May 3, 2018 Nvoicepay Staff Writer
The top stories in accounting & finance for the week of May 1st
Acting director of the CFPB Mick Mulvaney recently told audience members at the American Bankers Association, "I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government.” Mulvaney was referring to shuttering public access to its consumer complaint database because it contains unvetted information. Mulvaney added that consumers would still have access to a toll-free number and a website to submit complaints—that information, however, would be hidden from the public view.
—Wall Street Journal
In what could amount to a death blow for gig economy platforms, the California Supreme Court passed a decision that would make it much more difficult for companies like Uber and Postmates to classify its workers as independent contractors. The move would force those platforms to start paying workers as W2 employees. That would require they pay at least a minimum-wage, adhere to overtime laws, and begin paying unemployment insurance along with payroll taxes for those workers.
—New York Times
It turns out consumer confidence may have more to do with the president currently in office than the past ones living in your wallet (barring, of course, Franklin). A recent survey conducted by Gallup shows that Americans view their finances through the lens of their political identity—rather than what Wall Street may be reporting. The results showed Republicans were more optimistic about their present-day finances than Democrats were during the Obama years.
Brick and mortar stores have a complicated relationship with their analogous online stores. Shoppers may, after all, only ever set foot in one of those physical locations to return an ill-fitting pair of slacks bought online. Yusaku Maezawa and his company, Start Today Co., are looking to put an end to this frustration of retail. Customers would avoid a poor fit by scanning themselves in a body-tight suit, which would then generate an accurate, 3D model of their body. The company would then provide clothes that fit those exact measurements.
Banks’ early foray into chatbots was gravely limited by technology—hindered by a strict programmatic questions-and-answer format. The next frontier in chatbot tech, however, promises sophisticated conversation, perhaps even with an ability to understand emotions. That's the future according to Edrizio de la Cruz, co-founder and CEO of Regalii, maker of APIs banks use to enable chatbot services. "Once [chatbots are adopted en masse by the consumer] the idea of handling your finances without a bot will be like trying to picture your life without a smartphone," said de la Crus.