Weekly Coffee Break: Roundup of Industry News

Weekly Coffee Break: Roundup of Industry News

Weekly 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:

7 surprising ways summer will cost you – We all know that summer comes with expenses — higher-priced fuel fill-ups, increased electricity bills from running the A/C nonstop (mine doesn’t get a rest from, like, March to October; thank you, first-world luxuries), and sky-high hotel rates. But there are other items that see an uptick during vacation season that you might not immediately recognize. Here’s a list to watch with your wallet.

Will Fintech Kill the FICO Score? – The FICO score is under assault by today’s new breed of lenders. Yes, it’s an industry standard for measuring credit risk and still widely used, but several marketplace lending executives and venture capitalists who spoke at CB Insights’ Future of Fintech conference last week said that it may have outlived its usefulness.

Banks Turning to Visa to Develop Mobile Wallets – More banks are showing interest in developing their own branded mobile wallets, and Visa has launched a platform to make that possible.

Visa’s service, called the Visa Digital Commerce App, allows financial institutions to offer contactless payments, security alerts, card controls and account balance information. The product is launching with more than 40 banks already signed on to use it.

Robos and Credit Cards Coming to Ally Customers Soon – Ally Bank is all about appealing to its “digitally savvy” millennial customers base, says CEO Diane Morais. And rightfully so, since millennials now comprise nearly half – 48% – of the digital bank’s customer base.

Arm yourself with knowledge when shopping for an auto loan – Servicemembers should take precautions when entering auto loan agreements. This is the third post for our blog series on auto loans.

7 finance lessons from dear old dad – “There is no such thing as a free lunch”. Everything has a price, whether you can immediately see it or not there is no escape for inevitably having to pay something. Thanks to Dad we approach every “too good to be true” scenario with a healthy dose of skepticism, especially those that could threaten our wallets.