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Banks should rethink diversity training

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Tomorrow, we'll be hosting the Tearsheet Money Conference in New York City where digital execs from i
 
June 4 · Issue #85 · View online
Tearsheet Weekly Newsletter

Tomorrow, we’ll be hosting the Tearsheet Money Conference in New York City where digital execs from institutions like JPMorgan Chase, HSBC, American Express, and T. Rowe Price pull back the curtain on how they’re adapting to an always-on, ever present reality for consumers.
Register now to avoid missing this unique event. Click here to claim your complimentary pass and use code TSMCVIP.

How banks are using virtual reality
Venture capital funding in virtual reality totaled $2 billion from 2015-2016, according to Digi-Capital. From mobile banking to marketing, here’s how banks are beginning to use VR.
‘If you don’t fix your diversity problem, I’ve got no time for you’: VC Amy Nauiokas
So many early stage companies fail that it’s important to focus on people’s ability to lead a company and not just the idea itself, Anthemis’ founder and president, Amy Nauiokas told Tearsheet’s Tanaya Macheel.  
As retail goes contactless, transit struggles to keep up
A customer who can wave an NFC-enabled phone to purchase a coffee may wonder why they can’t do the same to board the subway. Many city transit systems struggle to modernize their payments.
American Family Ventures’ Dan Reed: ‘Investing in financial technology answers questions that haven’t been asked yet’
A lot of money is flowing into insurtech, especially from incumbents in the industry.
American Family Ventures’ Dan Reed joins us on the podcast to talk about his portfolio and corporate investing in fintech.
How Western Union is digitizing a 166 year old business
As young companies like TransferWise and WorldRemit move into the remittances arena, Western Union is working to maintain its dominant position. 
“They’re opening up the system to financial services so if you walk into one of our retail locations you can put your thumb on an identity plate, it will bring up your ID and you can validate a transaction,” CIO David Thompson explained.
Why US banks are missing the contactless wave
Contactless cards, which have taken off in the U.K., Canada, and Australia, have been slow to catch on in the U.S. Tearsheet’s Suman Bhattacharyya interviewed analysts and bankers to find out why they may never catch on
Swedish bank SEB is using a ‘cognitive agent’ for customer service
Sweden’s SEB bank is part of a group of large banks and insurers using cognitive agents, or virtual humans, to handle customer interactions.
Should the US Postal Service become a bank?
Opponents claim postal banking would be unprofitable. But for supporters of postal banking, it’s a way millions of unbanked and underbanked Americans could access financial services. So, should the U.S. postal service become a bank?
What we're reading
  • Bitcoin has come roaring back – but so have the risks (Wired)
  • Fintech goes to Washington (The Hill)
  • Payment processor First Data buys CardConnect for $750 million (CNBC)
  • How one fintech company created lifestyle banking in Vietnam (Forbes)
  • Cryptocurrency might be a path to authoritarianism (The Atlantic)
  • HSBC to debut robo-advice investment service (Banking Technology)
  • Stripe launches new analytics tool to help businesses track payments data (TechCrunch)
  • Digital Banker of the Year: B of A’s Michelle Moore (American Banker)
  • Morgan Stanley’s 16,000 human brokers get algorithmic makeover (Bloomberg)
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