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:
GOP Lawmakers Explore Legislative Fixes to Fintech Regulation – The current financial regulatory structure is ill-suited for innovation, but a legislative effort to fix that may still be a long way off, according to top House Republican lawmakers.
Who Wants to Chat with a Robot? Turns Out, Everybody – Microsoft is teaching bots to chat more like humans, and it’s set to radically change the way we interact with businesses. A recent Wired piece describes the progress made in Asia by XiaoIce, a stripped-down version of Cortana, Microsoft’s virtual assistant, which was launched in 2014. The bot is programmed to interact in a human-like, “chatty” way with humans, which seems to mean, among other things, not going straight to the heart of the matter. (Think of the first few minutes of a conference call.)
Seven Trends Affecting CUs’ Future – Increased regulation, the rise of cyberthreats, and the seemingly endless flow of cutting-edge technology are changing some of the fundamental ways credit unions do business and lowering the barriers to entry for nontraditional competitors. But futurist Bob Treadway remains unabashedly optimistic.
Fintech Accelerators Are Not Destined to Die – Long live the fintech accelerator. With all due respect to American Banker‘s BankThink portal and Forrester Research, the future could not be brighter for fintech accelerators, and I write that not just because Bank Innovation has launched an, er, fintech accelerator with Fiserv, U.S. Bank, and Cross River Bank.
Guides to help you open and manage your checking account – Banks and credit unions provide safe places to keep your money, but it’s important to shop around to find the financial products and services that work for you. If you’re new to banking, struggling to stay on top of your expenses, or simply want to avoid costly or unexpected fees, you may benefit from an account that helps you avoid overdraft and the costs that come with it. Our new account guides have information to help you shop for and manage your checking account.
What the ATM of the future will look like – Commerce has become more high tech — think mobile payments, pin-and-chip credit cards and even fingerprint and retinal scanners — but we still haven’t lost our love for good old cash. And banks aren’t ignoring that love, investing millions in some major upgrades in ATMs. Just last week, the largest consumer bank in the U.S. by assets, Chase Bank JPM, announced plans for cash machines that customers can access with their mobile phones, without having to use any type of ATM card. The majority of Chase’s 18,000 ATMs will have this feature by the end of 2016.