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Why banks are sub-branding new customer offerings

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Tearsheet's one-day deep dive exploring the successes, failures and opportunities in mobile payments
 
November 12 · Issue #108 · View online
Tearsheet Weekly Newsletter
Tearsheet’s one-day deep dive exploring the successes, failures and opportunities in mobile payments is coming up later this month. To see the agenda, speaker roster, and to register to join us, apply here.

Inside the mind of a VC: Navigating the early-stage pitch
For early-stage entrepreneurs, venture capitalists are looking for the right mix of vision, data and team. Storytelling is important, particularly the ability to clearly explain the product and market to a non-specialist.
CIBC debuts currency transfer bot Remi
CIBC rolled out Remi, a Facebook messenger bot that can carry out currency transfer and track foreign exchange rates.
Why banks prefer Twitter to other social channels
Of 123,000 social posts by banks this year, 79 percent were posted to Twitter compared to 12 percent on Facebook. Here’s why financial institutions prefer 140 characters.
In a letter to investors, SoFi CEO says he will refocus on internal culture
SoFi is launching an internal initiative to define the culture and values of the firm as it seeks a new CEO and long-term CFO. In an investor letter, interim SoFi CEO Tom Hutton affirmed a commitment to rebuild the company culture.
Wells bundles in unlimited human advice with its robo adviser
Wells Fargo launched Intuitive Investor, a hybrid human and digital advice investment product. The move into robo-advice puts the bank in a space to compete with both startups and other incumbents.
We're homing in on the underserved: Intuit wants to lend small businesses money
Through Intuit’s small business lending product, called QuickBooks Capital, it will be a direct lender. Intuit is aiming at the 2.4 million business owners who use QuickBooks, who can apply for a loan from within the platform.
Why customer acquisition is so difficult for financial startups
Customer acquisition is high in finance, which is why talk has turned away from competition and to partnership between banks and startups. Startups have ideas and tech, banks have the customers, data and scalability – and will need to intervene if startups are going to have any success.
Why banks are sub-branding new customer offerings
As banks strive to connect more deeply with customers, they’ve been looking for ways to stand for something different from the master brand. Sub-brands also end up being a sort of innovation showcase for their peers and prospective employees.
‘Fintech VC needs more exits’: Arvind Purushotham, Citi Ventures
Tearsheet caught up with Arvind Purushotham to discuss Citi’s leadership in corporate venture capital, investment areas he’s interested in and how his team contributes to the culture of innovation across Citi.
How digital payments are changing how people get paid
As many as 12 million people in the U.S. each year resort to payday loans to cover things like rent and utilities. One tech company is working with service industry employers to let workers access some of their pay before payday — a move it says reduces the need to seek payday loans.
How TD Ameritrade is making stock trading more social
The brokerage launched new capabilities for its Facebook chatbot. The bot can now handle trades for equities and exchange-traded funds — a way to drive business from millennials and other social media-reliant consumers.
Aspiration’s Andrei Cherny: ‘We treat our customers as whole people, not just dollars and cents’
A lot of upstarts talk about building socially conscious financial institutions. Andrei Cherny, Aspiration’s founder and CEO, joins us to talk about his firm’s innovative revenue model.
What we're reading
This bank CEO is learning to code
Goldman Sachs is taking a recruiting tip from Google
Fintech lender SoFi abandons global plans, rethinks asset management
Facebook makes further fintech move with UK launch of p2p payments via Messenger
Acorns to launch new retirement accounts after buying fintech startup, Vault
Equifax says it owns all its data about it. Senators push to ditch Social Security numbers in light of Equifax hack
Monzo: startup bank raises £71 million, more than doubling its valuation
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