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How Vanguard uses data to deepen client relationships

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Happy December and welcome to the many new subscribers who've recently signed up for the Tearsheet, T
 
December 4 · Issue #61 · View online
Tearsheet Weekly Newsletter
Happy December and welcome to the many new subscribers who’ve recently signed up for the Tearsheet, Tradestreaming’s weekly newsletter. Hope you’ll stick around as we explore how technology is changing finance.
Be amazing,
Zack Miller, founder, Tradestreaming
P.S. If you’re as crazy about fintech as we are, we have a daily version of this newsletter. Subscribe here.

Top fintech podcasts
After we published our recommendations of the best fintech podcasts, readers joked that this wasn’t a best of list – it’s actually all of ‘em. Of course, implied in this bit of listicle-making is a request for you to check out our podcast.
(I)nsuring people stay healthy with Fitbit
Insurers are just beginning use consumer technology to encourage compliant behavior. For example, John Hancock’s Vitality program provides a feedback loop that encourages exercise. Using a Fitbit and a smartphone app, the insurer incentivizes policyholders to get off the couch and get moving.
Big data, big organizational challenges
Companies are slow to digitize
Forget all the discussion about new user acquisition. How about focusing on servicing existing clients? Here’s how Vanguard uses data to deepen relationships with its customers. It’s not easy and requires a lot of organizational discipline, but there’s tangible payoff at the end.
Only 3 percent of banks claim they’ve created continuity across all customer touchpoints. It’s no wonder why digital efforts end up so fragmented. The old silos and departmental structures frequently impede change. 
I like big chatbots and I cannot lie
Ron Shevlin, Director of Research at Cornerstone Advisors, has been covering the financial services space for 25 years. At the Tradestreaming Money Conference last month, Tradestreaming editor Zack Miller had the opportunity to pepper him in a game of free association.  Unscripted and unrehearsed, he riffed on things like chatbots, the future of the bank branch, credit unions.
Cashless societies?
Physical money has been getting a lot of press recently, thanks to India’s recent move towards demonetization. There are lots of different views on whether the world will really phase out cash, but regardless of which side of the aisle you’re on, here are 3 stranger-than-fiction scenarios that wouldn’t pose a problem in a world without physical currency.
I know you are, but what am I?
A little (over)optimism never hurts, does it?
When polled, fintech firms operating in the lending and blockchain segments are frequently the most optimistic regarding growth. But, entrepreneurs notoriously underestimate the role of regulation and user acquisition costs in our industry. So, why is it that the least viable segments of fintech are also the most optimistic?
Fintech ecosystems
We don’t normally mention Salesforce when we talk about competition in financial services. But the firm is certainly beefing up its offering with homegrown technology, acquisitions, and as part of its AppExchange.
What we're reading
  • Santander, Mastercard back messenger payments app (American Banker)
  • Indian PM Modi advises use of digital banking to tide-over currency crunch (DNA India)
  • Barclays launches new online investing service (Fintech Finance)
  • Mobile wallets accounted for 0.6% of Black Friday transactions (Fortune)
  • UK’s Royal Mint releasing blockchain powered gold trading system (WSJ)
  • New fintech segments are rising as alternative lenders regroup (Business Insider)
  • 6 things we learned from analyzing 227 blockchain firms (Jamie Burke)
  • R3 opensources code for financial agreements platform (American Banker)
  • ‘Fintech’ fast-cash loans are like 'wild west’ for small businesses (USA Today)
  • Coinbase ordered to turn over customers’ bitcoin records to IRS (CNET)
  • PeerIQ & TransUnion partner to bring data solutions to marketplace lending (Crowdfund Insider)
  • Citizens Bank signs SigFig for roboadviser investment services (Reuters)
Stay connected to Tradestreaming
  • For more fintech coverage during the week, join our Facebook community. Follow us on Twitter at @tradestreaming.
  • Have a tip or story you’d like to share? Email us with your suggestions for top fintech podcasts, stories about financial big data, or dystopian stories about a cashless society at info@tradestreaming.com
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