Finserv Reading - Week ending April 26, 2020

Banking

Monzo ahead of Revolut for US banking license https://www.pymnts.com/news/banking/2020/monzo-ahead-of-revolut-for-us-banking-license/

Capital One - tough times to be in consumer banking https://seekingalpha.com/article/4339885-capital-one-tough-times-to-be-in-consumer-banking

Goldman sees spike in payment holiday requests from retail customers https://www.ft.com/content/83f2cd12-baaf-4e6f-a4a0-b918b1a8297f

Banks' digital upgrade plans unshaken by pandemic https://www.americanbanker.com/news/banks-digital-upgrade-plans-unshaken-by-pandemic?utm_source=twitter&utm_content=socialflow&utm_campaign=amerbanker-tw&utm_medium=social

Coronavirus made America's biggest banks even bigger https://www.wsj.com/articles/coronavirus-made-america-s-biggest-banks-even-bigger-11587639602

In race for small business loans, winning hinged on where firms bank https://www.wsj.com/articles/in-race-for-small-business-loans-winning-hinged-on-where-firms-bank-11587410421

Largest US banks expect billions in loan losses, profits plunge https://fintechzoom.com/fintech-news-bitcoin-news/largest-us-banks-expect-billions-in-loan-losses-profits-plunge/

After the virus, a swift recovery? For banks, it won't be that easy. https://www.fnlondon.com/articles/after-the-virus-a-swift-recovery-for-banks-it-wont-be-that-easy-20200420

Retail banking reboot: How covid will force branch changes for safety https://thefinancialbrand.com/95462/coronavirus-covid-19-retail-banking-branch-social-distancing-new-normal/

Bank call centers feeling pressure of Covid-19 https://www.atmmarketplace.com/articles/bank-call-centers-feeling-pressure-of-covid-19/

Digital banking apps in the US experience 60% increase in downloads, 17% revenue growth in past month due to Covid-19 https://www.crowdfundinsider.com/2020/04/160644-digital-banking-apps-in-the-us-experience-60-increase-in-downloads-17-revenue-growth-in-past-month-due-to-covid-19-report/

Wall Street

Interactive Brokers takes $88 million hit from crude futures collapse https://www.ft.com/content/01ee0794-158f-40c5-8bb9-82cf5d5f314b?sharetype=blocked

Can investors trust the stock market rally https://www.nytimes.com/2020/04/20/business/stock-market-rally-coronavirus.html?referringSource=articleShare

Are banks and the capital markets ready to embrace blockchain? https://cointelegraph.com/news/are-banks-and-the-capital-markets-ready-to-embrace-blockchain

High-speed trader GTS to create online market for pre-IPO shares https://www.wsj.com/articles/high-speed-trader-gts-to-create-online-market-for-pre-ipo-shares-11587555001

Fannie, Freddie unlikely to aid mortgage companies as payments dry up, FHFA Chief says https://www.wsj.com/articles/fannie-freddie-unlikely-to-aid-mortgage-companies-as-payments-dry-up-fhfa-chief-says-11586289067

Why free-lunch strategies cause market crashes https://knowledge.wharton.upenn.edu/article/free-lunch-strategies-cause-market-crashes-can-done/

Economy

The necessity of a global debt standstill that works https://www.project-syndicate.org/commentary/covid19-debt-standstill-must-include-all-private-creditors-by-patrick-bolton-et-al-2020-04

Patents vs the Pandemic https://www.project-syndicate.org/commentary/covid19-drugs-and-vaccine-demand-patent-reform-by-joseph-e-stiglitz-et-al-2020-04

Spain is leading the way on perpetual bonds https://www.project-syndicate.org/commentary/spain-leading-europe-on-covid19-response-with-perpetual-bonds-by-george-soros-2020-04

What negative prices tell us about the future https://www.wsj.com/articles/what-negative-prices-tell-us-about-the-future-11587816180?mod=hp_listc_pos2

After the disease, the debt https://www.economist.com/leaders/2020/04/23/after-the-disease-the-debt

How Europe rules the digital economy https://www.project-syndicate.org/onpoint/brussels-effect-digital-economy-by-anu-bradford-2020-04?barrier=accesspaylog

Here's what to expect during the next phase of the Covid-19 pandemic, according to Bill Gates https://www.fastcompany.com/90496607/heres-what-to-expect-during-the-next-phase-of-the-covid-19-pandemic-according-to-bill-gates

Asset Management

Remote resilience: how asset management firms are maintaining operations through the coronavirus lockdown https://www.globalbankingandfinance.com/remote-resilience-how-asset-management-firms-are-maintaining-operations-through-the-coronavirus-lockdown/

Rethinking technology's role in the evolving asset management landscape https://www.finextra.com/blogposting/18657/rethinking-technologys-role-in-the-evolving-asset-management-landscape

BNP Paribas teams up with Blackrock to bolster front-to-back offering https://www.thetradenews.com/bnp-paribas-teams-blackrock-bolster-front-back-offering/

Anthony Scaramucci isn't linking lockdown. He's loving it. https://www.institutionalinvestor.com/article/b1l2nd83hdzz87/Anthony-Scaramucci-Isn-t-Liking-Lockdown-He-s-Loving-It

Wealth Management

Investing platform Motif to shut down https://www.thinkadvisor.com/2020/04/18/investing-platform-motif-to-shut-down/?cmp=share_twitter

Covid-19 may quickly expose that McKinsey's 2030 vision report ill advised https://riabiz.com/a/2020/4/7/covid-19-may-quickly-expose-that-mckinseys-2030-vision-report-ill-advisedly-reprises-mark-hurleys-1999-logic-about-classic-rias-as-easy-marks-for-enterprises

Twelve positive ways the coronavirus crisis will impact RIAs https://www.wealthmanagement.com/industry/twelve-positive-ways-coronavirus-crisis-will-impact-rias

Envestnet/Yodlee and Charles Schwab enter financial data access agreement https://www.marketscreener.com/ENVESTNET-INC-6443304/news/Envestnet-Yodlee-and-Charles-Schwab-Enter-Financial-Data-Access-Agreement-30421773/

RIA mergers headed for precipitous fall https://advisorhub.com/ria-mergers-headed-for-precipitous-fall/

Insurance

Auto insurance premiums big digital-first shift  https://www.pymnts.com/innovation/2020/digital-first-shift-for-vehicle-insurance/

How Allstate leverages AI to show fraudsters the door https://www.pymnts.com/fraud-prevention/2020/allstate-leverages-artificial-intelligence-insurance-fraud-data/

Insurtech advances minimize coronavirus upheaval https://www.propertycasualty360.com/2020/04/24/insurtech-advances-minimize-coronavirus-upheaval/?slreturn=20200326131457

Real Estate

'We're going to have to redesign everything': Flex-offices heads discuss industry's survival https://therealdeal.com/2020/04/23/were-going-to-have-to-redesign-everything-flex-office-heads-discuss-industrys-survival/

Icahn sees further market crash from coronavirus, says he's shorting commercial real estate https://www.forbes.com/sites/sergeiklebnikov/2020/04/25/icahn-sees-further-market-crash-from-coronavirus-says-hes-shorting-commercial-real-estate/#45714772256e

Blackrock CEO sees more remote work hampering commercial real estate https://www.crainsnewyork.com/real-estate/blackrock-exec-sees-more-remote-work-hampering-commercial-real-estate

Payments

Amex says travel and leisure spending by cardholders fell 95% https://www.ft.com/content/c33695f9-5178-4c2d-9889-5885aeb613b4

Millions of credit card customers can't pay their bills. Lenders are bracing for impact. https://www.wsj.com/articles/millions-of-credit-card-customers-cant-pay-their-bills-lenders-are-bracing-for-impact-11587807001

Remittance flows expected to plunge more than $100 billion https://www.ft.com/content/471cb6b2-f354-4fe0-b36f-3078a506a2d8

Venture Capital / Private Equity

Payment fintech, AvidXchange, secures $128 million in funding https://enterprisetalk.com/quick-bytes/payment-fintech-firm-avidxchange-secures-128-million-in-funding/

Y Combinator officially shifts its next accelerator class to fully remote format https://techcrunch.com/2020/04/20/y-combinator-officially-shifts-its-next-accelerator-class-to-fully-remote-format/?guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvL3RiaVFlMU90Z04_YW1wPTE&guce_referrer_sig=AQAAADzSyYYRXzske-Z02EulNUR9hynAQjdIIXMKg1NevbM-FN_smBf3oro_h1d2Jia5isGPtpC95-b9nW_vWsEyPOeEbuCg-9dBREbfxdlKTi-WFQQNSgurHsVIGu6glYU-go1bNHVh16aBPt8Bq6XfDGta7Q2MgqiPOvkAfaJBxELO

Blackstone battered by selloff; Gray sees 'elongated recovery' https://www.wsj.com/articles/blackstone-battered-by-selloff-gray-sees-elongated-recovery-11587639783

Expedia nears deal to sell stake to Silver Lake and Apollo, sources say https://www.wsj.com/articles/expedia-nears-deal-to-sell-stake-to-silver-lake-and-apollo-sources-say-11587507953

Distressed RE funds raising cash at breakneck pace https://therealdeal.com/2020/04/21/we-had-to-turn-investors-away-distressed-re-funds-raising-cash-at-breakneck-pace/

AI/ML

Coronavirus: Will call center workers lose their 'voice' to AI? https://www.ft.com/content/990e89de-83e9-11ea-b555-37a289098206?sharetype=blocked

How AI transforming compliance management https://www.fintechmagazine.com/fintech/how-ai-transforming-compliance-management

Automation Anywhere launches AI-powered banking BOT to expedite SBA loan processing time https://www.aithority.com/robots/automation/automation-anywhere-launches-ai-powered-banking-bot-to-expedite-sba-loan-processing-from-3-weeks-to-3-days/

Bigtech

Microsoft embraces big data https://www.economist.com/business/2020/04/23/microsoft-embraces-big-data

Amazon thrives in the crisis but still faces risks https://www.ft.com/content/1deb1a6a-82e5-11ea-b872-8db45d5f6714

Big tech steps in with $1 billion rescue funds as governments fall short https://asia.nikkei.com/Business/Technology/Big-Tech-steps-in-with-1bn-rescue-funds-as-governments-fall-short

Peter Thiel's Palantir saw coronavirus coming. Now it braces for the impact. https://www.wsj.com/articles/peter-thiels-palantir-saw-coronavirus-coming-now-it-braces-for-the-impact-11587461402

Cloud companies won't float above pandemic https://www.wsj.com/articles/cloud-companies-wont-float-above-pandemic-11587386510

Fintech

Fintech startup Rapyd acquires credit card processing company Korta https://www.calcalistech.com/ctech/articles/0,7340,L-3809255,00.html

SoFi goes international with acquisition of Hong Kong-based investment app 8 Securities https://techcrunch.com/2020/04/21/sofi-goes-international-with-acquisition-of-hong-kong-based-investment-app-8-securities/

A16Z: April fintech newsletter https://a16z.com/2020/04/25/fintech-newsletter-april-2020/

Motif's shutdown seen as a 'tip of the iceberg' https://www.thinkadvisor.com/2020/04/23/motifs-shutdown-seen-as-tip-of-the-iceberg/

Blockchain/Crypto

China aims to launch the world's first official digital currency https://www.economist.com/finance-and-economics/2020/04/23/china-aims-to-launch-the-worlds-first-official-digital-currency

The looming bitcoin halving: everything you need to know https://techcentral.co.za/the-looming-bitcoin-halving-everything-you-need-to-know/97643/

Regulation/Compliance

Covid-19: Compliance checklist for operating during a pandemic https://www.jdsupra.com/legalnews/covid-19-compliance-checklist-for-14137/

CFPB: Guide to coronavirus mortgage relief options https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

SEC examinations and enforcement in the Covid-19 era https://www.jdsupra.com/legalnews/sec-examinations-and-enforcement-in-the-42761/

Corporate Venture / Innovation 

Covid-19 has killed the myth of Silicon Valley innovation https://www.technologyreview.com/2020/04/25/1000563/covid-19-has-killed-the-myth-of-silicon-valley-innovation/

The pandemic is liberating firms to experiment with radical new ideas https://www.economist.com/business/2020/04/25/the-pandemic-is-liberating-firms-to-experiment-with-radical-new-ideas

GoJek acquires payments startup Moka for $130 million https://www.bloomberg.com/news/articles/2020-04-23/gojek-is-said-to-acquire-payments-startup-moka-for-130-million

American companies innovate to fight the coronavirus in echo of World War II https://www.wsj.com/articles/american-companies-innovate-to-fight-the-coronavirus-in-echo-of-world-war-ii-11587045652

Igniting the creative spark, digitally, when everybody works at home https://www.forbes.com/sites/joemckendrick/2020/04/26/igniting-the-creative-spark-digitally-when-everybody-works-at-home/#de3efab39a48

In times of crisis, innovation still needed https://www.bizjournals.com/boston/news/2020/04/23/op-ed-in-times-of-crisis-innovation-still-needed.html

Personal Development / Leadership

All you need are a few small wins every day https://ryanholiday.net/all-you-need-are-a-few-small-wins-every-day/

New Zealand's Prime Minister may be the most effective leader on the planet https://www.theatlantic.com/politics/archive/2020/04/jacinda-ardern-new-zealand-leadership-coronavirus/610237/

How to recover when your career gets derailed https://hbr.org/2020/04/how-to-recover-when-your-career-gets-derailed

5 musts for next gen leaders https://sloanreview.mit.edu/article/5-musts-for-next-gen-leaders/

3 ways to demonstrate your value and positive impact in these unprecedented times https://www.forbes.com/sites/kathycaprino/2020/04/22/3-ways-to-demonstrate-your-value-and-positive-impact-in-these-unprecedented-times/#323da8e57d61

Four strategies to chart a path forward when there is no map https://www.ideo.com/journal/four-strategies-to-chart-a-path-forward-when-there-is-no-map

Podcasts / Videos

Yale's Jackson Inst.: Covid-19 and Global Affairs: Crisis Diplomacy https://jackson.yale.edu/video/event-recording-covid-19-and-global-affairs-crisis-diplomacy/

Farnam Street: Interview with Bill Ackman - Getting back up https://fs.blog/knowledge-project/bill-ackman/

Apple and Google team up for contact tracing and the Federal Reserve rescue plan https://hbr.org/podcast/2020/04/apple-and-google-team-up-for-contact-tracing-and-the-federal-reserves-rescue-plan

Navigating Covid-19 in a digital republic with President of Estonia, Kersti Kaljulaid https://hbr.org/podcast/2020/04/navigating-covid-19-in-a-digital-republic-with-president-of-estonia-kersti-kaljulaid

A16Z: How the passion economy is redefining work https://a16z.com/2020/04/17/passion-economy-pod/

The need for innovation, especially in a crisis https://www.wbur.org/onpoint/2020/04/24/innovation-companies-coronavirus-pandemic

The real reasons why you can't stop procrastinating https://podcasts.google.com/?feed=aHR0cHM6Ly9yc3Muc2ltcGxlY2FzdC5jb20vcG9kY2FzdHMvNTg3Mi9yc3M&episode=ZDQxMzM0MGMtODI3OC0xMWVhLTgxYjAtY2ZjYTI0MThmYzgx&ved=0CAcQ38oDahcKEwi4jcjyw4bpAhUAAAAAHQAAAAAQAQ

Speeches / Communications

Learning the value of resilience and technology: the global financial system after Covid-19 https://www.bis.org/speeches/sp200417.htm

Absolute Return - Investor letter Q1 2020 https://app.box.com/s/r7a5hkg11t1hxphcmzvngm15tyrmgw7m

Oaktree Capital - Howard Marks memo Q1 2020 https://app.box.com/s/vamkxjuz3maolfr6uagqentfzwjrshu2

Third Point Capital - Investor letter Q1 2020 https://app.box.com/s/wor9fs4730ouii8ao4zf8qpy97wff04h

Blackrock's Larry Fink: Chairman's letter March 29, 2020 https://www.blackrock.com/corporate/investor-relations/larry-fink-chairmans-letter

Research Reports

CapGemini - World Fintech Report 2020 https://app.box.com/s/z0z1lqnjjhzbb60dcqu2fth6ls2btsbd

McK - Digital strategy in a time of crisis https://app.box.com/s/a5zeyfx12052238t7rbu8uju2qiqg4cy

McK: Shaping and safeguarding the banking workforce after Covid-19 https://app.box.com/s/xp8g7urhtwysw29i14ok23m46byo8qc5

EY: Covid-19 - Next steps for real estate investment trusts https://app.box.com/s/54pk8efk9siy37thaqcbau1v5lz5sx6m

BCG: Sensing and shaping the post-covid era https://app.box.com/s/0qsbacdhfugtqdpw57olkloy8xl613hh