Federal – As consumers who came of age during the Great Recession, millennials are more likely than their parents to avoid risky investments, but are even more anxious to obtain personal financial information from sources they trust, Navy Federal Credit Union said Thursday.
Fintech Goals Are Changing, VCs’ Appetite Is Not – Late last year, we wondered if the fast-growing fintech sector was overheating. At that time, we thought the answer was a qualified “yes”— that some companies were overvalued and there were signs of a bubble forming.
The evolution of the ways to pay – During the recent CUES Webinar, “Preparing for the Ever-Evolving Digital Wallet,” Sundeep Kapur told attendees that the future of money will include electronic payments, encrypted payments, credit card company innovation, and mobile wallets.
“As an industry, we have seen a lot of this innovation come to market already,” explained Kapur, consultant and founder of Digital Credence. “While some have been successes, others have failed. The digital wallet will continue to evolve as new currencies and faster payment methods are developed.”
Alternative Mortgage Lenders Are Changing Home Buying – If you’re looking for a mortgage, there’s one less reason to walk into a bank these days. Alternative mortgage lenders — non-bank companies without customer deposits — are transforming the mortgage industry. Their goal: to offer mortgage rate transparency and help you complete the home loan process quickly, efficiently and mostly (if not completely) online.
Will Realtime Payments Bring Real Money for Banks? – Should consumers and businesses pay for realtime payments or not? This difference of opinion is apparently creating some “discord” in the clearXchange network between the first two active members: U.S. Bank and Bank of America.
Payday Lending: Will Anything Better Replace It? – Fringe financial services is the label sometimes applied to payday lending and its close cousins, like installment lending and auto-title lending—services that provide quick cash to credit-strapped borrowers. It’s a euphemism, sure, but one that seems to aptly convey the dubiousness of the activity and the location of the customer outside the mainstream of American life.