This week in FinTech: What can new devices like Amazon Echo and Bluetooth beacons do for financial institutions? FINRA takes a closer look at robo-advisors, and 22 companies who raised $160 million in venture funding.
Why Banks Have an Ear to Amazon’s Echo (American Banker)
Citigroup and Wells Fargo are testing uses for Amazon Echo, while Capital One already offers bill pay through the device. Whether the product becomes a staple of retail banking is unclear, but the partnerships underscore the promises of voice-command technology for finance.
FINRA takes a closer look at robo-advisors (Finextra)
As spending increases on digital wealth management services, FINRA is making sure all of the new players are up to speed on best practices and the core principles of investor protection. Specifically, the report urges robo-advisors to constantly supervise their algorithms, making sure they remain optimal as market conditions change, and to cross-check survey answers with customer profiling, to make sure true risk tolerance is accurate.
Can Banks Leverage the Bluetooth Beacons that Retailers Are Testing? (American Banker)
Bluetooth beacons are tiny devices used by retailers to measure shopper engagement and behavior. How can banks harness this technology? Prompt users to take surveys after visiting branches, see how long people stay, personalized ATM experiences, partnerships with merchants, to name a few.
Who raised money last week? In the investing sphere, StockViews for analyst research, Algomi, for fixed income investment research & information, and DealFlow, for private equity deal discovery.