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:
Are Troubled Banks and Fintech a Perfect Fit? – Fintech companies seeking a new bank charter in the United States have generally found the proposition to be a nonstarter. But could casting their eye toward Main Street become a viable solution to getting in the U.S. banking system?
Online Transaction Fraud to Double by 2020 – A study from the United Kingdom-based Juniper Research found fraudulent online transactions will reach $25.6 billion by 2020, up from $10.7 billion last year. That means for every $1,000 spent, $4 will be fraudulent.
The study, “Online Payment Fraud: Key Vertical Strategies & Management 2016-2020,” identified three hot areas for online fraud: eRetail (65% of fraudulent transactions, or $16.6 billion), banking (27%, $6.9 billion) and airline ticketing (6%, $1.5 billion).
Google Bans Ads for Payday Loans – Google is banning ads for payday loans from its ad systems in a move to stymie the effectiveness of predatory lenders. Ads for loans with a repayment due date within 60 days or an APR higher than 35% will no longer be allowed on Google’s networks, the search giant announced Wednesday.
Investing, Authentication, and a Few Bots at Finovate – Thirty-nine companies demoed their products to the crowd at Finovate Spring today. Not all were startups (IBM) and not all were really fintech (Quid). All of them did their best to impress a passionate crowd of 1,500+ fintech fanatics. Here’s our take on the demos from Day 1 of Finovate Spring 2016, followed by our choice for the winners of the day.
Banks Still Don’t Trust Bitcoins – “Blockchain — good, bitcoin — bad” has been quite a theme in financial circles recently.
While many recognize bitcoin’s cost- and time-cutting benefits, big FIs in particular still seem unlikely to trust this new currency. When banks look into improving their payment rails, using bitcoin is not on top of the agenda, Julio Faura, head of R&D and innovation at Banco Santander, said during a panel at Consensus 2016 conference this week.