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The war for fintech talent heats up

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March 19 · Issue #74 · View online
Tearsheet Weekly Newsletter
How Chase is tackling mobile payments
Chase recently acquired LevelUp, whose loyalty scheme has been missing from U.S. mobile payments. Now, Chase Pay has acquired retailer consortium MCX, whose companies should help fuel Chase Pay activity.
‘Sick and tired of no one innovating’: Confessions of a fintech entrepreneur
Banks are increasingly putting money and resources behind startups that develop products for the underserved. Some entrepreneurs feel banks are pushing them into the ‘inclusion’ space to keep them away from more profitable high-income customers. Here’s a frustrated fintech entrepreneur.
Citi’s latest cybersecurity bet veers from the norm
Citi Ventures participated in a $12 million investment in Dyadic, a startup that helps companies manage their cryptographic keys. The area of cyber defense startups that studies analytics to find patterns is getting crowded, Citi says.
The war for fintech talent
There are an estimated 120,000 technology positions in financial services and fintech that need to be filled. That’s just in the U.S. To help them cope, candidates and hiring managers are turning to new technologies to help build their teams.
BNP Paribas puts human advice before robots
BNP is rolling out a mobile-first, messaging-based wealth management platform for its clients. Unlike a robo-adviser, which delivers investment advice automagically, the BNP Paribas offering is meant to change the client experience.
The state of bank innovation in 5 charts
67 percent of banks pull innovation funds from tech budgets
Banks prioritized digital experiences atop their goals for 2017. The problem is, only the really big ones can afford to invest. Here’s how financial institutions are figuring out how to innovate.
‘Toes in the water’: Banks play around with chatbots
Banks are turning to chatbots to improve their customer service experience and reduce reliance on live agents. Given early missteps, banks are moving slowly to ensure the technology can really meet consumer demands.
The bank with a bar: Inside Scotiabank’s downtown Toronto ‘digital factory’
Scotiabank's 'digital factory'
Scotiabank’s ‘digital factory’ design allows for easy collaboration among teams, along with on-site opportunities for employees to relax and stay fit. The bank’s hub concept allows it to bring in outside expertise to create new consumer products in a more efficient way
Fighting over who regulates fintech
Well, the posturing continues as various U.S. governmental agencies jostle for position over who gets to be the fintech boss. Trump’s pick for CFTC chief says his commission should embrace fintech. The Office of the Comptroller of the Currency pressed ahead with its plan to offer a specialty license to fintech firms.
Regardless, fintech startups seem to be welcoming the OCC’s new government charter.
Dealflow
  • Toss, Korea’s top digital payments startup, lands $48M from PayPal, others
  • Autobooks, bundled payment and accounting software to SMBs, scores $5.5M
  • Insurify closes $4.6M round, adds insurance search bot on Facebook Messenger
What we're reading
  • Starling Bank, a digital-only UK challenger bank, launches beta (TechCrunch)
    • the startup also partnered with Transferwise for launch (Wired)
  • Someone wants to stick a fork in Bitcoin (Bloomberg)
    • Coinbase responds to industry letter on Reddit
  • Schwab launches hybrid human-robo financial advice (Reuters)
  • Rival bid for MoneyGram puts Alibaba’s Jack Ma in an awkward spot (NYT)
  • Visa’s new contactless payment card is a pair of sunglasses (The Verge)
  • SocGen taps Amazon, Microsoft for cloud as banks target costs (Bloomberg)
  • Samsung’s new S8 to adopt facial recognition for payments (Bloomberg)
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