Fintechs everywhere may finally get their driver's license. Nathaniel Popper (@nathanielpopper) of The New York Times reports. Traditionally, fintech has relied on bank infrastructure to route funds—new licensing will grant fintech access to pave their own road. “What excites me most […] is the great potential to expand financial inclusion, reach unbanked and underserved populations, make products and services safer and more efficient, and accelerate their delivery," said Thomas J. Curry, Comptroller of the Currency.
“Paper or plastic?" That's something you won't hear at Amazon's completely autonomous—and cashier-less—grocery store. Mike Murphy (@mcwm ) of Quartz reports. Amazon Go, the nascent grocery store pushing the frontier for contactless payments, will open in early 2017 on Amazon's own turf in Seattle. Opponents have voiced concern for the millions of Americans who will be unemployed from the impeding automation revolution. “Amazon Go eliminates the need for cashiers. There are 3.4 million of them in America," said Christopher Mims, tech columnist at The Wall Street Journal.
There are some hold outs on the fintech bandwagon. Some believe fintech is a passing trend; that it'll never be as good as a conventional broker. Michael Blanding, sponsored contributor at Forbes, is one of those hold-outs. Blanding argues the same old position: Technology will never replace the human touch. “Traditional financial advisors are all about establishing a personal relationship with their clients, understanding their financial situation and walking them through their options." Blanding begins.
How do community banks respond to customers' expectations of digital services offered by larger chain banks? By partnering with fintech companies. Bryan Yurcan of American Banker (@BryanYurcan) reports. “[Community banks aren't] likely to be sponsoring startup incubators like the big banks, but they are looking toward fintech partnerships to figure out how to deliver products and services in an efficient way," said Craig Miller, a partner with Manatt, Phelps & Phillips. “Partnerships enable community banks to bring innovation to major parts of the bank immediately."
Not all those who start a fintech company are young, hoodie-wearing 30-somethings. John F. Wasik (@johnwasik ) of the New York Times reports. “Most bread-and-butter advisers couldn't afford six months and $50,000 a year to automate rebalancing," Sheryl Rowling founder of Total Rebalance Expert (TRX). “I thought there could be a better, more affordable solution." And from that need, 60-year-old Rowling started TRX, which now manages over $270 million in assets.