This is a roundup of industry news and links for the week of August 13th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
Most Consumers Want to Apply for Loans Digitally, Survey Says – Digitizing the lending process is still incomplete for banks of all sizes. A recent survey from the lending platform Lendtech, provides further evidence that banks and lending platforms must digitize the loan application and servicing process to capture today’s borrowers.
Arizona first US state to offer fintech sandbox – In Arizona’s sandbox, start-ups, entrepreneurs, and “even established companies” can launch products on a limited, temporary scale to consumers to test products, services, business models, and delivery mechanisms in the real market without incurring the regulatory costs and burdens that would otherwise be imposed. The Arizona Attorney General’s Office will administer the sandbox.
Chatbots to Save Banks $11 Billion in Costs by 2023 – Bank of America has Erica, Capital One has Eno, Bank of Montreal has Bolt. Safe to say that most major banks are at least exploring the possibility of a virtual assistant, if they don’t already have one.