Finserv Reading - Week ending May 24, 2020

Banking

JPMorgan - 2020 eTrading survey https://www.jpmorgan.com/global/markets/e-trading-2020

With coronavirus, the era of digital banking is finally here https://theprint.in/opinion/with-coronavirus-the-era-of-digital-banking-is-finally-here/426418/

How Starling is seizing momentum during the pandemic https://www.bankingdive.com/news/starling-challenger-covid/578517/

Opening an account https://builtformars.co.uk/banks/opening/

How coronavirus turned the business of trading at banks on its head https://www.ft.com/content/8066154d-83c4-49a6-97d4-4c3c65684136?sharetype=blocked

Financial services and Covid-19: from response to recovery https://www.twilio.com/hub/financial-services-and-covid-19-response-recovery

Technology will be key to coming back stronger after coronavirus https://www.cujournal.com/opinion/technology-will-be-key-to-coming-back-stronger-after-coronavirus

Coronavirus gives European banks a taste of their digital future https://www.bloomberg.com/opinion/articles/2020-05-21/coronavirus-gives-european-banks-a-taste-of-their-digital-future

How is automation and predictive analysis changing banking https://www.fintechmagazine.com/fintech/how-automation-and-predictive-analysis-changing-banking

The end of the world as we know it: banking's new reality https://www.paymentsjournal.com/the-end-of-the-world-as-we-know-it-bankings-new-reality/

63% of APAC customers willing to switch to neobanks https://itbrief.com.au/story/report-63-of-apac-customers-willing-to-switch-to-neobanks

Wall Street

Nasdaq partners with Stifel for alternative trading system https://www.financemagnates.com/institutional-forex/nasdaq-partners-with-stifel-for-alternative-trading-system/

Goldman Sachs trader says Wall Street will never be the same again after coronavirus https://www.cnbc.com/2020/04/30/goldman-sachs-trader-says-wall-street-never-the-same-after-coronavirus.html

Coronavirus casts doubt on value of exchange trading floors https://www.wsj.com/articles/coronavirus-shutdown-casts-doubt-on-value-of-exchange-trading-floors-11590053419

Can artificial intelligence learn to beat the stock market? https://www.fastcompany.com/90502428/artificial-intelligence-beat-the-stock-market

NMS II: Shifting stocks toward a dealer model https://www.tradersmagazine.com/am/39548/

Behind bond markets stall, investors see hard times ahead https://www.wsj.com/articles/behind-bond-markets-stall-investors-see-hard-times-ahead-11589967001

Economy

What's next for US credit card debt? https://www.mckinsey.com/industries/financial-services/our-insights/what-next-for-us-credit-card-debt

Seven steps for small business recovery https://steveblank.com/2020/05/20/seven-steps-to-small-business-recovery/

Which post-pandemic government? https://www.project-syndicate.org/commentary/covid19-decentralized-vs-centralized-government-by-raghuram-rajan-2020-05

Time for a selective debt jubilee https://www.project-syndicate.org/commentary/covid19-case-for-2020-debt-jubilee-by-willem-h-buiter-2020-05

The digital path to citizen-centric finance https://www.project-syndicate.org/commentary/fintech-can-drive-inclusive-sustainable-development-by-achim-steiner-and-maria-ramos-2-2020-05

UK sells negative yielding government bonds for the first time https://www.ft.com/content/3d576f71-6833-4a55-8b8c-f4abfb0ca172

The Feds $600 billion challenge: lending directly to businesses https://www.wsj.com/articles/the-feds-600-billion-challenge-lending-directly-to-businesses-11589794200

US companies set aside billions for late payments https://www.ft.com/content/cc6456f6-5eb0-473e-81de-8da232e74be3?sharetype=blocked

Asset Management

Blackrock is the new king of Wall Street as banks get pummeled https://www.cnn.com/2020/05/21/investing/blackrock-stock-wall-street/index.html

Innovations in asset management under a regulatory perspective https://www.jdsupra.com/legalnews/innovations-in-asset-management-under-a-17682/

ETFs: with flying colours? https://www.funds-europe.com/may-2020/exchange-traded-funds-with-flying-colours

Sovereign wealth funds face lean years https://www.economist.com/finance-and-economics/2020/05/21/sovereign-wealth-funds-face-lean-years

The relentless ambition of Blackrock's Aladdin https://www.institutionalinvestor.com/article/b1lprrf5v41rz2/The-Relentless-Ambition-of-BlackRock-s-Aladdin

Hedge funds: no market for small firms https://www.ft.com/content/d94760ec-56c4-4051-965d-1fe2b35e4d71?sharetype=blocked

Wealth Management

Morgan Stanley launches wealth management in Canada https://in.reuters.com/article/morgan-stanley-wealth-canada/morgan-stanley-launches-wealth-management-business-in-canada-idINKBN22W2HY

Fidelity International applies to launch China retail funds https://www.ft.com/content/d4a31198-d1fb-4715-ae57-b7b1b3f0e79e

Smarsh acquires Entreda leader in cybersecurity, risk and compliance for wealth management darkreading.com/risk/smarsh-acquires-entreda-leader-in-cybersecurity-risk-and-compliance-software-for-wealth-management-industry/d/d-id/1337882

The hot wealth tech: humans https://www.wsj.com/articles/the-hot-wealth-tech-humans-11589968801

Insurance

The benefits of microservices in insurance https://www.dig-in.com/opinion/insurance-microservices-for-digital-transformation

Insurtech gets $25 million to diagnose covid-19 claims using AI https://www.aithority.com/hot-startups/insuretech-gets-in-25-million-to-diagnose-covid-19-claims-using-ai/

Real Estate

Hedge fund activist is shorting New York office stocks https://www.wsj.com/articles/hedge-fund-activist-is-shorting-new-york-office-stocks-11590181942?mod=hp_major_pos1#cxrecs_s

Biggest US shopping complex shows threat to mortgage-backed bonds https://www.ft.com/content/192120a9-93f0-432f-87cd-181ec931cdb9?sharetype=blocked

Payments

Brex brings on $150 million in new cash in case of an "extended recession" https://techcrunch.com/2020/05/19/brex-brings-on-150m-in-new-cash-in-case-of-an-extended-recession/

PayPal files summary judgement motion in lawsuit against CFPB challenging prepaid card rule https://www.jdsupra.com/legalnews/paypal-files-summary-judgment-motion-in-66051/

Covid crisis may accelerate Square's move into consumer banking https://www.forbes.com/sites/jeffkauflin/2020/05/22/covid-crisis-may-accelerate-squares-move-into-consumer-banking/#4f8c00e015f1

Treasury is starting to send some stimulus payments on debit cards https://www.cnn.com/2020/05/18/politics/stimulus-payment-debit-card/index.html

,

Venture Capital / Private Equity

Global venture capital funding drops by 20% https://www.opalesque.com/industry-updates/5992/global-venture-capital-funding-drops-by.html

Changing the definition of Accredited Investor and what that means to the innovation economy https://www.financemagnates.com/analysis-retail-fx/changing-the-definition-of-accredited-investor-and-what-that-means-to-the-innovation-economy/

Ares targets EUR 9 billion for latest European debt fund https://www.penews.com/articles/ares-targets-e9bn-for-latest-european-debt-fund-20200521

Private equity didn't make Neiman Marcus or J. Crew go bankrupt https://www.nationalreview.com/2020/05/private-equity-didnt-make-neiman-marcus-or-j-crew-go-bankrupt/

Venture investors make leap into fully remote deals https://www.wsj.com/articles/venture-investors-make-leap-into-fully-remote-deals-11589794201

AI / ML

Why AI driven financial advice is getting regulators' attention https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-why-ai-driven-financial-advice-is-getting-regulators-attention/

How PNC is fighting pandemic-fueled financial crimes https://www.pymnts.com/fraud-prevention/2020/pnc-approach-preventing-financial-crime/

Bigtech

Big tech is emerging from the from the crisis stronger than ever https://www.ft.com/content/c92c3464-f3f1-4237-aba0-db4ff23caa26

Not even a pandemic can slow down the biggest tech giants https://www.wsj.com/articles/not-even-a-pandemic-can-slow-down-the-biggest-tech-giants-11590206412?mod=hp_lead_pos9

Twitter could end the office as we know it https://www.nytimes.com/2020/05/19/opinion/twitter-work-from-home.html

Silicon Valley's next big office idea: work from anywhere https://www.wsj.com/articles/silicon-valleys-next-big-office-idea-work-from-anywhere-11589740234

Fintech

Aspiration banks $135 million https://pitchbook.com/newsletter/aspiration-banks-135m

Why are fintech companies winning in finance https://techhq.com/2020/05/why-are-fintech-companies-winning-in-finance/

Plaid exchange brings APIs to banks and wealth management firms https://www.financial-planning.com/news/plaid-exchange-brings-apis-to-banks-and-wealth-management-firms

Global fintech funding dropped in Q1 '20 https://www.cbinsights.com/research/fintech-funding-q1-2020/

WeChat to offer credit scoring to it 600 million users https://www.fintechfutures.com/2020/05/wechat-to-offer-credit-scoring-to-its-600m-users/

Blockchain / Crypto

JPMorgan: CBDC threatens hegemony of the US dollar https://cointelegraph.com/news/jp-morgan-cbdc-threatens-hegemony-of-us-dollar

John deVadoss discusses "fatal flaw" in enterprise blockchain adoption https://neonewstoday.com/general/john-devadoss-discusses-fatal-flaw-in-enterprise-blockchain-adoption/

Why Nasdaq's partnership with R3 is great for crypto https://www.forbes.com/sites/benjessel/2020/05/22/why-nasdaqs-partnership-with-r3-is-great-for-digital-asset-adoption/#20d0ac39630f

Andreessen Horowitz forecasts fourth crypto bull-cycle https://www.coindesk.com/andreessen-horowitz-bull-cycle-crypto-fund

Regulation / Compliance

US bank regulator finalizes controversial community lending rule https://www.ft.com/content/e0ca6efd-aef5-4f6f-85e3-01f9a3f71282

European regulators to end controversial bans on short selling https://www.ft.com/content/e10ef762-38c5-4b41-a309-5f9984590d17

SEC accepts transparency amendments to CAT NMS plan https://www.finextra.com/pressarticle/82527/sec-accepts-transparency-amendments-to-cat-nms-plan

Corporate Venture / Innovation 

Busting the myth that regulations impede innovation https://www.ideo.com/journal/busting-the-myth-that-regulations-impede-innovation

How to think about long term strategy when you can barely see past tomorrow https://www.ideo.com/journal/how-to-think-about-long-term-strategy-when-you-can-barely-see-past-tomorrow

Principles of innovation: getting rid of yesterday https://www.corporatelearningnetwork.com/design-innovation/articles/principles-of-innovation-getting-rid-of-yesterday

Corporate innovation needs to avoid the Covid backlash https://sifted.eu/articles/corporate-innovation-covid-backlash/

Jeff Bezos: Why you can't feel bad about failure https://www.cnbc.com/2020/05/22/jeff-bezos-why-you-cant-feel-bad-about-failure.html

An increasingly digital "new normal" https://blogs.wsj.com/cio/2020/05/15/an-increasingly-digital-new-normal/

It takes a village: how intrapreneurs can work with key functions to drive innovation https://www.forbes.com/sites/tendayiviki/2020/05/17/it-takes-a-village-how-intrapreneurs-can-work-with-key-functions-to-drive-innovation/#17508b316f38

Personal Development / Leadership

What's missing from Zoom reminds us what it means to be human https://steveblank.com/2020/04/27/whats-missing-from-zoom-reminds-us-what-it-means-to-be-human/

How to write usefully https://www.paulgraham.com/useful.html

Want to be more productive? Try doing less. https://hbr.org/2020/05/want-to-be-more-productive-try-doing-less

5 leaders reflect on how the pandemic has reshaped their thinking https://www.ideo.com/journal/5-leaders-reflect-on-how-the-pandemic-has-reshaped-their-thinking

Intensity vs consistency https://optimizemy.life/intensity-vs-consistency/#more-2743

The surprisingly simple method to get good at anything https://optimizemy.life/repetition/#more-2998

Develop mental toughness with this ancient practice https://dariusforoux.com/mental-toughness/

Podcasts / Videos

LabCFTC: What a regulator thinks about innovation https://debevoise.libsyn.com/podcast/melissa-netram-labcftc-part-1-what-a-regulator-thinks-about-innovation-0

Milken Institute: Stewardship with DBS Group's Piyush Gupta (CEO) https://podcasts.apple.com/us/podcast/ep-46-stewardship-with-dbs-groups-piyush-gupta/id1506622904?i=1000475133853

Open data, open banking: creating a more competitive financial services ecosystem https://milkeninstitute.org/videos/open-data-open-banking-creating-more-competitive-financial-services-ecosystem

Milken Institute: 50 ways to leave your LIBOR: Creating alternative benchmarks https://milkeninstitute.org/videos/50-ways-leave-your-libor-creating-alternative-benchmarks

N26 US CEO Nicolas Koop on getting to 250,000 users in 5 months in the US https://tearsheet.co/podcasts/n26s-u-s-ceo-nicolas-kopp-on-getting-to-250000-users-in-5-months-in-the-u-s/

Speeches / Communications

Walt Bettinger, CEO Charles Schwab - Shareholder letter 2020 https://www.aboutschwab.com/annual-report-2019/ceo-letter

John Williams, CEO of the Federal Reserve Bank of NY - The economy in the time of coronavirus https://app.box.com/s/tljkfhy3vtzzo7mmpkns2d7tnr0ljkav

Jerome Powell, Chair of the Federal Reserve Bank - Coronavirus and the CARES Act https://app.box.com/s/yqv9ms0lg8dnu321ypan47a5dls2819t

Research Reports

McK: No going back - New imperatives for European banking https://app.box.com/s/hddo2yq8sdeumw7zvdmdznlknrvqcq0t

MX: The ultimate guide to the future of banking  https://app.box.com/s/8bo9rydrj3hc074a4777ai999hxqpbz8

McK: Stability in the storm - US bank in the pandemic and the next normal https://app.box.com/s/sjo1ovz41v8wj31lpr9ycehw7btlxyff

BCG: Unlock value in banking with E2E process transformation https://app.box.com/s/a4t882xof3kwutjbyarz4y5n3t030ue2

BCG: Get ready for the future of money https://app.box.com/s/zat6vqmaf539dbhkmltrypq4jc580xce

BCG: Global asset management 2020 - Protect, adapt and innovate https://app.box.com/s/40qgu7mzaeuzedl8p6nl3tao3jfl5v58

OW: The New Minimum - How financial institutions must redefine their cost structures https://app.box.com/s/f325cy3lvkxtteszpj3zoog1qbmffpcm

Innovation opportunities in insurance https://app.box.com/s/f2chc4qu416zqq1uexgqc1wfdjizatl2

KPMG: The future is open - reshaping the banking experience https://app.box.com/s/e51urjttek0eue9j465fr2th1mh48dar