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:

4 reasons young adults should join a credit union – Whether learning a language, mastering a sport or gathering gobs of greenbacks, starting young is always a plus. It’s also crucial to get into good habits early, before hard-to-break bad ones are cast in concrete. A perfect example: Start a lifetime of saving and borrowing at a credit union, which may cater to young adults better than a bank can.

Personal Loans Grow by 18% in Two Years: TransUnion – TransUnion released its first-ever personal loan forecast Wednesday, which found both secured and unsecured loans are expected to see balance increases and stable delinquencies through 2016.

Banks Prepare to Battle for P-to-P Payments in ’16 – Fintech companies are threatening banks on many fronts, but it is in peer-to-peer payments that banks may be most at risk of being reduced to “dumb pipes.” Banks may not have much time to reverse this trend, observers say. Their edge is their legacy and history with customers — that trust even empowers consumers to use nonbank for payments. But they need to figure out a way to marry that trust with the ease and convenience that their competitors are offering.

Fintech: How Financial Technology is Transforming the Loan Industry – The world of loans is changing at a rapid pace thanks to fintech (financial technology) and technological tools that have increased loan process efficiency, lender competition, and resources available to both lenders and consumers. In 2014, more than 500 fintech startups received funding, and you can be sure that even more are emerging today to help both lenders and consumers in the loan process. As fintech transforms the way lenders and consumers approach the loan process, financial institutions will have to keep up with trends in order to stay ahead. Learn more about the way fintech is changing the mortgage, student loan, peer-to-peer loan, and auto loan industries.

Fintechs Team Up to Become More Banklike – Fintech alliances aren’t just for traditional banks anymore. Moven, a neobank focused on money management, announced Wednesday it has formed partnerships with marketplace lender CommonBond and credit card consolidator Payoff.

Personal Loans Grow by 18% in Two Years: TransUnion – TransUnion released its first-ever personal loan forecast Wednesday, which found both secured and unsecured loans are expected to see balance increases and stable delinquencies through 2016.