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:
For millennials, apps provide the on-ramp to investing – For many young adults, easy-to-use applications on smartphones and tablets are a popular gateway to investing.
Historically, there have been two major roadblocks to starting out with investments: the amount of time it takes to create a smart, safe portfolio and the cost to do it. Companies like Digit, Acorns and Stash are a part of a financial tech industry that, with the giant base of millennials in mind, is simplifying and lowering the cost of investing.
Survival Tips for Fintech Startups as the Herd Thins – Enthusiasm for certain fintech investments is said to be cooling among venture capitalists and private-equity firms already. So the natural question is, how can enterprising online lenders and other startups survive, much less grow? We put several entrepreneurs and experts on the spot at the Empire Startups Fintech Conference last week in New York. Here is a roundup of their advice.
Digital transformation introduces wealth management to a new generation – Robo-advising. The name itself conjures visions of technology gone haywire — the advice industry decimated by robots applying cold, hard algorithms to instantly serve the wealth needs of the mass affluent. Thankfully, the future of wealth management isn’t automated, impersonal or robotic. It’s personalized, based on an understanding of clients’ life goals, and combines technology with service to help people achieve their dreams.
5 money tips from mom – ‘Money doesn’t grow on trees,’ was a common phrase in my household. At the time is was a heartbreaking thing to hear as I was eyeing a new bike, but now that idiom has new meaning. My mother wasn’t saying ‘no,’ so much as instill a respect for the hard work it takes to earn that bike. It doesn’t grow on trees because it you have to earn it through hard work.
Warning: ATM fraud is on the rise – ATM skimming is on the rise, jumping 546 percent between 2014 and 2015, according to a recent report from the analytics software company FICO. Just how much money gets stolen annually via this route is hard to pinpoint, but some industry estimates suggest that as much as $2 billion a year may be lost to ATM skimming.
The secret sauce for avoiding a ‘fintech apocalypse’ – In my recurring apocalyptic nightmare, startup lenders–backed by venture capitalists–overrun the traditional financial services sector. In the aftermath of their marketplace attack, the now-barren lending landscape contains the sad remnants of once powerful cooperatives that mistakenly placed too great an emphasis on “great service and low price,” in a world now obsessed with speed and ease of use. It’s the start of the fintech dynasty.