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:
How Amex Is Going After Banks with Its New SMB Lending – American Express is taking a page from Square’s book and launching an online platform for small business loans of up to $750,000 — but its main target may be banks.
The news came today via Bloomberg, which reported funds could be available as soon as two days after loan approval. The venture, called Working Capital Terms, seemingly puts Amex in the path of online lenders such as Funding Circle, and OnDeck, as well as Square Capital and PayPal Working Capital.
How Banks Could Regain Ground from Fintechs – If nothing else, the recent proliferation of fintech startups has turned bankers introspective.
“Could we have been a Lending Club or Prosper? Why didn’t we think of this?” Manolo Sanchez, CEO of BBVA Compass, said last week at American Banker’s Digital Banking 2016 conference in New Orleans. “They resuscitated the traditional personal loan. The biggest innovation was to bring back a basic solution that all of us banks decided to abandon.”
Don’t get taken for a ride; protect yourself from an auto loan you can’t afford – Owning a safe and affordable vehicle can be essential for daily life, but the terms of your auto loan may threaten your financial stability. Our new resources can help. This is the fifth post for our blog series on auto loans.
Expand Dodd-Frank, Allow USPS to Offer Banking Services, Dems Say – Issues affecting credit union will get tangled up in the drafting of the Democratic national party platform. A July 1 draft of the party platform states that the Dodd-Frank Act should be defended and even expanded and the U.S. Postal Service should be allowed to offer basic banking services.
The Future of Digital Banking is Now – Banking executives convened to discuss the opportunities and challenges of digitization in banking. Their consensus was that becoming a ‘digital bank’ is no longer just an option… it’s a necessity.
IoT Growth Predictions Could Yield Big Banking Impact – Payments experts got a taste of just how much the Internet of Things could affect personal banking as IoT develops.
Fiserv participated in the 2016 PYMNTS/Alexa Challenge in which 12 teams and 14 companies demonstrating how Amazon Echo, Amazon’s voice-activated tech that responds to the name Alexa, could reimagine how consumers interact with their payments and financial services solutions providers. Echo consists of a 9.25-inch tall cylinder speaker with a seven-piece microphone array.