This week in FinTech News, we take a look at which areas in finance are ripe for innovation in 2016. What do big digital budgets mean for banks, and how do they explain tech investments to analysts? Why do some FinTech startups fail, and who raised money last week?
FinTech is Just Getting Started (TechCrunch)
An appreciating dollar will keep commodities cheap, declining markets will prompt consolidation in retail investing, and institutional financial services will feel increasing pressure to innovate. Larger companies will begin to replace administrative personnel with tech personnel, and data aggregation will see new players emerge. These and more predictions for FinTech in 2016.
One Place Where FinTech Isn’t Trending: Bank Earnings Calls (American Banker)
Big banks are showing off their innovation labs and branding themselves as tech companies. However, tech talk is reduced to footnotes during earnings calls, where analysts are often skeptical of high-flying technologies, and more interested in quarterly revenues and expenses.
Bank of America Digital Team has a Fat Budget and a Whole Bunch of Plans (American Banker)
Bank of America is tripling its budget for its mobile app and seeking to build uniform UX experiences across all devices. One way to get consumers comfortable with mobile banking is to make it look the same as ATM and desktop online banking.
Ten Reasons Why FinTech Startups Fail (American Banker)
How compliance, legal issues, and intellectual property can get in the way of FinTech Startup Success. (Hint: it helps to have experienced investors!)
Last week set a new record for the number of FinTech fundings, with 29. In investing: Cadre (real estate investing platform,) Pitchbook (investing data & information,) Sprinklebit (social investing platform,) True Potential (wealth management technology) and more.