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Chinos or jeans? Wall Street's changing dress code

In last week's Q2 global fintech investment numbers, there were a record number of financing rounds
August 6 · Issue #94 · View online
Tearsheet Weekly Newsletter

In last week’s Q2 global fintech investment numbers, there were a record number of financing rounds worth $50M or more: 12. On the heels of the report, this week also saw some eye-popping investments in Kabbage ($250M) and Dianrong ($220M). It gets you thinking – are quarterly fintech reports a forward or lagging indicator?
– Zack Miller, Tearsheet

Why fintech can be friend or foe for values-based banks
Ninety-three years after it was created as New York City’s first labor bank, Amalgamated Bank maintains its links to social causes. The future of banks like Amalgamated may depend on fintech.
Banks see artificial intelligence in their future, but are slow to invest in it
When you look at polling data, most banks believe artificial intelligence will have a large impact on the industry. Few are actually investing in AI or even planning for it, though.
JPMorgan, Goldman and others are easing their dress codes in a bid for tech talent
With a workforce that’s 70 percent millennial, Wall Street needs to compete to attract and retain top talent. Now, at Goldman and JPM, suits are being replaced with chinos and hoodies.
‘We’re not there yet’: USAA’s Darrius Jones on security concerns in the next big channel — voice
On Wednesday, USAA began piloting an Alexa skill for Amazon home assistant devices that lets customers check balances, review spending history and get other account insights based on their transactions. Here’s a look inside the creation of USAA’s Alexa skill.
USAA is keen on experimenting with Alexa but not quite ready to let Amazon insert itself into transactions. Here’s why.
Why robo-adviser Betterment is letting all customers access human advice
For larger accounts, Betterment now provides customers access to human advice. Betterment announced the human-advice feature in its mobile app last week.
How lending startups are trying to edge out payday lenders
Despite transaction fees as high as 15 percent and annualized interest rates as high as 400 percent, 10 to 12 million Americans take out payday loans each year. A new legion of lending startups serving non-prime borrowers like LendUp and Elevate are hoping to cash in on the space traditionally held by payday lenders.
A Poughkeepsie bank is putting on its own morning show
Poughkeepsie, New York-based Rhinebeck Bank runs an online video morning show to “build a buzz” in the community. The episodes have helped position the brand as a community partner, which the bank says has helped drum up interest in product offerings.
How Canadian retailers are waging war on cash
When DavidsTea co-founder David Segal launched Mad Radish restaurant in Ottawa, Canada, this summer, the hope was that cashless payments would be part of a better customer experience. Other Canadian retailers are going cashless, a move enabled by the wide adoption of contactless payments.
Deal flow
  • Softbank invests $250 million in U.S. online lender, Kabbage
  • GIC leads $220 million investment round in Dianrong, Chinese P2P lender
  • Online purchase financing Bread raises $126 million
What we're reading
  • From barter to blockchain: A history of money (TechCrunch)
  • PayPal made digital money cards to send to your friends (Engadget)
  • Drug rings laundered cash through ATMs of Australia’s biggest bank (Bloomberg)
  • JPMorgan develops robot to execute trades (FT)
  • What Slack can teach us about privacy in enterprise blockchains (Richard Gendal Brown)
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