This week in Fintech: an investing guru is worried about Trump’s economics, why banks can’t copy startups anymore, and Wells Fargo opens up customer data access to Mint.
Banks Need Their Own Innovation Model (American Banker)
The traditional banks are appointing “Chief Innovation Officers” to copy existing products produced by startups. But analysts worry that they’re doing it wrong, since the startup model of “iterate fast” and MVPs isn’t suited to financial corporations. This column suggests more effective ways for banks to innovate:
Even the most reluctant banks are opening up to the use of APIs. Following Morgan Stanley, Wells Fargo agreed to give data access to Mint (Intuit) this week.
A Quiet Giant of Investing Weighs In On Trump (The New York Times)
Seth Klarman is the Warren Buffett you’ve never heard of, and he’s worried about a Trump presidency on the markets. In particular, the longer-term effects of protectionism and inflation, which investors haven’t priced in while the S&P has rallied over the past 3 months.