Fintech News Issue #270 June 4th, 2020
Top Stories
41% of businesses plan to scrap banking provider due to slow support during COVID-19
— via The Fintech TimesNew research from Encompass Corporation reveals that 42 per cent of business decision-makers have waited over two weeks for a business loan application from their banking provider.
Monzo to lay off up to 120 employees as the ‘economic situation’ remains challenging
— via Tech CrunchMonzo, the U.K. challenger bank, continues to be faced with tough decisions linked to the coronavirus crisis and resulting economic downturn.
The coronavirus has prompted the U.K.’s biggest government bailout of all time. The bill for subsidies and tax breaks for businesses impacted by Covid-19 has already reached more than £100 billion and will continue to increase.
FinTech Articles
Big Data Advances Lead To Impressive Fintech Opportunities
— via Smart Data CollectiveAs big data continues to improve and advance, it has given way to epic fintech opportunities. Read on for more information.
While the activities of a small handful of European and Australian digital banks garner much of the world’s attention, it is in fact a Brazilian fintech which is currently stealing the lead in digital banking.
Varo Money, the mobile banking startup, raised $241 million in venture funding with proceeds going to meet the capital requirements necessary to operate a national bank, develop new products, and otherwise support growth.
Banks Took $11 Billion in Overdraft Fees in 2019, Group Says
— via The New York TimesMore than 80 percent of the fees were paid by just 9 percent of account holders, according to the Center for Responsible Lending.
The biggest cryptocurrency by market value fell 8% from $10,137 to $9,298 in less than 5 minutes during Tuesday’s U.S. trading hours, dashing hopes for a continued upward move.
Fintech Firms Fight Friction To Disrupt Banks
— via ForbesWho is the biggest mortgage lender in the U.S.? If you guessed Wells Fargo, JP Morgan Chase, or Bank of America, you’d be wrong. Late in 2017, Quicken Loans passed Wells Fargo (NYSE: WFC) to become the highest volume mortgage lender.
The Next Wave Of Healthcare Innovation: FinTech Vs. Healthcare Covid-19 Crisis Innovation Series
— via ForbesLike Plaid and Quovo in FinTech, offering access to and manipulation of clean data will expedite the creation of myriad new products.
Two fintech initiatives launched to drive growth in Australia
— via Business InsiderFintechs and insurtechs will be able to test their products and services for 24 months without a financial services license from the Australian Securities and Investments Commission.
Why Goldman Sachs is delaying its robo advisor until 2021
— via Financial PlaningAnyone eagerly anticipating Goldman Sachs’ foray into digital advice will have to wait a while longer.
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