The class-action lawsuit against Navy Federal has financial institutions revisiting their fair lending practices and considering how AI fits in. For Amount’s director of decision science, Garrett Laird, the conversation is nuanced. According to CNN, the close-to-29-point gap in Navy Federal’s approval rates was the widest among the top 50 mortgage lenders in 2022. It […]
Here is another use case for generative AI. BNPL giant Klarna is using Gen AI to run marketing campaigns and generate images. The company is using Gen AI tools such as DALL-E, Firefly, and Midjourney to generate images, which alone saved the company $6 million. But it is not just about saving money. These images are also […]
Americans today are dealing with a healthcare affordability crisis. With inflation at its highest in 40 years, consumers face progressively unaffordable prices, higher-deductible health plans, and more copays, all putting a financial strain on the average U.S. household. In the last five years, family coverage premiums have increased by 22% and deductibles have risen at […]
The Buy-Now-Pay-Later market in Mexico is evolving beyond the realm of digital commerce, also emerging as a viable alternative to cash for in-store transactions at brick-and-mortar establishments. In the past few years, several BNPL providers have popped up in the country to address the underbanked, a segment of the population that accounts for nearly half […]
Last month, it was Chase, this month, it is PayPal launching a new ad business. PayPal has hired Uber’s former head of advertising to run PayPal Ads, the new division that will be selling targeted ads based on its customer data. Let’s consider PayPal’s scale for a second. In the first quarter alone, PayPal processed 6.5 billion payments […]
The collapse of Synapse is a significant blow to fintech. The horrible stories coming out about frozen money for mortgage downpayments, college funds, teenage savings and many more are heartbreaking. People trusted a fintech would handle their money responsibly, that working with a bank partner that had FDIC insurance meant that their money was safe. […]
Results of Amdocs’ Personalization and Multigenerational Banking Survey show that the more customers know about the possibilities for personalization in banking, the more they want. It also shows a significant opportunity for multi-generational banking services through which financial institutions can drive customer loyalty. Amdocs interviewed 1,000 working-age adults in North America; 500 live in a household without children or seniors, 250 live with children […]
It has been the talk of the crypto world all week. SEC watchers noticed early this week that the regulator appeared to be getting ready to approve an ETF for funds holding Ethereum. Yesterday, it was made official as the SEC approved a rule change that will pave the way for the first ETFs to buy and […]
Mexican fintech Aplazo concluded its $70 million Series B, including an additional $45 million in fresh equity financing in a round led by QED investors. Since its establishment in 2020, the Buy Now Pay Later fintech, now four years old, has amassed over $100 million in equity financing and $75 million in committed debt funding. […]
A Team8 report, An Unconventional Look At The Future Of Fintech, charts the industry’s path by predicting what remains and changes while taking a few big swings at potential mega-trends. Team8 creates and invests in companies focusing on cybersecurity, data and AI, fintech, and digital health. One constant is convenience. Any service that simplifies getting […]