Weekly Coffee Break: Roundup of Industry News
Every week, we’ll share a roundup of industry news and fun links because these resources have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
Ways to save money on Halloween – Halloween is one of my favorite holidays. As a child I loved making my costumes and mapping my route based on who gave full size candy bars the year before. Now as an adult, I love handing out candy and trying to guess what all the costumes are. According to a poll from the National Retail Federation, Americans are planning on spending more than ever this Halloween. It’s estimated that we will spend $8.4 billion this year, which breaks down to an average $82.93 per shopper. If that number seems too spooky, follow these saving tricks to treat your budget.
Life lessons through film: Top 10 inspirational quotes – Although many characters in film are fictional, we can still learn from their words on screen. Many make us laugh, while others can inspire and motivate us in our daily lives. Live life to the fullest- “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” -Ferris Bueller, Ferris Bueller’s Day Off
We’ve issued a new rule to help protect consumers using prepaid accounts – Prepaid accounts are one of the newer ways to store and spend your money. These include prepaid cards that you buy in stores or digital wallet accounts that you get online. With most prepaid accounts, you can spend the money you’ve loaded in advance for daily expenses or withdraw cash from an ATM. You can also have your income directly deposited into most types of prepaid accounts.
What It Takes to Stay on Top in Fintech – You want proof that the banking business is becoming more of a technology business? Here’s a statistic. The lowest-ranking vendor on our list of the top 100 companies took in $30 million of revenue from financial services clients in 2015 — up 30% from the previous year and 150% from 2013.
We’re exploring the use of a list of companies that offer free credit scores – For many consumers, knowing their credit score can help empower them to better manage their financial lives. We would like to raise awareness among consumers of how they can access their scores to better understand their credit standing. In order to do so, we’re exploring the use of a public list of credit card issuers and companies in other markets that offer existing customers free access to their credit scores, accompanied by content to educate consumers about credit scores and credit reports. Knowing their credit scores can motivate consumers to learn more about their credit history, check their credit report, and make better credit decisions to achieve their financial goals.
Bank of America to Build Its Own Robo Adviser – Bank of America’s Merrill Lynch unit is the newest entrant into the robo-advisory game. It announced plans Monday for an online service and app called Merrill Edge Guided Investing, which like other robo advisers will query customers about their age, income, risk tolerance as well as their investment goals and time horizon. A basket of exchange-traded funds tailored to the answers would then be recommended. It will be billed as a low-cost way of investing modest sums such as funds in old 401(k) accounts.