The top stories in accounting & finance for the week of May 14th
Fintech is bringing fresh ideas to the table while banks provide all the necessary regulatory underpinnings for a stable business partnership. This convergence of technology with traditional finance has matured as a new wave of innovation. Banks are learning how to work alongside its more innovative counterparts for more customer-centric, user-friendly future in finance.
The fintech sector is proving just the right place for AI to plant a flag, as chatbots, data processing technology, and automation are just a few key areas where AI is giving us a peek into the future. Thanks to a rise in fintech investment dollars—up to over $31 billion in 2017—AI is continuing to iterate on machine learning for meaningful advancements in areas like customer service, robo-advisors, and even insurance underwriting.
Software, technology, and fintech are buzzwords among UK investors seeking early stage investments at tech companies. According to a survey by private investment platform Capitama, the fintech sector has experienced 150 percent growth in venture capitalist funding from the previous year. Capitama’s CEO Simon Ramery agrees: “Fintech is a sector that has seen huge growth in the past three years and evidence suggests it’s just the start.”
—London School of Business and Finance
Tesla adjusted accumulated losses and boosted its sales figures in its first quarter, thanks to a new accounting rule that went into effect, allowing the electric car company to post sales revenue earlier of cars with a resale value guarantee, and those leased through partners. Competitors Ford and General Motors have also put the rule into effect, with GM estimating a $1 billion negative impact from the rule as of December 31.
The Financial Accounting Standards Board is losing one of its members to an early resignation. Harold Monk, a board member since January 2017 served a year of his five-year term, citing nondescript personal reasons for his premature exit. Monk said in a public statement: “My service on the FASB stands as a career highlight and a great source of pride.”
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