Finserv Reading - Week ending May 3, 2020
Bijon Mehta
Chief Operating Officer I Enterprise Software I Adjunct Professor @ Fordham University
Banking
Societe Generale could rethink risk-taking business as equities revenues plummet https://www.thetradenews.com/societe-generale-rethink-risk-taking-business-equities-revenues-plummet/
US challenger Bambu picks FIS modern banking platform https://www.fintechfutures.com/2020/05/us-challenger-bambu-picks-fis-modern-banking-platform/
US lenders work through mortgage refinancing backlog https://www.ft.com/content/37628f56-e431-4a33-b610-8538aa8a16fa?sharetype=blocked
Fears mount over European banks' ability to cope with coronavirus https://www.fnlondon.com/articles/fears-mount-over-european-banks-ability-to-cope-with-coronavirus-20200424
Big banks try to figure out logistics of back to work https://www.americanbanker.com/articles/big-banks-try-to-figure-out-logistics-of-back-to-work
Banks could prove weak partner in coronavirus recovery https://www.wsj.com/articles/banks-could-prove-weak-partner-in-coronavirus-recovery-11587743212
9 ways financial organizations are aiding battle against coronavirus https://www.americanbanker.com/list/9-ways-financial-organizations-are-aiding-battle-against-coronavirus
Challenges for challenger banks https://www.paymentsjournal.com/challenges-for-challenger-banks/
European banks reveal scale and complexity of crisis https://wolfstreet.com/2020/05/01/dismal-earnings-outlook-by-european-banks-reveal-scale-complexity-of-crisis-shares-hammered-back-to-1987-level/
MUFG profit at decade low https://www.bloomberg.com/news/articles/2020-04-30/mufg-profit-tumbled-about-40-last-fiscal-year-on-writedowns
V Capital teams up with Cross River Bank for digital banking license in Malaysia https://www.dealstreetasia.com/stories/v-capital-cross-river-bank-digital-banking-licence-malaysia-186188/
Cash withdrawals drop 60% in the UK following nationwide lockdown https://www.crowdfundinsider.com/2020/05/160956-cash-withdrawals-drop-60-in-the-uk-following-nationwide-lockdown-due-to-covid-19-outbreak/
Banks rethink branch operations on the back side of covid-19 threat https://www.mobilepaymentstoday.com/articles/banks-rethink-branch-operations-on-back-side-of-covid-19-threat/
Wall Street
When it comes to AI, capital markets has barely scratched the surface https://www.tradersmagazine.com/departments/technology/when-it-comes-to-ai-capital-markets-has-barely-scratched-the-surface/
US stocks end the week lower after tech earnings https://www.nytimes.com/2020/05/01/business/stock-market-today-coronavirus.html
NMS II: why proposed rule changes may make markets less fair for all https://www.tradersmagazine.com/xtra/nms-ii-why-proposed-rule-changes-may-make-markets-less-fair-for-all/
Turquoise chief says industry profile has changed as block trading soars https://www.thetradenews.com/turquoise-chief-says-industry-profile-changed-block-trading-soars/
Wall Street warns rescue scheme will exclude many companies https://www.ft.com/content/613df79d-c46a-4fa2-b7d9-7a49a8ad9b3a
The reach for yield survives coronavirus market shock https://www.wsj.com/articles/the-reach-for-yield-survives-coronavirus-market-shock-11587979802
CME Group secures $7 billion credit facility to protect against a clearing member default https://www.marketwatch.com/story/cme-group-secures-7-billion-credit-facility-to-protect-against-a-clearing-member-default-2020-04-30?reflink=mw_share_twitter
Bond trading costs remain high despite market rally https://www.ifre.com/story/2343377/bond-trading-costs-remain-high-despite-market-rally-l8n2ci8ic
Economy
The economics of coronavirus https://blogs.lse.ac.uk/businessreview/2020/03/30/the-economics-of-coronavirus/
Why the unemployed in America could face a lost decade https://www.economist.com/finance-and-economics/2020/05/02/why-the-unemployed-in-america-could-face-a-lost-decade?frsc=dg%7Ce
Politicians in America and Europe scramble to help small firms https://www.economist.com/finance-and-economics/2020/05/02/politicians-in-america-and-europe-scramble-to-help-small-firms?frsc=dg%7Ce
The end of the office? Coronavirus may change work forever https://www.ft.com/content/1b304300-0756-4774-9263-c97958e0054d?sharetype=blocked
The coming greater depression of the 2020s https://www.project-syndicate.org/commentary/greater-depression-covid19-headwinds-by-nouriel-roubini-2020-04?
Economics, disrupted https://www.project-syndicate.org/onpoint/economics-in-the-digital-economy-by-diane-coyle-2020-04?
The Federal Reserve is changing what is means to be a central bank https://www.wsj.com/articles/fate-and-history-the-fed-tosses-the-rules-to-fight-coronavirus-downturn-11587999986
The US is not headed toward a new great depression https://hbr.org/2020/05/the-u-s-is-not-headed-toward-a-new-great-depression
Banks rethink branch operations on back side of covid-19 threat https://www.mobilepaymentstoday.com/articles/banks-rethink-branch-operations-on-back-side-of-covid-19-threat/
Asset Management
Blackrock's growing clout carries risk for asset manager https://www.ft.com/content/6a587ebf-064d-48a2-9817-9bc6ccc80591?sharetype=blocked
How Goldman's vampire squid gave way to Blackrock https://www.ft.com/content/88e3e75e-2f43-4621-9115-a8475a45b33f
ETFs have proved critics wrong during the crisis https://www.ft.com/content/edae8e90-8a1e-11ea-9dcb-fe6871f4145a?accessToken=zwAAAXHa1JDAkdPtro6Qih4R6tOdy_5ocfQUWg.MEUCIFeSGULAvBmCvqrxhZ7vVkDi5u9XGzcrnGcIU6SugFovAiEAmwK0OOyyKebexX_HkFgtrrpkyatyPK2jhpqO_WrIVUM&sharetype=gift?token=91f0131c-e4da-46ff-a2e4-a234df5a0444
Wealth Management
UBS sees spike in digital engagement. Could it be the new normal? https://onwallstreet.financial-planning.com/news/ubs-sees-spike-in-digital-engagement-could-it-be-the-new-normal
DBS unveils new financial advisory app https://www.finextra.com/pressarticle/82352/dbs-unveils-new-financial-advisory-app
Schwab Impact conference still on; RIAs adapting to "new normal' https://www.financialadvisoriq.com/c/2733953/327883/schwab_impact_conference_still_rias_adapting_normal?referrer_module=issueHeadline&module_order=1
Investing app Stash lands $ 112 million series F led by LendingTree https://www.fintechfutures.com/2020/04/investing-app-stash-lands-112m-series-f-led-by-lendingtree/
Make sure to include digital assets in your estate plans https://www.wsj.com/articles/make-sure-to-include-digital-assets-in-your-estate-plans-11587161327
Insurance
Who is responsible for digital transformation in insurance https://www.technative.io/who-is-responsible-for-digital-transformation-in-insurance/
Insurtech startup funding dropped as coronavirus rose https://www.dig-in.com/news/insurtech-startup-funding-dropped-as-coronavirus-rose
Allianz introduces digital claims hub and app https://www.insurancebusinessmag.com/uk/news/technology/allianz-introduces-digital-claims-hub-and-app-221159.aspx
USAA to implement contactless car service https://www.dig-in.com/news/usaa-to-implement-contactless-car-service
After crisis, it won't be business as usual - it will be business done better https://www.insurancejournal.com/news/national/2020/04/30/566661.htm
Real Estate
How digital transformation enhances real estate resilience in post covid-19 world https://gresb.com/how-digital-transformation-enhances-real-estate-resilience-in-post-covid-19-world/?utm_source=rss&utm_medium=rss&utm_campaign=how-digital-transformation-enhances-real-estate-resilience-in-post-covid-19-world
Five reasons why digital real estate will flourish post pandemic https://www.perenews.com/five-reasons-why-digital-real-estate-will-flourish-post-pandemic/
Digital mortgage reimagining the home ownership experience https://www.globalbankingandfinance.com/digital-mortgage-reimagining-the-home-ownership-experience/
Payments
Mastercard's profit falls though CEO says spending in stabilizing https://www.wsj.com/articles/mastercards-profit-falls-though-ceo-says-spending-is-stabilizing-11588164791
Stripe launches card issuing services for businesses in the US https://fintechnews.ch/fintechusa/stripe-launches-card-issuing-services-for-businesses-in-the-us/35204/
More than half of US consumers paying contactless, Mastercard says https://www.bankingdive.com/news/consumers-contactless-payments-mastercard/577113/
Venture Capital / Private Equity
Private equity poised to face a reckoning after gilded decade https://www.bloomberg.com/news/articles/2020-05-01/private-equity-poised-to-face-a-reckoning-after-gilded-decade?utm_source=twitter&utm_content=business&utm_medium=social&cmpid=socialflow-twitter-business&utm_campaign=socialflow-organic&__twitter_impression=true
Andreessen Horowitz raises $515 million for second blockchain and cryptocurrency fund https://siliconangle.com/2020/04/30/andreessen-horowitz-raises-515m-second-investment-fund-blockchain-cryptocurrency/
Andreessen Horowitz rides the wave of silicon valley IPOs https://medium.com/financial-times/andreessen-horowitz-rides-the-wave-of-silicon-valley-ipos-b6152c6ac89b
Despite Covid-19 disruption private equity firms are still acquiring wealth managers https://www.forbes.com/sites/jasonbisnoff/2020/05/01/despite-covid-19-disruption-private-equity-firms-are-still-acquiring-wealth-managers/#48075d034847
AI/ML
From big dumb bureaucracies and zero human operations: the holy grail of the digital age - Part 1 https://jefftowson.com/2020/04/from-big-dumb-bureaucracies-and-zero-human-operations-the-holy-grail-of-the-digital-age-pt-1-of-2/
How Ant Financial is building an AI factory in financial services - Part 2 https://jefftowson.com/2020/04/how-ant-financial-is-building-an-ai-factory-in-financial-services-pt-2-of-2/
Money in the hands of AI: How fintechs and banks are banking on AI for cybersecurity https://www.marketwatch.com/press-release/money-in-the-hands-of-ai-how-fintech-and-banks-are-banking-on-ai-for-cybersecurity-2020-05-01?mod=mw_more_headlines&tesla=y
How banking benefits from AI and voice technology https://aibusiness.com/how-banking-benefits-from-ai-and-voice-technology/
AI startups raised $6.9 billion in Q1 2020, a record setting pace before coronavirus https://venturebeat.com/2020/04/14/ai-startups-raised-6-9-billion-in-q1-2020-a-record-setting-pace-before-coronavirus/
Bigtech
The coronavirus and the future of big tech https://www.newyorker.com/news/q-and-a/the-coronavirus-and-the-future-of-big-tech
Don't equate technology with big tech https://www.project-syndicate.org/onpoint/big-tech-isn-t-tech-by-marietje-schaake-2020-04?barrier=accesspaylog
How big tech is dictating the terms of the coronavirus response to national governments https://www.theverge.com/interface/2020/4/28/21238633/apple-germany-contact-tracing-exposure-notification-nhs-shin-bet-australia
Google rolls out new AI powered product for banks processing PPP loans https://www.zdnet.com/article/google-rolls-out-new-ai-powered-product-for-banks-processing-ppp-loans/
The immunity of tech giants https://www.nytimes.com/2020/05/01/opinion/tech-companies-coronavirus.html?referringSource=articleShare
Big tech is thriving in the midst of the recession https://www.economist.com/leaders/2020/05/02/big-tech-is-thriving-in-the-midst-of-the-recession
Fintech
Can fintech help Brazil navigate the coronavirus crisis? https://www.forbes.com/sites/angelicamarideoliveira/2020/04/28/can-fintechs-help-brazil-navigate-the-coronavirus-crisis/#5a9bf75b7d28
TransFICC lands GBP 5.75 million from ING and HSBC https://www.fintechfutures.com/2020/05/transficc-lands-5-75m-from-albionvc-ing-and-hsbc/
Covid-19 will decimate fintechs but those that survive will prosper https://www.computerweekly.com/news/252482224/Covid-19-will-decimate-fintechs-but-those-that-survive-will-prosper
Goldman Sachs aims smaller to bring in future fintech clients https://www.bloomberg.com/news/articles/2020-05-01/goldman-sachs-aims-smaller-to-bring-in-future-fintech-clients
Fintech dealmakers rush to fill coronavirus tech gap for merchants https://www.paymentssource.com/news/fintech-dealmakers-rush-to-fill-coronavirus-tech-gap-for-merchants
Blockchain / Crypto
SEC commissioner sees increasing demand for cryptocurrency https://news.bitcoin.com/sec-commissioner-cryptocurrency/
Where A16Z sees the opportunities in cryptocurrency and blockchain https://www.finder.com.au/where-a16z-sees-the-opportunities-of-cryptocurrency-and-blockchain
Regulation / Compliance
Will coronavirus hasten arrival of fully remote bank exams? https://www.americanbanker.com/news/will-coronavirus-hasten-arrival-of-fully-remote bank-exams
Shadow banks are back and still too big to fail https://newrepublic.com/article/157455/shadow-banks-back-still-big-fail
FCA warns banks from pressuring companies for extra fees https://www.ft.com/content/e3220348-3898-417e-9cee-9cef9ff7229b
Three ways bank CEOs can lead the social media charge https://bankingjournal.aba.com/2020/04/three-ways-bank-ceos-can-lead-the-social-media-charge/
Corporate Venture / Innovation
FIS accelerates innovation with $150 million of new capital for venture investments https://apnews.com/Business%20Wire/fe4ec15950d44cbb80a754a9a278ae2b
How established companies secure game changing innovation https://www.sbnonline.com/article/how-established-companies-secure-game-changing-innovations/
Leading VCs discuss the future of innovation in a post covid-19 world https://www.information-age.com/leading-vcs-discuss-the-future-of-innovation-in-a-post-covid-19-world-123489199/
SS&C continues buying spree with takeover of Innovest for $120 million https://www.verdict.co.uk/private-banker-international/news/ssc-takeover-innovest-120m/
Crisis innovation: 6 trends that financial services can take advantage of right now https://tearsheet.co/innovation/crisis-innovation-6-trends-that-financial-services-can-take-advantage-of-right-now/
Personal Development / Leadership
Life comes at you fast. So you better be ready. https://ryanholiday.net/life-comes-at-you-fast-so-you-better-be-ready/
Kevin Kelly: 68 bits of unsolicited advice https://kk.org/thetechnium/68-bits-of-unsolicited-advice/
Yale's popular happiness class now offered online is a pandemic remedy for the masses https://religionnews.com/2020/04/27/yales-popular-happiness-class-now-offered-online-is-a-pandemic-remedy-for-the-masses/
Nobody knows what is going on https://markmanson.net/nobody-knows-what-is-going-on
Why we focus on trivial things: the bikeshed effect https://fs.blog/2020/04/bikeshed-effect/
Prof Rao: class syllabus on "Creativity and personal mastery" https://theraoinstitute.com/wp-content/uploads/2019/05/CPM-Syllabus.pdf
25 inspirational quotes for challenging times https://dariusforoux.com/inspirational-quotes/
Shakespeare and Paypal https://thriveglobal.com/stories/shakespeare-and-paypal/
Build self-discipline by forming these habitshttps://dariusforoux.com/self-discipline/
How Andrew Cuomo became the coronavirus Trump antidote https://www.vanityfair.com/news/2020/04/cover-story-how-andrew-cuomo-became-the-coronavirus-trump-antidote?utm_medium=social&utm_source=twitter&utm_brand=vf&mbid=social_twitter&utm_social-type=owned
Podcasts / Videos
Coach Nick Saban's leadership speech https://www.youtube.com/watch?v=fHiT_oGjXoo
How the crisis could embolden Big Tech https://slate.com/podcasts/what-next-tbd/2020/05/coronavirus-big-tech-embolden
Finra: Market structure and Covid-19 - handling increased volatility and volumes https://www.finra.org/media-center/finra-unscripted/market-structure-covid19-coronavirus
How technology priorities are changing in financial services https://podcasts.apple.com/us/podcast/how-technology-priorities-are-changing-in-financial/id1470990229?i=1000472816228
GS Markets Update: Central Bank Responses https://www.goldmansachs.com/insights/podcasts/episodes/05-01-2020-alex-blanchard.html
Libra, stablecoins, CBDCs and the need for digital money https://bankingthefuture.com/libra-stablecoins-cbdcs-and-the-need-for-digital-money/
Speeches / Communications
ECB Board: Beyond monetary policy - protecting the continuity and safety during the coronavirus crisis https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200428~328d7ca065.en.html
Elliott Management_April 2020 Letter https://app.box.com/s/hnk1g3wchbwmnodi49f0lxgpx3xldpin
Bill and Melinda Gates: The better world that you will build https://www.wsj.com/articles/the-better-world-that-you-will-build-11588256730
Satya Nadella: crisis required coordinated digital response https://www.ft.com/content/b645d2f8-89f9-11ea-a109-483c62d17528?shareType=nongift
Gary Cohn: Coronovirus is speeding up the disappearance of cash https://www.ft.com/content/153778ba-862c-11ea-b6e9-a94cffd1d9bf
Jon Gray: Don't handcuff private capital in this crisis https://www.ft.com/content/59489f7a-8929-11ea-a109-483c62d17528?sharetype=blocked
Research Reports
Payments: Powering the platform economy https://app.box.com/s/5u5jeyta0ujkbhqr6sbt8rfoopo5etvl
CFTC's final interpretation of "actual delivery" for virtual currencies follows measured, functional approach https://app.box.com/s/a9syvnfjhpemefuh6urdwgksgd5kix8m
Brookings Inst.: China's Digital Payments Revolution https://app.box.com/s/62imvcgpfa94pr9kjyk6qjg608h8zi25
Merrill CIO: Capital Market Outlook https://app.box.com/s/r83na9jkorq3s9i5txfv0222by9fnno2
DB: (How) will the EU become an AI superstar https://app.box.com/s/fny6797k3wn32zl6y7ctwhv7r87ur16c
DB: Initial US bank performance in the corona crisis https://app.box.com/s/1pct80h737umfsawn2vwal26qg6exe9v
BIS: Payment aspects of financial inclusion in the fintech era https://app.box.com/s/bzy5uin1djryx990o5so6stsiecwktf4
OECD: Initial assessment of insurance coverage and gaps for tackling Covid-19 impacts https://app.box.com/s/gtv3k31mxcheudqs4fu0nnfke1oiii47