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Consumers trust Silicon Valley more than Wall Street. That's the short of it according to Reuters reporter Elizabeth Dilts (@eadilts). "Roughly one in three banking and insurance customers globally would consider switching their accounts to Google, Amazon or Facebook if the Silicon Valley giants offered financial services," Dilts reports. Of interest is how Brazil is the most tech-forward, with an astonishing 50 percent of respondents willing to switch their personal accounts for offerings from one of the tech titans.
With an ear pressed firmly on the pulse of Silicon Valley, TechCrunch gives their predictions for fintech. David Klein (@davidklein)—with a 75 percent success rate in predicting 2016's fintech trends— reports. Rounding out the top three spots are lending platforms, consumer asset products—think debit and credit cards, and mergers and acquisitions. Can you guess the last two? How did you compare to Klein's prediction?
You don't associate stodgy financial institutions with self empowerment. And that's exactly why Jake Kendall (@JakeKendall5) contributing for HBR has created the Digital Financial Services Lab, helping transform fintech in developing markets. The hurdles fintechs in these markets must overcome: a lack of cloud infrastructure, less digital savvy users, and users facing nebulous income prospects. Helping solve these problems, Kendall hopes that “[Fintech] can play an important role in bringing the 2 billion consumers into the digital world and improve both their lives and their countries' economies."
Remember that hacking scene from the movie “The Social Network"? Well TD Bank, in association with MIT, is hoping to emulate Zuckerberg's success in recruiting top engineers for Facebook by sponsoring the first ever Fintech Hackathon. It's telling how TD Bank—and incumbent banks for that matter—are embracing fintech by granting unfettered access to its internal networks: “Participating teams will have access to data and APIs provided by TD Bank from which to demonstrate your creativity and ingenuity."
Fintech starts kicking tires in hopes of moving more metal. In a move to make the car buying process “faster, smoother and simpler," AutoFi has rolled out its first test site at a Ford dealership in Ohio. Matthew DeBord (@mattdebord) of Business Insider reports. “By combining our fast and efficient credit-decision process with AutoFi's online capability, we are making the customer experience faster, smoother and simpler," Lee Jelenic, Ford Credit's Director of Mobility. This is a significant milestone in reaching a fully online automotive purchase experience.
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