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WTF is digital identity?

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I'm really excited for our upcoming Tearsheet Money Conference June 5 in New York City. We've got gr
 
May 21 · Issue #83 · View online
Tearsheet Weekly Newsletter

I’m really excited for our upcoming Tearsheet Money Conference June 5 in New York City. We’ve got great speakers and attendees (and sponsors!) lined up to talk about the state of the art in fintech and financial services. More details here.
– Zack Miller, Tearsheet
P.S. Are you an executive at a financial institution? We’d love to have you join us. Apply for a complimentary pass to the Tearsheet Money Conference here.

Citi CMO Jennifer Breithaupt: Marketing is joining the front lines of banking
Citi is testing customer reaction and engagement to virtual reality schemes, preparing for the market to reach the trillions of dollars by 2035. As the act of banking moves from physical to digital, marketers are moving right up to the front lines of the business along with tellers.
‘The biggest challenge is the distraction over disruption’: FIS chief product officer Rob Lee
While there continues to be a lot of discussion about blockchain, the use of voice is likely to transform the banking experience in the next few years. Rob Lee, chief product officer of banking technology company FIS, spoke to Tearsheet about the biggest issues in banking and how banks can most effectively work with startups.
WTF is digital identity?
Before we explore more about this evolving topic, it’s important to set the record straight (4 questions + 1 case study): 
Just what is a digital identity? And what will it take to make digital identity real? Also, do we really need blockchain to build digital identities? What do VCs need to know about digital identity startups?
Inside Capital One’s digital identity strategy
Inside Yielders, the UK’s first regulatory compliant Islamic crowdfunding platform
Yielders, an equity-based crowdfunding platform for real estate, is the first Shariah-compliant financial technology company to get regulatory approval in the U.K.
Recruiter Nako Mbelle: ‘Fintech skillsets in demand right now are pretty exotic’
It’s hard to find fintech job candidates who have both technical and financial skills. Nako Mbelle joins us on the podcast this week to talk about the market for bleeding-edge fintech talent.
Inside Radius Bank’s virtual banking strategy
Radius Bank, a Boston-based community bank, successfully grew its customer base through distinct product offerings and partnerships with financial technology companies. Here’s how.
SoFi opening asset manager for the masses
Online lender SoFi announced that it’s making its wealth management service available to non-borrowers. Beyond a financial inclusion play, analysts say the move is motivated by a need to scale the business and acquire new customers.
Get your (regulatory) act together
For the most part, the FDIC has stayed out of the debate over how to regulate online lending. With SoFi readying a bid to become an industrial bank, that may be about to change. The CFTC will launch a fintech innovation office. States gang up to kill US fintech charter and offer alternative ‘Vision 2020’.
Deal flow
  • Paytm closes $1.4 billion from Softbank, valuation jumps to over $8 billion
  • Wall Street chat service Symphony raises $63 million; valued at $1 billion: source
  • LevelUp bags $50 million from JPMorgan Chase & others for mobile payments
  • Neighborly wants to modernize public finance, banks $25 million
Wall Street chat service Symphony raises $63 million; valued at $1 billion: source
LevelUp Bags $50M From JPMorgan Chase & Others For Mobile Payments | Xconomy
What we're reading
  • B of A gives its bot time to become a banker (American Banker)
  • Square will replace meters in Washington taxis (Bloomberg)
  • BBVA brings info and payments to social and messaging networks (Finextra)
  • HSBC’s on digital challenger banks: ‘We are building similar stuff ourselves (Business Insider)
  • Now moving £1 billion every month, Transferwise moves into the black (TechCrunch)
  • Former Google China CEO predicts big banks will fall first to AI (Quartz)
  • Mastercard wants to speed up chip and pin transactions with new tech in card readers (The Verge)
  • LendUp launches a better credit card for people looking to improve their credit (TechCrunch)
  • Goldman Sachs sees big potential for fintech in Brazil (New York Times)
Stay connected to Tearsheet
  • For more fintech coverage, join our growing Facebook community. Follow us on Twitter at @tearsheetco. And subscribe to our daily newsletter.
  • Have a tip or story you’d like to share? Email us with tales of digital identity crisis, mass market money management, and virtual banking strategies to zack [at] tearsheet.co
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