What’s the worst part of going through a drive-thru window? Lowering your window to pay. Matt Hamblen (@matthamblen) of Computer World reports how IBM’s Watson division has joined forces with MasterCard’s Masterpass mobile wallet to end the tyranny of lowering windows to pay. Aside from making payments easier for the driver, this technology aims to learn more about preferences and suggest personalized future purchases. Watson in a car “can drive consumer adoption of the Masterpass mobile wallet,” Kiki Del Valle, Senior VP, Digital Payments and Labs at MasterCard. Expect to find this feature in future GM vehicles as early as 2017.
In a remark that echoes the importance of Fintech in the banking industry, Richard Cordray director of the Consumer Financial Protection Bureau, issued a warning to banks regarding the ownership of consumer’s financial data. Rachel Witkowski (@RachelWitkowski) of The Wall Street Journal reports from the Money 20/20 payments conference. “We believe consumers should be able to access this information and give their permission for third-party companies to access this information as well,” said Cordray. The statement comes on the heels of CFPB’s report providing oversight to firms testing consumer financial products.
Like Moses with the 10 Commandments, the Information Technology and Innovation Foundation (ITIF) has chiseled its own 10 principles to guide policymakers through the ever-changing fintech landscape. Danielle Andrus (@Think_DanielleA) of ThinkAdvisor reports. “Fintech is poised to radically improve how consumers and businesses transfer money, make payments, save and invest, borrow, and insure themselves against risk,” said Daniel Castro, ITIF vice president and co-author of the report. “But in order to achieve that, the industry will need buy in from policymakers.”
Put a bunch of hatchlings in a nest, teach them to soar, and set them free. That’s what Accenture aims to accomplish at the 7th annual Fintech lab. Anthony Noto (@nyc_vc_noto) of Business Journal reports. “With fintechs, particularly in the U.S., finding it difficult to grow on their own, many financial institutions are now structurally ready to adopt these innovations that can help them rebuild profit margins," said Robert Gach managing director of Accenture. American International Group, Bank of America, Barclays, and Credit Suisse are few of the banks providing mentorship.
With all the chatter [sic] surrounding chatbots, is there anything they say worth listening to? PYMNTS.com puts their ear to the ground and reports. They conclude this nascent technology has very specific use cases; that it’s not a catch-all solution for every banking interaction. “Stop thinking about them as a panacea that can automate how companies can speak to customers,” said Rurik Bradbury, global head of research at LivePerson. “Start thinking of them as point solutions to speed up and automate routine conversations — address changes, payment details, forms to fill out.”
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