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Cheatsheet: What to know about Amazon Pay

With more than $8 billion invested in fintech startups this year, we have some new unicorns being gr
July 30 · Issue #93 · View online
Tearsheet Weekly Newsletter

With more than $8 billion invested in fintech startups this year, we have some new unicorns being groomed. Clover Health, Robinhood, Avidxchange, Symphony and Tuandaiwang are all new members of the 3 comma club. As consumers, we’re not seeing all the fruits of this new money – much of the new funding is headed for B2B.
– Zack Miller, Tearsheet

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A 2014 PwC survey found that two of five customers would shift their business to another bank after a bad telephone banking experience. More banks are investing in recording and listening to customer service callscomplaints.
Citi investor day: Focus on new tech and HNW
“We expect the combination of robotics, cloud and migration to mobile to be worth well over $1 billion in expense saves by 2020,” said CFO John Gerspach. Citi’s goal is to acquire, engage and service clients “entirely digitally,” said Stephen Bird, CEO of the global consumer bank
Cheatsheet: What to know about Amazon Pay
Amazon always had serious ambitions for its payment initiatives. Now, it’s taking its Pay with Amazon feature to participating offline brick-and-mortar retailers.
Oy, Wells Fargo is in another reputational crisis
On Monday, the bank disclosed it had “inadvertently” released a trove of confidential data about at least 50,000 of its wealthiest clients in an email exchange between lawyers. Wells Fargo’s perpetual PR mishaps signal a need for even bigger changes to its culture.
Read also: Next year Wells Fargo customers will be able to view their financial digital footprint in their mobile banking app and control where their information is used 
Inside the development of Bank of America's banking bot
While 85 percent of banks surveyed by Celent agree AI will have a significant impact on banking, just 32 percent said they’re making any direct investment in it. Last fall Bank of America saw its vision for its digital assistant erica; now it’s 100-person team of mostly technologists is building and training her.
What the SEC rules on DAO tokens mean for the industry
The SEC has ruled Tuesday ethereum tokens bought by investors in the DAO should be treated as legal U.S. securities. The ruling won’t put an end to token sales, also known as initial coin offerings, but it will slow down the ICO frenzy that’s taken place this past year.
What we're reading
  • We’re moving toward a cashless society, and lots of people are going to be left behind (Recode)
  • After a series of ethereum hacks, BitBounce may use a bank vault to protect its ICO tokens (Quartz)
  • A quick guide to what’s at stake in the SoFi charter controversy (American Banker)
  • Bitcoin exchange was a nexus of crime, indictment says  (New York Times)
  • Can anyone bury Bloomberg? (Institutional Investor)
  • The mega-money manager killing his automated competition (Bloomberg)
  • Thanks to Venmo, we now all know how cheap our friends are (New York Times)
  • Banks may have new foe in cellphone companies (American Banker
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