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Goldman Sachs’ foray into consumer banking is getting aggressive

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We held our inaugural Hot Topic: Bitcoin and Blockchain event in New York City last week. Executives
 
October 1 · Issue #102 · View online
Tearsheet Weekly Newsletter
We held our inaugural Hot Topic: Bitcoin and Blockchain event in New York City last week. Executives from top financial institutions like Fidelity and Citi described how they think about distributed ledger technology and its future role in finance. Many challenges still exist, but the outlook is definitely bullish.

Why finance brands are pushing experiences
Financial services companies are increasingly differentiating themselves on experience instead of product pricing. Big brands can offer premium extras for customers, a means to strengthen relationships with existing customers and attract new ones.
Inside Citi’s nostalgia marketing strategy
Citi is using music and the power of nostalgia to attach its brand to people’s everyday memories and show it can offer more than just banking services.
‘Everyone talks about being client centric’: Citi Ventures’ Vanessa Colella
The bank is now focused on fixing those pain points that fintech supposedly could; being able to keep pace with customers’ evolving expectations for safe, fast-working and easy-to-use banking services. Fintech as an industry is growing up, according to Citibank chief innovation officer Vanessa Colella.
Goldman Sachs’ foray into consumer banking is getting aggressive
Retail banks don’t want to become the dumb pipes – to save their brand – but if that’s where they’re headed, Goldman Sachs is way ahead of the curve when it comes to the platform approach.
How JPMorgan thinks of Islamic banking
Islamic banking is a new area for fintech; the challenge is to optimize the technology while still following Shariah-compliant processes. JPMorgan has offered Islamic investment banking services for a decade, with heightened demand from Asian markets.
SoFi’s lawsuits don’t seem to be affecting its brand
Recent negative press of the SoFi CEO’s resignation amid lawsuits hasn’t affected the company’s reputation as expressed in online sentiment. Perceptions that the company took quick action and being in the shadow of larger scandals in Silicon Valley has helped contain damage to the brand.
The state of blockchain in banking and finance
Industry leaders from banking, venture capitalist and startup perspectives offered their perspectives on the state of blockchain in banking and finance. The implementation of blockchain-based solutions will depend on how quickly and easily governance structures can accommodate them.
‘Not just Sallie’s view’: How Sallie Krawcheck sets Ellevest apart
Now is a good time for Sallie Krawcheck – who’s already so outspoken, well known and politically “on” – to tie her own brand into that of Ellevest, the digital investment startup where she’s CEO.
People you should know: The blockchain whizzes in banking
Distributed ledger technology is still maturing, and banks are treading carefully. Bankers are are actively working on blockchain solutions, particularly in back-office areas. Here’s who you need to know.
What we're reading
Morgan Stanley CEO: Bitcoin is ‘more than just a fad’. Really? Meanwhile, Japan plans new digital currency, J-Coin.
Lending startup Prosper has lost more than 70 percent of its value.
Ant Financial remains ‘optimistic’ on blockchain technology despite PBOC’s cryptocurrencies crackdown
Why emerging markets have upside: Alibaba, China & Fintech
A crypto fund king says Bitcoin will be the biggest bubble ever
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