It’s already our 8th weekly news release, so you probably know what to expect from it. But if you’re a newbie to our site, stay close to us, and we’ll gladly accompany you on the way to high-level fintech literacy. Together we’ll recognize the subtleties of banking world fluctuations and changes not to go wrong or be taken by surprise. Ready? All ahead full!
On the Spur of the Moment: The Freshest Weekly News
From Grey to Green: What’s the Issue under ESG Now?
The pandemic has invited all — sponsors, authorities, and central banks — to the philosophy of Environmental, Social, and Corporate Governance. For example, the ECB promotes the ESG asset bargain deals under PEPP and APP. The SGDR also describes the ESG funding in a favorable light. Even the current President of the USA, Joe Biden, confirms his intention to spend a trillion dollars on supporting the future sustainability projects within the next 8 years. In this relation, the value of ESG investment is expected to rise proportionately. Today 85% of AuM are already in the hands of the ESG Funds, so we’ll see what will happen in a year.
Have You Bought a Ticket to FinovateFall 2021?
Are you a frequent attendant or speaker at the annual fintech conferences? Or would you like to be aware of its key insights after all? Whatever your priority is, FinovativeFall 2021 is certainly an event that worth your attention! Only imagine the 1,300+ participants to get an idea of the event’s scale and public impact. Get ready to listen to the real professionals of the fintech sphere or subscribe not to miss the online digital version of the meeting’s summary!
Klarna Shocked Its Users with the Security Hazard
One of the most reputable European fintechs recently shook the customers’ peace with the unexpected technical glitch that happened to the users’ accounts. Though the whole story longed for half an hour, Klarna’s 90,000 users couldn’t help but share the consequences of the error. The statistics of the complaints led to the permanent app disabling to prevent the further breach of the users’ data. Luckily, the sensitive information hasn’t been exposed to third parties, but Klarna’s customers are still stressed out. If the case happened in the other setting, the company would have a serious issue with GDPR and other data protection regulations.
Speculations on the Future of Banking
Experience-Driven Banking: What Does it Mean for Customers?
Dharmesh Mistry, the CEO of AskHomey and the expert in banking technology and innovation, shared his view on experience-driven banking from the users’ perspective. According to his vision, it gives customers more freedom in 3 dimensions: products, services, and insights. When accessing all three, the contemporary bank clients are usually not charged and can customize the account’s features based on their data preferences. In their turn, the open banking providers are now seeking ways to set the fixed charge for other information, such as categorization of transactions, income & spending alerts, or PFM solutions. What’s your attitude to these forms of creativity?
Is Apple Going to Join the Crypto Market Soon?
The news of Apple’s opening the Business Development Manager position with alternative payments expertise made much fuss a couple of days ago. Does it imply that the company is ready to add cryptocurrencies under its payments umbrella? Will Apple overrun Tesla’s investment in Bitcoin? Or will Apple reshape the current crypto sector with its $2.1 trillion market capitalization? We’ll see how it goes, but the US is undoubtedly showing the steady Bitcoin accumulation within large public buyers like MicroStrategy, Tesla, and Galaxy Digital Holdings.
Goldman Sachs Strengthened its Tech Expertise by Hiring Uber VP
Not so many financial services companies can boast of having skilled technical executives in their teams. Goldman Sachs is making the confident step towards it by inviting Peeyush Nahar, the ex Uber’s VP of Technology, to build a strong and technology-focused strategy for Goldman’s platform. Though he has no banking background, it doesn’t diminish the belief in the exec’s contribution to consumer business development. Simultaneously, the investment banking provider confirms the intention to roll out the UK roboadvisor in 2022, so maybe Nahar’s solid technical expertise would be helpful there too. What do you think of this?
Groundbreaking Decisions to Shake the Fintech Tomorrow
Why Is Fintech vs. Fintech Battle Over in 2021?
Survival and boost in market efficiency constitute the short answer to this complex question. Though no one has canceled the business competition, the tendency of merging and uniting common efforts is growing on a day-to-day basis. Within the fintech sector, the recent examples of such partnerships were brought by Tink & Wealthify (open banking + investment) and Starling Bank & Funding Circle, Funding Circle & Atom Bank, Starling Bank & Zopa fusion (traditional banking institutions + P2P lending). Could you imagine this a decade ago?
Curve is Again on the Top of the Crowdfunding World
The UK fintech made everyone amazed and shocked while earning £6m in 2 hours and 49 minutes. No doubt, the company knows how to attract the investors’ attention and decisiveness with its marketing campaigns, and this isn’t the first time when Curve ends up as a desired leader on short notice. The CEO Shachar Bialick proudly claimed that the company surpassed the initial plan of 10,000 investors for 2,000 volunteers. Bialick also shared the future goal of expanding the firm’s scale to the US and conquering the top position in the European crowdfunding marketplace. How brave of Curve!
HSBC Is Leaving the US Setting and Shifting to the Asian Markets
The rumors on such probability were heard already in February, and this time HSBC made the ultimate resolve to withdraw from the US retail banking market. The bank already sold part of its market shares to Citizens Bank and Cathay Bank, which will be ruling the East and West Coast of HSBC’s business correspondingly. Instead, HSBC is planning to put all its efforts into the Asian markets that have always been good performers before. $12.8 billion in 2020’s profits can definitely vouch for that!
Do you feel safer at the helm now? Or at least a captain’s accomplice instead of the young cabin boy? Next week we’ll drift even further, so hold on tight and don’t be afraid to face the chilling wind! Dashdevs will make your fintech journey pleasant and profitable in the end — become the captain of your fintech project with us!