This is a roundup of industry news and links for the week of March 6th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
5 Innovative AIs You Should Know About – In the world of AIs and bots, it’s no longer acceptable to call something that only checks your balance an AI. Each of the seven companies below have announced new rounds of capital in the past few months, so they are intimately aware of the competition.
CFPB proposes effective date extension for prepaid accounts rule – Today, we released a proposal to delay the effective date of our rule governing prepaid accounts by six months. The CFPB’s prepaid accounts rule will provide strong consumer protections and we want the rule to become effective as soon as possible. However, through our efforts to support industry implementation, we have learned that some industry participants believe they will have difficulty complying with certain provisions of the rule by the current October 1, 2017 effective date.
AARP Says Fintech is Not Just for Millennials Anymore – AARP has announced its finalists for their 6th annual Innovation@50+ LivePitch event. Turns out that all these competitions that we have seen for fintechs all over the planet won’t be trumped by the ginormous American Association of Retired People, which boasts over 37 million members and is the largest association in America. Each year, they select twenty finalists for health technology and fintech firms that target those aged 50+.
4 characteristics of influential leaders – My first job after college was as a help desk service representative in an insurance company. I knew it wasn’t a position I wanted to be in long-term, but it was a way to get my foot in the door. After working in that position for a few months, I realized that I wanted to work towards a leadership role. It seemed so glamorous–having the authority to make decisions, being in charge of a department, and making more money. Setting my sights on leadership seemed like the next best step.
How fintechs are using AI to transform payday lending – Fintech startups looking to disrupt payday lending are using artificial intelligence to make loans with rates as low as 6% and with default rates of 7% or less.
AI can make a difference on several fronts, the startups say. It can process enormous amounts of data that traditional analytics programs can’t handle, including data scraped constantly off the borrower’s phone. It can find patterns of creditworthiness or lack thereof on its own, without having to be told of every clue and correlation, startups like Branch.co say. And the cost savings of eliminating the need for loan officers lets these companies make the loans at a profit.