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Amazon is a threat to banks -- it's just not what you think

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Labor Day weekend is here and I swear, I just saw a Deadhead sticker on a Cadillac go by. As the kids
 
September 3 · Issue #98 · View online
Tearsheet Weekly Newsletter
Labor Day weekend is here and I swear, I just saw a Deadhead sticker on a Cadillac go by. As the kids go back to school and we escape back to work, it’s interesting how many incumbents are making moves in financial technology. 
That’s why you’ll want to join us and senior execs from around the industry as we host our first event on Bitcoin and Blockchain. Get more info, the speaker roster, ticket information, and sponsorship packages here.
== Zack Miller, Tearsheet
P.S. In addition to DLT execs from Fidelity, Citi, BNP Paribas, I’m most looking forward to the two top secret confessions (we can’t divulge the names but they’re super influential) we’ll hear about the struggle big financial institutions are experiencing around the blockchain.

Newest metric for financial success: Customers' emotions
Wealth managers are increasingly conducting customer personality assessments. In order to personalize the experience, wealth managers must balance needs-based financial plans with an emphasis on hard numbers metrics. Here’s how.
How digital payments became politicized
Visa, Discover, Apple Pay and PayPal have all cut off or limited their payments services to so-called hate groups in the wake of recent violence. The question is: if payment firms keep acting as de facto watchdogs, what will the repercussions be?
Amazon is a threat to banks -- just not in the way you think
To date, the e-commerce giant has a foot in payments, cash, small business lending, consumer credit and an initiative to get people to shop with Amazon using their debit cards. Amazon’s intentions to become a major player in finance are clear. 
How Amazon plans on doing that – well, that’s not so simple
What top finance execs are reading this Fall
With all the smart people in our field, it tells a lot about a person to see what books sit on her bedside night stand. Here’s what financial leaders are reading now.
Banks are falling behind when it comes to data
Banks are falling behind when it comes to data strategy, especially when it comes to matching — and competing with — platforms. A handful of banks are just starting to think about data as a revenue source
How Walmart's money services compete with payday lenders and check cashers
Walmart may not be a bank, but its recent upgrade of in-store financial services may suggest it has broader aspirations than just low-priced consumer products. Walmart began a limited pilot of what it calls in-store Express Money Services, making it easier for consumers to carry out in-store money transfers.
Inside Allstate's mobile payments strategy
Mobile payments from insurers to consumers are seen as a natural progression. Allstate has moved to mobile payments to improve customer experience and enhance efficiency.
WEX's Melissa Smith: 'In the financial marketplace, momentum matters'
Through her 20 years at payments firm WEX, Melissa Smith has worn a variety of hats. The CEO of the midsize payments firm joins us on the podcast this week to talk about what it takes to compete in the payments industry. Listen –>.
Why microinvesting app Acorns is trying to become a publisher
In the age of infinite content, every financial brand has a content marketing strategy. But Acorns insists its online magazine, Grow, is part of a much deeper mission to educate.
What we're reading
Watch out, Affirm. Walmart to offer installment loans and Amex releases customizable consumer payment plans on individual purchases. All so you can buy $400 pants with a subprime loan.
Goldman plots return to banking growth mode via hires, investments
UBS’s utility settlement coin could put cash on a blockchain as early as next year.
Oy. Wells Fargo boosts fake-account estimate 67 percent to 3.5 million.
Fitbit brings NFC payments to Ionic smartwatch
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