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how would you spend UBS' $1b IT budget?

October 23 · Issue #55 · View online
Tearsheet Weekly Newsletter
The new competition in financial services
Instead of focusing on fintech competition, incumbents should have their eyes on technology firms. So says top fintech investor, Caribou Honig of QED Investors. 
Google, Apple, and Amazon are all making moves, which attendees at this week’s upcoming Money 20/20 conference will be able to witness in person. Here’s a Money 20/20 preview of what to look for at the event.
Of course, nothing goes up in a straight line. We didn’t need Moody’s to tell us that the massive growth the online lending industry experienced early on was based on a shaky foundation.
Tradestreaming Money 2016, coming November 14
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We’ll explore what top financial firms are doing to create new digital products, hire top talent, and stay competitive. It’s turning into the premier top-tier digital financial services event of the year
Learn from top digital execs at Citi, Fidelity, NYLife, CSFB, Vanguard, US Bank, MIT, BBVA, Cornerstone Advisors, Two Sigma, and QED Investors.
Join attendees from JP Morgan, Goldman Sachs, Bank of America, Merrill Lynch, MetLife, Point 72, and more!
We still have a few tickets left. For more info and to register, go here.
Top UX design comes to financial services
To compete, many financial services firms have hired top design talent from the media and ecommerce industries. Chase certainly has and here are 4 key design components the firm is infusing into all its products.
As this change comes to finance, it gets people in the industry thinking about their futures. They definitely think the future is digital and a recent survey shows they’re worried about their job prospects.
It's hard to be a bank (IT manager)
The challenges of banking digital transformation are many, but most onerous is the cultural rigidity impeding change. Here’s a view from the front lines of digital projects (at CSFB, at least).
It’s not a problem that money can solve (though it helps).  I wonder how this $1 billion UBS is using to “standardize IT” across its wealth management division is going to be allocated. BTW, who calls it “IT” anymore?
Waning interest in investing makes for good financial theater
Et tu, Barron’s? The financial publication launched Next, a new publication, targeting millennials.
It’s going to be tough. It isn’t just that old media can’t talk to today’s investors. People just aren’t that interested in investing. Cue the dying business of picking stocks and how the internet killed actively-managed mutual funds.
Regulating more transparency, like the SEC is trying to do with new ETF and mutual fund disclosures, may help (but unlikely when people don’t trust the entire system).
New rewards technology makes banks and retailers better partners
Dodd Frank’s Durbin Amendment limited interchange fees the banks received. That initially impacted the cash rewards programs they ran but new rewards technology stepped in to better align bank incentives with retailers. 
Be careful what you wish for
The majority of people polled in the US believe that they’ll witness the extinction of banks in their lifetimes. Apps and fintech are great but making banks go bye-bye is going to be hard, since people actually generally prefer using branches.
Maybe fintech revolutionaries are behind the surge in explosive attacks on European ATMs?
Hurricane Matthew's impact on fintech
Hurricane Matthew was the perfect storm to show how upstarts and incumbents differ when it comes to customer care. Unsurprisingly, the institutions that have been at the business longest came out ahead - by a long shot.
Other Tradestreaming articles this week
Startups raising/Investors investing
What we're reading
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