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Zelle is now running TV ads

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January 21 · Issue #118 · View online
Tearsheet Weekly Newsletter
Bitcoin may be everywhere suddenly, but there’s little reason for everyday people or even merchants to start adopting it as an alternative currency or payment method.
This week Goldman Sachs’ Marcus launched home improvement loans. As the personal loan market gets competitive, lenders are getting more targeted in their customer acquisition strategies (it beats boring debt consolidation loans anyway).
CIBC recently acquired Wellington Financial, an 18-year-old firm that provides term loans, typically between $2 million and $40 million, to tech companies and advises them on growth strategy. CIBC plans to fold it into a new unit called CIBC Innovation Banking.
Daveed Diggs learns about mobile payments
In an effort to build brand recognition with its target audience, Zelle is spending tens of millions of dollars on a television ad campaign featuring spoken word artist and Hamilton star, Daveed Diggs.
As banks become more open to third parties, they’re struggling with how much exposure to customer data they create through open systems. Now banks not only have to demonstrate their trust to consumers, they have to demonstrate it to those third parties.
Chase signed its second partnership in the car shopping/finance space. Its deal with AutoFi demonstrates Chase’s tacit recognition that banks need to be wherever its customers are, even if it isn’t front and center.
Citi is staying the course on a multi-year branch reduction strategy. Despite Citi’s shrinking branch presence, retail banking revenues are growing.
BB&T is allocating $50 million to acquire emerging technology companies as part of its plan to enhance the customer experience. Here’s how it plans to spend that money.
PrimeRevenue, a supply chain finance platform for buyers and sellers, helps companies optimize their cash conversion cycles with access to 50 different financial providers . Based in Atlanta, Tom Roberts heads marketing, and is our guest this week on the Tearsheet Podcast.
What we're reading
HSBC’s Amy and other soon-to-be released AI chatbots are about to change the way we bank
Fintech continues to push into car lending as Chase partners with AutoFi
The UK opens the door for Facebook and Google to handle your finances
Goldman predicts rise in payments M&A in 2018
Bitcoin isn’t the future of money
BofA tops IBM, other payments firms with most Blockchain patents
Three major incumbents are dedicating funds to fintech
Goldman takes new steps to boost demand for its personal loans
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