Top Innovations
Data platform MX adds API access to income, employment, pay stubs, identity, time and attendance, to power earned wage access
Financial data platform MX is…
Robo Wealthfront’s “Downside Defender,” auto-sells stocks and buys bonds when portfolio reaches a preset minimum
For many years, companies that…
JP Morgan UK’s new ‘Chase’ bank account pays 1% cashback and 5% AER on ’rounded-up’ savings
Chase is app-only, which means…
New ’Zero Knowledge disclosures’ let DeFi users to prove compliance w/o having to provide underlying data, stopping any data breach
Panther Protocol who is leading…
Twitter’s new crypto and NFT integrations– the largest yet with a mainstream digital service- will help users build community affiliations
Twitter’s new tip wallet and…
Mastercard’s new AI grab-and-go checkout at Jacksonville Stadium, requires pre-registration with QR code
The food and beverage stand…
Key News
Barclays has hired Amazon payments head to scale the BNP PoS finance business and the bank’s next-generation commerce platform
Barclays has hired Amazon’s head…
BNPL is supplementing and not replacing credit card debt for consumers, says a new study from TransUnion
Consumers seeking buy now pay…
LexisNexis Risk Solutions and Ford Motor Company have entered into a strategic agreement so that Ford connected vehicle data can be available to U.S. auto insurers via the LexisNexis® Telematics Exchange. Ford and Lincoln customers with an eligible 2020 model year or newer vehicle can opt in to participate in usage-based insurance (UBI) programs, which has the potential to save customers money through more personalized insurance offerings. LexisNexis Risk Solutions ingests and normalizes connected car data to create driving behavior insights for U.S. insurance carriers to use within their existing auto insurance workflows. LexisNexis Risk Solutions works with 95 of the top 100 U.S. auto insurers. Its U.S. Connected Car business offers telematics solutions and advanced analytics, including LexisNexis® Telematics OnDemand and its next-generation LexisNexis® Drive Metrics scores, which allow insurers to seamlessly leverage driving behavior insights during the insurance shopping process at the point of quote, as well as at underwriting and renewal.
LexisNexis Risk Solutions, announced the expanded nationwide availability and automated workflow integration of LexisNexis Rooftop, a risk assessment tool for home insurance carriers that uniquely combines aerial imagery with claims insights that measure wear and tear to the roof over time. LexisNexis Rooftop:
Provides a highly predictive risk score from 1-100 that indicates the likelihood of a large weather claim within the next 12 months
Returns a score more than 95% of the time, even if a recent aerial image is not available
Delivers up to 80 actionable attributes including recent weather events and related claims insights along with dozens of imagery insights from Arturo
Is available system-to-system in an automated process through the LexisNexis single point of entry
Has received early approvals from some state regulators.
The LexisNexis Rooftop model shows up to a 20x lift in loss cost relativity and an 18x lift in claims rate relativity between the highest-risk properties and lowest-risk properties. Together with the accompanying data attributes, this can act as a powerful tool for insurers for faster, more cost-effective decision making. For insurers, these attributes and scores can help them move from a reactive position to proactively partnering with their homeowners. Adding imagery capabilities to the auto and home claims dataset from LexisNexis Risk Solutions has resulted in a real-time, interactive solution to help segment roof risk.
Epiq, a global technology-enabled services leader to the legal industry and corporations, expanded on its innovation around short messages and chat data, building on the success of the Epiq Compliance Connector for Microsoft Teams, by announcing the availability of Epiq Chat Solutions. Available globally, Epiq Chat Solutions includes collection, processing, review, analysis, redaction, and production capabilities to streamline eDiscovery for short messages from a wide variety of sources, including Microsoft Teams, WeChat, Bloomberg Chat, and many others. With Epiq Chat Solutions, collaborative chat conversations and instant messages display for reviewers as if they are in the custodians’ native chat applications with all the nuance and interaction needed to make sense of modern messaging. Epiq launched Compliance Connector for Microsoft Teams in 2020 to solve eDiscovery related issues with Teams data. To date, it has parsed millions of Teams messages into an eDiscovery ready format. Epiq Chat Solutions expands on this offering to provide similar services for other short message file types. o deliver individual messages in more understandable 24-hour threads, Epiq brings together several leading forensic collection, middleware, and hosting solutions. The service also includes proprietary workflows and connectors, including Epiq Compliance Connector for Microsoft Teams, to automate the process of adding these data types into a standard eDiscovery workflow.
MonetaGo, a financial technology solutions provider, announced a new platform to combat financing fraud in trade finance on a global level. As banks and financiers embrace digitization, they are provided with new opportunities to share information while at the same time maintaining the privacy and security of client information. MonetaGo’s approach is key to breaking down information barriers among and between banks, platforms, and regional solutions. Information silos between lenders results in duplicate financing fraud as they often have little insight into whether the client has submitted transactions for financing to other lenders. To deliver a secure and standardized solution at a global scale, MonetaGo is partnering with SWIFT on a proof of concept. The POC will enable MonetaGo to leverage SWIFT’s proven and robust API-enabled infrastructure, ensuring users can be confident about connectivity management, authentication, security, interoperability and network reach. If the pilot proves a success, more than 11,000 institutions connected to SWIFT will be able to access MonetaGo’s finance validation service easily and securely in a trusted and globally standardized way. The platform is not only being offered to banks and traditional financiers, but also to Non-Bank Financial Institutions (NBFIs) and non-bank lenders including fintechs and trade finance funds which provide customers in many sectors with trade financing solutions.
Zloader malware, a tool often used to deliver ransomware, is now being spread through malicious Google ads. ZLoader is a banking trojan which uses web injection to steal cookies, passwords and any sensitive information. But it is also used to deliver ransomware and provides attackers with backdoor capabilities and the ability to install other forms of malware. ZLoader operators are buying Google keyword ads to distribute various malware strains, including the Ryuk ransomware. The techniques aren’t new but using Google to distribute links to malicious domains is notable because billions of people use Google. The attackers also registered a fraudulent company in order to cryptographically sign the malicious files, which claims to install a legitimate Java-based app but instead deliver ZLoader, giving the attackers access to affected devices. Signing the apps helps avoid detection from anti-malware systems. This malware campaign primarily targets customers of Australian and German banks.
- Lloyds Bank, Halifax and Bank of Scotland customers will be able to set their own contactless card limits when the new £100 transaction limit starts next month. They will have new card control tools in their app, allowing them to set their own limits. From October 15, the contactless limit for card payments will increase generally from £45 to £100. The increase will make card transactions swifter for customers, but there have been concerns that higher limits without the need to always enter a Pin could make transactions easier for fraudsters. Customers of Lloyds Bank, Halifax and Bank of Scotland will be able to use their mobile app to set their own contactless limits, of between £30 – lower than the current £45 limit – up to £95. The limit can be set in increments of £5. They will also be able to toggle contactless functionality on and off. If they turn it off completely, they will need to enter a Pin when making card transactions. Contactless limits will be set at £100 by default. Consumers will start to see retailers accepting contactless payments up to the new £100 limit from October 15, although it could take more time for some retailers to update terminals.
- Competing banks are cooperating more than ever before to beat cybercriminals. As the number and sophistication of cyberattacks jumps, financial firms are sharing more threat intelligence with each other, according to a research. This collaboration has thwarted a number of attacks in the past year, bank executives say.
- The increased cooperation among banks represents a marked shift for an industry that has occasionally struggled to build trust among competitors. Previous attempts to launch information-sharing platforms stalled, including an FS-ISAC-sponsored product named Soltra Edge, which shut down around two years after its 2015 launch.
- On the current FS-ISAC platform, activity has increased by 60% in the past 12 months, with companies from 70 countries, the organization said.
- The increase reflects the heightened risk, cadence, and sophistication of attacks. Companies are also being more open, sharing experiences of cyberattacks with each other to determine methods of defense.
- The quality of the information being shared, not just the quantity, has also improved. In addition to cybersecurity, he said, participants such as AmEx are also using and sharing information for other purposes.
- In the past the information shared was technical data such as indicators of attacks, information now being shared includes categories such as geopolitical data for more expansive views of risk.
Lloyds Bank, Halifax and Bank of Scotland customers will be able to set their own contactless card limits when the new £100 transaction limit starts next month. They will have new card control tools in their app, allowing them to set their own limits. From October 15, the contactless limit for card payments will increase generally from £45 to £100. The increase will make card transactions swifter for customers, but there have been concerns that higher limits without the need to always enter a Pin could make transactions easier for fraudsters. Customers of Lloyds Bank, Halifax and Bank of Scotland will be able to use their mobile app to set their own contactless limits, of between £30 – lower than the current £45 limit – up to £95. The limit can be set in increments of £5. They will also be able to toggle contactless functionality on and off. If they turn it off completely, they will need to enter a Pin when making card transactions. Contactless limits will be set at £100 by default. Consumers will start to see retailers accepting contactless payments up to the new £100 limit from October 15, although it could take more time for some retailers to update terminals.
- Survey shows 44% of Gen Z workers and 38% of millennials reported that financial stress had interfered with their ability to do their jobs this past year, compared with 24% of all workers. 62% of Gen Z said their financial situation warrants advice from a professional. One-third said they are very likely to follow computer-generated advice, versus a quarter of other generations, and 60% of Gen Z participants are very likely to follow financial advice from a human, compared with 54% of older respondents. One in 3 Gen Z participants said they want help managing their current expenses so that they can save more money for retirement, versus 22% for all other participants, and 29% want help managing their debt, versus 15% for all others.
- They are also interested in their general financial wellness; about half welcome online assessment tools that can give them an overall financial picture and action plan. Gen Z is more optimistic than other generations about adopting positive financial behaviors in the post-pandemic world: Saving more in general: 62% vs 47%, Paying off debt: 48% vs 33%, Increasing 401(k) contributions: 47% vs 36%, Investing more outside their 401(k): 44% vs 34%, Rebalancing their 401(k): 40% vs 30%. The survey findings indicate that saving and investing for retirement may prove more important for Gen Z workers than other generations.
- PNC Bank kicked off a new initiative to help close the economic gender gap. Project 257: Accelerating Women’s Financial Equality” takes its name from the World Economic Forum’s 2020 Global Gender Gap Report. The project’s launch dovetails with PNC’s partnership with SheEO, an international nonprofit addressing women’s lack of access to capital, a major factor driving the gap. SheEO provides interest-free loans to businesses or ventures owned and led by individuals who identify as women or nonbinary and crowdfunds capital from activators who fund the loan pool and play an active role in evaluating and selecting the ventures. To date, SheEO has crowdfunded $7 million to support more than 100 ventures in the U.S., Canada, Australia, New Zealand and the United Kingdom. PNC’s three-year, $1.257 million commitment is the largest contribution that SheEO has received from a U.S. company.
- Through the partnership, Pittsburgh-based PNC, will work with SheEO to drive awareness and help increase the number of activators who support SheEO ventures with 50 PNC employees who identify as women or nonbinary serving as activators on behalf of the bank — one per market in which PNC has a presence. SheEO recently opened the 2022 venture nomination process. Businesses owned and led by individuals who identify as women or nonbinary can visit PNC’s website or SheEO’s website to apply and/or learn more.
More than half (51%) of borrowers are delaying the purchase of a home because of their student debt, according to a report by National Association of Realtors (NAR). The survey found that of the 51% who have had to push back homeownership because of student debt, 60% of them are millennials — “by far” the most affected group. Aside from just purchasing a home, this report finds that more than half of those with student loan debt have delayed some form of major life choice,”
36% of borrowers said student debt delayed their decision to move out of a family member’s home, with 52% of Black borrowers saying the same thing;
31% of millennials would use additional funds to purchase a home in the future with no student debt;
And 28% of Black borrowers would use additional funds to purchase a home in the future with no student debt.
Reverse Mortgage Funding, LLC (RMF) will be lowering its minimum eligible age for its Equity Elite proprietary reverse mortgage product suite to 55, making it the only product in the American reverse mortgage industry that can be offered to people under the age of 60 across 19 eligible states and the District of Columbia. The idea is to broaden the potential borrower base particularly to seniors who live in age-restricted communities for people 55 and older, as well as to begin the reverse mortgage industry’s eventual preparation for serving borrowers in the younger “Generation X” cohort born between 1965 and 1980, depending on one definition. A byproduct of the offering is the fact that members of the Generation X cohort — which had only just begun to qualify for other proprietary options this year, as previously explored on RMD — will now become more instantly accessible to RMF through its Equity Elite program if they choose to seek out reverse mortgage options. Since older members of Generation X are preparing for retirement, their levels of home equity are very high and speaks to the potent opportunity that exists for RMF to lower the age of eligibility. It also goes beyond the bounds of RMF as a company, however, and serves as a move that can potentially provide a boon to the wider industry.
Customers of UK neobank Monzo can now create virtual debit cards for specific kinds of expenditure that are linked directly to funds they have set aside for that purpose rather than to their main bank account. To date, Monzo customers have only been to make payments from such ring-fenced funds — known as Pots — by direct debit or standing order, but the bank is now adding the option of making in-person and online card payments directly from an individual Pot without the user first having to transfer funds back into their main account. The service is available to holders of Monzo Plus or Monzo Premium accounts and enables users to set up a virtual debit card to draw on funds they have set aside in a Pot for the purchase of a high-cost item such as a car, for regular payments such as utility bills and subscriptions, and for types of expenditure that they wish to monitor and limit to a set budget. Monzo Plus and Monzo Premium account holders can create and hold up to five digital cards — which are compatible with both Apple Pay and Google Pay — at any one time.
Chase is app-only, which means you’ll need a smartphone to open and operate it. In addition, while you can make purchases on your debit card (it won’t have a card number printed on it for privacy reasons but you can view this at any point in the Chase app) you can’t yet set up direct debits, though JP Morgan plans to enable this by the end of the year. Cash held in Chase’s current account is protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000. However, it’s unclear if cash saved in the Chase’s linked savings account is also FSCS protected. Here’s a round-up of Chase’s key features:
It pays 1% cashback on most purchases for 12 months. You can transfer cashback from the ‘Rewards’ section of the Chase app to your main account balance whenever you like. The 12 months starts from the date you activate cashback in the app, so make sure you do this to start earning. Certain purchases aren’t eligible for cashback, such as gambling, but you can see a full list of exclusions on the Chase website.
It pays 5% AER variable interest on ’rounded-up’ savings. If you opt in for this perk, Chase will automatically round up every purchase you make up to the nearest pound and save the difference. For example, if you spend £9.55 at a supermarket, Chase will round this up to £10, and save 45p in a separate account. It’ll pay 5% AER variable interest on these amounts. This beats the current Top savings rates, though it’s only on amounts you’ve saved through the round-up feature, which means you can’t top it up with extra cash.
Interest is calculated daily and paid monthly into the savings account, and after a year the entire balance is transferred over to your main balance, though you can withdraw funds penalty-free before this. There’s no time limit on this feature, so you can keep saving after the first year – though as the rate is variable, the amount of interest you get could change in future.
It offers fee-free debit card use abroad. You won’t be charged any fees for making purchases or cash withdrawals outside the UK. While this isn’t unique for a challenger bank – competitors, such as Monzo and Starling, offer this too – it’s a nice feature to have if you’re planning to travel overseas. For more on the best debit cards to use on holiday, check out our Travel cards guide.
It gives you the ability to split your current account cash into different ‘jars’. These jars have their own separate current account number, and you can use your debit card to spend from the account of your choice by selecting which account to use via the app when you make payments. The idea is to help people with budgeting and saving.
SoFi is expected to grow its revenue at an average annual rate of 46% through 2025 as cross-selling products in the investing and loan refinance space via a leading digital interface helps improve profitability over the long term. SoFi has several upcoming catalysts that could help boost its stock price, including the ending of a student loan moratorium in February of 2022, which should result in significant member growth as users look to refinance their loans to a lower interest rate. But risks are abound, and Jefferies believes SoFi stock could stay at the $8 level in its bearish scenario, representing downside potential of 51% from current levels. Much of that scenario is based on the idea that “red tape associated with increased regulation prohibits SoFi from pivoting quickly and launching new products.
A study on the level of friction introduced when users login from a new device, has found that logging into an app from a new device took almost a minute on average (53 seconds) to complete authentication. The majority of apps, 18 out of the 24 apps tested, currently support OTP over SMS for authentication when a new mobile device is added to a mobile account, despite NIST designating OTP over SMS as a restricted form of authentication because of security concerns. Other key findings from the report include:
- Lowest Device Change Friction: E-Trade had the lowest Device Change Friction of all apps and among the investment/trading apps. Klover had the lowest Device Change Friction for financial services/banking apps.
- 53 seconds: Average time it takes to complete a device change. E-Trade had the lowest device change time at 21 seconds.
- 6 screens: Average number of screens required to complete a device change. E-Trade and Klover tied for the lowest number at 2 screens.
- 4 fields: Average number of fields required to complete a device change. E-Trade, Klover and Current tied for the lowest number of 2 fields.
- 18 out of 24: Apps relied on OTP over SMS for authenticating an additional device in the accounts.
- 9 out of 24: Apps support a 4-digit PIN for authenticating mobile devices and ask the user to change this PIN when a new device is used for login.
Mastercard is to open a ‘Sustainability Innovation Lab’ in Stockholm, which will act as a research and development space for the creation of climate conscious products. The new Lab will explore how technologies such as 5G, quantum and advanced AI can be applied to address environmental challenges. It will consist of an R&D Center focused on technology for sustainable consumption and value chains; a ‘Labs as a Service’ platform to convene partners and customers in the creation of new products; and a Mastercard Experience Center for hands-on product demos and in-person engagement. Research and development within the Lab is already underway – with dedicated Mastercard employees, startup partners and customers – and the physical space will open in spring 2022. The Sustainability Innovation Lab will enable Mastercard to co-create a robust portfolio of environmentally friendly solutions, uniting everyone – businesses and consumers alike – in climate action.
Goldman Sachs has launched its first demand deposit account related to environmental, social and governance (ESG) with water technology company Xylem as its first client. The product, through Goldman Sachs’ transaction-banking (TxB) unit, connects the yield clients earn to the completion of ESG-related goals that clients set for themselves. Xylem — named for the water-transport mechanism in plants — signed an $800 million revolving credit facility that linked a floating interest rate to the company’s sustainability performance, a first in the water technology industry. The company completed a $1 billion green bond offering in senior unsecured notes a year later. The proceeds have been funneled into Xylem’s Green Finance Framework, and distributed into a number of eligible sustainability-focused projects, such as the manufacture of products that improve water quality, and research into water leakage detection systems that reduce waste.
Accenture and Salesforce are enhancing Mastercard’s ability to measure and analyze carbon emissions across its value chain. By using Salesforce Sustainability Cloud, Mastercard is gaining comprehensive insights around the emissions of its suppliers, helping it to work more effectively with the organizations in its partner network to take meaningful climate action. Accenture collaborated with Mastercard to assess its supplier landscape and deliver Sustainability Cloud, a platform that provides robust capabilities to track, analyze and take action on supplier-level carbon emissions data. Having a view of the carbon footprint of its supply chain — coupled with automated dashboards that provide real-time, actionable insights — will help Mastercard achieve its Science Based Target to reduce absolute Scope 3 greenhouse gas emissions by 20% by 2025 from a 2016 baseline. As one of the first global companies to use Sustainability Cloud to analyze the carbon footprint of its supply chain, Mastercard helped innovate product functionality, such as how Accenture calculates supplier emissions at scale in a new way through the tool.
The Chicago City Council has approved a measure to boost transparency around the lending practices of the city’s banks and help address homeownership disparities in the nation’s third most-populous city. The “Lending Equity Ordinance” will publicly share lending data and require an annual hearing on the information with the committee on finance. The measure also collects data on home equity loans and reasons for denial of loans by the banks serving as municipal depositories for the city. Such banks held about $725.3 million of the city’s cash and certificates of deposit as of Dec. 31. Transparency is needed to inform Chicagoans about the institutions where their public funds are being deposited, according to the ordinance. The measure publicizes data by Census tract such as home-loan amounts and interest rates that banks provide when they bid annually for the city’s business. Disclosures about consumer and commercial loans in the city are also required.
Paperwork automation platform Anvil has launched Workflows, a no-code tool that helps companies remove the complexity and frustration from paperwork and endless PDFs. Anvil’s Workflows transform PDFs (or sets of PDFs) into digital webforms that streamline digital data collection, select the appropriate documents to complete, prepare those documents, request signatures, and finally share the completed, signed PDFs and data wherever they need to go – all from a single, secure link. Anvil Workflows automate all parts of document process management, from requesting data to document preparation to e-signatures and data integrations that eliminate data-entry. The tool employs a powerful logic engine to ensure that interlinked forms are filled out properly and repetitive entries of the same information on multiple documents are eliminated. This means no email back-and-forth, fewer mistakes, less frustration, and more time to spend on important matters. Anvil Workflows are powerful yet simple to create. The Anvil workflow creator is designed to give non-technical employees the power of programming all from an intuitive interface.
Royal Bank of Canada has added a forecasting feature to its artificial intelligence-powered budgeting tool, Nomi. Nomi Forecast shows users what pre-authorised payments are coming due over a seven-day period, helping them to manage their cash flow—accounting for things like mortgage, loan and subscription service payments. The feature taps technology from RBC’s research unit Borealis AI – the first time the tech has been used for a retail banking offering. It joins other Nomi features, such as Insights, for analysing monthly cash flow, Find and Save, which puts aside spare money, and Budgets, which offers budgeting recommendations.
- Startup Ocrolus launches an automation platform that analyzes financial documents with over 99% accuracy. Ocrolus uses a combination of technology, including OCR (optical character recognition), machine learning/AI and big data to analyze financial documents. But what sets it apart, is the Human-in-the-Loop (HITL) component also used in document processing to further ensure accuracy. In a nutshell, the company aims to help lenders make “faster, data-driven decisions.” Its technology can classify financial documents, capture key data fields, detect fraud and analyze cash flows. Ocrolus is not the only player in the space, but what’s helping drive its growth and set it apart, is its fraud detection and compliance overlay capabilities, as well as its tailored analytics and benchmarking capabilities for its customer base. Interestingly,
- Whatever the solution can’t do automatically, it slices into smaller tasks and routes to its own team of analysts and quality control specialists to perform data verification. The company then uses a series of algorithm checks to make sure its workers did the work correctly. One of the benefits of Ocrolus software is that it has really helped fintech lenders scale. Its product, frankly, is 10x better than doing it manually which processed the loans instantly or in a matter of minutes.
- C3 AI , the Enterprise AI application software company, has announced the launch of C3 AI® Data Vision, an AI-powered knowledge and insight product enabling the future of enterprise software. C3 AI Data Vision enables advanced network and temporal analytics through a rich visual and interactive workflow-enabled interface. C3 AI Data Vision allows organizations to extract valuable insights from their data by interrelating disparate data, machine learning (ML) models, and associated processes to provide graphic visualization and analysis, allowing analysts to conduct deep investigations powered by enterprise AI. Using C3 AI Data Vision, organizations can:
- Readily visualize and understand the interdependencies of data, application processes, ML models, and user personas as modeled in the C3 AI Suite.
- Run more effective analyses through a unified graphical representation of all entities and interactions across time and space.
- Accelerate investigations with enterprise AI that automatically surfaces relevant entities, relationships, and patterns, while locating supporting evidence through a comprehensive metadata catalog and data lineage.
- Attain new insights more quickly and effectively through secure and scalable data ingest pipelines that parse information in near real-time and immediately expose the most recent insights to all users with alerts and collaborative workflows
- data analysts and developers can easily:
- Visualize data from multiple sources, including both structured and unstructured data.
- Use predictive relationship management (e.g., people, organizations, locations, things, and events) in a time-varying graph network visualization while capturing and maintaining all temporal and spatial relationships.
- Review all interactions across entities and visualize the interaction density across time, discovering patterns and temporal shifts to reveal next best actions and explore new hypotheticals.
- Uncover potential targets, anomalies, complex patterns, and entity relationships via AI-based insights.
- Visualize all metadata relationships for data, analytics, and ML models, including the rich reusability and inheritance structure.
- Trace all data and analytic outputs back to their source.
Panther Protocol who is leading the race for enabling interoperable blockchain privacy for DeFi and the open web, announces a new fintech platform offering a cross-chain, end-to-end solution to protect privacy on the blockchain. Panther Protocol differentiates itself by proposing a balance between privacy and compliance that gives users a choice to transact privately, while also being able to voluntarily disclose transactional data with select counterparties and trust providers. It also offers a novel type of financial disclosures called Zero Knowledge disclosures, where users can prove they are compliant without having to actually provide any underlying data. This technology could turn the compliance industry on its head and provide an end to the data breach nightmares that plague modern societies and cost institutions billions of dollars every year. This is a critical feature for financial institutions, providing a compliance ready approach for entering the DeFi space while not losing sight of the privacy preferences of end users of financial services. Currently, Panther is building on public blockchains such as Ethereum, Polygon, Flare, Near and Avalanche with the ambition to privately connect all EVM compatible smart contract platforms and become the private, scalable infrastructure for the internet of blockchains.
Exabel, a data and analytics platform for investment teams, is partnering with Verbatim Advisory Group to deliver a powerful new insights platform for Verbatim’s investment clients. The Verbatim Data Insights Platform will give portfolio managers and analysts additional insights based on Verbatim’s channel survey data, which tracks the demand and performance trends across a broad range of retailers and restaurants. The platform delivers user-friendly dashboards, visualizations and KPI monitoring capabilities. This assists investors in idea generation by spotting trend shifts in Verbatim’s consumer data. Partnering with Exabel gives alternative data vendors a compelling presentation and monitoring layer that investors value, utilising Exabel’s unique Al analytics, financial modeling and data science platform. The platform empowers data vendors to discover new value-added insights in their datasets, demonstrate extra value to potential customers in easy-to-create report cards, and deliver a new, proven Insights product that appeals to a wide group of professional investors.
- Startup Osano is a data privacy platform that helps websites become compliant with international regulations. The Osano platform leverages a data privacy scoring graph dataset curated by U.S. bar-certified attorneys. AI models trained on billions of live data samples, both public and private, rate privacy practices and map out third parties with whom Osano users are sharing data.
- Osano’s machine learning system scans API endpoints for SaaS providers, determining whether documents contain personal data and classifying any personal data into one of 165 different buckets. The system, which is available as both a SaaS offering and a self-hosted Kubernetes container, also discovers and categorizes non-personal data to automate privacy rights fulfillment. Osano’s other products touch on consent and preference management, handling tasks like soliciting permission from visitors, employees, and vendors before processing their information. The platform ingests requests from users via the web and phone to delete, redact, or correct their data.
- Beyond this, Osano maintains a database that keeps track of the risk that companies introduce into a privacy program. Currently, companies rely primarily on assessments and manual reviews of security and privacy documents. Osano turns this into a real-time, auto-updating vendor monitoring program, [tracking] the privacy practices of vendors, litigation against vendors federally and in 28 states, and changes to documents such as privacy policies and other compliance statements.
Startup Xata has a new take on managed databases. The company runs database for them and turns it into an API so that the companies can query and update it from their serverless app. Xata seems particularly well suited for Jamstack websites. Applications are deployed on a global edge network and most of the logic is handled by API calls. The result is a website or an application that loads quickly and can handle a lot of traffic. Deploying a Jamstack website is quite easy as it often integrates tightly with a users Git repository. Xata is focusing on databases and want to make it easier to integrate a database with serverless app. Users don’t have to take care of the underlying infrastructure as Xata can scale the database for them. They don’t have to update software, move data to a new server, etc. The database is distributed across multiple data centers to improve response times and redundancy. It supports many data types including images. After that, interacting with the database works like any RESTful API out there. Users can open their database in a web browser and interact with their data directly from there. For instance, they can filter the current view, sort data using a specific criterion and get the API query that they can use in their code. Users can search through their data using a free-text search feature. They can also leverage Xata for analytics by creating charts and visualizations.
As banks contemplate migrating payment services to the cloud, they should avoid some common mistakes to ensure a smoother journey:
- Assuming the cloud is cheaper. Cloud-based services are indeed less expensive to run — once applications and services have been migrated. To manage a successful payments migration, be aware of the costs along the journey. While banks and financial services providers often consider themselves proficient at consolidation and rationalization, the extensiveness required for cloud migration frequently far exceeds the effort of previous initiatives. A bank reduced its infrastructure footprint by 25% and lowered its total cost of ownership by migrating its applications to the cloud.
- Underestimating the amount of prework. The cloud promises to reduce complexity but getting to that point takes a thoughtful migration plan that’s complete and doesn’t skimp on details. For instance, fund disbursements for a retail consumer bank that administers 529 plans are typically a low-volume service for which cloud automation is a great fit, replacing paper checks with significantly less costly cloud-based payments.
- Failure to prioritize. A payments migration needs to be phased in a way that provides strategic competitive advantage. For example, a bank may choose to align its payments migration with a specific strategy, such as a planned de-emphasis on branch offices. Another approach is to migrate the costliest payment applications first. Some banks may reserve cloud adoption for when they’re ready to add new payments capabilities.
- Testing in a dissimilar environment. Performance falls short of expectations, typically due to the tangle of payment applications resulting from years of mergers and acquisitions. For example, post-merger banking platforms often utilize more than one legacy payment hub, and there’s little chance that a bank’s current IT staff fully understands or can predict the unintended consequences for the hubs when making changes to the platform.
- Wells Fargo is embarking on a decade-long marathon to modernize its technology infrastructure, with the goal of operating multiple clouds alongside third-party data centers. While some high-profile financial services companies have aligned with one provider, Wells Fargo plans to work with two, Microsoft and Google, to support its public cloud infrastructure. The move centers on. Rather than integrating clouds together, Wells Fargo will make choices in terms of types of workloads, technology requirements and geographic resources. With Microsoft Azure as its primary public cloud provider, Wells Fargo will use the platform for core business workloads and bank operations from customer experience to employee collaboration, the announcement said. It will use Google Cloud for more advanced workloads, including AI and data solutions.
- Alongside customization, Wells Fargo will have to build new applications that can increase skills within the public cloud and transfer data. Skills are also a focus of the financial institution’s cloud strategy. The talent Wells Fargo employs now may not meet its long-term requirements, especially as it scales cloud usage. With a 10-year roadmap planned, the first half will focus on migrating the lion’s share of existing applications into the public cloud. The end goal is for Wells Fargo to be free of data centers, but the company is not rushing toward that future. It’s instead working to make the data centers contemporary to serve as the on- and off-ramp to the public cloud.
- JP Morgan has selected UK fintech Thought Machine to overhaul its core banking systems across the banking giant’s entire US retail network. The partnership will see JP Morgan’s Chase retail bank moved onto Thought Machine’s Vault platform in the US. Thought Machine is also doing some work for JP Morgan on the recent launch of Chase in the UK. It’s another big client win for Thought Machine, which in the last few months has provided the core banking for Standard Chartered launching its digital bank Mox in Hong Kong, and Sweden’s SEB launching UNQUO—a banking service for SMEs and entrepreneurs.
Opsani, has created a platform that automates system configuration using AI and ML to establish optimal provisioning levels. The idea is to eliminate cloud cost overspend through continuous cloud optimization as-a-service. Opsani combines GitOps where you can just pull down repositories, libraries, open-source projects from left and right, and using glue code, developers can deliver functionality really quick. The platform is aimed at senior-level executives who are responsible for keeping costs down and product quality high. Users can now deliver the right experience to the customer with the right sufficient resources and address both the performance and the cost side of equation simultaneously. The platform also addresses the optimization issues that have come from agile development models where continuous integration/continuous delivery is the norm. Opsani has already reduced the time required to perfect the balance of cloud usage costs and system stability. It is planning to announce a new product that will give developers the ability to install Opsani in a Kubernetes environment in around 20 minutes, with results showing within two days.
RealNetworks is trying to make it easier for businesses to enforce mask mandates during the COVID-19 pandemic. To that end, the company has released a new MaskCheck Kiosk to help automate the mask screening and enforcement process. The MaskCheck Kiosk is essentially a dedicated physical station that comes ready to run the MaskCheck mobile app. The app uses computer vision technology from RealNetworks’ SAFR subsidiary to determine whether or not an individual is wearing a mask, and whether or not that mask is being worn properly. The Kiosk allows venues to screen people in high traffic areas more efficiently, which in turn makes it easier to enforce any municipal masking requirements or internal workplace safety policies. Private businesses often carry the burden of enforcement in areas with masking laws. The Kiosk will give audio and visual cues to everyone that walks into the venue to remind them to put on a mask or adjust their mask if they are not complying with the safety guidelines. The actual MaskCheck Kiosk only checks for masks and does not carry out any facial recognition matches.
RealNetworks is trying to make it easier for businesses to enforce mask mandates during the COVID-19 pandemic. To that end, the company has released a new MaskCheck Kiosk to help automate the mask screening and enforcement process. The MaskCheck Kiosk is essentially a dedicated physical station that comes ready to run the MaskCheck mobile app. The app uses computer vision technology from RealNetworks’ SAFR subsidiary to determine whether or not an individual is wearing a mask, and whether or not that mask is being worn properly. The Kiosk allows venues to screen people in high traffic areas more efficiently, which in turn makes it easier to enforce any municipal masking requirements or internal workplace safety policies. Private businesses often carry the burden of enforcement in areas with masking laws. The Kiosk will give audio and visual cues to everyone that walks into the venue to remind them to put on a mask or adjust their mask if they are not complying with the safety guidelines. The actual MaskCheck Kiosk only checks for masks and does not carry out any facial recognition matches.
Apple is bringing verifiable COVID-19 vaccination cards to Wallet as part of a future iPhone software update. The feature will take advantage of the international SMART Health Cards standard (already in use in several states) to produce proof of vaccination, sign it with a private key and create a public key to verify your info.
The just-released iOS 15 already lets users store verifiable vaccination and test results in the Health app using the same standard. Users will receive their records through QR codes, downloadable files or healthcare providers who use Health Records on iPhone. Apple is promising strict privacy for all user data. The company won’t have access to their imported or shared records, and all info must be encrypted and securely stored when transferred elsewhere. The tech giant also can’t see user vaccination card or how they’ve used it. They can share information with “approved” third-party apps, but only on a one-time basis.
Amazon is rapidly increasing the availability of its Amazon One contactless payment method. Initially introduced at two Seattle-area Amazon Go stores in September 2020, Amazon One is now available at more than 60 locations at select Amazon Go, Whole Foods Market, Amazon Books, Amazon 4-star, Amazon Fresh, and Amazon Pop Up stores. Amazon has rolled out the service in several regions, including Arizona, Colorado, Connecticut, Florida, Massachusetts, Michigan, Minnesota, Missouri, North Carolina, New Jersey, Oregon, Tennessee, Texas, Washington state, and Washington D.C. At Amazon Go and Amazon Fresh stores, shoppers will continue having the option to enter the store using the Amazon app, or can elect to use their palm at stores with Amazon One instead. In addition to expanding the availability of Amazon One internally, the company also recently partnered with digital ticketing agency AXS to deploy Amazon One at standalone ticketing pedestals at the Red Rocks Amphitheatre concert venue located in the metro Denver area.
Anheuser-Busch Light will host an outdoor co-working space called TreeWork in the woodlands of Northern Colorado. TreeWork features a “sleek and well-ventilated” office space, Wi-Fi, Busch Light happy hours, grilling, campfires and the opportunity to camp outside. TreeWork comes as many workers still have not returned to the office as the delta variant continues to upend plans for a full return to pre-pandemic activities. Busch Light’s latest experiential activation is a lighthearted way for the brand to engage with consumers who are still working remotely by providing a shared space that is truly remote: an undisclosed location in the Northern Colorado woodlands. Along with productivity, Busch seeks to help relieve some of the stress and fatigue that is associated with the pandemic, which has disrupted daily life for more than 18 months.
BBVA has rolled out an app for employees to book a desk at the office as it prepares for a new post-pandemic working model. BBVA’s return to work policy is focused around a hybrid system, in which employees spend 60% of their time in the office and 40% at home. This is aligned with a new hot desking system, in which staff are assigned a locker to store their belongings and an app to book a desk. Using the app, staff can book a desk – and parking space – at the office, selecting from a pool of available workstations that are released on the 22nd of each month. Users can book from a menu of options, including a table for individual work, a meeting room or a collaborative space.
- Digital accessibility firm Evinced has announced a new suite of tools that will make mobile app accessibility testing faster, easier and more reliable than ever before. Evinced’s latest toolkit consists of a two-part solution comprising free and paid elements. The solution works across both iOS and Android apps and can be audited on actual devices, using emulators or a device cloud. Evinced’s free product know as Flow Analyser can be deployed by any tester, even those without specialized knowledge of accessibility and software development, and can quickly identify common accessibility fails simply by connecting a phone to a computer running Evinced’s desktop client, firing up the target app and running a scan. The paid solution for enterprise customers – Automation for Mobile is a tool for app developers that allows accessibility testing to be baked in alongside other mobile UI automation tests.
- This enables an accessibility scan to run automatically each time a developer modifies an existing feature or adds a new one. Should common fails be detected like missing Alt Text on images or incorrectly labeled buttons the tool will notify the developer of the issues at hand before they commit to the new code. Evinced plans to continue improving and refining the toolkit over time and in the next stage is hoping to go beyond standard accessibility checklist items to look more closely at interactive elements like how an app behaves if a user zooms in or alters the font size.
Apple invention relates to a possible redesign of the keyboard for MacBook and/or Magic Keyboard for desktops that could detect key positions, key movement, and/or gesture input provided on or over a set of keys (or on or over a bezel adjacent the set of keys). Better yet, the palm rest area could provide a virtual component like an optional display that could accommodate Apple Pencil input and more. More particularly, the described embodiments relate to a keyboard or other input device having capacitive key position, key movement, and/or gesture input sensors. The capacitive sensors may be used to detect a key “make” (e.g., a key press or actuation), a key “break” (e.g., a key release), or other parameters related to key position or key movement. In some cases, the capacitive sensors may also or alternatively be used to detect motion (e.g., gesture input) provided on or over the keys, or on or over a bezel that is adjacent to the set of keys. A gesture input may be limited to motion that does not trigger a key make event, or in some cases may include motion that does trigger a key make event.
- Google’s latest features bring quick actions and navigation to people whose expressions are their primary means of interacting with the world. Project Activate and Camera Switches let users perform tasks like speaking a custom phrase, or navigating using a switch interface, through facial gestures alone. The new features rely on the smartphone’s front-facing camera, which can watch the user’s face in real time for one of six expressions: a smile, raised eyebrows, opened mouth and looking left, right or up.
- It relies entirely on local computing and no image data is saved, nor is it doing what is generally understood as “facial recognition” — this type of machine learning can focus specifically on, for example, identifying the eyebrows and sending a signal whenever they move past a certain, customizable threshold. Each expression can be assigned a different role. Camera Switches integrates with Android’s existing switch compatibility, by which people who use assistive tech like a joystick or blow tube can navigate the phone’s OS. Now that can be done without any peripheral device at all, and users can pick various facial gestures for iterating through selections, confirming a choice, backing out, and so on. GoogleUsing Project Activate, expressions can be tied to self-contained actions like speaking a phrase.
- Its streamlined interface and intuitive usability make it the winner of this year’s Innovation by Design Award in finance. People wanted an easy way to pay for purchases (essentially what the app was already doing); they wanted to know about deals at the stores where they shopped; and they wanted help “staying on top of their money—what’s going in and out.” There are certainly financial apps and services with similar offerings (think Venmo or Chase Pay for peer-to-peer payments, Honey or Rakuten for finding deals, or your bank or investment broker for analyzing your spending and investments). But Google’s proposition was to offer all of these services in one place. The relaunched G Pay app was built around these three core functionalities, but it’s the latter two that users “disproportionately love,”. (The team says it’s constantly gathering user feedback through focus groups, the app itself, and anonymized data on what features people gravitate toward within the app.) Users can scroll through myriad offers on the app that present themselves in a couple different ways.
- First, Google Pay works with companies like Rakuten to offer deals that are linked to a particular card; once users activate that offer with the app, the deals are applied whether people use the Google Pay app or the card itself. G Pay also works with individual stores like Costco, Target, or Poshmark to offer app-exclusive deals to users.. This also translates to repeat customers: retention triples once people use their first offer. These offers are all opt-in; the app asks users if they want to receive them rather than showing them by default. The other area that was a bit of a breakthrough is the insights section, which offers users weekly “stories” about users’ finances—how they’re spending their money, what bills are coming up, what bank fees they were charged, and so on.
- This is where Google’s search heft and machine learning capabilities come into play: Users can search for subscriptions, individual merchants, and even specific items they bought. Optional integrations with Gmail or Google Photos mean that any emailed receipts or receipts you snap a picture of will populate Google Pay as well, a feature takes full advantage of: paper receipts.” Any integrations with Gmail or Google Photos or other personalization features are opt-in and any “transaction data that you link in G Pay stays in G Pay.
Focussing on messaging platforms instead of mobile apps could help a new brand grow faster. Real-time, two-way conversation with D2C brands could be the most effective way to turn a prospect into a loyalist. Consumers often make small purchases from a variety of brands for everyday requirements. However, they may not have too many apps on their phones due to storage/memory constraints or other issues. So, unless a brand is among the top 10 in its category, people are not likely to download the app. That is why the app-first approach may not boost conversion rates. If a messaging app allows customers to enquire and purchase without additional downloads or extra clicks (typical of a website), it should result in higher conversions. Every conversation on a messaging app is a one-to-one interaction. This enables a brand to personalise its communication for a better customer experience and offer customised discounts, thus driving customer loyalty. Building a superior customer experience through personalised dialogues and hassle-free shopping may lead to revenue growth and retention. Brands can opt for automated chatbots that can learn and adapt to customer behaviour patterns so that they can converse with humans. There are four key offerings that a messaging app-based D2C brand must look into to create a useful and engaging customer experience. These include:
- Live chat support: A crucial feature that may turn prospects into paying customers. Most people prefer to have a thorough understanding of the product before making a purchase. So, real-time conversations with customers for answering their queries are bound to make a difference for a brand.
- Personalised deals: As every one-to-one interaction elicits a customer’s expectations from a brand, companies need not spam them with offers that rarely resonate. With a data-driven approach, brands can easily understand each customer’s interests and create specific deals to drive their buying decisions. Again, staying off spammy marketing practices helps build trust and boosts conversion.
- Product discovery: Helping customers find the most relevant products based on their queries and recommending similar items without overwhelming them with information overload are key to building value.
- Incentivising sharing and referrals: Enabling a one-click option to share a product and incentivising it with a reward can quickly start a word-of-mouth promotion, given the high footfall in messaging apps.
Hugo Boss has introduced its second collaboration collection with Russell Athletic to the Australian market, in a phygital launch experience. The partnership with Russell Athletic helped the business firm its position in the casual space and attract a younger customer. With a huge focus on digital, the show was closed by TikTok star Khaby Lame. Joining the proceedings in Milan were 200 digital and social media stars in the crowd watching the spectacle. The whole event was live-streamed globally on TikTok, Instagram, YouTube, and LinkedIn and is Boss’ debut social-first event. Across Instagram and YouTube the livestream clocked up 21,000 views, while content from the event on Boss’ TikTok has been seen by almost 30 million users. Complementing the digital nature of the show is the accompanying TikTok campaign. Five unique Boss x Russell Athletic NFT collegiate jackets are up for grabs on TikTok and fans are invited to participate in the hashtag challenge, showing off their #BossMoves for a chance to receive one, as well as a redeemable twin of each design and a wearable filter. Currently, the #BossMoves hashtag has 1.4 billion views on TikTok while the #BossxRussellAthletic tag has 8.7 million.
Walmart has decided to scrap its layaway program completely before the 2021 holiday season, replacing it with a buy now, pay later financing option. The retailer is now using the company Affirm, to replace layaway. Instead of having stores hold items from late August through mid-December while customers make payments until paid in full, shoppers can now take the item home immediately and pay it off with Affirm. Unlike layaway, purchases made with Affirm can rack up interest over time. Although Affirm does not charge any hidden or late fees for using its services, customers can have an APR rate on purchases of 10-30% depending on their credit and 0% for select promotional items on Walmart.com. Not all Walmart customers may be eligible to use Affirm depending on their prequalification status. Affirm’s services operate alternatively to a credit card. Customers will purchase the item immediately, and pay for the items over a three to 24 month period. Customers can select their own payment plan and Affirm will match them with a lender who will provide them with a loan for the financed item. Walmart shoppers can return any purchases made with Affirm for a refund, but the amount they paid in interest will not be refunded. Partial payments or late payments may impact a consumer’s credit score or ability to receive new loans with the company.
Claro, the financial coaching app, encourages the British public to reduce their reliance on Buy Now Pay Later (BNPL) schemes by launching a series of eye-catching billboards at key landmarks in the capital. Claro is on a mission to help everyone develop an intelligent money mindset and a healthy relationship with money to achieve their goals. It has launched “Bye Now Pay Later”, a series of digital billboards which feature shocking statistics on the financial habits of society, at major sites in London, including Oxford Street, London Bridge, Canary Wharf and Westminster. The digital financial coaching app’s campaign encourages the public to claim one of 1,000 free one-to-one personal finance coaching calls. They can help create a financial plan and build sustainable financial habits to drive lasting change in how society manages money. The recent Woolard Review and subsequent Financial Conduct Authority (FCA) plans for regulating BNPL schemes means changes will be made to the sector; however, their rapid rise over the pandemic means that reforms will be too late for many. Claro is also inviting BNPL providers and retailers to a meeting to explore ways to promote considered spending among the public and educate people on unsecured credit products. The financial coaching app believes there is a place for BNPL products in the market; however, it should be used occasionally rather than relied on.
Financial data platform MX is pairing up with payroll connectivity API firm Pinwheel to help FinTech customers switch direct deposits and expedite income verification. The MX and Pinwheel partnership expands coverage of income verification, improves underwriting models for better lending decisions and provides better financial guidance for customers. MX’s financial data platform allows organizations to verify accounts for Automated Clearing House (ACH) and real-time payments (RTP) with enhanced customer transaction data. The combination of MX and Pinwheel adds data fields including income, employment, pay stubs, identity, time and attendance to identify clients with high value, find cross-selling opportunities and power earned wage access. With Pinwheel, customers have the ability to set up direct deposits, or when necessary, a direct deposit transfer to remove friction, facilitate financial guidance and for better lending decisions. Pinwheel’s real-time, direct-from-source employment data can be used by employers for verification and to help them make better credit decisions. MX’s bank transaction data allows lenders to flag high-risk activity, including non-sufficient funds (NSFs) and existing loan repayments.
- Temenos, Vodeno, a fully cloud-native BaaS provider and Aion Bank, a European licensed digital bank and credit institution, have partnered to accelerate Banking as a Service (BaaS) deployment in Europe. The first banking services to be launched combine The Temenos Banking Cloud with Vodeno’s card management and payment processing services. This will enable banks and businesses across industries to broaden their portfolio of products offered to their customers by automating and embedding new payments and card services seamlessly in their customer journey.
- The collaboration across all three parties removes the complexities and regulatory overheads of deploying embedded financial services in Europe. Clients will benefit from faster time to market and the business agility to develop new customer propositions. Temenos and Vodeno are already engaged in several proof of concepts with banks and fintechs across Europe. The Temenos Banking Cloud combines Temenos Transact and Temenos Infinity banking services which will connect via REST APIs to the VODENO Cloud Platform. Through the strategic alliance, clients will be able to instantly issue digital debit and credit cards for retail and business banking customers. Additionally, existing Temenos customers can benefit from financial services embedded in personalized customer journeys, delivered in real-time, at the right touchpoint with intelligent and contextual experiences.
Fintech Circle has integrated with Plaid, a data network powering the digital financial ecosystem. The integration makes connecting bank accounts and accepting ACH payments faster and easier because Plaid enables quicker account verification. End users from customers can now directly connect their bank accounts – without sharing details with Circle – all while reducing risk. Using Circle’s Payments and Payouts APIs, ACH payments automatically settle as USD Coin (USDC) and payouts enable automatic conversion from USDC into ACH transfers. Combined with Circle Digital Dollar Account APIs, customers can build sophisticated treasury management and payments applications that also tap into the openness, global reach, and cost-efficiency of dollar digital currencies like USDC. Since the Plaid integration, Circle has successfully enabled ACH payment and payouts for a diverse set.
Plaid has taken a big step in its journey from banking “enemy” to “collaborator” by inking a data-sharing deal with Q2, a major digital banking platform provider. The partnership will enable Q2’s community bank and credit union clients will be able to easily access the Plaid Exchange open finance platform. Once institutions are set up in the Plaid Exchange via the Q2 arrangement, customers of those banks or credit unions will be able to securely share account information with any of the 5,500 fintech apps connected to Plaid. Q2 will integrate into the Plaid Exchange platform, allowing customers of Q2’s client institutions to authenticate the thousands of fintech apps powered by Plaid without having to share and store end-user passwords. Q2 says there is no cost to the institutions for the Plaid integration. Q2’s partnership with Plaid will give Q2’s customers “zero-lift” access to the Plaid network. Account holders will have secure and reliable API-based access to 5,500+ Plaid-powered fintech apps.
In addition, Q2’s financial institution customers will have access to Plaid’s OAuth-based authentication and identity APIs to speed up the digital account-opening experience. Consumers will be able to link existing bank accounts during the account-opening process, enabling them to fund new accounts within seconds, instead of waiting days, according to Q2. “Given the transition to online account opening and onboarding, real-time and secure account funding is becoming critical to provide a great initial experience,” observes Adam Blue, Q2’s Chief Technology Officer.
For many years, companies that offered robo advising were leery of allowing too much human tinkering with the low-cost ETF portfolios that were their core offering. The approach was largely “set it and forget it” investing in passive, low-cost index funds or ETFs. Now the pendulum is swinging toward allowing users more personalization and flexibility. This past year, Wealthfront gave clients access to a wider array of socially responsible investments, as well as more of Cathie Wood’s ARK funds, the Grayscale Bitcoin Trust BTC and Grayscale Ethereum Trust. The two crypto funds, which carry high fees of 2% and 2.5%, respectively, are the most popular funds on Wealthfront’s platform. Robos are getting creative with new services. Wealthfront’s “Self-Driving Money” divvies up cash between different accounts for different pre-set goals, and will alert customers if they have excess cash that they might want to invest. Another new feature rolled out recently is Edelman Financial Engines’ “Downside Defender,” where clients set a minimum level for their account value, and as their portfolio approaches that number, the portfolio automatically sells stocks and buy bonds. Even low-cost index fund giant Vanguard is taking a more active stance, announcing recently that it would launch three new active funds later in 2021 that would only be available on its its hybrid robo platform.
- Betterment is revamping how advisors can create their own custom model portfolios and dropping a key asset minimum tied to the process, an effort that may up the appeal of its custody platform for registered investment advisory firms. Advisors who custody assets with Betterment previously could use the company’s proprietary model portfolios, certain outside asset managers’ models, or create their own. But the latter choice was a somewhat labor-intensive process for Betterment’s staff and for the advisors. It also came with a hefty $2.5 million asset minimum per portfolio.
- The new customized portfolio tool is available to advisors at no additional cost. Advisors can build customized portfolios for clients from more than 1,500 ETFs. Each portfolio can have up to 10 different risk tolerance levels for clients. Advisors can also choose a migration strategy for moving client assets to a new model portfolio, avoiding capital gains taxes if possible. Betterment’s software will give advisors an estimated tax impact of their chosen migration strategy. Individual stocks and bonds as well as cryptocurrencies are not available on the platform, though the firm is considering how to expand what’s available to advisors. The firm has been focused on improving transitions, pointing to the ability for advisors to move assets between portfolios as well as consolidate assets on the platform. Betterment is also working on the ability for advisors to override Betterment’s capital markets expectations and use their own projections.
- Betterment for Advisors is dropping investment minimums and overhauling its software, in a move that could be setting the table for Betterment to begin offering direct indexing capabilities for advisors. Advisors no longer have to meet a $2.5 million investing minimum, which was once required for access to custom model portfolios. Additionally, Betterment has overhauled its backend systems, reducing the need for advisors to work directly with the Betterment trading and investing teams and making it easier for advisors to build their own portfolios by accessing the over 1,500 available ETFs.
- Advisors can select from a menu of ETFs (for all practical purposes, individual securities are not yet supported on the platform), adjust the allocation for those funds to match up to 10 different client risk levels, decide how quickly to transition from an existing portfolio to a new portfolio—and to consider tax consequences during that transition—as well as assign the portfolio to a client. Presently, advisors are bound to Betterment’s capital market assumptions, but they will soon be able to review and edit those assumptions too. Tasks such as tax-loss harvesting and rebalancing are already automated. When first announcing the feature, Betterment cited cost of portfolio construction and maintenance as the reason it required a minimum.
The Swiss arm of BBVA is launching a digital investment account that lets users build portfolios based on themes such as climate change and technologies including 3D printing while also providing a cryptocurrency wallet. Called Next Gen, the account offers a catalogue of companies and funds organised into 11 themes including the circular economy; and into technologies such as robotics and autonomous vehicles. The catalogue also seeks to emulate the portfolios of major investors such as Warren Buffet and lets client invest in traditional assets such as shares or investment funds. BBVA is betting that by working with themes and technologies it can attract clients with specific interests in, for example, genetic research. Users get access to a full range of online banking services and Iban numbers in dollars, euros or Swiss francs. They also get a wallet for storing, purchasing and selling bitcoins, all integrated with the mobile app.
Passengers using buses, trains and streetcars operated by Dallas Area Rapid Transit (DART) in the Dallas-Fort Worth area of the US state of Texas can now make contactless fare payments with their debit or credit card or from a digital wallet on their NFC-enabled mobile device. Passengers using the new payment option will also have their fares capped to a maximum price of a daily or a monthly pass. DART has added the option to pay with a debit or credit card or digital wallet to its existing contactless ticketing system that enables passengers to pay their fares with a prepaid GoPass Tap transit card or purchase tickets and passes via the transit authority’s GoPass app. The contactless payment option gives riders a new touch-free option for paying their fare, along with the GoPass mobile app and GoPass Tap card. DART riders can hold their contactless payment card or payment-enabled mobile device to any DART GoPass Tap card reader. DART riders can hold their contactless payment card or payment-enabled mobile device to any DART GoPass Tap card reader. There is no need to select a fare. The GoPass Tap system automatically selects the best adult local fare for the rider. With fare capping on a contactless payment, you never pay more than the total cost of a local adult day pass in a single day.
Passengers using buses, trains and streetcars operated by Dallas Area Rapid Transit (DART) in the Dallas-Fort Worth area of the US state of Texas can now make contactless fare payments with their debit or credit card or from a digital wallet on their NFC-enabled mobile device. Passengers using the new payment option will also have their fares capped to a maximum price of a daily or a monthly pass. DART has added the option to pay with a debit or credit card or digital wallet to its existing contactless ticketing system that enables passengers to pay their fares with a prepaid GoPass Tap transit card or purchase tickets and passes via the transit authority’s GoPass app. The contactless payment option gives riders a new touch-free option for paying their fare, along with the GoPass mobile app and GoPass Tap card. DART riders can hold their contactless payment card or payment-enabled mobile device to any DART GoPass Tap card reader. DART riders can hold their contactless payment card or payment-enabled mobile device to any DART GoPass Tap card reader. There is no need to select a fare. The GoPass Tap system automatically selects the best adult local fare for the rider. With fare capping on a contactless payment, you never pay more than the total cost of a local adult day pass in a single day.
Walmart has tapped Argo AI and Ford to launch an autonomous vehicle delivery service in Austin, Miami and Washington, D.C. The service will allow customers to place online orders for groceries and other items using Walmart’s ordering platform. Argo’s cloud-based infrastructure will be integrated with Walmart’s online platform, routing the orders and scheduling package deliveries to customers’ homes. Initially, the commercial service will be limited to specific geographic areas in each city and will expand over time. This latest collaboration will use Ford vehicles integrated with Argo AI’s self-driving technology. The aim is to show the potential for autonomous vehicle delivery services at scale. The announcement illustrates Ford’s two-track system to launch a commercial service that uses autonomous vehicles to shuttle people and possibly packages. The automaker has been testing the business side of how a dedicated fleet of autonomous vehicles might operate in the real world.
Transit-focused payment service provider Littlepay has announced its role as the transit payment processor for a contactless ticketing demonstration on Sacramento Regional Transit District’s (SacRT) light rail network. The rollout, in collaboration with CalSTA’s and Caltrans’ California Integrated Travel Project (Cal-ITP), began on the Green Line in late June and has now been extended across all light rail trains. Littlepay is handling payment processing at the heart of an end-to-end solution. Its modular, API-based payments platform plugs-and-plays with pre-integrated, ‘Littlepay Ready’ validators, back offices, payment gateways and acquiring banks. Card validation technology is supplied by SC Soft and Feig; while payments management platform Cybersource, a Visa solution, provides a connection to Elavon US for acquiring services. The modular system enables SacRT and Cal-ITP to roll-out a tap-to-pay solution quickly and cost-effectively without complex integration with existing legacy closed loop systems. Riders using SacRT’s light rail trains can now tap to pay for light rail fares with a contactless credit, debit, prepaid card or digital wallet. There’s no need to stand in line to buy a ticket, or reload a fare pass; they can just tap a card reader as they board. In less than a second, a green check mark will indicate their card has been validated for fare payment and they can take a seat. SacRT is offering $1 fare for single rides on light rail during the month of September 2021. In addition, when tapping to pay, a light rail rider’s daily fare charges will be capped at $7—the same value as the Sacramento region’s Connect Card Daily Pass—no matter how many times they ride light rail. This means they can pay as they go until they hit this daily maximum when using the same contactless bank card or mobile wallet throughout the day. Going forward, the agency is looking into more ways to bring value to riders using the contactless system, such as discount fare options.
FinTech company Trustly is collaborating with Cross River Bank, to offer their U.S. customers near-instant payments to their bank accounts. The U.S. launch was made possible by Cross River’s efforts in the RTP network, a new API-based, real-time payments platform. Businesses using Trustly’s Instant Payouts can secure payments directly with Cross River. The bank will send RTP payments on behalf of these businesses to their customers’ bank accounts at other RTP participants.
- For the first time, retail customers can access real-time bill pay following a partnership between BNY Mellon, Citi and Verizon. Through the partnership, transactions will be transmitted in real time over The Clearing House RTP network that all federally insured U.S. depository institutions are eligible to use, connecting BNY Mellon as the biller’s bank, Verizon as the biller and Citi as the customer’s bank. one of the great benefits of the process is the choice and certainty it gives retail customers in how they want to pay bills, unlike payments using ACH where consumers don’t have any clarity over when the funds are pulled from a their account to pay the bill or certainty about when the payment will post to the biller’s account.
- Real-time payments eliminates that guessing game, along with the risk of consumers overdrawing their accounts inadvertently. “The key thing is the consumer is in control of how it and when a bill gets paid,” once a payment is made, customers are immediately notified by Verizon (and any other biller that adopts Request for Payment) that it has been received. more large billers will be live before the end of the year,and once that base is established, people can pay their utilities in real time, even to smaller billers. BNY Mellon expects some of the bill or service providers who typically power bill payments for their small and mid-size clients to take this up moving forward, further extending the capability to the very long tail of billers consumers pay.
Just 12 months after a swathe of Tier 1 UK banks took equity stakes in Form3, the payments infrastructure group has raised a new $160m funding round led by Goldman Sachs Asset Management.
The round is prepping Form3 for international expansion, primarily focusing on the US, where Form3 is already in “advanced conversations” with several American banks. Form3 is also understood to be considering expansion options in Europe and Southeast Asia, harnessing its existing relationship with partners and its shareholder Mastercard. As a reminder, Form3 is working on a new domestic payments network for banks that takes advantage of the latest cloud technology and is in line with upcoming payments regulations. Form3 is now processing a “double-digit percentage” of all the UK’s faster payments every day on its platform without issue.
Oracle Banking Payments is supporting SWIFT’s latest service to make global cross-border payments fast, easy, predictable, and frictionless for small and medium enterprises (SME) and consumer markets. As banks are managing their ISO 20022 migrations and implementing new services within the gpi program, Oracle aims to lower the total cost of ownership and ease customers’ transition by investing in its solutions and supporting key industry initiatives. With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks will be able to minimize disruption to customers’ existing technology infrastructure to meet dynamic cross-border payment needs and lower the total cost of ownership. Banks using Oracle Banking Payments will be better able to compete against global remittance providers and card networks for low-value transfers in key currency corridors with the addition of SWIFT’s new account-to-account service for consumers and SMEs. They will also be able to offer fast, easy, predictable, and competitively priced cross-border payments from account-to-account.
PayPal has completely revamped its app to focus on an array of services around banking, shopping, investments, communication and cryptocurrencies. Going forward, will payments become a small part of this broad offering? In the case of PayPal, the shift to using digital wallets as opposed to using plastic is escalating – with no reason to believe this shift will stop. This provides a significant advantage when consumers are naturally using the PayPal platform to make online and offline purchases. Despite this advantage, PayPal makes it clear that its desire is not about becoming a “bank,” but about turning PayPal into a banking hub:
For instance, most of the major financial institutions put their rewards points into PayPal, allowing customers to spend points at any of the 32 million merchants supported by PayPal. This was also the strategy to offer a high-yield savings account through Synchrony Bank. With the new savings feature, customers will be able to transfer money between PayPal Savings and their PayPal balances to use for purchases. PayPal’s clear business model is to work hand-in-hand with financial institutions, the networks and the regulators to define what the best value proposition is for consumers and merchants. One of the major benefits PayPal expects to leverage in the rapid development of new services and enhancements to existing services is the size of their active database. Not only do they have over 400 million users, but they also do more than 5 billion transactions a quarter that feeds into their sophisticated AI and machine learning capabilities. The goal is to make the app highly personalized, smarter and easier to use over time.
American Express is working with virtual card FinTech Extend to let its business customers create their own virtual cards. The partnership will let American Express Business Card members enroll and create virtual cards, also called tokens, in as little as five minutes using Extend’s app or desktop login. Benefits of the Extend card include quick enrollment, flexibility — businesses can create their own cards and send virtual cards to employees, contractors and vendors — and robust spending control, along with streamlined expense reporting and additional security measures.
- PayPal launched a redesigned PayPal App with a slew of new features that it will roll out incrementally in the US over the coming weeks. Customers will be able to transfer money between PayPal Savings and their PayPal balances to use for purchases.
- The app will also support Direct Deposit, which will let customers add all or a portion of their paychecks to their PayPal accounts, and will have enhanced Bill Pay functionality so users can track, view, and pay their bills. The PayPal App includes a new Shopping hub where customers can discover deals, make purchases, and earn rewards. PayPal will integrate Honey’s offerings—the digital promotions platform it acquired––into the service. PayPal also integrated its crowdsourced fundraising platform, the Generosity Network, directly into the app. And this all-in-one solution could yield substantial cross-promotion opportunities.
- The app will centralize features that PayPal is trying to emphasize, like buy now, pay later (BNPL) and crypto offerings, which should improve user discovery. And the additions may encourage users to spend more time on the app, like offering crypto did. This can lead to a more loyal user base and increase payment volume moving through the app. The new features also help sharpen PayPal’s competitive edge against Square, which has been inching into its territory with its BNPL push and Cash App Pay rollout. As the rivalry heats up, PayPal’s app revamp can help it maintain growth and drive payments volume.
Online coupon service Honey has introduced the service on mobile Safari for U.S. customers. Now, shoppers will have access to some of their favorite Honey deal-seeking features they use on their desktop browser all on mobile Safari, helping them save time and money while they are shopping. The new Honey extension for mobile Safari is part of the latest Honey app update on iOS 15, meaning users must update to the latest operating system on their Apple mobile devices then download or update the Honey app in the app store. From that point, users will launch Honey, select “Enable Honey for Safari” when prompted, and follow the steps to install it. While shopping on thousands of their favorite sites on mobile Safari, users will now see Honey pop up on their screen letting them know if there are any coupons that they can apply at checkout.
- Square Invoices Plus enables merchants to automate their invoicing so that they can get valuable time back, while bringing a more professional look to their payment processes. By deepening their relationship with Square through the addition of the invoicing suite, businesses will be able to “save more time” and “get paid faster” as a result of improved organization and cash flow. For example, by allowing sellers to create, save and reuse invoice templates, Square said in the announcement that businesses will be able to speed up billing and eliminate the need to start from scratch each month. The templates can also be used to create invoices for pre-selected items, repeat services and payment settings that can be used for similar jobs or sales. In addition, the ability for business billers to easily add notes or other recurring comments to their invoices is another time saver.
- Square said these “custom fields” in Invoices Plus allow merchants the ability to communicate additional details to customers, such as terms of service, cancellation and return policies or any other personalized message or greeting.
Visa has announced three new perks for holders of some consumer credit cards. The new benefit offerings consist of special deals involving grocery delivery service Shipt, online learning service Skillshare and live-music promoter Sofar Sounds. The level of benefits will vary according to the type of card a customer has. Shipt benefits range from one month of free membership — 12 months usually costs $99 per year — to up to three years of free membership, and at all levels free delivery for orders of $35 or more. Visa cardholders can get membership discounts for Skillshare Courses that cover areas including illustration, design, photography and video. Sofar Sounds helps arrange live concerts in atypical locations. Certain Visa cardholders will be eligible for free tickets or early access to tickets.
- Visa has helped to digitally-enable an estimated 16 million small and micro businesses (SMBs) worldwide, or just over 30% of the multi-year goal it set in 2020 to digitize 50 million SMBs. Findings from Visa’s newest study highlight the economic opportunity that lies in connecting SMBs, communities and technology. 74% of SMBs around the world expect customers will continue to prefer contactless payments as much as, or more than they do now, with 40% SMBs citing contactless among the top investments needed to meet customer expectations. 44% consumers say they wouldn’t shop at a store that only offers payment methods that require contact with a cashier or shared device. One year ago, just 17% of U.S. SMBs started selling products or services online for the first time during COVID-19 and now, 57% expect to continue to do so in the next three months.
- Yet, many SMBs surveyed said the shift presented new challenges with the top concerns cited as data privacy and security (33%), cost to invest in digital infrastructure (31%) and having less of a personal connection with customers (30%). While 54% of SMBs say the past year has been a challenge for their business, 46% have viewed it as an opportunity, up from 38% in November 2020. Among those who saw 2020 as an opportunity, their focus has been on new products (37%) and expanding their sales channels (34%), with 23% having started a completely new business. Recognizing that greater digitization of commerce can bring enormous benefits to small businesses, Visa seeks to bring increased digital equity and inclusivity to the world through its multi-year commitment to digitally enable 50 million SMBs.
Square sellers will be able to accept payments through Cash App Pay, a new contactless payment method for both online and in-person transactions. With Cash App Pay, consumers can seamlessly pay with their Cash App account at participating Square sellers. For both in-person and online transactions, customers simply scan a seller’s QR code at checkout, or click a button on their mobile device for a payment process that is fast, elegantly designed, and more secure. With this powerful software integration between Square’s Seller and Cash App ecosystems, businesses can now offer their customers more variety and choice in their payment methods. Square sellers will also be able to better reach Cash App’s more than 70 million annual transacting active customers – offering consumers reduced checkout friction and an improved customer experience. This feature is the latest way that Square is offering merchants new omnichannel commerce offerings that enable sellers to meet customers where they are. As contactless and QR code-based payment methods have become more mainstream, Cash App Pay has become a top-requested feature by both Square sellers and Cash App customers. Cash App Pay is available to Square sellers as a software update, with no technical integration or new hardware required, creating a seamless onboarding experience. It also allows merchants to manage receipts, reconciliation, and settlements of Cash App Pay in their existing Square system.
Google is now update for the Google Assistant with “Hey Google, pay for gas” command, while Android Auto is getting new media and connectivity features. Once live, you can pull up to a gas station and say “Hey Google, pay for gas” to Android Auto, your Android phone, or — in the future — Assistant Driving Mode. Select your pump number and then use Google Pay for the transaction. After selecting a fuel grade, you can start fueling. Meanwhile, Android Auto is getting a handful of features. On the entertainment front, Google will show personalized media recommendations. They can be accessed by a new music icon that’s next to the existing player controls in the bottom bar. This opens a carousel of “Media picks for your device” from streaming apps, Assistant news, podcasts, and more. Additionally, users will be able to choose what app opens when Android Auto launches. Google Maps or other navigation applications are currently the default, but any experience can be selected in the future. Connectivity improvements to Android Auto start with being able to choose between SIMs when making calls and sending messages. Meanwhile, “Work Profile” support will let you see messages and calendar events from both the personal and work silo on your phone.
Apple’s iOS 15 brings a major feature to the camera and it is called ‘Live Text’. With Live Text, iOS will now recognise any text in a photo, screenshot, or camera preview thanks to the optical character recognition (OCR) allowing Apple to extract text from any image. Users can now copy and paste, lookup or translate the text in photos, screenshots. Live Text works in Photos, Screenshot, Quick Look, and Safari and in live previews with Camera. It is a system-wide implementation and will appear in all other apps, when you copy-past text. Here’s a detailed look at Live Text. Live Text can then recognise useful information in photos or online images, be it a phone number or an email id. One can also use the Live Text feature in the Camera app by pointing the device camera at a photo or image with text, and then tapping the indicator icon. From here, users will get options to either copy-paste the text, look it up or translate or even make a call, in a case of a phone number. Apple’s system is smart enough to recognise the text it is extracting.
Retail giant Amazon and minority-led community development financial institution (FI) Lendistry announced a joint pilot program focused on helping (SMBs) selling on Amazon’s platform grow more quickly. Amazon Community Lending is a business financing platform through Amazon Lending that will give U.S.-based Amazon sellers — almost all of whom are SMBs — short-term loans of up to $100,000. Lendistry typically focuses its lending on urban and rural small businesses in socially and economically distressed communities, with most of the money given to those with low to moderate income, including African Americans, Hispanics and Latinos. As part of Amazon Community Lending, Lendistry will offer term loans from $10,000 to $100,000 for up to two years with annual percentage rates between 8% and 9.9%. Amazon sellers can use the money to grow their businesses and pay for staffing and operations costs, product development and manufacturing and marketing.
Startup Stairwell is launching Inception, a threat-hunting platform that aims to help organizations determine if they were compromised now or in the past. Unlike other threat-detection platforms, Inception takes an “inside out” approach to cybersecurity, which starts by looking inwards at a company’s data. This data, all of which is treated as suspicious, is continuously evaluated in light of new indicators and new threat intelligence. this enables organizations to detect anomalies within just days, rather than the industry average of 280 days, as well as to “bootstrap” future detections.
Shopify is now bigger than Amazon by at least one measure i.e. online traffic. The number of unique visitors to all the Shopify-powered sites surpassed that of Amazon last quarter for the first time. The average monthly unique visitors for the e-commerce sites powered by Shopify during the three months ending in June was 1.16 billion. That was greater than Amazon’s 1.10 billion average monthly unique visitors during the same period. The gap between the two is expected to widen this quarter, as Shopify-powered sites are anticipated to draw 1.22 billion monthly unique visitors versus Amazon’s 1.13 billion. The spike in Shopify’s aggregate traffic reflects the company’s rapidly growing reach in online shopping. Each month since May 2020, Shopify sites had an average year-over-year traffic growth of 108.5%, Amazon had a 9.9% expansion rate during the same period.
- Apple has released watchOS 8 to the public, with Apple Watch owners now able to take advantage of new features such as the new Mindfulness app, new message composition, and expanded Fitness options.
- Message composition and Sharing: The Messages app on watchOS 8 has undergone some retooling to make sending messages directly from the Apple Watch even easier. Swipe to type in letters, then use the Digital Crown to move the cursor for precise text placement. Next, add emoji using the emoji keyboard, or send a gif, all from the same text entry area. The watchOS Share Sheet has been improved as well.
- Find My: Users can now opt in to be notified when they have left their iPhone or any other Find My device behind. In addition, users will be alerted on-watch when they are out of range of their devices in untrusted locations. Additionally, the Find My app has been split into three parts: “Find Devices,” “Find Items, and “Find People.” Find Devices is designed to help a user locate Apple Devices associated with the user’s Apple ID. Find Items allows users to track AirTag and third-party Find My devices. Find People allows users to see those who share their location with them.
- Fitness and Health: The Apple Watch now allows users to track Pilates and Tai Chi workouts. The Breathe App has been folded into a new app called Mindfulness. This app combines meditative practices and breathing with reflective prompts. New visualizations accompany the app for both Reflect and Breathe. Reflect starts with a prompt, then shows swirling colors, while Breathe shows animations mimicking breathing in and out.
- Home App: The Home App has been retooled, giving users more control over their HomeKit scenes and devices. You can now interact with HomeKit-compatible cameras from the Apple Watch, too. The home status is presented at the top of the app. Running lights or devices are grouped with indicators showing their current operation or number of devices running.
- Focus: Like iOS 13 and iPadOS 13, watchOS 8 also sees the addition of new Focus modes. Focus allows users to configure custom notification settings for apps like Slack, Messages, and YouTube.
- Photos: The Apple Watch has some new Photos app features as well. It now shows more photos and albums from the Photos App selection screen, allowing users to look through a grid of all images and videos contained within. New memories are automatically synced with the Apple Watch photos app every day. Users will be able to choose which albums sync to the watch from settings.
Apple Card is receiving an upgrade with iOS 15 that adds an extra layer of security to purchases by integrating a rotating security code. Called Advanced Fraud Protection, the new feature automatically rotates Apple Card’s three-digit security code after users view the number in Wallet or it is auto-filled in Safari. Advanced Fraud Protection can be used without risking interruptions to streaming services and other memberships because merchants typically use credit card security codes only to authorize an initial payment. Unlike other credit cards, Apple Card’s security code is stored in the Wallet app, not on the physical card. This allows Apple to rotate the number on its backend and digitally present the freshly generated digits to users. While the feature increases security, cardholders should be aware that they will need to check the Wallet app for the latest code whenever making a purchase. For some, the minor inconvenience will be a small concession for added peace of mind. Advanced Fraud Protection can be accessed on iPhone by navigating to the Wallet app, selecting Apple Card, tapping on the card number icon and authenticating with Face ID, Touch ID, or your passcode. On iPad, the option is in the Settings app under Wallet & Apple Pay.
- Apple is charging toward a future where it’s becoming a little harder to distinguish new from old. Apple is stretching the periods between major upgrades for its entire product line and it’s also taking longer to roll out those changes. This isn’t a new trend, or even a new take, but it’s particularly interesting as the company bulks up the number of employees dedicated to future efforts like augmented reality, which will one day soon likely replace the iPhone. It’s an evolution that’s pushing them into a similar design territory as GoPro. GoPro recently debuted its HERO10 Black camera, which brings higher frame rates and a better performing processor as it looks to push more of its user audience to subscription services. Apple debuted its new flagship, the iPhone 13 Pro, with a faster processor and better frame rates.
- Apple has been pushing thousands of employees toward an escape route in augmented reality, even if the technology is clearly not ready for consumers and they’re forced to lead with what has been rumored to be a several-thousand-dollar AR/VR headset with plenty of limitations. Most likely is that the AR-centric devices will be shipped as wildly expensive iPhone accessories and a way to piggy back off the accessibility of the mobile category while providing access to new — and more exciting — experiences. In short, AR is the future of the iPhone until AR doesn’t need the iPhone anymore.
- Apple promised to release the iPhone, Mac and iPad updates to everyone. The most important feature in the initial release of iOS 15 is Focus. This lets you set up a range of notification profiles based on what you’re doing. You might already do something similar when you’re sleeping or driving. Focus lets you create ones that block certain notifications when you’re working, then block a completely different set when you’re relaxing. Apple is trying hard to help us create a healthy work/life balance. But don’t expect SharePlay, a cool video chat feature that drew a lot of attention when this OS was announced. It will allow users to enjoy music, movies, TV shows, etc. together during a call. But it’s been cut from the first iteration of iOS 15 and iPadOS 15 too.
- Easily the most controversial change in iOS 15 is a redesign of the Safari web browser that moves the Address bar to the bottom of the screen. It’s much more convenient there, but complaints from some beta testers afraid of change convinced Apple build in the option to move the Address bar back to the top. Not controversial at all is Live Text, a small but handy addition that lets you easily pull the text from images. It can even quickly translate signs and menus into a language that you can read. iPadOS 15 also includes Focus and the video chat emhancements, and Live Text, too. But that’s just the start. Most notably, the update makes multitasking on an iPad far more intuitive. A new multitasking menu appears at the top of apps and makes it easy to put a couple of applications side by side.
Apple’s A15 Bionic processor includes massive GPU improvements over iPhone 12 Pro’s A14 chip. An “iPhone14,2,” thought to be an iPhone 13 Pro, achieve a Metal score of 14216 while running iOS 15 on an A15 system-on-chip. The result is a 55% improvement over the A14 in Apple’s iPhone 12 Pro, which posted a score of 9123. The benchmark also reveals a RAM allotment of 5.56GB, which can be translated to 6GB given operational load. That finding is in line with reports that iPhone 13 is outfitted with the same amount of memory as iPhone 12. Apple’s A15 variant in the iPhone 13 Pro and iPhone 13 Pro Max features a new five-core GPU that the company says delivers “up to 50% faster graphics performance than any other smartphone chip.” A four-core GPU is deployed in the A15 used by iPhone 13 and iPhone 13 mini. Apple failed to detail A15’s CPU performance in its “California Streaming” event, leading some to believe that the chip does not achieve the year-over-year improvements typical of Apple’s flagship mobile chips.
- The new iPad mini introduced has several key improvements over the 4th generation iPad Air that the company introduced last year. The first key difference is the FaceTime camera. The iPad mini has a new 12MP ultra wide front-facing camera with center stage support like the new iPad Pros. The iPad Air has a 7MP regular FaceTime HD camera. The iPad mini’s front camera also gains a larger f/2.4 aperture, 2x zoom out, extended dynamic range for video, and 1080p recording at 25 fps, 30 fps, and 60 fps. The rear camera on iPad mini is also 12MP like iPad Air, but it gains a quad-LED True Tone flash. This addition is presumably due to the more portable nature of the iPad mini. The video camera capabilities have improved substantially. The iPad mini gains the ability to shoot 1080p HD video in 25 fps and 30 fps as well as a new extended dynamic range for video up to 30 fps. Another major hardware difference is the processor onboard.
- The iPad mini has the all-new 5-nanometer A15 Bionic chip that’s also in the iPhone 13, whereas the iPad Air continues to use the A14 chip from last year. iPad mini cellular models have 5G compatibility, unlike the iPad Air which remains LTE only. Apple has also added compatibility for 2 additional gigabit LTE bands. While 5G may not make a significant difference to a lot of people, it will to folks who live in areas where 5G is prominent and faster than LTE. While the key difference between the iPad mini and the iPad Air is the size of their displays, the quality of those displays also diverges. iPad mini has a 2266×1488 Liquid Retina display and is 326 pixels per inch. The iPad Air’s display is 2360×1640 and is 264 pixels per inch. The pixel density on the iPad mini is far superior to the iPad Air.
Google is working on a redesign of Android Auto that borrows elements from Material You and makes your notifications more easily accessible. On Android Auto today, you can only have one app or view on your car screen at a time. This means that checking your notifications or adjusting playback — things you shouldn’t be doing too often as the driver! — requires putting your Google Maps directions away temporarily. The latest beta update to Android Auto (version 6.9 rolling out now) includes work on something called “Coolwalk.” Once enabled, the usual Android Auto bottom bar — which includes a home button and media player widget on the driver’s side, and notification & microphone buttons on the passenger side — is replaced by a new arrangement that almost completely favors the driver’s side. The most important part of this change is a new dashboard button, which shows a preview of your notifications over the current app. That means you can quickly glance at your notifications without missing any instructions from Google Maps or any other navigation app. To get a more complete view, the current notifications button is still available, just moved to the left-hand side. Below your usual notifications in the dashboard, there is a card for controlling your current music/podcast app. For now, this card stays in place even if you aren’t currently listening to anything. Another notable aspect of the “Coolwalk” Android Auto redesign is the use of rounded-square shaped buttons.
With a 3x optical zoom in and 2x optical zoom out, there’s a 6x optical zoom range, as well as digital zoom of up to 15x. LiDAR makes an appearance again this year, supporting the cameras in various ways, such as with Night Mode portraits. The new Ultra Wide camera in the iPhone 13 Pro has an upgraded lens system that can allow users to take macro photographs, with subjects able to be as little as two centimeters away from the lens. The new Cinematic mode for video allows filmmakers to take shots that automatically racks focus to subjects in view, which can also be adjusted after the shot has been completed. Also in video is ProRes support for 4K video at 30fps, making iPhone more suitable for professional filmography. Apple is offering the iPhone 13 Pro and Pro Max in a selection of four finishes: Graphite, Gold, Silver, and an all-new Sierra Blue. This year, Apple introduces a 1TB storage option to the Pro lineup, accompanying the 128GB, 256GB, and 512GB models. The iPhone 13 Pro will start from $999 for the lowest-capacity model, while the iPhone 13 Pro Max starts from $1,099.
Apple has unveiled the Apple Watch Series 7 with a 20% larger screen area than Series 6, the screen is up to 70% bright indoors. Apple Watch Series 7 does not feature the expected flattened edge design, now familiar with the iPhone and iPad Pro. However, the chassis has been redesigned. This curvature means that the the screen real estate is larger. Apple says that almost 50% more text can be seen on screen than in Series 6. There’s also a new, full keyboard that users can either tap, or slide from letter to letter. Apple is again introducing more Watch faces, this time new Contour and Modular Duo faces, specifically to take use of the greater display. Apple Watch Series 7 has increased durability, including improved water resistance, and crack resistant front crystal. Apple says that the new display is over 50% thicker than in Apple Watch Series 6, adding strength but reportedly not compromising screen clarity. Apple Watch Series 7, with watchOS 8, has been optimized to work better for bike riders. Charging is now up to 33% faster than with the Series 6, with Apple saying it takes 45 minutes to reach 80% full charge. And 8 minutes of charging will give enough for 8 hours of sleep tracking use.
Apple’ 10.2-inch iPad has been upgraded with the A13 bionic processor, new 12MP Ultra Wide camera with Center Stage. Apple didn’t change much about the 10.2-inch iPad for its ninth generation beyond the front-facing camera, True Tone display, and A13 Bionic processor. These upgrades keep the budget iPad up-to-date with more power and better base storage. The Ultra-Wide lens enables Center Stage, which enables the front-facing camera to follow your face as you move around. The A13 processor is about 20% faster than the A12 processor found in the 8th-generation iPad. This means faster apps, more fluid interface interactions, and a better overall experience. The other features remain, retaining its 500 nit non-laminated display. In addition, still supports the first-generation Apple Pencil since it uses Lightning to charge. The old-fashioned Touch ID sensor is still in use below the display. The 10.2-inch iPad is the last Apple product to use the legacy system.
A US federal judge struck down some of Apple’s App Store rules forcing the company to allow developers to send their users to other payment systems in a partial win for “Fortnite” creator Epic Games and other app makers. But the judge did not require Apple to let app makers use their own in-app payment systems, one of Epic’s top requests, and allowed Apple to continue to charge commissions of 15 percent to 30 percent for its own in-app payment system. The outcome left Apple’s critics and rivals saying they are more likely to turn to legislators, rather than courts, to pursue the changes they seek. The judge ruled that Apple can no longer bar developers from providing buttons or links in their apps that direct customers to other ways to pay outside of Apple’s own in-app purchase system. The ruling also said Apple cannot ban developers from communicating with customers via contact information obtained by the developers when customers signed up within the app.
Innovations & Trends
We’re on the look out for the latest trends, strategies and innovations. Do you have something to share? We’d love to hear from you.
Share an Innovation with Us.
Digital Brief delivers the latest disruptive financial innovations.