This is a roundup of industry news and links for the week of February 12th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
Amazon Dives Deeper into Financial Services with New Partnership – SunTrust Bank, Ally Ventures and Amazon Alexa Fund teamed up with others to raise $16mn for Greenlight Financial Technology; Greenlight makes smart debit cards for kids and college students to spend more wisely; The company also offers a mobile app complete with parental controls so parents can teach their kids how to spend; this is a further jump into financial services for Amazon as it looks to enter the space through the partnership model.
Regulatory Compliance Update February 2018 – I have reviewed the Compliance News for January 2018. Congress is back in session. The administration has requested zero new funding for the CFPB. The CFPB will use its reserve fund for its budget. This has caused regulatory activity to slow down except for the implementation of existing regulations.
Conversations will shape the future of banking – Messaging platforms that include voice and text-based interfaces and being increasingly used by digital consumers as their preferred method of engagement, according to a research studyfrom Accenture. Conversational interfaces already exist. The Amazon Echo, Google Home and Apple HomePod (as well as other devices) use technologies such as AI, machine learning and natural-language processing (NLP) to enable voice engagement. An increasing nuber of financial organizations are beginning to take notice.