How to Build a Robo Advisor: Advice for Starting a Robo Advisory   

MyPrivateBanking Robo AdvisorWith the tremendous growth in robo advisor assets under management (AUM), financial institutions are scrambling to figure out how to build and become a robo advisor.

Starting a robo advisor service combines financially savvy with big data analytics, as well as a comprehensive understanding to how robo advisors work.

How Do Robo Advisors Work?

Robo advisors are platforms that leverage algorithms to handle users' investment platforms. These services analyze each customer's current financial status, risk aversion, and goals. From here, they recommend the best portfolio of stocks available based on that data.

And these automated financial services are poised to transform the tremendous worldwide wealth management industry. 

MyPrivateBanking's report, Robo Advisor 3.0, takes an in-depth look at the basic challenge of every robo advisor: how to craft a presence that succeeds in convincing website visitors to sign up as investors and then remain on board.

In this data-driven assessment, the report looks at the characteristics, business models, and strengths and weaknesses of the top robo advisors around the world. The research was conducted on a total of 76 active robo advisors worldwide - 29 in the U.S. and Canada, 38 in seven European countries and nine in the Asia-Pacific region. We've compiled a full list of robo advisors analyzed below.

The exhaustive report provides comprehensive answers and data on how to optimize the individual onboarding stages (How it works, Client Assessment, Client Onboarding, Communication and Portfolio Reporting) and details five best practices for each stage. Furthermore, the report provides strategies to appeal to different segments such as Millennials, baby boomer investors approaching retirement, and high net worth individuals (HNWIs), and analyzes the impact of new technologies.

The report provides comprehensive analysis and data-driven insights on how to utilize robo advisors to win and keep clients:

  • What a robo advisor platform should offer to successfully convert prospects into happy clients.
  • Which robo advisor features work and why.
  • What are best practices for the different stages in the digital customer journey.
  • How long clients need to onboard on the surveyed robo advisors and which specialized offers are given.
  • What the client assessment process should include 
  • How client communication should be (inbound for customer service and outbound for news, education and commentary).
  • What good portfolio reporting looks like, so that it meets the information needs of the customer.
  • How B2B providers are positioned in the development of robo advisory services and what they offer.
  • How robo advisors should adopt their strategies to appeal to different segments such as Millennials, baby boomer investors approaching retirement, and high net worth individuals (HNWIs).
  • Which robo advisors provide specialized options such as micro-investing, rewards schemes or hedging strategies, and in what manner.
  • What the impacts of new technologies are, such as the use of artificial intelligence for client interaction and narrative generation on the robo advisor model.
  • How the future of digital success will look for robo advisors.
  • Appendix containing data on the web presences of more than 70 robo advisors alongside the digital customer journey process.
  • And much more.

>> Click here for Report Summary, Table of Contents, Methodology <<

Analyzed robo advisors in this report include:

North America: Acorns, Asset Builder, Betterment, Blooom, Bicycle Financial, BMO SmartFolio, Capital One Investing, Financial Guard, Flexscore, Future Advisor, Guide Financial, Hedgeable, iQuantifi, Jemstep, Learnvest, Liftoff, Nest Wealth, Personal Capital, Rebalance IRA, Schwab Intelligent Portfolios, SheCapital, SigFig, TradeKing Advisors, Universis, Wealthbar, Wealthfront, Wealthsimple, Wela, Wisebanyan 

Europe: AdviseOnly, Advize, comdirect, Easyfolio, EasyVest, ETFmatic, Fairr.de, FeelCapital, Fiver a Day, Fundshop.fr, GinMon, Investomat, KeyPlan, KeyPrivate, Liqid, Marie Quantier, Money on Toast, MoneyFarm, Nutmeg, Parmenion, Quirion, rplan, Scalable Capital, Simply EQ, Sutor Bank, Swanest, SwissQuote ePrivateBanking, True Potential Investor, True Wealth, Vaamo, VZ Finanz Portal, Wealth Horizon, Wealthify, WeSave, Whitebox, Yellow Advice, Yomoni, Zen Assets.

Asia-Pacific: 8 Now!, Ignition Direct & Ignition Wealth, InvestSMART, Mizuho Bank Smart Folio, Movo, Owners Advisory, QuietGrowth, ScripBox, StockSpot

Here's how you get this exclusive Robo Advisor research:MyPrivateBanking Report Spread

To provide you with this exclusive report, MyPrivateBanking has partnered with BI Intelligence, Business Insider's premium research service, to create The Complete Robo Advisor Research Collection.

If you’re involved in the financial services industry at any level, you simply must understand the paradigm shift caused by robo advisors.

Investors frustrated by mediocre investment performance, high wealth manager fees and deceptive sales techniques are signing up for automated investment accounts at a record pace.

And the robo advisor field is evolving right before our eyes. Firms are figuring out on the fly how to best attract, service and upsell their customers. What lessons are they learning? Who’s doing it best? What threats are traditional wealth managers facing? Where are the opportunities for exponential growth for firms with robo advisor products or models?

The Complete Robo Advisor Research Collection is the ONLY resource that answers all of these questions and more. Click here to learn more about everything that's included in this exclusive research bundle

Join the conversation about this story »

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          Credit cards are going the way of fax machines   

fax machine

This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

The modern smartphone is a remarkable device. A single device that fits in your pocket can do all the tasks that once required cameras, camcorders, GPS devices, watches, alarm clocks, calculators, and even TVs.    

But the next change might be the most radical of all—it could eliminate the need to carry cash and credit cards. 

The growing importance of the smartphone as the go-to computing device for every digital activity is having a profound effect everywhere you look, but it’s only the biggest story among many exciting developments in the world of payments:   

  • Apple Pay was first out of the gate, but now mobile wallets are everywhere you look—Android Pay, Google Pay, Chase Pay and even Walmart Pay are making smartphones a real alternative to carrying credit cards. And the potential for mobile wallets to limit a merchant’s fraud liability could help them really take off in acceptance for small businesses.   
  • As consumers move more purchasing online, gateway vendors that can act as a front-end processor for online businesses are seeing explosive growth.   PayPal-owned Braintree grew 111% YoY in the number of cards on file in Q4 2015, while Stripe and Klarna now have multi-billion dollar valuations.
  • Mobile Point-Of-Sale (mPOS) startups like Square and ShopKeep have pioneered a whole new payments niche—accepting payments via tablets and smartphones.   Coupling their transactions capabilities with new apps can revolutionize a small business’ inventory management, marketing, loyalty and even payroll.   
  • Mobile Peer-to-Peer payments in the U.S. are forecast to grow from $5.6 billion in 2014 to nearly $175 billion by 2019 as consumers increasingly skip the hassle of writing a check or going to an ATM.   But smartphone vendors like Apple could cripple the dominant player of 2016 (Venmo) if they make a serious push to own the space.   

If your job or your company is involved in payment processing in any way, you know how complex this industry is. And you know that you simply can’t understand where the next big digital opportunities are unless you know the key players and roles in each step of the payments “supply chain:”   

  • Acquirers
  • Processors
  • Issuers
  • Card Networks
  • Independent sales organizations and merchant service providers
  • Gateways
  • Hardware and software providers

Fortunately, managing analyst John Heggestuen and research analyst Evan Bakker of BI Intelligence, Business Insider's premium research service, have compiled a detailed report that breaks down everything you need to know—whether you’re a payments industry veteran or a newcomer who is still getting a basic knowledge of this complex world.

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Among the big picture insights you’ll get from this new report, titled The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing:

  • The 5 key events of 2015 that have set up 2016 as a watershed year for the entire payments ecosystem. 
  • The basics of traditional card processing from the start of the process through to the very end.    
  • Why new players and innovations like prepaid cards, store cards, and PIN debit transactions are gaining market share and creating new opportunities.   
  • The effects—good and bad—of the transition to new mobile payment methods.   New players and old have surprising threats and opportunities in areas as varied as carrier billing, remittances, wearables, and more.   

This exclusive report takes you inside these big issues to explore:

  • The critical steps in credit card transactions and how they are changing.
  • The six major types of organizations involved in the payments ecosystem.
  • The significant differences for industry players who operate closed-loop networks and offer prepaid cards.
  • The challenges and opportunities facing hardware and software providers for the payments sector.   
  • The 8 reasons why mobile wallets are growing so fast and how they will disrupt all aspects of the mobile ecosystem.    
  • The exciting possibilities ahead in fast-growing payments subsectors like remittances, connected devices and mobile P2P payments.   
  • And much more.

To get your copy of this invaluable guide, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

NOW WATCH: Harvard Business School professor explains the most important problem we have in finance today and how to fix it


          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          Zeta Picks up Stake in ZingHR   
(MENAFN Editorial) Bangalore, Karnataka, India Zeta, a fintech pioneer in digitised employee benefits solutions, has made a equity investment in ZingHR, a cloud services provider,...
          Sales Director - BFSI Philippines   
NSW-Sydney CBD, Profitable US FinTech Seeking a business leader in Philippines to build out organization locally selling to Banks and FI`s Philippines Head of Sales You will be an established leader in Philippines with networks across Banking/Financial Institutes. Your chance to pivot from a respected leader to an entrepreneur building a local team and personally closing accounts with your banking connections. Ou
          Oscar: Senior DevOps Engineer   
£50000 - £80000 per annum: Oscar: Senior DevOps Engineer - Farringdon, Central London - Linux, AWS, Python, CI/CD, Ansible£50,000-£80,000One of the UK's fastest growing FinTech start-ups are looking to hire an experienced Senior DevOps Engineer, who has a passion for the challenge. You wi City
          El Campus de Google en Brasil convoca a startups argentinas   
Mon, 26 Jun 2017 17:17:00 -0300 La iniciativa está destinada a nuevas empresas de tecnología que operan en el sector financiero, conocidas como “fintech”.Permitirá hacer una residencia en el Campus que la empresa abrió en San Pablo donde podrán participar de talleres, recibir apoyo tecnológico y sumarse a las redes de financiación y de posibles […]
          Industrial Technology Advisor – FinTech, Software and Data Analytics - National Research Council Canada - Toronto, ON   
We are frank, but with a gentle helping hand. Industrial Technology Advisor – FinTech, Software and Data Analytics.... $49,670 - $140,418 a year
From National Research Council Canada - Thu, 08 Jun 2017 19:58:34 GMT - View all Toronto, ON jobs
          (USA-MS-Jackson) Senior Consultant, B2B Payments Strategy, West Coast   
The GCP US Large Market (LM) Client Group manages strategic corporate payment relationships for numerous multi-national organizations and also acquires new customers with revenue over $300M. This individual will be responsible for owning a portfolio of complex, high profile sales opportunities. He or she will primarily partner with Client Management and Business Development to develop and execute winning strategies for accelerating revenue. The candidate must have deep knowledge of corporate payments, particularly the relevant challenges being addressed by our client stakeholders i.e. Procurement, AP, Finance and Treasury. This candidate should possess expert knowledge of the various payment solutions employed by our middle market, enterprise and global customers and be adept at demonstrating the value of American Express solutions. Innovation mindset and a desire to drive change are imperative because he or she will be asked to represent the LM voice of customer in various partner initiatives, process optimization projects, as well as content and competitive intelligence. This team player will be accountable for developing and maintaining senior level relationships across strategic business partner functions (i.e. Global Merchant Services, Risk, Pricing, Field Enablement, Marketing and Product) as cross functional collaboration is a cornerstone of this group. Responsibilities: * Leverage industry expertise and known best practices to expand and cross-sell B2B charge volume growth opportunities * Act as B2B knowledge champion for the LM organization * Analyze complex customer AP data sets and provide insights to understand and prioritize B2B opportunities * Drive the strategy for client meetings and discussions * Influence leadership to be agile with decision making and escalation as needed * Employ Challenger Selling Model with clients--teaching, problem-solving, and tailoring sophisticated B2B solutions to meet stated objectives * Support the innovation and delivery of next generation products and capabilities via engagement with key partners * Seeking candidates with prior strategy or management consulting experience with client facing B2B payments sales expertise required. Ideal skill set includes the following: * Proven history of exceeding sales quota * Strong track record of identifying and closing complex B2B deals * Complex pipeline management and ownership across a wide range of opportunities in various sales stages * Ability to set annual forecasts and report to senior leadership on plan vs actuals * Highly developed core consulting skills * Ability to effectively communicate with C-level, Procurement, Finance and Treasury stakeholders * Strong business background and financial acumen * Proven project management skills to drive enterprise level engagements * Understanding of the B2B payments value chain from all aspects (Amex, Buyer and Supplier) * Creative problem solving to challenge status quo and drive progressive change management * Strong interpersonal skills to create followership and inspire innovation * Experience navigating long sales cycles particularly complex and iterative negotiations * Work experience in Mgt. Consulting, FinTech, Corporate Payments, Merchant Services, Procure to Pay, Source to Settle, ERP integration, Supply Chain, Trade Finance, Procurement, Finance, Treasury, AP or Business Development strongly preferred Location: Los Angeles or San Francisco preferred, Western United States required Employment eligibility to work with American Express in the U.S. is required as the company will not pursue visa sponsorship for these positions. **Job** *Sales* **Title:** *Senior Consultant, B2B Payments Strategy, West Coast* **Location:** *AL-Montgomery* **Requisition ID:** *17008137*
          What the DAO Vote Means for Blockchain… and Your Financial Future   

DAO token holders voted on the future of this fintech venture following its recent hack.

Here's how they voted, plus what their decision means for the future of blockchain technology...

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The post What the DAO Vote Means for Blockchain… and Your Financial Future appeared first on Money Morning - We Make Investing Profitable.


          Infrastructure Network Manager munkakörbe keresünk munkatársat. | Feladatok: The Infrastructur...   
Infrastructure Network Manager munkakörbe keresünk munkatársat. | Feladatok: The Infrastructure Network Manager is responsible for the leadership, management and day to day operations of Dealogic?s network and security infrastructure. This role is responsible for managing a team of Network subject matter experts who provide both 24/7 follow the sun support to the business as well as developing and improving the globally distributed network and security landscape. Act as the technical lead in delivery of highly available, scalable and supportable solutions and driving technology advancements from design, implementation and development, as well as acting as an escalation path for the team providing advanced troubleshooting, problem resolution and root cause analysis. You will also contribute towards the implementation of a broad range of large enterprise infrastructure projects, working closely with counter-parts in all regions. Network Management Troubleshoot, maintain, improve and expand local and wide area networks, routing protocols, MPLS, site to site VPN links; Internet and voice connections; client leased lines. Managing complex and distributed networks, dynamic routing protocols, VLANs, QoS/CoS Design, develop and implementation of new network and security technology to streamline, improve and sustain a resilient highly available network infrastructure Monitoring and analysing traffic across large scale distributed networks SCOM, Cisco Works, Cisco Prime, Orion, PRTG, WhatsUp, sniffers etc. Network Load balancing Maintain, support and implement changes to existing internal and public DNS infrastructure Global and Local Load balancing solutions for High Availability, disaster recovery & business continuity across large and complex web applications Public Key Infrastructure and SSL Management Security Managing/Developing and improving Security Systems and solutions including anti-virus, Next Generation Firewalls, IDS/IPS/Web Application Firewalls, patch management, server hardening Cisco AAA authentication, Authorization, Accounting, RADIUS, TACACS+, SSH, Proxy, vulnerability scanning/penetration testing etc. . | Mit ajánlunk: Work at the award winning Office of the Year in the heart of the city Eiffel Square Working for the leading FinTech provider of specialized software and data for investment banks Use cutting edge technology MS in an Agile environment on global projects Personal career development, on-going training and interesting challenges Competitive remuneration package Support a healthy work life balance Free sport and social activities every day | Elvárások: At least 10 years? relevant experience in a commercial environment as an Infrastructure, Network or IT Manager Awareness of Service Delivery methodologies Experience in managing a globally distributed team Experience of managing enterprise scale projects Experience of working closely with other IT teams and Development teams Sound technical background spanning network and security technologies in an enterprise scale infrastructure Experience with CheckPoint, Citrix NetScaler & Imperva Experience with Public, Private and Hybrid cloud infrastructures, preferably Microsoft Azure and Office 365, ExpressRoute, etc. Server virtualisation technologies | További infó és jelentkezés itt: www.profession.hu/allas/1040615
          Senior Test Engineer munkakörbe keresünk munkatársat. | Feladatok: Product Testing • Follow pla...   
Senior Test Engineer munkakörbe keresünk munkatársat. | Feladatok: Product Testing • Follow plans, schedules and direction in undertaking test analysis, test design, test execution and evaluation tasks ? in a prioritised, controlled manner • Show awareness of risks in prioritising own tasks and assessing priorities set by others • Log defects and issues found during the test process and life-cycle + Support defect repair and retest • Contribute to test planning and risk workshops • >Track and report own progress to test lead • Continually look to identify new risks, or changes to existing risks and issues • Act as mentor to junior developers and coach smaller group of developers to deliver the requirements together • • Documentation and Escalation • Create, maintain, configuration manage and protect testware scripts, data, etc • Always apply documentation controls to draft and published artefacts • Escalate concerns or important matters in a constructive manner, backed up by facts/stats • facts/stats. | Mit ajánlunk: Work in an award winning office in the 6th district • Working for the leading FinTech provider of specialized software and data for investment banks • Use cutting edge technology MS in an Agile environment on global projects • Personal career development, on-going training and interesting challenges • Competitive remuneration package • Support a healthy work life balance • Free sport and social activities every day | Elvárások: 3-5 years background in software testing. • Solid grounding in test analysis and design of tests. • Thorough understanding of structured test process and systematic testing • Strong ?defect finding? capability • Practical experience of tackling riskier areas of a product first ? through test analysis and design stages and during test execution. • Adaptive approach to changing direction ? if guided, or when priorities shift • Excellent interpersonal and communication skills with the ability to actively contribute to meetings, reviews and workshops • Supportive approach to colleagues • Strong self-organizational ability • Excellent time management • Natural tendency to escalate ideas, issues, risks ? or if just not sure about something. • Ability to take a methodical and an analytical approach to both day to day responsibilities and project work • Proven experience of collaborating successfully within a team environment whilst also having the ability to work on own initiative with positivity and enthusiasm • Comfortable working in a change environment with the ability to adapt to ambiguous situations | További elvárások: BSc/Msc degree in Computer Science or related discipline | További infó és jelentkezés itt: www.profession.hu/allas/1040497
          Test Manager munkakörbe keresünk munkatársat. | Mit ajánlunk: Work in an award winning office i...   
Test Manager munkakörbe keresünk munkatársat. | Mit ajánlunk: Work in an award winning office in the 6th district • Working for the leading FinTech provider of specialized software and data for investment banks • Use cutting edge technology MS in an Agile environment on global projects • Personal career development, on-going training and interesting challenges • Competitive remuneration package • Support a healthy work life balance • Free sport and social activities every day | Elvárások: In-depth test experience of large scale application development • Practical use of Test analysis & design techniques • Proven experience of putting together test strategies, specifically including non-functional requirements • Agile SDLC, usage of test management tools in support of the existing test process • Proven experience in implementing an effective automation test strategy • Ability to review architecture, schema and code • Excellent written and spoken English | További elvárások: BSc/Msc degree in Computer Science or related discipline | További infó és jelentkezés itt: www.profession.hu/allas/1040454
          Implementation Project Manager Online/Mobile - Fintech - Permanent   
My client is an established and fast growing fintech looking for an Implementation Project Manager to onboard corporate clients onto their online and mobile platform. This role will require a high level of experience with senior stakeholders due to a heavy client facing element. Main Responsibilities: Delivery of complex change..
          Labor Department weighs in on overtime dispute - The Hill   

The Hill

Labor Department weighs in on overtime dispute
The Hill
The Trump administration is defending its right to set salary limits on who qualifies for overtime pay but is not defending a previous Obama administration rule blocked by a Texas judge in November. In briefs filed Friday, the Department of Labor asked ...
Trump's Labor Department wants salary level to determine whether workers receive overtimeLos Angeles Times
Trump Labor Dept wants salary to count in overtime eligibilityNew York Daily News
Trump administration backs away from Obama overtime rule for nowWMUR Manchester
The Daily Caller -Pensions & Investments -The National Law Review -JD Supra (press release)
all 55 news articles »

          WELSH SKIPPER TO LEAD GREENINGS TEAM IN CLIPPER 2017-18 ROUND THE WORLD YACHT RACE    
Dave Hartshorn, Cliiper Race Skipper

It’s revealed today that professional Skipper Dave Hartshorn, 52, from Chepstow, Wales, will lead the Greenings team in the 2017-18 edition of the largest round the world ocean race on the planet.

A first-time Clipper Race team entry, Greenings is a world leader in sourcing Senior Level Executive Talent for Card Payment and Fintech clients, and has worked with the Clipper Events team for over a decade, hosting the popular Cards and Payments Regatta on the Solent each year since 2007.

Commenting on Dave’s appointment, Andrew Greening, Managing Partner, Greenings International, says: “On behalf of everyone at Greenings I would like to say what an honour it is to have David at the helm of the Greenings entry in the Clipper Race 2017/18.

“With such a distinguished career David’s outstanding leadership qualities will give his crew a significant edge in the most challenging moments they will face on their voyage together. His proven ability to reflect on individual and team performance, striving for precision and strength as ‘one team’ will make them stronger leg by leg.

“Dave epitomises the “Value Through People” mantra that has shaped how Greenings approaches its challenges and the people we work with. I am confident David will bring out the best in every sailor, making this the personally most rewarding experience of their life and a team success beyond measure. We wish him fair winds and safe passage for all!” Andrew adds.

Before pursuing a career as a professional Skipper, Dave Hartshorn spent three decades serving in the Police Force. His distinguished career included serving as Chief of Staff for the Metropolitan Police’s Public Order Branch and was the Operations Manager for the Public Order Branch, meaning he was responsible for the planning and resourcing the policing of major events, such as the 2011 Royal Wedding of the Duke and Duchess of Cambridge and the London 2012 Olympic and Paralympic Games.

Dave kept sailing as a hobby since his late teens and has already recorded more than 40,000 nautical miles in his log book and completed nine ocean passages. Inspired by the Clipper Race, Dave also founded and was lead Skipper on Operation Fitzroy, a project which gave disadvantaged young people from Inner London Boroughs the chance to experience sailing.

Dave already has extensive Clipper Race experience. A keen follower since the inaugural race in 1996, Dave began working as a freelance Training Instructor in 2015 and a year later, took part in The Mighty Pacific Leg as a crew member on board Ichorcoal.

Dave adds: “I made the decision to do the race as a crew member as I wanted to understand the experience from all perspectives and to help equip myself to be an effective Skipper.

“I am delighted that Greenings are our Team Partner. Our team have already identified that everyone has a valued part to play in the race and have based our values and behaviour’s around Trust, Empathy, Accomplished and Mission. The Greenings ethos “Value Through People” fits perfectly with the teams approach to the race and with my leadership style, too.”

53 crew members make up the Greenings team, with 18 nationalities represented between them and with ages ranging from 19 to 72.

Think you have what it takes to take part in the biggest round the world yacht race? No experience required, all training provided. To apply, click here.


          Opalesque Roundup: Investors shift assets as quants start dominating hedge funds: hedge fund news, week 27   
In the week ending 30 June 2017, in FinTech, the 2017 Hedge Fund 100, Institutional Investor 's Alpha 's 16th-annual ranking of the world 's 100-largest hedge funds by assets is dominated by quants. Quantitative hedge funds all saw their assets grew last year, dominating the sector. These funds are ...
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          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          Primary Fintech Innovation Defined, and Why Klarna Fits the Bill   
Primary innovation is doing something that has never been done before. Most primary innovation is ridiculous and fails without anybody noticing. Very, very rarely, primary innovation changes the world and the company that creates the innovation becomes a Unicorn. Secondary innovation wins by giving a twist to that primary innovation. The two simple twists are: […]
          Singapore-based startup Turnkey Lender raises funding to automate loans management   

Turnkey Lender uses machine learning and data analysis to understand potential loan applicants, ranging from small scale to large scale loans Singapore fintech startup Turnkey Lender has raised investment in a round led by Vertex Ventures. The funding amount was not disclosed. The company will use the newly-raised funding to expand its SaaS platform across the […]

The post Singapore-based startup Turnkey Lender raises funding to automate loans management appeared first on e27.


          Exchange of fintech know-how planned with China   
Swiss banking representatives joined Finance Minister Ueli Maurer in a tour across Asia this past week, which included visits to ministries and authorities, state institutions as well as financial players. Maurer’s talks in China notably centred on the best frameworks and conditions to support innovation in the financial sector for bilateral investments as well as financial services. In an interview with the China Global Television Network (CGTN), Maurer said that Switzerland aims to strengthen financial links with China by expanding financial markets and the exchange of fintech (financial technology) expertise. "Over the past three years, we have had a regular financial dialogue with China and we will continue this exchange with concrete projects related to financing and investment, such as One Belt One Road. We are interested in cooperation with China in the areas of fintech and banking supervision," said Maurer. Deeper financial links According to the Chinese paper Global ...
          Mercer Capital's Bank Watch | April 2017 | Is FinTech a Threat or Opportunity?   

Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
          Mercer Capital's Value Focus: FinTech Industry | Second Half 2016   

Mercer Capital’s newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
          How to Create Strategic Value in the Current Environment | AOBA 2017   

In this session originally presented at Bank Director’s 2017 AOBA conference, Jay Wilson and Andy Gibbs of Mercer Capital, alongside Chris Nichols of CenterState Bank, examined how banks can utilize a hybrid approach and co-opt, partner with or acquire FinTech companies, wealth management and trust operations and insurance brokerages. By pairing traditional banking services with other financial services and means of delivery, banks can obtain more touch points for customer relationships, enhance revenue and ultimately improve the bank’s valuation.
          Mobile Banking: IT Business Analysts / Senior BAs (FinTech) - Major Bank - IT Solutions Ltd.   
Salary: Salary provided, 2 yr of exp, posted on 01 Jul 2017 12:11:00
          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          Rendszerszervező munkakörbe keresünk munkatársat. | Feladatok: Üzleti folyamatok fejlesztésével...   
Rendszerszervező munkakörbe keresünk munkatársat. | Feladatok: Üzleti folyamatok fejlesztésével kapcsolatos feladatok elvégzésére önállóan és csapatban; • Rendszerek fejlesztési feladatainak tervezésére és koordinálására az IT és üzleti területek bevonásával; • Rendszertervek készítésére és architektúra tervezésben való részvételre • Új technológiák nyomon követésére az architekt kollégákkal együttműködve; • Különböző pénzintézeteknél dolgozni és széleskörű tapasztalatokat szerezni. • Speciális: Amennyiben érdekel a Fintech és bankok közötti integráció vagy az azonnali fizetés témája, ezekkel is foglalkozhatsz.. | Mit ajánlunk: Csapatunk olyan projekteken dolgozik, ami nagyszerű lehetőséget nyújt a tapasztalatszerzésre, fejlődésre • Családias hangulatban, modern munkakörnyezetben, barátságos és segítőkész kollégákkal dolgozhatsz. | Elvárások: Felsőfokú informatikai végzettséggel rendelkezel; • 1-2 év nagyvállalati projektekben eltöltött fejlesztői tapasztalattal bírsz • Adatbázis ismeretekben jártas vagy; • Angol nyelvtudásod legalább középfokú; • Minőségi, precíz munkavégzés jellemez; • Jó kommunikációs és önálló problémamegoldó készségű vagy; • Dinamikus a személyiséged és képes vagy az önálló feladatvégzésre; • Proaktívan állsz a problémákhoz és átlátod a bonyolult informatikai rendszereket. | További elvárások: Folyamat felmérési, tervezési tapasztalatod van; • Lekérdező nyelveket pl. SQL ismersz, használatál; • Riportokkal kapcsolatos fejlesztési tapasztalatod van; • Alkalmazáskapcsolati ismereteid vannak WS, Queuing, Service Bus; • Agilis szoftverfejlesztési tapasztalatod van; • Pénzintézeti tapasztalatod van | További infó és jelentkezés itt: www.profession.hu/allas/1041502
          Infrastructure Network Engineer munkakörbe keresünk munkatársat. | Feladatok: The Infrastructu...   
Infrastructure Network Engineer munkakörbe keresünk munkatársat. | Feladatok: The Infrastructure Network Engineer is responsible for the day to day operation of Dealogic?s network and security infrastructure. This role is part of a team of Network subject matter experts who provide both 24/7 follow the sun support to the business as well as developing and improving the globally distributed network and security landscape. Participate in the delivery of highly available, scalable and supportable solutions and driving technology advancements, as well troubleshooting, problem resolution and root cause analysis. You will also contribute towards the implementation of a broad range of infrastructure projects, working closely with counter-parts in all regions. Core Network Skills Support, maintain and improve local and wide area networks, routing protocols, MPLS, site to site VPN links; Internet and voice connections; client leased lines Support complex and distributed networks, dynamic routing protocols, VLANs, QoS/CoS Monitoring and analysing traffic across large scale distributed networks using PRTG, Cisco Works, Cisco Prime, Orion, SCOM, WhatsUp, sniffers etc. Network Load balancing Maintain, support and implement changes to existing internal and public DNS infrastructure Global and Local Load balancing solutions for High Availability, disaster recovery & business continuity across large and complex web applications Public Key Infrastructure and SSL Management Security Maintaining & supporting Security Systems and solutions including anti-virus, Next Generation Firewalls, IDS/IPS/Web Application Firewalls, patch management, server hardening Cisco AAA authentication, Authorization, Accounting, RADIUS, TACACS+, SSH, Proxy, vulnerability scanning/penetration testing etc.. | Mit ajánlunk: Work at the award winning Office of the Year in the heart of the city Eiffel Square Working for the leading FinTech provider of specialized software and data for investment banks Use cutting edge technology MS in an Agile environment on global projects Personal career development, on-going training and interesting challenges Competitive remuneration package Support a healthy work life balance Free sport and social activities every day | Elvárások: At least 5 years? relevant experience in a commercial environment as a Network Engineer • Awareness of Service Delivery methodologies e.g. ITIL • Experience working with a globally distributed team • Experience of working on large scale projects • Experience of working closely with other IT teams and Development teams • Sound technical background spanning network and security technologies in a corporate infrastructure | További infó és jelentkezés itt: www.profession.hu/allas/1040642
          TMT Finance World Congress & Awards 2017 Announced for London on November 29-30   

TMT Finance World Congress and Awards 2017 will take place in London on November 29-30 bringing together key telecom, media, tech and finance leaders to assess the next wave of investment and partnership opportunities globally. The event will offer 50 sessions over two days with key themes including TMT World Leadership, M&A, TMT Infrastructure, Digital Media, Financing, 5G, IoT, Artificial Intelligence, Virtual Reality, as well as Fintech.

(PRWeb May 22, 2017)

Read the full story at http://www.prweb.com/releases/2017/05/prweb14357882.htm


          Blog Post: Brand Battles: Mars Says Hershey Can't Own 'Scary' Candy   
In Law360's latest roundup of new actions at the Trademark Trial and Appeal Board, Mars accuses Hershey of trying to lock up a generic Halloween word, Goldman Sachs aims to block a "GS" logo from a fintech startup, and Apple goes after an educational software "Pear."
          One of the world's fastest growing fintech platforms started as a side project - now it's coming to the UK   
COPENHAGEN, Denmark - A German fintech business backed by Silicon Valley VC Peter Thiel is planning to launch its investment platform...
          Fintech’s Hottest Start-Ups Are Blockchain Related Firms   

To see where the world of FinTech is headed, one might avoid the over-hyped phrases and rather follow the money to the top startups in the world of finance. The Fintech 250 from CB Insights, a consulting firm that uses […]

The post Fintech’s Hottest Start-Ups Are Blockchain Related Firms appeared first on ValueWalk.


          Ebury Key Account Director: Canada - Ebury - Canada   
The role will initially be based at the UK hub in central London before moving to Toronto. Ebury is one of the fastest growing FinTech businesses of recent...
From Ebury - Thu, 29 Jun 2017 13:01:20 GMT - View all Canada jobs
          Fintech’s Hottest Start-Ups Are Blockchain Related Firms   

To see where the world of FinTech is headed, one might avoid the over-hyped phrases and rather follow the money to the top startups in the world of finance. The Fintech 250 from CB Insights, a consulting firm that uses […]

The post Fintech’s Hottest Start-Ups Are Blockchain Related Firms appeared first on ValueWalk.


          News – July 1, 2017   
  • Top 20 States for Home Renovations

    One of the many advantages of owning a home is the ability to add—and recoup—value. A recent study by Hearth, a FinTech startup, ranked the states with the most homeowners planning to renovate in


          SAS - Senior Risk Modelling Analyst - Fintech!   
London-City of London, SAS - Senior Risk Modelling Analyst - Fintech! Canary Wharf Up to £60,000 + Bonus + Benefits THE COMPANY: Do you come from a traditional Impairment Forecasting, Capital or Stress Testing environment and looking for a change? Do you enjoy coaching junior analysts and managing strong stakeholder relationships? This is the chance to work for one of the world's biggest consumer finance brands, current
          Financiële sector verwacht hoog rendement op fintech-investering   
Financiële dienstverleners investeren gemiddeld 15 procent van hun jaaromzet in fintech. De investeringen van Nederlandse financials blijven steken op 8 procent van hun omzet. Dat blijkt uit het PwC-rapport Redrawing the lines: FinTech’s growing influence on Financial Services. De sector verwacht een rendement van 20 procent op fintech-investeringen. Europese respondenten zijn minder optimistisch en gaan […]
          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          The latest The Ramesh Babu Daily! https://t.co/Cj0fSwlDqn Thanks to @nancyduarte @readyforthenet #fintech #bigdata   

The latest The Ramesh Babu Daily! https://t.co/Cj0fSwlDqn Thanks to @nancyduarte @readyforthenet #fintech #bigdata

The post The latest The Ramesh Babu Daily! https://t.co/Cj0fSwlDqn Thanks to @nancyduarte @readyforthenet #fintech #bigdata appeared first on AllformZ BI Blog.


          PROMOTOR DE CREDITOS MEJORAVIT- IMSS - Broxel Fintech - Playa del Carmen, QRoo.   
*Innovamos con tecnología financiera para revolucionar los medios de pago, basadas en tecnología financiera, con el objetivo de crear ecosistemas financieros $7,000 al mes
De Indeed - Tue, 30 May 2017 23:18:05 GMT - Ver todos los empleos en Playa del Carmen, QRoo.
          Fintech's Hottest Start-Ups Are Blockchain Related Firms   

Fintech's Hottest Start-Ups Are Blockchain Related Firms

Artificial intelligence mentioned 4 times while the much-hyped machine learning was mentioned 13 times. [Link to Full Article]

          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          Lykke equity for sale   

I've been investing for more than 20yrs and last week was the first time that I genuinely participated in a shareholder meeting!

From the conventional signing of documents to live video broadcast with global Q&A.
From one way communication to interactive exchange.

Lykke's share price today reflects a market valuation of approximety $450mil!
What are the expecations that the market is pricing in?
This is my take (but read more details in my post below):

"Lykke wants to be the global marketplace with the new understanding. They want all business to be launched and executed on their app. When I say all, I literally mean all. The Lykke app wants to be the center of the world. Whether you are a retail individual (investor, trader in the old sense, or not) or a business (to be built or grown up with complex business processes) or a government; Lykke wants to serve your needs. The accelerator they launched recently, will grow the ecosystem and have the desired network effects. Lykke is open of course, to all sorts of business partnerships, for example, the recent partnership with Splendid, a Swiss student loan lender, for servicing international students via blockchain transfers, a process which cuts costs of such cross border transactions and simplifies the process."


          Verse, el fintech de pago móvil que pretende revolucionar el sistema de transacciones   

En 2015 tres jóvenes emprendedores españoles de entre 20 y 23 años: Borja Rossell, Álex Lopera y Dario Nieuwenhuis se propusieron impulsar la modernización del sistema de pagos sirviéndose de las nuevas tecnologías. Para ello diseñaron una aplicación fintech que permitiera enviar y recibir dinero desde el móvil de forma instantánea, sencilla y sin comisiones. Así nació Verse, una app 100% segura que elimina intermediarios durante las transacciones.

Verse permite que el dinero pase de un usuario a otro de manera directa e inmediata, gracias a su tecnología Blockchain. También da la opción de crear eventos y grupos para los pagos en común. La app simplifica el proceso de enviar y recibir dinero, tan fácil como enviar un whatsapp, solo es necesario asociar una tarjeta de crédito o de débito a la aplicación, introducir el importe y darle al botón de enviar dinero al contacto o contactos correspondientes —de la lista de contactos del teléfono o añadiendo un número de teléfono—, que recibirán el dinero al instante en su cuenta de Verse.

A la inversa, para recibir dinero, el importe entra de manera inmediata como saldo en la cuenta de Verse que, a su vez, puede ser enviado a otro contacto o transferirse al banco añadiendo una cuenta bancaria. Los eventos podrán ser privados o públicos, de modo que será posible compartir y consultar la actividad de los contactos.

Su nombre proviene de Universe, "que sería nuestra máxima aspiración: que todo el mundo utilice nuestra aplicación para pagar y solicitar dinero a sus contactos", declaran sus fundadores.

INVERSIÓN Y CRECIMIENTO

La empresa ha levantado tres rondas de inversión. La primera a finales de 2015 por 1,5 millones de euros para el lanzamiento de la aplicación. Más adelante, y gracias a las buenas perspectivas de la compañía, se cerró una segunda ronda de inversión de 7,6 millones de euros destinada a impulsar el crecimiento de la empresa. La tercera y última el pasado mes de mayo por 18,5 millones de euros con el mismo objetivo de consolidar su posición en el mercado y abrirse a nuevos públicos, como empresas y establecimientos.

Verse es una app totalmente gratuita, al igual que todas las transacciones que se llevan a cabo a través de la aplicación, siempre y cuando no haya cambio de divisas. En un futuro, tienen previsto incorporar los pagos también con comercios y cobrar una comisión por ello. De momento, y gracias al capital recibido, Verse sigue creciendo con vistas a convertirse en el primer método de pago entre los millennials de Europa. Actualmente, Verse está disponible en 27 países con una base de usuarios creciente y un equipo de profesionales de 22 personas.

MÁS INFORMACIÓN

Sígueles en Twitter

Sígueles en Facebook


          Nace Beseif, la plataforma online que elimina el fraude en compraventas entre particulares   

Beseif.com es una plataforma web que gestiona de manera segura compraventas a distancia entre particulares. El proyecto viene de la mano de dos jóvenes ingenieros, Alberto Aznar y Silvia Romero, que recibieron el premio Fintech de San Sebastián en un concurso de ideas innovadoras del Banco Santander, y más tarde, fue seleccionado por la aceleradora BerriUP entre más de 80 proyectos de la que ha recibido una inversión de 50.000€.

Según palabras de Alberto Aznar, Cofundador y CEO de Beseif: "La idea surge hace dos años cuando sufro un timo en una compra por internet en un conocido portal de anuncios, que declinó cualquier tipo de responsabilidad. Para mi asombro, no se pudo hacer nada y es que no existe en el mercado ningún servicio 100% seguro para realizar transacciones entre particulares".

"Los métodos que existen vienen del 'ecommerce' tradicional y no funcionan bien en la economía colaborativa. Es por esto que Beseif surge con la idea de cubrir esta demanda, en un sector como el de la compraventa de artículos de segunda mano entre particulares, tan extendido en los últimos tiempos", justifica Aznar. 

Beseif ofrece una plataforma online muy rápida, sencilla y segura tanto para el comprador como para el vendedor. Beseif se ocupa de todo en el proceso de compraventa a distancia entre particulares: protege el dinero del comprador en un depósito bancario gracias a un acuerdo de colaboración con el Banco Sabadell y se encarga de la recogida, envío y devolución, si fuera necesario, gracias a un acuerdo con la compañía de mensajería ASM.

El comprador tiene la oportunidad de abrir el envío en el momento de la entrega para comprobar que es realmente lo que compró. Beseif ofrece la oportunidad al comprador de probar el producto durante 24 horas y si todo es correcto, el sistema libera el pago y el vendedor recibe su dinero. Si no le satisface, el comprador puede devolver el artículo gratis.

CÓMO FUNCIONA

Para utilizar el servicio el usuario tan sólo tiene que darse de alta de forma gratuita en la página web e indicar los datos del artículo que ocupa la operación y el correo electrónico de la otra persona con la que realiza la transacción. El comprador realiza el pago con tarjeta de crédito e indica dónde desea recibir el artículo. El vendedor, por su parte, solamente tiene que indicar fecha y lugar de recogida, y un número de cuenta donde se realizará el ingreso. El envío se efectúa de puerta a puerta, sin necesidad de salir de casa. El comprador asume los gastos de envío (6,9€) y el vendedor el coste financiero de una venta segura (3%).


          How the fcuk does this <a href="http://www.griffintechnology.com/products/italk/">thing</a> work??   
none
          Senior Node.js Engineer - Node.js, PostgreSQL, Express.JS   
NY-New York City, If you are a Senior Node.js Engineer with experience, please read on! Top Reasons to Work with Us We are a FinTech company based in New York looking to help make all your finances available on one screen. We are connected to 19,000 banks and financial institutions. We began in B2B finances and have expanded to B2C features which allows them to track the accounts opened by their consumers. What You
          Senior Sales Representative - REMOTE - B2B, Technology, FinTech   
San Jose, This is a REMOTE role. We are based in the greater Chicago, IL area, we have been recognized, publicly, as one of the "most innovative and fast growing" FinTech solutions companies in the US. We have a bunch of funding, are hiring like wildfire, and are hoping you can take our company to the next level!!! With access to the most advanced technologies, our team is composed of experts in the world o
          EY Study Looks At FinTech In Bermuda & Abroad   
Levels of financial technology [FinTech] adoption among consumers has surged globally over the past 18 months and is poised to be embraced by the mainstream, according to the latest EY FinTech Adoption Index. A spokesperson said, “An average of 33% of digitally active consumers across the 20 markets in the EY study now use FinTech. […]

(Click to read the full article)


          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          Deliveroo's heading for unicorn territory with SoftBank investment talks   
Deliveroo's heading for unicorn territory with SoftBank investment talks One of the UK's star tech startups, Deliveroo, is on the verge of becoming a so-called unicorn, with SoftBank in talks over a potential investment.

SoftBank's Vision Fund, a huge new tech investment vehicle which has already backed several British tech companies, is in discussions to take a stake in the food delivery firm that would value it at more than $1bn.

The investment, first reported by Sky News, would be part of a series F round of funding following on from the $275m it raised last year. Existing backers of the startup include Accel Partners, Index Ventures, General Catalyst, Greenoaks Capital, Hoxton Ventures and Nokia Growth Partners.

*Read more*: Fintech startup Monese moves closer to bank territory (and profit)

The fresh cash would help it compete against new and more well funded rivals - UberEats and Amazon Restaurants - and see it join the likes of billion pound-valued fintech firm Transferwise, online retailer Farfetch and flight website Skyscanner among others.

Softbank ploughed millions into UK "virtual simulation" startup Improbable in May, leading the $500m funding which also saw it achieve Unicorn status. The Vision Fund will also hold a stake in ARM, the UK tech firm Softbank acquired for £24bn in one of the most high profile deals of last year.

*Read more*: This Goldman Sachs-backed fintech wants to become the Alipay of Europe

The $93bn fund - the world's biggest -  is based out of London and has high profile backers that include Apple, Saudi Arabia's sovereign wealth fund, Qualcomm, Foxconn and Sharp. SoftBank boss Masayoshi Son has said he wants to become "the Warren Buffett of tech". Other investments by the fund beyond the UK include a large stake in chipmaker Nvidia and backing of co-working space startup WeWork.

SoftBank has apparently been undeterred by recent drama surrounding Deliveroo which has been criticised over the way its drivers are treated amid a wider row over rights of workers in the so-called gig economy. Reported by City A.M. 37 minutes ago.
          Senior Node.js Engineer - Node.js, PostgreSQL, Express.JS   
New York, If you are a Senior Node.js Engineer with experience, please read on! Top Reasons to Work with Us We are a FinTech company based in New York looking to help make all your finances available on one screen. We are connected to 19,000 banks and financial institutions. We began in B2B finances and have expanded to B2C features which allows them to track the accounts opened by their consumers. What You
          Front-End Software Engineer - JavaScript   
Franklin, If you are a Front-End Software Engineer with experience, please read on! Our company is a venture funded, fintech company. We are redefining the B2B banking marketplace through cutting edge user interfaces that deliver a world-class user experience. Our mission is to help redefine customer engagement for Banks and Credit Unions. You will join a small and motivated team that is on the ground floor
          Front-End Software Engineer - JavaScript   
MA-Franklin, If you are a Front-End Software Engineer with experience, please read on! Our company is a venture funded, fintech company. We are redefining the B2B banking marketplace through cutting edge user interfaces that deliver a world-class user experience. Our mission is to help redefine customer engagement for Banks and Credit Unions. You will join a small and motivated team that is on the ground floor
          Customer Service Representative - Buyatab - Vancouver, BC   
We’re a finTech maverick and officially one of the most popular technology companies in BC. Customer Service Representative (Full-time)....
From Buyatab - Tue, 06 Jun 2017 13:06:33 GMT - View all Vancouver, BC jobs
          Senior Front End Developer - React/Redux/Fintech   

          Senior Front End Developer - React/Redux/Fintech   

          [aktualita] Český fintech rozšiřuje Hypo360. Po peněženkách a analytice jsou tu hypotéky   
Tuzemská fintechová scéna má nové postavy. Jan Drahota, Teodor Tamas a Jan Setikovský sbírali roky zkušenosti v bankovnictví, aby se teď rozhodli to zkusit po svém. Na vývoji spolupracovala firma s duem Creative Dock a U+.  „Loni bylo uzavřeno 114 tisíc hypoték v celkové hodnotě 225 miliard. Víc než šedesát procent hypoték v Česku je zprostředkovaných. Poradci se pak dostávají do konfliktu a to my chceme odstranit,“ vysvětluje zakladatel firmy Jan Drahota.  Podobně jako třeba personální…
          Peek Inside The Fintech Arms Race Between Banks And Startups   
Brick-and-mortar banks are in desperate need of a makeover. They know it too. Capital One is opening Capital One Cafes in major cities across the U.S., with hip decor and more laidback consulting vibes than traditional branches. JPMorgan is trying the same idea with its Manhattan technology hub.
          Why ICOs are a good thing even if investors lose money   

@BernardLunn wrote:

TL:DR - bubbles enable innovation - always have done, always will do. Without irrational exuberance, investors would run a mile from startups. As the VC business grew big and professional that is what happened. Entrepreneurs kept on being told the bar had been raised:

“Come back when you have an MVP.

Ok, here it is.

Come back when you have PMF.

Ok, here is evidence from our early adopters

Come back when you have Revenue.

Ok, here are our metrics showing that.

Come back when you have Profits

Ok, here are our metrics showing that.

Come back when your Profits are growing at faster rate.

Ok, here are our metrics showing that.

Ok, we are ready to invest.

No thanks. we don’t need you now.”

The sort of ventures getting funded through ICOs would never have got through that gauntlet. So we would not have Ethereum for example. Sure 90% will fail, but so what because the 10% that make it will change the world and make you rich. It is the old fashioned VC mantra but in the last decade so much money went into VC that it was no longer VC, it had become Wall Street West.

Posts: 1

Participants: 1

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          Who is tracking the Post ICO performance?   

@BernardLunn wrote:

ICOs are a superb new capital raising tool for entrepreneurs. No question. Who would not want to be like to be like Bancor and raise $150m online? Sure we all love the pitching process to Angels and VCs. Haha.

The question is when does this become sustainable? That is when it has to work as well for investors. That is when the post ICO performance matters. This is the same as Post IPO performance. Some investors jump in at IPO (momentum traders). Others wait to see how the company performs (more fundamental long term investors). Some companies only give you a short window to get back in post IPO (think Facebook). Others give a long window (think Lending Club between IPO in December 2014 and historical ATL entry point in May 2016). Others, well they disappeared into the dustbin of history and investors put it down to experience.

I can see anecdotal and individual stories (e.g ETH has been a great success since Aug 2014 for example), but what about others? I can compile the data manually using CoinMarketCap, but that is a drag. Who tracks this?

Posts: 2

Participants: 2

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          Java Engineer - SaaS, RESTful APIs, Linux   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing transforming ourselves and our industry. We are currently looking for a talented Java Engineer to help us create next generation solutions that are focused around new and emerging technologies . What You Will Be Doing - Design and develop scalable, back-end, data services using SaaS based technology - Create standard R
          Quality Engineer - Automation, Java, Web Servies   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing transforming ourselves and our industry. We are currently looking for a talented Quality Engineer to work on our new Quality Engineering team that is focused around new and emerging technologies . What You Will Be Doing - Maintain regression tests for allocated feature areas - Identify, log and track defects - Assist i
          JavaScript Engineer - SaaS, RESTful APIs, Linux   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing transforming ourselves and our industry. We are currently looking for a talented JavaScript Engineer to help us create next generation solutions that are focused around new and emerging technologies . What You Will Be Doing - Design and develop scalable, back-end, data services using SaaS based technology - Create stan
          Lead JavaScript Developer - SaaS, RESTful APIs, Linux   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing transforming ourselves and our industry. We are currently looking for a talented Lead JavaScript Developer to help us create next generation solutions that are focused around new and emerging technologies . What You Will Be Doing - Design and develop scalable, back-end, data services using SaaS based technology - Creat
          Lead Quality Engineer - Automation - Java   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing and transforming ourselves and our industry. We are currently looking for a talented Lead Quality Engineer to work on our new Innovation team that is focused around new and emerging technologies . Top Reasons to Work with Us - 15% Bonus - 4 weeks vacation - Top Salary What You Will Be Doing - Maintain regression tests
          Senior Java Engineer - SaaS, RESTful APIs, Linux   
Babson Park, We are a FinTech company in the greater Boston area that is focused on changing transforming ourselves and our industry. We are currently looking for a talented Senior Java Engineer to help us create next generation solutions that are focused around new and emerging technologies . What You Will Be Doing - Design and develop scalable, back-end, data services using SaaS based technology - Create sta
          【ニュース】 日本IBM、証券会社やFinTech企業向けに汎用的な共通APIを提供   
 日本IBMは、証券会社やFinTech(金融とITの融合)サービスを提供する企業向けに、オープンで汎用的な「FinTech証券共通API」の仕様の提供を6月28日に開始した。FinTech企業が証券会社と連携したサービスを展開しやすくなる。  本APIは、資産残高や注文履歴、取引・入出金履歴、少額投資非課税制度(NISA)の履歴といったFinTechサービスと証券会社のオンライントレードシステムをアプリケーション間で接続するAPI群だ。APIのインタフェース仕様は、業界標準であるOpenAPI Specification 2.0やISO(International Organization…>>続きを読む
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          Software Developer - Fintech Fund Services - Vancouver, BC   
Our platform connects manufacturers, logistics providers, distributors, and retailers, allowing them to more efficiently manufacture, distribute, and sell their...
From Fintech Fund Services - Sat, 01 Jul 2017 10:46:58 GMT - View all Vancouver, BC jobs
          The Fintech Arms Race Between Banks And Startups   
Will fintech help banks or help startups conquer the market?
          Customer Service Representative - Buyatab - Vancouver, BC   
We’re a finTech maverick and officially one of the most popular technology companies in BC. Customer Service Representative (Full-time)....
From Buyatab - Tue, 06 Jun 2017 13:06:33 GMT - View all Vancouver, BC jobs
          Los 9 mejores enlaces sobre economía y sociedad para entender qué está pasando   

TPV

Continuando con nuestro resumen de los mejores enlaces de economía y sociedad para entender qué está pasando, os traemos nuestro recopilatorio de la semana:

  • Comenzamos con un interesante artículo de Marc Vidal: Cuando la economía colaborativa no es colaborativa y cuando regular no es prohibir.
  • ¿Qué es y cómo funciona la “banca cognitiva”? Nos lo cuentan en el blog de Zenith.

  • Más sobre bancos: ¡Larga vida a las oficinas bancarias! Modo irónico On de Javier Molina en Aprende a invertir.

  • Los precios del alquiler se colocan por encima de la era de la burbuja. Nos lo cuentan en El País.

  • En GurusBlog escriben sobre el CETA: Un paralelismo entre el deporte y la economía.

  • Sí, el diésel está muriendo lentamente: sus ventas llevan cinco años cayendo. Nos lo cuentan los compañeros de Motorpasión.

  • La eurocracia, a la caza de Google. Juan Ramón Rallo nos da su opinión sobre la multa de la UE a Google en su blog Laissez Faire.

  • También Daniel Lacalle se manifiesta totalmente en contra de la sanción de la UE a Google en El Español.

  • Para terminar, no te puedes perder el temazo de Pau Monserrat sobre fintech y protección al consumidor en EnFintech.

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Los 9 mejores enlaces sobre economía y sociedad para entender qué está pasando

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La noticia Los 9 mejores enlaces sobre economía y sociedad para entender qué está pasando fue publicada originalmente en El Blog Salmón por Aurelio Jiménez .


          Have you met iBAN?   
iBAN is a startup Fintech where we offer fair, considered loans and invest your money in entrepreneurial and economically sustainable projects. We are challenging traditional business models through providing highly competitive products and guaranteed investments, whose generated funds allow us to give out loans and financing for companies and individuals with great interest rates. Visit our web page for more information: http://ibanonline.com/products
          Singapore and Denmark to Collaborate on Fintech Promotion   

Regulatory authorities in Denmark and Singapore have announced a cooperation agreement to boost financial technology innovation in both countries.

The post Singapore and Denmark to Collaborate on Fintech Promotion appeared first on CoinSpeaker.


          The new era of payment processing will change everything   

An employee demonstrates a Samsung Pay, Samsung's new mobile payment system at a shop in Seoul, South Korea, September 4, 2015. The system allows customers to pay for goods by simply placing their handsets on or next to a point-of-sale terminal. REUTERS/Kim Hong-JiThomson Reuters

The modern smartphone is a remarkable device. A single device that fits in your pocket can do all the tasks that once required cameras, camcorders, GPS devices, watches, alarm clocks, calculators, and even TVs.    

But the next change might be the most radical of all—it could eliminate the need to carry cash and credit cards.  

The growing importance of the smartphone as the go-to computing device for every digital activity is having a profound effect everywhere you look, but it’s only the biggest story among many exciting developments in the world of payments:   

  • Apple Pay was first out of the gate, but now mobile wallets are everywhere you look—Android Pay, Google Pay, Chase Pay and even Walmart Pay are making smartphones a real alternative to carrying credit cards. And the potential for mobile wallets to limit a merchant’s fraud liability could help them really take off in acceptance for small businesses.   
  • As consumers move more purchasing online, gateway vendors that can act as a front-end processor for online businesses are seeing explosive growth.   PayPal-owned Braintree grew 111% YoY in the number of cards on file in Q4 2015, while Stripe and Klarna now have multi-billion dollar valuations.
  • Mobile Point-Of-Sale (mPOS) startups like Square and ShopKeep have pioneered a whole new payments niche—accepting payments via tablets and smartphones.   Coupling their transactions capabilities with new apps can revolutionize a small business’ inventory management, marketing, loyalty and even payroll.   
  • Mobile Peer-to-Peer payments in the U.S. are forecast to grow from $5.6 billion in 2014 to nearly $175 billion by 2019 as consumers increasingly skip the hassle of writing a check or going to an ATM.   But smartphone vendors like Apple could cripple the dominant player of 2016 (Venmo) if they make a serious push to own the space.   

If your job or your company is involved in payment processing in any way, you know how complex this industry is. And you know that you simply can’t understand where the next big digital opportunities are unless you know the key players and roles in each step of the payments “supply chain:”   

  • Acquirers
  • Processors
  • Issuers
  • Card Networks
  • Independent sales organizations and merchant service providers
  • Gateways
  • Hardware and software providers

Fortunately, managing analyst John Heggestuen and research analyst Evan Bakker of BI Intelligence, Business Insider's premium research service, have compiled a detailed report that breaks down everything you need to know—whether you’re a payments industry veteran or a newcomer who is still getting a basic knowledge of this complex world.

368896817BI Intelligence

Among the big picture insights you’ll get from this new report, titled The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing:

  • The 5 key events of 2015 that have set up 2016 as a watershed year for the entire payments ecosystem. 
  • The basics of traditional card processing from the start of the process through to the very end.    
  • Why new players and innovations like prepaid cards, store cards, and PIN debit transactions are gaining market share and creating new opportunities.   
  • The effects—good and bad—of the transition to new mobile payment methods.   New players and old have surprising threats and opportunities in areas as varied as carrier billing, remittances, wearables, and more.   

This exclusive report takes you inside these big issues to explore:

  • The critical steps in credit card transactions and how they are changing.
  • The six major types of organizations involved in the payments ecosystem.
  • The significant differences for industry players who operate closed-loop networks and offer prepaid cards.
  • The challenges and opportunities facing hardware and software providers for the payments sector.   
  • The 8 reasons why mobile wallets are growing so fast and how they will disrupt all aspects of the mobile ecosystem.    
  • The exciting possibilities ahead in fast-growing payments subsectors like remittances, connected devices and mobile P2P payments.   
  • And much more.

To get your copy of this invaluable guide, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

NOW WATCH: THE BOTTOM LINE: Don’t worry about a tech bubble — worry about 1 million retail jobs instead


          You can’t understand the Fintech Revolution without this report   

Fintech Image No Colorshutterstock/a-image

This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

  • Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

  • Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

  • Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

  • Retail banking

  • Lending and Financing

  • Payments and Transfers
  • 
Wealth and Asset Management

  • Markets and Exchanges

  • Insurance

  • Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.

Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

  • Fintech investment continues to grow. After landing at $19 billion in total in 2015, global fintech funding had already reached $15 billion by mid-August 2016.
  • The areas of fintech attracting media and investor attention are changing. Insurtech, robo-advisors, and digital-only banks are only a few of the segments making waves. B2B fintechs are also playing an increasingly prominent role in the ecosystem. 
  • It's not all good news for fintechs. Major hurdles, including customer acquisition and profitability, remain. As a result, many are becoming more willing to enter partnerships and adjust their business models. 
  • Incumbents are enacting strategies to ensure they remain relevant. Many financial firms have woken up to the threat posed by fintechs and are implementing innovation strategies to stave off disruption. The majority of these strategies involve some interaction with fintech firms. 
  • The relationship between incumbents and fintechs continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple — in reality, a more nuanced connection is taking hold. 

This exclusive report also:

  • Assesses the state of the fintech industry. 
  • Gives details on the drivers of its growth. 
  • Explains which areas of fintech are gaining traction. 
  • Outlines the range of current and potential models for fintech and incumbent interaction. 

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.


          Senior Node.js Engineer - Node.js, PostgreSQL, Express.JS   
New York, If you are a Senior Node.js Engineer with experience, please read on! Top Reasons to Work with Us We are a FinTech company based in New York looking to help make all your finances available on one screen. We are connected to 19,000 banks and financial institutions. We began in B2B finances and have expanded to B2C features which allows them to track the accounts opened by their consumers. What You
          Senior Node.js Engineer - Node.js, PostgreSQL, Express.JS   
NY-New York City, If you are a Senior Node.js Engineer with experience, please read on! Top Reasons to Work with Us We are a FinTech company based in New York looking to help make all your finances available on one screen. We are connected to 19,000 banks and financial institutions. We began in B2B finances and have expanded to B2C features which allows them to track the accounts opened by their consumers. What You
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          finder fintech roundup: Pocketbook, ASIC, Western Union, blockchain and innovation   
Pocketbook launches its 2017 tax app and we see innovation in the international payments space.
          Hiring for Consultant - Nbfc/ Fintech in Mumbai, for Exp. 4 - 8 yrs at Hansa Cequity.,Mumbai (Job in Mumbai)   
Job Description:Consultant - NBFC/Fintech (4-8 yrs) Looking for an experienced professional from fintech space with NBFC experience. Brief requirements : BE / MBA, Total experience 4-5 years Experience in financial services space specifically B2C fintech ...
          The CEO of an investing startup taking in $12 million a day on the future of finance, millennials, and happiness   

jon stein ceo betterment 3Betterment

It took a year for the roboadviser Betterment to reach $10 million in assets under management.

That day, in 2011, was a big one for founder Jon Stein, 37, who set up the company after working at First Manhattan Consulting Group. He recalls going out to dinner that evening and being in awe of having so many people trust him and his company with their money. Now the company pulls in $12 million a day.

Betterment is the largest independent roboadviser in the world, with $9 billion under management and 270,000 customers. Betterment is currently valued at $700 million, according to a company spokeswoman.

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest. Global assets managed by robos could reach $13 trillion by 2025 in a best-case scenario, according to a group of equity analysts at Morgan Stanley. That would be up from $100 billion in December.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Stein is resolute in his belief, however, that those firms are rooted in the old way. Business Insider recently met up with Stein at Betterment's Manhattan office to talk about the company's journey, the future of wealth management and the firm, and happiness.

This interview has been edited for clarity and length.

Frank Chaparro: How's business?

Jon Stein: We have had an incredible run. We are the largest independent online financial adviser. And this has been a goal of ours since we started the company seven years ago. We just celebrated our seventh anniversary. We have grown something like 300% year-over-year for that entire time. When we first started out, it took us a year to get to $10 million assets under management. When we did, I couldn't believe it.

It took us another six months to get to $20 million. It then took us another three months to get to $30 million. We just kept growing faster and faster and faster. And today we bring in $10 million on an average day. Our business has changed a lot, in one sense. We are growing so well, and that growth is accelerating. And our offerings are much more sophisticated than when we started.

But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things. The old way just sells the product. The old way has the product they want to push. Our vision is that the service should be built around the customer and it should be very personalized. It should be built for their needs. It should be very convenient and strip away unnecessary complexities, and it should give them peace of mind.

robotEric Thayer/GettyChaparro: In February, Betterment rolled out an offering that would provide users with access to human financial advisers. It appears that the pure robo-only model is unsustainable and that firms have to go hybrid, with a bit of old and new. Was this the thought process behind the move?

Stein: Our goal, long-term, is to be our customers' central financial relationship. We want them to be able to manage everything in one place when they come to Betterment. We give them guidance about their full financial life with that holistic view. That's what customers want. They want that ability to manage everything in one place.

And that's why we rolled out Betterment Plus and Premium. We want to be able to answer any question our clients have. We want to make it clear to everyone that people can call us and get advice and guidance on any financial question. Just call us. I don't think we've been clear enough about that even today. I think there is more work to do. And I think you will see us over the course of the year rolling out better ways that make it really obvious that anyone can get financial advice here on anything. Because we have certified financial planners who are willing to answer any question.

Chaparro: It's been said that pure roboplatforms could face trouble if there is a downturn. Without that hand-holding and someone to talk to, investors might pull —

j00322_004_237BettermentStein: Says who? I don't think that prop really resonates with customers.

If you talk to customers and ask them, "What do you want from your financial adviser?" They don't say, "We really want someone who is going to be there for me during a downturn." That's a very industry-oriented way of thinking about justifying your value as a financial adviser. It's not really what customers care about or want. They want performance. The reason they hire us is because we maximize their money. That is core to our value.

Convenience is another. They want it easy. They want it fast. They want transfers to happen quickly, and they want peace of mind. Peace of mind is related to the idea that you can talk to someone, but it is not actually "I want someone to hold my hand in a downturn." Rather, it is more like "I want to know that my financial adviser is on my side."

So Betterment is a fiduciary, so we work only for our customers. We only work in their best interest, and we always have. Charles Schwab can't say that. Schwab is a brokerage firm selling you a product. Vanguard can't say that. Vanguard is a mutual-fund supermarket. They do not care if you maximize your money because that's not their goal. That's not their objective function. Their objective function is to sell funds.

The old way doesn't really think about what is in the customer's best interest. So it is hard to get peace of mind that you are getting what is best for your money if that's not their goal.

Editor's note: We reached out to Vanguard and Charles Schwab to respond to Stein's comments.

  • Charles Schwab said: "Jon is wrong about his fiduciary point. All of Schwab's advisory services, including our roboadvisory service, Schwab Intelligent Portfolios, are fiduciary, which means we put our clients' interests first when giving advice."
  • Vanguard said: "As the industry's only client-owned asset manager, Vanguard is not only structured to serve our clients' best interest, but guided by the noble premise that an investment company should exist to make money for our clients — not from our clients."

Chaparro: What is your target demographic?

Stein: We look at our target customer as someone who is 35 to 55 years old with $100,000 to $2 million of investable assets. But we are open to everyone. We get a lot of people with less than that because we have no minimum balance. The folks with $10 million plus are well-served by private wealth managers and family offices. The folks in the $2 million to $10 million range are decently served. But people with less than that are just getting ripped off, and not getting a lot for the financial advice they pay for. So that's the market we serve best.

Chaparro: UBS put out a note last week about how the millennial generation is about to benefit from "one of the largest intergenerational wealth transfers in history." Do you view this as a tailwind for Betterment?

Stein: Definitely. I think every 30 or 40 years, historically, in this industry, there has been a new wave of technological change or regulatory change that brings about a new crop of firms that grow to be significant players in the space. I think the last time we saw this was with the growth of Vanguard and Schwab, which were both born in the 1970s. And it took them a long time to get scale. Probably about two decades.

We think we can accelerate that, and we are already growing faster than they did in the early days. We are also growing faster than mutual funds did in their early days, and we are growing faster than ETFs in their early days.

millennials festival friends funJason Kempin / Staff / Getty Images

Chaparro: Why has that been possible?

Stein: With Betterment, it is obvious why you should switch from the old way. We do things for you that the other firms do not. For starters, we make you more money — more take-home returns than you can get anywhere else. That is the value that we provide.

The headwind to growth is that people hate to talk about finance. And there is a lot of inertia as a result. People feel like "I am probably not getting the most out of my money." They have doubts and are not confident in their money management, but they think that everything else is equally bad — everything is the same, essentially.

Our job is to open people's eyes that Betterment represents a generation shift — that it is a different way of thinking about your money and what it can do for you. We're not looking to tell people that they've been doing the wrong thing for the past 30 years, because they haven't. This didn't exist before. But now that it does, and they have to take advantage of it.

Chaparro: When we think about what matters to millennials, the things that come to mind are transparency, customer service, and performance. How does Betterment stack up on those fronts?

10000th Customer Group 2BettermentStein: On every point, we win.

On performance, we do more to personalize the portfolio to meet your actual needs than anyone else. And that helps improve performance. We help improve your take-home returns through tax-loss harvesting, through dividend shielding, through intelligent rebalancing and other intelligent software.

On the theme of convenience, I'll call it — customer service, as you mentioned, is a part of that. That's a big piece. Being accessible and being able to answer questions is an integral component. But convenience also includes other things, such as having faster money movements and a faster sign-up process, and making it easier for customers to add beneficiaries to their account. We are better at all of those things. And that translates into a much better customer experience. I think we are much higher than the average. We are tied with Vanguard's levels of customer satisfaction.

And on transparency, that ties into our pillar of making sure our clients have peace of mind. Peace of mind is driven by, yes, understanding what you own and understanding how the service works. Having that level of comfort is very important. And we are very clear on all of that. But I also think peace of mind comes from knowing that your financial provider is working in your best interest. We are doing that in a way that others are not.

Chaparro: Morgan Stanley put out a big note on the future of fintech back in May in which they argued that "only a handful of roboadvice startups will survive." Those that don't survive will consolidate or be bought up by legacy firms. Do you think this is how things will play out?

Stein: It's the way things have gone in every other industry and during every other cycle in this industry. So I expect that is right. That doesn't mean there aren't going to be new ideas coming out and new competitors emerging for decades to come.

But we have to ask ourselves: How many of these players can actually make it to scale? In financial services, it is not many. How many big financial services brands have broken out in the last three decades? It is very few. What's the brand-new bank that has come along? There's none. What's the new investing firm that has broken out and taken a lot of share? There are a couple that I probably know of, but they're not on the public's radar. Maybe like Financial Engine or DFA.

There are a couple of firms that have gotten big, but they're not a huge name. PayPal did it. Capital One did it. But it's few. So I agree with their thesis: Few will survive, and there will be consolidation.

Bezos Amazon Ted S. Warren/APChaparro: Incumbents have had their own robo offerings for years, and they have their big brand and infrastructure to back them up. What makes you so certain Betterment can survive up against such competition?

Stein: For the same reason why we often see those few innovators break out.

You could also ask "Why did Amazon break out and become the dominant online retailer?" — some would say dominant retailer period. And why wasn't it Barnes and Nobles, Target, or Walmart, or anybody else? It is because Amazon has a specific focus. They didn't have conflicts with a set of existing infrastructure and systems and people who were built around doing things the old way.

Morgan Stanley, for instance, is a firm set up to serve clients the old way. As a result, they are having a really hard time shifting to this new paradigm of pure customer alignment because that's not their model. Their model is brokerage alignment. It is a brokerage model. They are there to sell you a product, whatever product makes them the most money. That tends to be the one that they favor.

The DOL's fiduciary rule, which is now partially enacted, tries to eliminate those conflicts of interest under retirement accounts. We think every account should have an adviser that is aligned with customer interest. We think that is the future of the industry.

Editor's note: Morgan Stanley declined to comment on Stein's comments. The Wall Street giant has taken many notable steps to digitize its wealth-management offerings. As Business Insider's Matt Turner reported, the bank is planning to roll out a goals-based roboadviser option for the children of existing wealthy clients and for Morgan Stanley stock-plan participants.

Chaparro: Naturally, there are a lot of folks in wealth management and financial services who don't agree with the DOL's rule. How do you respond to folks who argue that it's bad for clients because it limits choice?

Stein: I think the industry will say and do anything it can to hang on to the old way. No one argues with the idea that about $20 billion will flow from financial industry profits to client wallets if the rule is enacted. Parties on both sides agree with that annual estimate. So is that a good thing? If you're on our side, then it is.

TechCrunchDisruptSummer2010 JS01Betterment

Chaparro: Is this model part of the reason why you left Wall Street?

Stein: I left Wall Street because I wasn't fulfilled with the idea that I could have a career by just helping banks sell more product and helping banks make more money. I wanted to be able to get closer to the customer and to build something that mattered, that made a difference in the world, that really changed the game. And I saw a bunch of opportunities to do that.

The most glaring one was investment management, where there had been no innovation from a customer perspective in decades, in my opinion. Maybe there had been innovation on the back end for the affluent. But for the mass-market customers, the side we tend to serve, there had been very limited improvement. And so much technological change has occurred.

I mentioned this idea that advice is core. That is an important part of our vision. If you believe in technology as much as we do, you then believe, for instance, that someday we will have self-driving cars. It is not a controversial thing to say that will probably happen. I think it is controversial, relatively, today that someday we will have self-managing wallets. You earn some money, and you have some preferences about how you want it saved and spent, and I believe your wallet will manage and optimize itself. You will have the right amount going into the right accounts, the right amount set aside for different needs. You can always change. Just like with a self-driving car, you can change your destination.

But all that optimization is happening for you, in a way that's aligning with your best interests. And as an adviser, we can build that future. A broker can't build that because that's not their core. A mutual-fund company can't do that. I think we are best positioned to be the financial-services firm of the future because we started with this vision of advice.

Chaparro: What's the next innovation you are excited about?

hbz 80s fashion 1986 gettyimages 499296983Harpers BazaarStein: As far as future innovation is considered, I think we can stand out the most in personalization. We want to do more and more to give you a personalized index.

The idea that you should buy a fund with 5 million other people who are buying that fund, that is a very 1980s view of the world. Why? Because that's the only technology we could support at the time. Building indexes was hard and took a lot of math.

We can do so much better than that now. I can build you an index that takes into consideration your risk tolerance, your goals, your values and personal preferences about what kind of companies you want to invest in, and any changes that come up in your life. We can build you this separately managed index fund that will yield a higher performance. I think that's a very exciting lane.

Chaparro: As part of your strategy to target younger folks, I imagine you guys are constantly advertising on podcasts. Shifting gears a bit, do you listen to podcasts?

Stein: I do. I was driving over the weekend, and I just heard one of our ads. This weekend I was listening to "Reply All," "99% Invisible," and "StartUp." I listen to a lot of them.

Chaparro: What other hobbies do you have?

Stein: We have a garden on our deck. We've got tomatoes, cherries, strawberries, squash. In past years, we've had okra.

Chaparro: How did you get into gardening?

Stein: Also, I'm a big student of happiness and figuring out what makes us happy. Part of the reason why I started this company is I think having purpose and doing something with purpose is one of the key drivers of happiness — much more so than financial gain or money.

More money doesn't really make people happier. Having purpose and having peace of mind about your money makes us happy. Gardening is one of those things that is well-correlated with happiness. I just like the idea of it.

NOW WATCH: Harvard Business School professor explains the most important problem we have in finance today and how to fix it


          The new era of payment processing will change everything   

An employee demonstrates a Samsung Pay, Samsung's new mobile payment system at a shop in Seoul, South Korea, September 4, 2015. The system allows customers to pay for goods by simply placing their handsets on or next to a point-of-sale terminal. REUTERS/Kim Hong-JiThomson Reuters

The modern smartphone is a remarkable device. A single device that fits in your pocket can do all the tasks that once required cameras, camcorders, GPS devices, watches, alarm clocks, calculators, and even TVs.    

But the next change might be the most radical of all—it could eliminate the need to carry cash and credit cards.  

The growing importance of the smartphone as the go-to computing device for every digital activity is having a profound effect everywhere you look, but it’s only the biggest story among many exciting developments in the world of payments:   

  • Apple Pay was first out of the gate, but now mobile wallets are everywhere you look—Android Pay, Google Pay, Chase Pay and even Walmart Pay are making smartphones a real alternative to carrying credit cards. And the potential for mobile wallets to limit a merchant’s fraud liability could help them really take off in acceptance for small businesses.   
  • As consumers move more purchasing online, gateway vendors that can act as a front-end processor for online businesses are seeing explosive growth.   PayPal-owned Braintree grew 111% YoY in the number of cards on file in Q4 2015, while Stripe and Klarna now have multi-billion dollar valuations.
  • Mobile Point-Of-Sale (mPOS) startups like Square and ShopKeep have pioneered a whole new payments niche—accepting payments via tablets and smartphones.   Coupling their transactions capabilities with new apps can revolutionize a small business’ inventory management, marketing, loyalty and even payroll.   
  • Mobile Peer-to-Peer payments in the U.S. are forecast to grow from $5.6 billion in 2014 to nearly $175 billion by 2019 as consumers increasingly skip the hassle of writing a check or going to an ATM.   But smartphone vendors like Apple could cripple the dominant player of 2016 (Venmo) if they make a serious push to own the space.   

If your job or your company is involved in payment processing in any way, you know how complex this industry is. And you know that you simply can’t understand where the next big digital opportunities are unless you know the key players and roles in each step of the payments “supply chain:”   

  • Acquirers
  • Processors
  • Issuers
  • Card Networks
  • Independent sales organizations and merchant service providers
  • Gateways
  • Hardware and software providers

Fortunately, managing analyst John Heggestuen and research analyst Evan Bakker of BI Intelligence, Business Insider's premium research service, have compiled a detailed report that breaks down everything you need to know—whether you’re a payments industry veteran or a newcomer who is still getting a basic knowledge of this complex world.

368896817BI Intelligence

Among the big picture insights you’ll get from this new report, titled The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing:

  • The 5 key events of 2015 that have set up 2016 as a watershed year for the entire payments ecosystem. 
  • The basics of traditional card processing from the start of the process through to the very end.    
  • Why new players and innovations like prepaid cards, store cards, and PIN debit transactions are gaining market share and creating new opportunities.   
  • The effects—good and bad—of the transition to new mobile payment methods.   New players and old have surprising threats and opportunities in areas as varied as carrier billing, remittances, wearables, and more.   

This exclusive report takes you inside these big issues to explore:

  • The critical steps in credit card transactions and how they are changing.
  • The six major types of organizations involved in the payments ecosystem.
  • The significant differences for industry players who operate closed-loop networks and offer prepaid cards.
  • The challenges and opportunities facing hardware and software providers for the payments sector.   
  • The 8 reasons why mobile wallets are growing so fast and how they will disrupt all aspects of the mobile ecosystem.    
  • The exciting possibilities ahead in fast-growing payments subsectors like remittances, connected devices and mobile P2P payments.   
  • And much more.

To get your copy of this invaluable guide, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

NOW WATCH: HENRY BLODGET: Tech market is nowhere near the dotcom days


          You can’t understand the Fintech Revolution without this report   

Fintech Image No Colorshutterstock/a-image

This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

  • Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

  • Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

  • Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

  • Retail banking

  • Lending and Financing

  • Payments and Transfers
  • 
Wealth and Asset Management

  • Markets and Exchanges

  • Insurance

  • Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.

Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

  • Fintech investment continues to grow. After landing at $19 billion in total in 2015, global fintech funding had already reached $15 billion by mid-August 2016.
  • The areas of fintech attracting media and investor attention are changing. Insurtech, robo-advisors, and digital-only banks are only a few of the segments making waves. B2B fintechs are also playing an increasingly prominent role in the ecosystem. 
  • It's not all good news for fintechs. Major hurdles, including customer acquisition and profitability, remain. As a result, many are becoming more willing to enter partnerships and adjust their business models. 
  • Incumbents are enacting strategies to ensure they remain relevant. Many financial firms have woken up to the threat posed by fintechs and are implementing innovation strategies to stave off disruption. The majority of these strategies involve some interaction with fintech firms. 
  • The relationship between incumbents and fintechs continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple — in reality, a more nuanced connection is taking hold. 

This exclusive report also:

  • Assesses the state of the fintech industry. 
  • Gives details on the drivers of its growth. 
  • Explains which areas of fintech are gaining traction. 
  • Outlines the range of current and potential models for fintech and incumbent interaction. 

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.


          (USA-CA-San Francisco) FinTech Firm Seeks Junior Accountant   
Are you an Accountant searching for that next position? If you are, a top FinTech Payments firm is Looking for you! My client is looking for an Accountant to join their expanding team in San Francisco immediately. This Accountant will have the opportunity to work directly with the CFO of this FinTech Firm assisting in a vital part of the company. If you are an Accountant looking to put your skills to the test apply today! To be considered for this open Accounting position at the San Francisco based FinTech firm apply directly to Brittany.Behar@Roberthalffs.com Duties Include: - Accounts Payable - Accounts Receivable - Journal Entries - Cash/Card Reconciliations - Accounting Client/Compliance Support - Other duties as the position grows FinTech experience a strong plus! 6months+ of Accounting Experience NetSuite a strong plus! Comfortable with Excel Great communication needed Strong Organizational skills Self-starter is a must Apply directly to Brittany.Behar@Roberthalffs.com Accountemps matches highly skilled professionals with accounting finance jobs at the best companies on a temporary and temporary-to-hire basis. Our mission is to provide you with a rewarding finance or accounting job that is well matched to your professional skills – helping you to advance in your career. Our experience, combined with the resources of our worldwide network of offices, makes Accountemps a great resource for your career. We offer excellent opportunities to find temporary accounting and finance jobs for all experience levels. From accounting clerks and bookkeepers to accounts payable and staff accountants, we can provide you unparalleled access to exciting career opportunities. But don't take our word for it. Our company once again was named first in our industry on Fortune® magazine's list of "World's Most Admired Companies." (March 1, 2017), and 9 out of 10 of our customers would recommend our service to a colleague. Contact your local Accountemps office at 888.670.5403 or visit www.accountemps.com to apply for this job now or find out more about other job opportunities. All applicants applying for U.S. job openings must be authorized to work in the United States. Robert Half will consider qualified applicants with criminal histories in a manner consistent with the requirements of the San Francisco Fair Chance Ordinance. © 2017 Accountemps. An Equal Opportunity Employer M/F/Disability/Veterans By clicking 'Apply Now' you are agreeing to Robert Half Terms of Use.
          (USA-CA-San Francisco) FinTech needs Staff Accountant in SF!   
Staff Accountant wanted immediately for an innovative FinTech start up! This Staff Accountant will thrive in a fun environment with an office dog and free parking. This role is opened immediately because of a promotion. If you are excited to hit the ground in a running in a FinTech firm this Staff Accountant role is just for you! Apply to the Staff Accounting position directly to: Katie.McDonald@Roberthalffs.com Staff Accountant Duties Include: - Perform timely and accurate processing and recording of Accounts Payable (AP) - Record and review company transactions - Reconcile band and credit card accounts, accounts payable (AP), and AR - Prepare and process general ledger entries - Respond to inquiries and requests from customers - Assist with preparation of management reports, financial statements, investor/lender reports and regulatory filings - Update management on status of work and issues FinTech or Financial Services Industry Experience required 2+ years of Accounting experience Proficient with ERP Accounting system and Microsoft Office (Excel) Experience with a start-up, entrepreneurial, fast-paced environment a plus Sense of urgency Detail Oriented BA in accounting, finance or related field Great Communication needed Accountemps matches highly skilled professionals with accounting finance jobs at the best companies on a temporary and temporary-to-hire basis. Our mission is to provide you with a rewarding finance or accounting job that is well matched to your professional skills – helping you to advance in your career. Our experience, combined with the resources of our worldwide network of offices, makes Accountemps a great resource for your career. We offer excellent opportunities to find temporary accounting and finance jobs for all experience levels. From accounting clerks and bookkeepers to accounts payable and staff accountants, we can provide you unparalleled access to exciting career opportunities. But don't take our word for it. Our company once again was named first in our industry on Fortune® magazine's list of "World's Most Admired Companies." (March 1, 2017), and 9 out of 10 of our customers would recommend our service to a colleague. Contact your local Accountemps office at 888.670.5403 or visit www.accountemps.com to apply for this job now or find out more about other job opportunities. All applicants applying for U.S. job openings must be authorized to work in the United States. Robert Half will consider qualified applicants with criminal histories in a manner consistent with the requirements of the San Francisco Fair Chance Ordinance. © 2017 Accountemps. An Equal Opportunity Employer M/F/Disability/Veterans By clicking 'Apply Now' you are agreeing to Robert Half Terms of Use.
          Flipkart intends to launch new fintech business categories, hires Silicon Valley execs   
Flipkart, which already has plans to enter categories like furniture and groceries is now looking to tap the fintech sector as well. Currently, India’s largest online marketplace, the e-commerce company is looking to hire executives from Silicon Valley to assist them in entering areas of AI (artificial intelligence) and ML (machine learning) while moving away […]
          Business Development Executive   
This is an exciting opportunity to join a small team at Fintech company providing funding to small businesses across the UK. The company has strong financial backing and is now looking to recruit an additional person to support their rapid growth plans. The role will be working as a Business Development Executive. There w..
          Comment on Mt. Gox Abandons Rebuilding Plans and Files for Liquidation, Says WSJ by Overstock.com to Issue Shares Using Blockchain Technology, Report Says | Crypto Coin News   
[…] it was all regulatory compliant and speaks the technology of FinTech … We didn’t want to be a Mt.Gox trying to build something and sneak it past the regulators,” said CEO Patrick Byrne in an […]
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          NewAlpha annonce le closing final de son fonds de venture capital dédié aux FinTech   
Spécialiste de l’investissement dans l’industrie financière entrepreneuriale, NewAlpha Asse...
Journal quotidien finance innovation

          Fintech and innovation leader Simon Moss joins Grant Thornton   
Simon Moss has joined Grant Thornton LLP as a managing director in its Financial Services Advisor...
Journal quotidien finance innovation

          杭州互联网法院掀起网络维权背后也迎来创业新机遇   

在这个被互联网浪潮席卷的时代里,有这样一批活跃在网络上,紧跟时代潮流的法律人,他们既源源不断利用移动互联网来更新自己的知识体系,又把自身拥有的法律行业知识与互联网工具相结合,造福于有需求的同行或者大众。

中国正在进入产业升级的大潮,法律服务的在线化即是大势所趋

当一个传统产业拥抱互联网之后,人们就会看到一种全新行业形态和运作模式,例如传统的商品买卖在线化迁移后形成电子商务;传统的本地化服务在线化迁移后形成O2O,传统的电视台黄金广告位招标在线化迁移后形成竞价排名;原来的邻里交往在线化迁移后成为社交工具;原来的纸币在线化后演化成电子支付;甚至于传统的犯罪行为都在积极学习往在线化迁移,而在法律界也同样如此。

举个例子,传统的法律服务都是本地化的,如果杭州的律师要到北京去调取档案,以前只能自己跑,而现在通过互联网法律,可以在线上完成下单,从而联系到当地的律师,代理调档,大大缩减查档的劳务成本。同时,如果客户可以对服务提供者打分,并客观地在互联网上展示出来,客户便更好地选择律师。

可以看到互联网以其无与伦比的便利性,成为了新一代从业者的主流通路。而随着多种服务互联互通的020消费体系逐渐完善,越来越多的当事人习惯遇到法律问题上网找答案,网上咨询解决纠纷模式成为一种潮流。

近日世界首个杭州互联网法院的设立,也在向我们释放了一个非常积极的信号,虽然法律或立法具有滞后性,但法律服务创新必将成为今后大势,那些落后的行业模式只会成为互联网新型法律纠纷的填埋场,甚至成为阻碍社会和科技进步的枷锁。

行业风险犹在,法律服务创新之路道阻且长

2016年下半年,互联网+法律服务的行业新闻堪称骤减。一方面是因为2015到2016上半年行业发展过快,需要自身的缩紧和内部调试,另一方面是因为资本寒冬的袭来令这个刚刚开始火爆的产业猝不及防:整体经济缓行导致B端客户的流量大幅下降,而面对雷同度极高的新创项目,资本也表现出了谨慎和放缓。

不难看到,在法律拥抱互联网的过程中,许多人陷入了溺死在法律服务网店化的漩涡,例如红极一时的绿狗网曾以电商模式主打各类法律服务,后其试图将服务“产品化”,推出“还钱吧”、“离婚快”等法律产品,而今却围绕公司注册、财税社保等打造了许多法律周边服务产品,量大却显得专业度不够。

另外在互联网+法律的大浪潮下雷同模式喷涌而出,如同一场声势浩大的烟火,耀眼但转瞬即逝。律师行业本身就有比较高的进入门槛,服务结果直接影响用户利益,所以用户对于律师服务的要求更为严苛。

在从律师的角度来说,由于律师行业的既得利益其实相当高,很少有律师真的希望通过在线开放的方式来打开新的客源渠道。很多创业项目,确实可以通过平台模式大力附能消费者,但却触及了律师行业和事务所的利益线,因此得不到专业支持,结果只能功亏一篑,可见法律服务升级之路仍道阻且长。

敢于尝试便有先机,许多从业者已经冒出了成功的步伐

据了解“互联网+法律”的创业项目,现在存续的有400家以上,而且还在不断增加,但目前大概只有30家左右拿到A轮融资,而且这30家里头大部分也是举步维艰。不过拥抱互联网潮流是法律服务业必须面对的客观现实,许多先行者已经做出了有益的尝试。

一、打造特色模式

在当下很多行业中,如果想在模式上创新上取胜,集中精力在某一专业领域精耕细作,提供更专业、更优质服务的可能性更大,这种转变的实现难度也较小,并且更容易做出品牌。

例如互联网法律平台“赢了网”首创律师竞标模式,通过竞标帮助用户选择最合适的律师,将法律与互联网结合,在很大程度上提高了普通百姓和企业客户法律服务交流,数据显示自2014年10月上线至今不足一年,赢了网已积累全国7000多名专业律师,超过100名法学专家,服务超万名个人用户及企业客户。

无独有偶,易法客在电商模式下,重点突出了合同服务的主题,其从合同出发,单点突破,现在业务类型已经覆盖到智能生成、合同审阅、合同起草等方面,并上线了各种打包法律服务,大有从“单点”向“百货商店”发展的趋势。

知果果是一家在线知识产权服务机构,其专注于意见流程性强、重复性高的服务,以低价换取巨大的业务量,数据显示其企业用户注册量已超过五万家......这些平台在大量雷同的运营模式下,做出了不同的尝试,给法律行业注入了新鲜的血液。

二、发力创新技术

技术嵌入对法律行业的发展显然意义重大,例如文件自动组装、无间断互联、电子学习、法律开源、只能法律检索等都曾对法律产生深刻影响,目前国内不乏发力法律创新技术的平台。

例如iCourt以法律从业者为服务对象,借助技术驱动法律的理念,帮助律师提高职业能力,如可视化、大数据等技能已被诸多律师运用到实务当中,据悉迄今已有六千多为律师走进iCourt法学院,其公开课已覆盖多名法律人。

再有法大大,基于数字签名和云储存技术,提供在线电子缔约、电子合同管理、证据托管的第三方云服务平台。更有甚者爱合同平台,其用机器人代人工进行租赁类、股权类等多项常见合同缺失条款和风险的提示等,可以看到这些年借助创新技术而崛起的法律平台已经是行业的不可缺少的部分势力。

三、选取独特定位

安盾网与知果果一样关注知识产权,但其以“打击侵权假冒产品”为关键点进行切入,在全国律师及调查员网络,同时建立面向公众的有奖举报平台以扩大信息来源。据其官网显示该公司已服务于华为、海尔、腾讯、小米等知名公司。

牛法网则定位于高端受众,其致力于打造高端法务平台,是我国少有的小时咨询费率可达数千元的服务机构。

以上皆为具有特色切入点的平台,除此之外我国还有很多的先行者和探索者,它们正在这场浪潮中尽情的狂欢,并用独特的视角制造行业更多的发力点和创造巨大财富的机会。

互联网颠覆持续进行,法律服务行业未来的机遇何在?

从本质上看,互联网真正带给行业的,其实是减掉了沟通障碍(成本)、减掉了中间渠道、减掉了多余的层级架构、减掉了一切可以外部化的低效内部交易。于此,法律服务最理想的发展方式便有三:

其一,深耕细分领域。由于法律服务的流程很长,种类也花样繁多,因此创造的空白痛点也就不计其数。大而全的平台所需要成本与资源过多,但小巧有针对性的法律服务平台,尤其是反向针对法律从业者的平台会比较受到欢迎。找到垂直入口,是如今创业的不二法门。尤其是结合自身优势找到垂直入口,是最高效的创业方法。

其二,进行新产业、新技术创新服务,服务于新产业、新技术类。人工智能、物联网、fintech等新技术产业,以及soho、众包众筹等新企业组织模式,都带来了大量的司法服务需求,针对这些需求架设项目,一方面盈利空间大,一方面也可以搭载风口讲一些新故事。互联网+法律服务的大数据,一直都是行业重点需求的一环。也有很多企业致力于这个环节,但大数据提供者+行业分析者依旧带来了很多机会。

其三,联盟化发展。在共享思维与平台战略思想的指引下,不可否认,联盟化的管理结构是一个好的发展方向。在这种联盟当中,共享思维的体现,是跨界整合、资源的聚合、优化、再分配,以及到重复使用,形成规模效应。平台战略需要统一的价值理念、多样化的品牌营销、多元化的案源拓展,辅以互联网的技术和系统支撑,最终形成高效互通的协作平台。

可以想象,法律服务势必因为有互联网的加入而变得更加专业化、透明化。这种专业化应该是法律服务过程的流程化,各个流程节点的标准化,以及全部流程的可视化。即法律服务的过程不会因为办案律师的不同而产生太大的差异,也不会因为客户的监督严格与否而有太大的差异。客户在购买法律服务产品之前就可以通过产品手册了解到核心产品的基本情况,而不用通过各种方式去试图猜测律师及法律服务的好坏。

综上看来,互联网+法律”目的在于打造专注于法律垂直领域的知识分享与共建的平台。将线上线下结合,线上可以采取法律服务商城、律师讲堂、云端律所和人工智能等线上版块,为法律人量身打造标准化法律服务产品,学习实务技巧,充分运用人工智能提高律师工作效率。因此线下法律服务目前应当着力进行业内资源高效整合,结成联盟,方能走向共赢发展局面。附上互联网,未来法律行业形态将拥有巨大的想象空间。


           ATM & Cash Innovation Europe 2017 (Business)   

ATM & Cash Innovation Europe 2017 1.0


Device: iOS Universal
Category: Business
Price: Free, Version: 1.0 (iTunes)

Description:

Following on from our 15 years of successful "European ATMs" events, ATMIA is launching an exciting new event, "ATM and Cash Innovation", as our flagship European industry conference. This event will cover innovation in relation to ATMs, cash, self-service, branch transformation and multi-channel customer service. It will be the official industry European event commemorating the 50th ATM anniversary and the 20th ATMIA anniversary while looking forward to an innovative future for our industry.

This conference will be co-hosted by our new conference partners, Reconnaissance International and endorsed by our new media partners, Fintech Finance. Make plans now to attend 2017 Conference in London.

ATM & Cash Innovation Europe 2017


          Hong Kong establece asociación Fintech.   
Oficialmente fue lanzada la Asociación Fintech en Hong Kong con el fin de ser pionera en una comunidad de Fintech inclusiva y diversa en el país. El evento de lanzamiento vio a más de...
          未経験歓迎!M&Aで中小企業の未来を救うM&Aアドバイザーを募集! by 株式会社 BuySell Technologies   
弊社ではFintechを活用した中小企業向けのM&Aアドバイザリーをスタートさせました。 現在は10名の体制でアドバイザリーを行っておりますが、新規事業のため、立ち上げメンバーとしてM&A案件の分野を幅広く担当していただく、コンサルタントの方を募集しております。 【求める人物像】 

- 経営者視点を持ってビジネスを進めたい方 
- 事業を進めるために主体的に企画立案し、それを自ら実現することでやりがいを感じられる方 
 - 新規事業をリーダーシップを持って成長させたい方 【活かせる経験】 
- M&Aアドバイザリー業務経験
 
- 法人営業での高いご成績 
- 銀行・証券会社等、金融機関での実務経験 
-中小企業向けのコンサルティング業務の経験 【業界未経験者の方】 
お持ちのスキルや資格に応じて、座学・実地研修などを提供することで、1日でも早く仕事に取り組めるようサポートしま す。 弊社は安定した経営基盤・経験豊富なメンバーなど、新規事業 を起こすには最高の環境だと自負しています。 四谷にあります弊社オフィスにお越しいただけますと、さらに 詳しい業務内容をお伝えすることができます。 ぜひこの機会に、まずは気軽にご連絡ください。
          上場準備中!FinTech事業を担うプロダクトマネージャー募集! by 株式会社 BuySell Technologies   
弊社では新規事業のFintech事業として、M&Aのプラットフォームビジネスの立ち上げを行っております。 現在多数の企業様からのご登録申請をいただいているため、UIUXの優れ、かつ拡張性のあるプラットフォームを開発していきたいと考えております。 現在はCTOとデザイナーで担当しており、プロジェクトマネージャーとしてご参画いただける方を募集しております。 【募集職種】 プロダクトマネージャー 【業務内容】 1. 市場分析 / ユーザヒアリング / チーム構成など制約条件を考慮した、Product Requirementsの作成
 2. エンジニア・デザイナーなどとと協働し、プロダクトのビジョンやロードマップ、戦略の決定 3. 経営陣などステークホルダーへのプレゼンテーション 4. プロダクトのデザインディレクション、実装方法の検討などのプロダクト生産方法の検討 5. 工程管理・リソース管理を通したチーム最適化 
6. セールス、CSチームと協働してプロダクトの向上・新規実装を実施 7. プロダクトゴールから逆算したKPI設計 8. KPI達成のためのネクストアクション選定 9. 広報チームと共にプロダクトのプロモーションを行い、プロダクトの市場評価を確立 10. ものづくりの楽しさ、美しさを全社に共有 【必須要件】 ・主体的なプロダクトのディレクション経験
 ・デザイナー、エンジニアと協業してプロダクト開発を進めた経験 ・論理的に物事を整理し、優先度をつけることができる力 【歓迎要件】 ・Webサービスの実装経験
 ・チームマネジメント経験 ・日常会話ができるレベルの英語力 【求める人物像】 ・ものづくりが好きな方 ・KPI達成にやりがい、楽しさを感じられる方
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          Hong Kong establece asociación Fintech.   
none
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Imagine you could start with a clean slate and think of a different way to deliver banking to small businesses....
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          How fintech will vitalise portfolio planning and selling   
Developments in financial technology solutions for asset managers promise to create new, detailed investing solutions, as well as changing the manner in which funds are distributed.
          Monday Morning Cup of Coffee: Redfin files for IPO, plans to raise millions   
The housing industry kept busy over the past several days. Online real estate company Redfin decided to finally jump into the stock market, filing an initial public offering with the U.S. Securities and Exchange Commission. Meanwhile, newly created fintech company Finastra is reminding the industry that it’s not done growing. Check out the article to find out what’s in store for housing.
          Our best #fintech stories from around the world are all here: http://reut.rs/2saWAgA  #http://ReutersFintechpic.twitter.com/miMIaSJGru   
Our best #fintech stories from around the world are all here: http://reut.rs/2saWAgA  #ReutersF
          Fintech lingo explained: http://reut.rs/2ta0B6r  #fintech #http://ReutersFintechpic.twitter.com/gd3lraSarl   
Fintech lingo explained: http://reut.rs/2ta0B6r  #fintech #ReutersFintech http://pic.twitter.co
          The CEO of an investing startup taking in $12 million a day on the future of finance, millennials, and happiness   

jon stein ceo betterment 3

It took a year for the roboadviser Betterment to reach $10 million in assets under management.

That day, in 2011, was a big one for founder Jon Stein, 37, who set up the company after working at First Manhattan Consulting Group. He recalls going out to dinner that evening and being in awe of having so many people trust him and his company with their money. Now the company pulls in $12 million a day.

Betterment is the largest independent roboadviser in the world, with $9 billion under management and 270,000 customers. Betterment is currently valued at $700 million, according to a company spokeswoman.

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest. Global assets managed by robos could reach $13 trillion by 2025 in a best-case scenario, according to a group of equity analysts at Morgan Stanley. That would be up from $100 billion in December.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Stein is resolute in his belief, however, that those firms are rooted in the old way. Business Insider recently met up with Stein at Betterment's Manhattan office to talk about the company's journey, the future of wealth management and the firm, and happiness.

This interview has been edited for clarity and length.

Frank Chaparro: How's business?

Jon Stein: We have had an incredible run. We are the largest independent online financial adviser. And this has been a goal of ours since we started the company seven years ago. We just celebrated our seventh anniversary. We have grown something like 300% year-over-year for that entire time. When we first started out, it took us a year to get to $10 million assets under management. When we did, I couldn't believe it.

It took us another six months to get to $20 million. It then took us another three months to get to $30 million. We just kept growing faster and faster and faster. And today we bring in $10 million on an average day. Our business has changed a lot, in one sense. We are growing so well, and that growth is accelerating. And our offerings are much more sophisticated than when we started.

But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things. The old way just sells the product. The old way has the product they want to push. Our vision is that the service should be built around the customer and it should be very personalized. It should be built for their needs. It should be very convenient and strip away unnecessary complexities, and it should give them peace of mind.

robotChaparro: In February, Betterment rolled out an offering that would provide users with access to human financial advisers. It appears that the pure robo-only model is unsustainable and that firms have to go hybrid, with a bit of old and new. Was this the thought process behind the move?

Stein: Our goal, long-term, is to be our customers' central financial relationship. We want them to be able to manage everything in one place when they come to Betterment. We give them guidance about their full financial life with that holistic view. That's what customers want. They want that ability to manage everything in one place.

And that's why we rolled out Betterment Plus and Premium. We want to be able to answer any question our clients have. We want to make it clear to everyone that people can call us and get advice and guidance on any financial question. Just call us. I don't think we've been clear enough about that even today. I think there is more work to do. And I think you will see us over the course of the year rolling out better ways that make it really obvious that anyone can get financial advice here on anything. Because we have certified financial planners who are willing to answer any question.

Chaparro: It's been said that pure roboplatforms could face trouble if there is a downturn. Without that hand-holding and someone to talk to, investors might pull —

j00322_004_237Stein: Says who? I don't think that prop really resonates with customers.

If you talk to customers and ask them, "What do you want from your financial adviser?" They don't say, "We really want someone who is going to be there for me during a downturn." That's a very industry-oriented way of thinking about justifying your value as a financial adviser. It's not really what customers care about or want. They want performance. The reason they hire us is because we maximize their money. That is core to our value.

Convenience is another. They want it easy. They want it fast. They want transfers to happen quickly, and they want peace of mind. Peace of mind is related to the idea that you can talk to someone, but it is not actually "I want someone to hold my hand in a downturn." Rather, it is more like "I want to know that my financial adviser is on my side."

So Betterment is a fiduciary, so we work only for our customers. We only work in their best interest, and we always have. Charles Schwab can't say that. Schwab is a brokerage firm selling you a product. Vanguard can't say that. Vanguard is a mutual-fund supermarket. They do not care if you maximize your money because that's not their goal. That's not their objective function. Their objective function is to sell funds.

The old way doesn't really think about what is in the customer's best interest. So it is hard to get peace of mind that you are getting what is best for your money if that's not their goal.

Editor's note: We reached out to Vanguard and Charles Schwab to respond to Stein's comments.

  • Charles Schwab said: "Jon is wrong about his fiduciary point. All of Schwab's advisory services, including our roboadvisory service, Schwab Intelligent Portfolios, are fiduciary, which means we put our clients' interests first when giving advice."
  • Vanguard said: "As the industry's only client-owned asset manager, Vanguard is not only structured to serve our clients' best interest, but guided by the noble premise that an investment company should exist to make money for our clients — not from our clients."

Chaparro: What is your target demographic?

Stein: We look at our target customer as someone who is 35 to 55 years old with $100,000 to $2 million of investable assets. But we are open to everyone. We get a lot of people with less than that because we have no minimum balance. The folks with $10 million plus are well-served by private wealth managers and family offices. The folks in the $2 million to $10 million range are decently served. But people with less than that are just getting ripped off, and not getting a lot for the financial advice they pay for. So that's the market we serve best.

Chaparro: UBS put out a note last week about how the millennial generation is about to benefit from "one of the largest intergenerational wealth transfers in history." Do you view this as a tailwind for Betterment?

Stein: Definitely. I think every 30 or 40 years, historically, in this industry, there has been a new wave of technological change or regulatory change that brings about a new crop of firms that grow to be significant players in the space. I think the last time we saw this was with the growth of Vanguard and Schwab, which were both born in the 1970s. And it took them a long time to get scale. Probably about two decades.

We think we can accelerate that, and we are already growing faster than they did in the early days. We are also growing faster than mutual funds did in their early days, and we are growing faster than ETFs in their early days.

millennials festival friends fun

Chaparro: Why has that been possible?

Stein: With Betterment, it is obvious why you should switch from the old way. We do things for you that the other firms do not. For starters, we make you more money — more take-home returns than you can get anywhere else. That is the value that we provide.

The headwind to growth is that people hate to talk about finance. And there is a lot of inertia as a result. People feel like "I am probably not getting the most out of my money." They have doubts and are not confident in their money management, but they think that everything else is equally bad — everything is the same, essentially.

Our job is to open people's eyes that Betterment represents a generation shift — that it is a different way of thinking about your money and what it can do for you. We're not looking to tell people that they've been doing the wrong thing for the past 30 years, because they haven't. This didn't exist before. But now that it does, and they have to take advantage of it.

Chaparro: When we think about what matters to millennials, the things that come to mind are transparency, customer service, and performance. How does Betterment stack up on those fronts?

10000th Customer Group 2Stein: On every point, we win.

On performance, we do more to personalize the portfolio to meet your actual needs than anyone else. And that helps improve performance. We help improve your take-home returns through tax-loss harvesting, through dividend shielding, through intelligent rebalancing and other intelligent software.

On the theme of convenience, I'll call it — customer service, as you mentioned, is a part of that. That's a big piece. Being accessible and being able to answer questions is an integral component. But convenience also includes other things, such as having faster money movements and a faster sign-up process, and making it easier for customers to add beneficiaries to their account. We are better at all of those things. And that translates into a much better customer experience. I think we are much higher than the average. We are tied with Vanguard's levels of customer satisfaction.

And on transparency, that ties into our pillar of making sure our clients have peace of mind. Peace of mind is driven by, yes, understanding what you own and understanding how the service works. Having that level of comfort is very important. And we are very clear on all of that. But I also think peace of mind comes from knowing that your financial provider is working in your best interest. We are doing that in a way that others are not.

Chaparro: Morgan Stanley put out a big note on the future of fintech back in May in which they argued that "only a handful of roboadvice startups will survive." Those that don't survive will consolidate or be bought up by legacy firms. Do you think this is how things will play out?

Stein: It's the way things have gone in every other industry and during every other cycle in this industry. So I expect that is right. That doesn't mean there aren't going to be new ideas coming out and new competitors emerging for decades to come.

But we have to ask ourselves: How many of these players can actually make it to scale? In financial services, it is not many. How many big financial services brands have broken out in the last three decades? It is very few. What's the brand-new bank that has come along? There's none. What's the new investing firm that has broken out and taken a lot of share? There are a couple that I probably know of, but they're not on the public's radar. Maybe like Financial Engine or DFA.

There are a couple of firms that have gotten big, but they're not a huge name. PayPal did it. Capital One did it. But it's few. So I agree with their thesis: Few will survive, and there will be consolidation.

Bezos Amazon Chaparro: Incumbents have had their own robo offerings for years, and they have their big brand and infrastructure to back them up. What makes you so certain Betterment can survive up against such competition?

Stein: For the same reason why we often see those few innovators break out.

You could also ask "Why did Amazon break out and become the dominant online retailer?" — some would say dominant retailer period. And why wasn't it Barnes and Nobles, Target, or Walmart, or anybody else? It is because Amazon has a specific focus. They didn't have conflicts with a set of existing infrastructure and systems and people who were built around doing things the old way.

Morgan Stanley, for instance, is a firm set up to serve clients the old way. As a result, they are having a really hard time shifting to this new paradigm of pure customer alignment because that's not their model. Their model is brokerage alignment. It is a brokerage model. They are there to sell you a product, whatever product makes them the most money. That tends to be the one that they favor.

The DOL's fiduciary rule, which is now partially enacted, tries to eliminate those conflicts of interest under retirement accounts. We think every account should have an adviser that is aligned with customer interest. We think that is the future of the industry.

Editor's note: Morgan Stanley declined to comment on Stein's comments. The Wall Street giant has taken many notable steps to digitize its wealth-management offerings. As Business Insider's Matt Turner reported, the bank is planning to roll out a goals-based roboadviser option for the children of existing wealthy clients and for Morgan Stanley stock-plan participants.

Chaparro: Naturally, there are a lot of folks in wealth management and financial services who don't agree with the DOL's rule. How do you respond to folks who argue that it's bad for clients because it limits choice?

Stein: I think the industry will say and do anything it can to hang on to the old way. No one argues with the idea that about $20 billion will flow from financial industry profits to client wallets if the rule is enacted. Parties on both sides agree with that annual estimate. So is that a good thing? If you're on our side, then it is.

TechCrunchDisruptSummer2010 JS01

Chaparro: Is this model part of the reason why you left Wall Street?

Stein: I left Wall Street because I wasn't fulfilled with the idea that I could have a career by just helping banks sell more product and helping banks make more money. I wanted to be able to get closer to the customer and to build something that mattered, that made a difference in the world, that really changed the game. And I saw a bunch of opportunities to do that.

The most glaring one was investment management, where there had been no innovation from a customer perspective in decades, in my opinion. Maybe there had been innovation on the back end for the affluent. But for the mass-market customers, the side we tend to serve, there had been very limited improvement. And so much technological change has occurred.

I mentioned this idea that advice is core. That is an important part of our vision. If you believe in technology as much as we do, you then believe, for instance, that someday we will have self-driving cars. It is not a controversial thing to say that will probably happen. I think it is controversial, relatively, today that someday we will have self-managing wallets. You earn some money, and you have some preferences about how you want it saved and spent, and I believe your wallet will manage and optimize itself. You will have the right amount going into the right accounts, the right amount set aside for different needs. You can always change. Just like with a self-driving car, you can change your destination.

But all that optimization is happening for you, in a way that's aligning with your best interests. And as an adviser, we can build that future. A broker can't build that because that's not their core. A mutual-fund company can't do that. I think we are best positioned to be the financial-services firm of the future because we started with this vision of advice.

Chaparro: What's the next innovation you are excited about?

hbz 80s fashion 1986 gettyimages 499296983Stein: As far as future innovation is considered, I think we can stand out the most in personalization. We want to do more and more to give you a personalized index.

The idea that you should buy a fund with 5 million other people who are buying that fund, that is a very 1980s view of the world. Why? Because that's the only technology we could support at the time. Building indexes was hard and took a lot of math.

We can do so much better than that now. I can build you an index that takes into consideration your risk tolerance, your goals, your values and personal preferences about what kind of companies you want to invest in, and any changes that come up in your life. We can build you this separately managed index fund that will yield a higher performance. I think that's a very exciting lane.

Chaparro: As part of your strategy to target younger folks, I imagine you guys are constantly advertising on podcasts. Shifting gears a bit, do you listen to podcasts?

Stein: I do. I was driving over the weekend, and I just heard one of our ads. This weekend I was listening to "Reply All," "99% Invisible," and "StartUp." I listen to a lot of them.

Chaparro: What other hobbies do you have?

Stein: We have a garden on our deck. We've got tomatoes, cherries, strawberries, squash. In past years, we've had okra.

Chaparro: How did you get into gardening?

Stein: Also, I'm a big student of happiness and figuring out what makes us happy. Part of the reason why I started this company is I think having purpose and doing something with purpose is

          ブロックチェーン・スタートアップのOrb、三井住友海上キャピタルと新潟VCから1.5億円を調達——分散型台帳技術と地域FinTech展開を本格化   

東京に拠点を置くブロックチェーン・スタートアップの Orb は、三井住友海上キャピタルと新潟ベンチャーキャピタル(新潟VC)から1.5億円を調達したと...

The post ブロックチェーン・スタートアップのOrb、三井住友海上キャピタルと新潟VCから1.5億円を調達——分散型台帳技術と地域FinTech展開を本格化 appeared first on THE BRIDGE(ザ・ブリッジ).


          ゲームデベロッパのRazerがマレーシアのフィンテックスタートアップMOL AccessPortalの少数株を取得、ゲーム用仮想通貨の普及を目指す   

Razer は昨夜(6月20日)、マレーシアのフィンテックスタートアップ MOL AccessPortal への戦略的投資を発表した。2社は広範なパー...

The post ゲームデベロッパのRazerがマレーシアのフィンテックスタートアップMOL AccessPortalの少数株を取得、ゲーム用仮想通貨の普及を目指す appeared first on THE BRIDGE(ザ・ブリッジ).


          The CEO of an investing startup taking in $12 million a day on the future of finance, millennials, and happiness   

jon stein ceo betterment 3Betterment

It took a year for the roboadviser Betterment to reach $10 million in assets under management.

That day, in 2011, was a big one for founder Jon Stein, 37, who set up the company after working at First Manhattan Consulting Group. He recalls going out to dinner that evening and being in awe of having so many people trust him and his company with their money. Now the company pulls in $12 million a day.

Betterment is the largest independent roboadviser in the world, with $9 billion under management and 270,000 customers. Betterment is currently valued at $700 million, according to a company spokeswoman.

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest. Global assets managed by robos could reach $13 trillion by 2025 in a best-case scenario, according to a group of equity analysts at Morgan Stanley. That would be up from $100 billion in December.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Stein is resolute in his belief, however, that those firms are rooted in the old way. Business Insider recently met up with Stein at Betterment's Manhattan office to talk about the company's journey, the future of wealth management and the firm, and happiness.

This interview has been edited for clarity and length.

Frank Chaparro: How's business?

Jon Stein: We have had an incredible run. We are the largest independent online financial adviser. And this has been a goal of ours since we started the company seven years ago. We just celebrated our seventh anniversary. We have grown something like 300% year-over-year for that entire time. When we first started out, it took us a year to get to $10 million assets under management. When we did, I couldn't believe it.

It took us another six months to get to $20 million. It then took us another three months to get to $30 million. We just kept growing faster and faster and faster. And today we bring in $10 million on an average day. Our business has changed a lot, in one sense. We are growing so well, and that growth is accelerating. And our offerings are much more sophisticated than when we started.

But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things. The old way just sells the product. The old way has the product they want to push. Our vision is that the service should be built around the customer and it should be very personalized. It should be built for their needs. It should be very convenient and strip away unnecessary complexities, and it should give them peace of mind.

robotEric Thayer/GettyChaparro: In February, Betterment rolled out an offering that would provide users with access to human financial advisers. It appears that the pure robo-only model is unsustainable and that firms have to go hybrid, with a bit of old and new. Was this the thought process behind the move?

Stein: Our goal, long-term, is to be our customers' central financial relationship. We want them to be able to manage everything in one place when they come to Betterment. We give them guidance about their full financial life with that holistic view. That's what customers want. They want that ability to manage everything in one place.

And that's why we rolled out Betterment Plus and Premium. We want to be able to answer any question our clients have. We want to make it clear to everyone that people can call us and get advice and guidance on any financial question. Just call us. I don't think we've been clear enough about that even today. I think there is more work to do. And I think you will see us over the course of the year rolling out better ways that make it really obvious that anyone can get financial advice here on anything. Because we have certified financial planners who are willing to answer any question.

Chaparro: It's been said that pure roboplatforms could face trouble if there is a downturn. Without that hand-holding and someone to talk to, investors might pull —

j00322_004_237BettermentStein: Says who? I don't think that prop really resonates with customers.

If you talk to customers and ask them, "What do you want from your financial adviser?" They don't say, "We really want someone who is going to be there for me during a downturn." That's a very industry-oriented way of thinking about justifying your value as a financial adviser. It's not really what customers care about or want. They want performance. The reason they hire us is because we maximize their money. That is core to our value.

Convenience is another. They want it easy. They want it fast. They want transfers to happen quickly, and they want peace of mind. Peace of mind is related to the idea that you can talk to someone, but it is not actually "I want someone to hold my hand in a downturn." Rather, it is more like "I want to know that my financial adviser is on my side."

So Betterment is a fiduciary, so we work only for our customers. We only work in their best interest, and we always have. Charles Schwab can't say that. Schwab is a brokerage firm selling you a product. Vanguard can't say that. Vanguard is a mutual-fund supermarket. They do not care if you maximize your money because that's not their goal. That's not their objective function. Their objective function is to sell funds.

The old way doesn't really think about what is in the customer's best interest. So it is hard to get peace of mind that you are getting what is best for your money if that's not their goal.

Editor's note: We reached out to Vanguard and Charles Schwab to respond to Stein's comments.

  • Charles Schwab said: "Jon is wrong about his fiduciary point. All of Schwab's advisory services, including our roboadvisory service, Schwab Intelligent Portfolios, are fiduciary, which means we put our clients' interests first when giving advice."
  • Vanguard said: "As the industry's only client-owned asset manager, Vanguard is not only structured to serve our clients' best interest, but guided by the noble premise that an investment company should exist to make money for our clients — not from our clients."

Chaparro: What is your target demographic?

Stein: We look at our target customer as someone who is 35 to 55 years old with $100,000 to $2 million of investable assets. But we are open to everyone. We get a lot of people with less than that because we have no minimum balance. The folks with $10 million plus are well-served by private wealth managers and family offices. The folks in the $2 million to $10 million range are decently served. But people with less than that are just getting ripped off, and not getting a lot for the financial advice they pay for. So that's the market we serve best.

Chaparro: UBS put out a note last week about how the millennial generation is about to benefit from "one of the largest intergenerational wealth transfers in history." Do you view this as a tailwind for Betterment?

Stein: Definitely. I think every 30 or 40 years, historically, in this industry, there has been a new wave of technological change or regulatory change that brings about a new crop of firms that grow to be significant players in the space. I think the last time we saw this was with the growth of Vanguard and Schwab, which were both born in the 1970s. And it took them a long time to get scale. Probably about two decades.

We think we can accelerate that, and we are already growing faster than they did in the early days. We are also growing faster than mutual funds did in their early days, and we are growing faster than ETFs in their early days.

millennials festival friends funJason Kempin / Staff / Getty Images

Chaparro: Why has that been possible?

Stein: With Betterment, it is obvious why you should switch from the old way. We do things for you that the other firms do not. For starters, we make you more money — more take-home returns than you can get anywhere else. That is the value that we provide.

The headwind to growth is that people hate to talk about finance. And there is a lot of inertia as a result. People feel like "I am probably not getting the most out of my money." They have doubts and are not confident in their money management, but they think that everything else is equally bad — everything is the same, essentially.

Our job is to open people's eyes that Betterment represents a generation shift — that it is a different way of thinking about your money and what it can do for you. We're not looking to tell people that they've been doing the wrong thing for the past 30 years, because they haven't. This didn't exist before. But now that it does, and they have to take advantage of it.

Chaparro: When we think about what matters to millennials, the things that come to mind are transparency, customer service, and performance. How does Betterment stack up on those fronts?

10000th Customer Group 2BettermentStein: On every point, we win.

On performance, we do more to personalize the portfolio to meet your actual needs than anyone else. And that helps improve performance. We help improve your take-home returns through tax-loss harvesting, through dividend shielding, through intelligent rebalancing and other intelligent software.

On the theme of convenience, I'll call it — customer service, as you mentioned, is a part of that. That's a big piece. Being accessible and being able to answer questions is an integral component. But convenience also includes other things, such as having faster money movements and a faster sign-up process, and making it easier for customers to add beneficiaries to their account. We are better at all of those things. And that translates into a much better customer experience. I think we are much higher than the average. We are tied with Vanguard's levels of customer satisfaction.

And on transparency, that ties into our pillar of making sure our clients have peace of mind. Peace of mind is driven by, yes, understanding what you own and understanding how the service works. Having that level of comfort is very important. And we are very clear on all of that. But I also think peace of mind comes from knowing that your financial provider is working in your best interest. We are doing that in a way that others are not.

Chaparro: Morgan Stanley put out a big note on the future of fintech back in May in which they argued that "only a handful of roboadvice startups will survive." Those that don't survive will consolidate or be bought up by legacy firms. Do you think this is how things will play out?

Stein: It's the way things have gone in every other industry and during every other cycle in this industry. So I expect that is right. That doesn't mean there aren't going to be new ideas coming out and new competitors emerging for decades to come.

But we have to ask ourselves: How many of these players can actually make it to scale? In financial services, it is not many. How many big financial services brands have broken out in the last three decades? It is very few. What's the brand-new bank that has come along? There's none. What's the new investing firm that has broken out and taken a lot of share? There are a couple that I probably know of, but they're not on the public's radar. Maybe like Financial Engine or DFA.

There are a couple of firms that have gotten big, but they're not a huge name. PayPal did it. Capital One did it. But it's few. So I agree with their thesis: Few will survive, and there will be consolidation.

Bezos Amazon Ted S. Warren/APChaparro: Incumbents have had their own robo offerings for years, and they have their big brand and infrastructure to back them up. What makes you so certain Betterment can survive up against such competition?

Stein: For the same reason why we often see those few innovators break out.

You could also ask "Why did Amazon break out and become the dominant online retailer?" — some would say dominant retailer period. And why wasn't it Barnes and Nobles, Target, or Walmart, or anybody else? It is because Amazon has a specific focus. They didn't have conflicts with a set of existing infrastructure and systems and people who were built around doing things the old way.

Morgan Stanley, for instance, is a firm set up to serve clients the old way. As a result, they are having a really hard time shifting to this new paradigm of pure customer alignment because that's not their model. Their model is brokerage alignment. It is a brokerage model. They are there to sell you a product, whatever product makes them the most money. That tends to be the one that they favor.

The DOL's fiduciary rule, which is now partially enacted, tries to eliminate those conflicts of interest under retirement accounts. We think every account should have an adviser that is aligned with customer interest. We think that is the future of the industry.

Editor's note: Morgan Stanley declined to comment on Stein's comments. The Wall Street giant has taken many notable steps to digitize its wealth-management offerings. As Business Insider's Matt Turner reported, the bank is planning to roll out a goals-based roboadviser option for the children of existing wealthy clients and for Morgan Stanley stock-plan participants.

Chaparro: Naturally, there are a lot of folks in wealth management and financial services who don't agree with the DOL's rule. How do you respond to folks who argue that it's bad for clients because it limits choice?

Stein: I think the industry will say and do anything it can to hang on to the old way. No one argues with the idea that about $20 billion will flow from financial industry profits to client wallets if the rule is enacted. Parties on both sides agree with that annual estimate. So is that a good thing? If you're on our side, then it is.

TechCrunchDisruptSummer2010 JS01Betterment

Chaparro: Is this model part of the reason why you left Wall Street?

Stein: I left Wall Street because I wasn't fulfilled with the idea that I could have a career by just helping banks sell more product and helping banks make more money. I wanted to be able to get closer to the customer and to build something that mattered, that made a difference in the world, that really changed the game. And I saw a bunch of opportunities to do that.

The most glaring one was investment management, where there had been no innovation from a customer perspective in decades, in my opinion. Maybe there had been innovation on the back end for the affluent. But for the mass-market customers, the side we tend to serve, there had been very limited improvement. And so much technological change has occurred.

I mentioned this idea that advice is core. That is an important part of our vision. If you believe in technology as much as we do, you then believe, for instance, that someday we will have self-driving cars. It is not a controversial thing to say that will probably happen. I think it is controversial, relatively, today that someday we will have self-managing wallets. You earn some money, and you have some preferences about how you want it saved and spent, and I believe your wallet will manage and optimize itself. You will have the right amount going into the right accounts, the right amount set aside for different needs. You can always change. Just like with a self-driving car, you can change your destination.

But all that optimization is happening for you, in a way that's aligning with your best interests. And as an adviser, we can build that future. A broker can't build that because that's not their core. A mutual-fund company can't do that. I think we are best positioned to be the financial-services firm of the future because we started with this vision of advice.

Chaparro: What's the next innovation you are excited about?

hbz 80s fashion 1986 gettyimages 499296983Harpers BazaarStein: As far as future innovation is considered, I think we can stand out the most in personalization. We want to do more and more to give you a personalized index.

The idea that you should buy a fund with 5 million other people who are buying that fund, that is a very 1980s view of the world. Why? Because that's the only technology we could support at the time. Building indexes was hard and took a lot of math.

We can do so much better than that now. I can build you an index that takes into consideration your risk tolerance, your goals, your values and personal preferences about what kind of companies you want to invest in, and any changes that come up in your life. We can build you this separately managed index fund that will yield a higher performance. I think that's a very exciting lane.

Chaparro: As part of your strategy to target younger folks, I imagine you guys are constantly advertising on podcasts. Shifting gears a bit, do you listen to podcasts?

Stein: I do. I was driving over the weekend, and I just heard one of our ads. This weekend I was listening to "Reply All," "99% Invisible," and "StartUp." I listen to a lot of them.

Chaparro: What other hobbies do you have?

Stein: We have a garden on our deck. We've got tomatoes, cherries, strawberries, squash. In past years, we've had okra.

Chaparro: How did you get into gardening?

Stein: Also, I'm a big student of happiness and figuring out what makes us happy. Part of the reason why I started this company is I think having purpose and doing something with purpose is one of the key drivers of happiness — much more so than financial gain or money.

More money doesn't really make people happier. Having purpose and having peace of mind about your money makes us happy. Gardening is one of those things that is well-correlated with happiness. I just like the idea of it.

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          Are robots taking over the world's finance jobs   
An early prototype of the IBM Watson cognitive computing system in Yorktown heights, NY. It was originally the size of a master bedroom in 2011. (Wikipedia, CC BY-SA)

Nafis Alam
, Sunway University and Graham Kendall, University of Nottingham

The year is 2030. You're in a business school lecture hall, where just a handful of students are attending a finance class.

The dismal turnout has nothing to with professorial style, school ranking or subject matter. Students simply aren't enrolled, because there are no jobs out there for finance majors.

Today, finance, accounting, management and economics are among universities' most popular subjects worldwide, particularly at graduate level, due to high employability. But that's changing.

According to consulting firm Opimas, in years to come it will become harder and harder for universities to sell their business-related degrees. Research shows that 230,000 jobs in the sector could disappear by 2025, filled by "artificial intelligence agents".

Are robo-advisers the future of finance?

A new generation of AI

Many market analysts believe so.

Investments in automated portfolios rose 210% between 2014 and 2015, according to the research firm Aite Group.

Robots have already taken over Wall Street, as hundreds of financial analysts are being replaced with software or robo-advisors.

In the US, claims a 2013 paper by two Oxford academics, 47% percent of jobs are at "high risk" of being automated within the next 20 years – 54% of lost jobs will be in finance.

This is not just an American phenomenon. Indian banks, too, have reported a 7% decline in head count for two quarters in a row due to the introduction of robots in the workplace.

Perhaps this is unsurprising. After all, the banking and finance industry is principally built on processing information, and some of its key operations, like passbook updating or cash deposit, are already highly digitised.

A man leaves an Axis Bank automated teller machine (ATM) in New Delhi, India. (Adnan Abidi/Reuters)

Now, banks and financial institutions are rapidly adopting a new generation of Artificial Intelligence-enabled technology (AI) to automate financial tasks usually carried out by humans, like operations, wealth management, algorithmic trading and risk management.

For instance, JP Morgan's Contract Intelligence, or COIN, program, which runs on a machine learning system, helped the bank shorten the time it takes to review loan documents and decrease the number of loan-servicing mistakes.

Such is the growing dominance of AI in the banking sector that, Accenture predicts, within the next three years it will become the primary way banks interact with their customers. AI would enable more simple user interfaces, their 2017 report notes, which would help banks create a more human-like customer experience.

Customers at Royal Bank of Scotland and NatWest, for instance, may soon be interacting with customers with the help of a virtual chatbot named Luvo.

Luvo, which was designed using IBM Watson technology, can understand and learn from human interactions, ultimately making the flesh-and-blood workforce redundant.

Meanwhile, HDFC, one of India's largest private-sector banks, has launched Eva. India's first AI-based banking chatbot can assimilate knowledge from thousands of sources and provide answers in simple language in less than 0.4 seconds. At HFDC Eva joins Ira, the bank's first humanoid branch assistant.

A 'NAO' humanoid robot, manufactured by SoftBank Group Corp., is displayed at the Viva Technology conference in Paris, France, June 15, 2017. REUTERS/Benoit Tessier. (Benoit Tessier/Reuters)

AI has also made inroads in the investment industry, where, many financial analysts say, a sophisticated trading machine capable of learning and thinking will eventually make today's most advanced and complex investment algorithms look primitive.

Advisory bots are allowing companies to evaluate deals, investments, and strategy in a fraction of the time it takes today's quantitative analysts to do so using traditional statistical tools.

Former Barclays head Antony Jenkins, who called the disruptive automation of banking sector an "Uber moment", predicts that technology will make fully half of all bank branches and financial-services employees across the globe redundant within ten years.

Goodbye, human fund managers.

The fintech grads of the future

Universities are now revising their educational blueprint to adapt to this technological disruption in the finance job market.

Both Standford University and Georgetown University business schools are planning to offer so-called "fintech" in their MBA programmes, hoping to teach students how to become masters of financial technology.

And the Wales-based Wrexham Glyndwr University has announced the launch of the UK's first undergraduate degree in fintech.

But fintech is so new and diverse that academics are having difficulty to construct a syllabus for Financial Technology 101, let alone more advanced topics on AI. The lack of academic textbooks and expert professors are additional challenges.

Robots gone wild

Still, it is not clear that AI and automation will actually prove advantageous for banks.

Too much reliance on AI could backfire if financial institutions lose the human touch most customers favour.

There are other risks, too. Robo-advisers are cheap and save time when creating a simple investment portfolio, but they may struggle to take the correct precautionary measures when markets become volatile, especially when thousands, maybe millions, of machines are all trying to do the same thing while operating at great speed.

In August 2012, robo stock traders at Knight Capital Group went on a spending spree and lost $440 million in just 45 minutes.

Are traders soon to be replaced by robo-traders? Brendan (McDermid/Reuters)

High expectations for the performance of these well-programmed robo-traders could also cause chaos in the key trading centres around the world.

There is no single algorithm that can combine multiple volatile variables with a multidimensional economic forecasting model that works for all investors. Expecting that could prove a potentially fatal error for financial markets.

And how will investors be protected when robots make the wrong decision? According to the rulings of the US Securities and Exchange Commission (SEC), robo-advisers require registration in the same way human investment advisers do. They are also subject to the rules of the Investment Advisers Act.

But it is difficult to apply to robots the financial regulations designed to govern human behaviour.

The SEC's rules, created to protect the investors, require that advisers adhere to a fiduciary standard by which they unconditionally put the client's best interests ahead of their own. Concerned US regulators have asked whether it is practical for robots to follow rules when their decisions and recommendations are generated not by ratiocination but by algorithms.

The ConversationThis conundrum demonstrates one fact clearly: it is hard to completely replace humans. There will always be demand for a real live person to act as check when and if our robots go rogue.

Nafis Alam, Professor of Finance, Sunway University and Graham Kendall, Professor of Computer Science and Provost/CEO/PVC, University of Nottingham

This article was originally published on The Conversation. Read the original article.


          THE OPEN BANKING REPORT: How banks can leverage open APIs and maintain their retail banking dominance   

regulation will drive open banking 4 by 3BI Intelligence

This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

Open banking is the democratization of access to data previously exclusively owned by legacy financial institutions. 

The open banking trend is being driven by a number of factors and will ultimately become the norm. That means retail banks need to rethink their business and operational models if they want to maintain the positions of dominance in the financial ecosystem. 

In this report, BI Intelligence explores the drivers behind open banking in detail, outline the options for banks as they look to update their business and operational models, and explain the likely potential winners and losers of open banking.

Here are some of the key takeaways from the report:

  • Open banking is most often facilitated by a technology known as Application Program Interfaces (APIs) which have enabled the business models and success of some of the most well known startups of recent times. 
  • There are a number of drivers behind the open banking trend, the most obvious of which is regulation that forces banks to give customers access to their data, or enable permissioned third parties to access their data. 
  • Banks adopting open banking are taking a number of different approaches, from just taking the necessary steps to comply with regulation, to actively embracing the concept in an effort to maintain their retail banking dominance.
  • Banks are using different models of open banking, including app stores and sandboxes. Which model, or combination of models, a bank adopts depends on its priorities and the drivers it finds most imperative. 
  • Open banking will have a significant impact on fintechs. With access to banks' systems and vast data stores, fintechs will be able to provide more personalized products, while operating with greater autonomy. However, open banking will also increase fintechs' regulatory and cybersecurity burdens. 

 In full, the report:

  • Explains the concept and mechanics of open banking. 
  • Outlines the drivers behind its increasing adoption by global retail banks. 
  • Highlights the different approaches banks are taking to open banking, and explores the advantages and disadvantages of each.
  • Explores the future of open banking, including its impact on fintechs. 

Interested in getting the full report? Here are two ways to access it:

  1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
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          Alibaba transforms ecommerce into entertainment as it repositions the company as an economy   

Ecommerce giant Alibaba is undertaking aggressive expansion plans as it powers ahead on its globalisation strategy, but can it really become a global economy?  

For some time, Alibaba has been telling people not to think of the ecommerce giant as a company anymore, last week it finally explained why revealing its ambitions to become one the world’s biggest economy.

The Alibaba economy is a huge ecosystem comprising of the company’s core commerce platforms (Tmall, Taobao, Ali Express and more), digital media and entertainment divisions (Youku, Alibaba Music, Weibo etc), local services, payment & financial services (Alipay), logistics, marketing services & data management and cloud computing.

Connecting the entire ecosystem is the company’s vast data technology, which Alibaba sees as the keys to the empire. Alibaba is currently trialing a number of new data tools to help marketers and brands to track and target users across its entire ecosystem and it moves to capitalise further on its assets.

Over the last couple of years Alibaba has focused on growing its Tmall Global store attracting international brands and businesses from around the world. With a huge number of big name brands on board it has now shifted its focus to foreign SMEs in the US, Australia and New Zealand in a bid to connect these business with Chinese consumers. Last month it launched Tmall World in a bid to attract the 100 million Chinese speaking consumers to the brand as it continues its bid to create a global shopping platform.

It is all part of the company’s mission to dominate the global ecommerce industry. It has already achieved this in China, where Tmall alone controls nearly 60% of the ecommerce market. Alibaba’s ecommerce platforms are now so powerful that brands without an ecommerce presence are increasingly using the platform as a branding channel, because of the power and exposure it offers companies.

In its most recent quarterly results, Alibaba reported a 60% increase in overall revenues to RMB 38.6bn ($5.6bn) driven by a 47% surge in ecommerce revenues of RMB 31.6bn ($4.6bn).

With Alibaba now attracting 507 million monthly active users, the company has turned its sights to offline retail, investing in Chinese mall operator Intime Retail, partnering with supermarket giant Bailian Group as it attempts to blur the lines between online and bricks-and-mortar commerce as part of its “new retail” strategy.

One of the keys to Alibaba’s commerce success has been the way the company has positioned ecommerce as an entertainment activity rather than a necessity.  

“Alibaba have made ecommerce an entertainment sport, they have turned the act of purchasing into a sport,” says Kenneth Tan, chief digital officer of Mindshare China.

Tan says Alibaba’s strategy is best demonstrated by its 11.11 Singles Day shopping extravaganza. The annual festival has exploded from its humble beginnings as a discount shopping day, becoming a full blown entertainment event, complete with prime time TV gala programming and weeks of hype, deals and activity. Last year delivered another record-breaking event reporting sales of RMB 120.7 billion ($17.4 billion).

“Last year was the second time Alibaba created a gala event around Double 11. The first time they did it, it attracted a lot of noise and buzz. But last year they took the interactive element to a different level, with celebrities, streaming activity, mobile TV. There was a big push to get people to engage with the event. On TV it was four hours of activity where you could win money, win products, engage with the brands, and it was all happening live on p one of the top TV channels in China in a prime time slot. It was one night of pure entertainment,” says Tan.

A key element in Alibaba’s success is its mobile payment service Alipay. Part of Alibaba’s financial affiliate company Ant Financial, Alipay accounts for more than half (54%) of all online payments in China. Using Alipay consumers can not only but products online, they can also shop instore, pay bills, book plane tickets, movie tickets, etc. The mobile payment service has become so ubiquitous in China many people do not carry cash, or even wallets, opting instead to simply carry their mobile phone.

For Alibaba it also provides another way to connect with consumers, collect data about how and what consumers spend money on, promote deals and specials and ultimately cross-sell products from their ecosystem.

“Alipay enables you to do loads of stuff, pay bills, buy products. Depending what you do with the app you can be in there anywhere from once to ten times per day, so that is a massive pipe for traffic coming in to any platform. Much like the supermarkets of old, they have plotted the routes so they know where you have the highest propensity to spend. Alipay will ping you with specials, they know what you buy, where you live, how much you are paying for your gas, they will give you offers within the payment platform that suit you to get you to buy,” says Tan. 

Alibaba is also using Alipay to propel it into other markets, in the last 12 months it has launched into countries across Asia Pacific, Europe, Canada, South America and the United States. Alibaba’s Ant Financial has also invested in a host of financial platforms including South Korea’s Kakao Pay, Thai fintech firm Ascend Money, Indian mobile payment site Paytm and Philippines fintech Mynt. It is also close to buying US money transfer firm MoneyGram.  

Of course, Alibaba’s ambitions do not end there.

Alibaba founder Jack Ma has said the long-term goal is to reach 2 billion customers worldwide by 2020. To help achieve this goal, Alibaba has been investing in and acquiring businesses in China and around the globe, among the very long list is South East Asian ecommerce giant Lazada, of which it recently increased its investment, Chinese microblogging app – and China’s Twitter – Weibo, as well as Chinese ride-hailing app – and Uber victor - Didi Chuxing.

It has fingers in many pies, including the entertainment industry with its own digital media and content business Alibaba Digital Media and Entertainment Group, which owns the streaming app Youku Tudou, and its film studio business Alibaba Pictures, which last year inked a high-profile streaming deal with Steven Spielberg’s Amblin Pictures.

Alibaba’s content and entertainment businesses are starting to drive growth for the company contributing a 234% increase to RMB 3.9bm ($571m) in Q1.

Speaking at Alibaba’s recent Investors Day, Yu Yongfu, chairman and CEO of the group’s Digital Media and Entertainment division, said, “To put it simply, our mission is to allow those who have fun shopping at Alibaba to truly live at Alibaba. So, in addition to shopping, we would like them to spend more time watching videos with us, getting information from us and listening to music with us, to come and game with us, among many other things.”

The mission for Alibaba is to keep people within its ecosystem and therefore continuing to contribute to its economy. A key element to this is the rise of social commerce.

“Alibaba want to be a social commerce business,” says Humphrey Ho, managing director of Hylink Digital, China’s largest independent agency. “They are dominant in payments and they know what people want. They have six years of hardcore ecommerce spending data, now they want to play in the world of social.”

“They have mastered ecommerce, it is transactional, you buy, you get. Social commerce is understanding what users want and servicing them in every stage with products, expanding the product line up and the logistics infrastructure to service that and they also have Alipay to ensure that making payments is fun.”

Christian Solomon, head of digital at MediaCom China agrees, “Alibaba has focused on ecommerce and they’ve gone from ecommerce to being a social ecommerce platform so that now they can do branding as well as sell product. This year they are making a big play to attract branding dollars and they are transforming their platforms into branding experiences as well as a purchasing experience through the use of KOLs, live streaming and the super brand day events each month.”

But, Major Lin, managing partner and chief digital officer at OMD China, believes the challenges for Alibaba remain quite simple.

“While Alibaba is now a big group, with so many different companies and businesses like the b2b platform, the b2c platform, data and cloud technology service, content and so many other things. Each business unit has its own mission and plan for development and is facing different challenges.

“Overall the Alibaba Group is still based on ecommerce and the key challenge for the company is still how to build their brand and how to try to dilute their platform from the vendors that sell the cheap or fake products. Most of the users globally still think Alibaba is just an ecommerce platform and the fake product is still an issue for the brand.”

To overcome this Alibaba has been investing heavily to remove counterfeit goods and unsavoury vendors from Taobao in a bid to clean up its online marketplace – as well as boost the company’s reputation. Alibaba has rolled out a host of initiatives including the Big Data Anti-Counterfeit Alliance it formed with the likes of Louis Vuitton, Samsung and Mars, as well as calling on the Chinese government to introduce stricter laws and harsher penalties for counterfeiters. Although it is early days some analysts believe things may be improving but Alibaba still has some way to go to overcome this issue.

However, this will not stop the company from pushing ahead in a bid to reach its goals of becoming a powerful global economy.

“Alibaba is a very powerful platform, not just in China. In the future, it will be a global data platform that you can leverage all around the world. I think that is the big purpose of Alibaba,” says Lin. 

This article is part of a series about the BAT (Baidu, Alibaba and Tencent) Chinese tech giants. Other articles in the series include:

Social commerce, entertainment and AI: how China’s internet giants are expanding their empires

Is Baidu’s technology bet making it less relevant to marketers?


          Southeast Asia is the next proxy battlefield for Chinese Tech   

Southeast Asia, with a huge population of more than 600 million and also a sizable mandarin-speaking population, may serve as the next proxy Chinese tech battlefield It has been an interesting few months in the Fintech/E-commerce space. Just recently, Alibaba announced another US$1 billion investment into Lazada, slightly over a year after it invested its […]

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          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Imagine you could start with a clean slate and think of a different way to deliver banking to small businesses....
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          los legionarios de cristo: nace "telco", con fintech como accionista mayoritario    


La compañía del grupo Fintech absorberá a la operadora de cable e Internet, en el marco de un compromiso previo de fusión. Así, nace una "telco" con una facturación que, a finales de este año, podría superar sin inconvenientes los $80.000 millones



Por Andrea Catalano

Finalmente ocurrió. Telecom y Cablevisión serán una sola empresa. La operadora de servicios de telefonía absorberá al mayor proveedor de TV paga e Internet de la Argentina, según decidieron este viernes los directorios de ambas compañías.

Se trata de una movida de cara a la convergencia de las redes que se inicia a partir de 2018 y que ampliará la competencia entre los diversos prestadores de telecomunicaciones que actúan en el país.

Surge así la mayor empresa del sector en la Argentina, con:

- 4 millones de abonados de banda ancha.

- 3,5 millones de clientes de TV paga.

- 4 millones de clientes de telefonía fija.

- 20 millones de telefonía móvil, si se contabilizan los usuarios que una y otra poseen en la actualidad. 

Así lo pudo saber iProfesional de diversas fuentes del mercado que desde la mañana del viernes ya conocían sobre la inminencia de una noticia de peso.

Producto del acuerdo celebrado, Fintech -dueña de Telecom- se quedará con una participación del 40% de la nueva empresa, mientras que Cablevisión Holding (CVH), escindida del Grupo Clarín, ostentará un 33%, según los informantes consultados. El resto cotizará en Bolsa.

Ambas operadoras generarán una facturación que, a finales de este año, podría superar sin inconvenientes los $80.000 millones. En 2016, Cablevisión tuvo ingresos por más de$30.500 millones, mientras que Telecom orilló los $40.000 millones.

Para finales de este 2017 ambas vienen registrando mejores resultados respecto del año anterior, de acuerdo a lo informado por ambas en sus balances.

Durante la semana se habían tomado decisiones estratégicas en Telecom respecto de la tecnología de la plataforma de video que se usaría para iniciarse en el negocio de la televisión paga. Y la orden, librada el pasado lunes, fue adquirir la misma tecnología que posee Cablevisión para todo su negocio de video.

En esto se prestó especial atención a la utilizada para Flow, el servicio con el que CVH salió a distribuir los contenidos a través de diversas pantallas, según contaron a iProfesional fuentes del mercado conocedoras del negocio de video.

"Tenían un par de opciones, y la orden que bajaron desde el directorio de Telecom fue comprar la tecnología de Flowporque ya había tomado fuerza el tema de la fusión. Y ya se pensaba que, a la hora de integrar plataformas, sería más fácil con la misma tecnología que con una diferente", detalló la fuente.

Flow es el servicio que lanzó Cablevisión en noviembre del año pasado y que permite consumir televisión y otros contenidos de video en diversas pantallas (smartphone, TV smart, computadora y tablet) cuando se lo desea, desde donde se quiera. 

La fusión por absorción la liderará Telecom, que ahora es 100%propiedad de Fintech, del mexicano David Martínez, pese a que Cablevisión tiene mayor valuación que la primera.

El valor de Telecom hoy asciende a unos u$s5.000 millones, mientras que el de Cablevisión supera los u$s6.000 millones, de acuerdo a datos recopilados por este medio de altas fuentes.

La decisión apunta a que ambas compañías se constituyan en un prestador convergente y participar de la apertura del sector de las telecomunicaciones, previsto para el 1° de enero de 2018.

En el informe al que tuvo acceso iProfesional detallan que los directorios aprobaron "un compromiso previo de fusión" y que el objetivo es convertirse en un prestador de cuádruple play; es decir: telefonía fija y móvil, Internet y televisión.

Las empresas indicaron también que "sus respectivas estructuras operativas y técnicas son altamentecomplementarias y podrían ser potenciadas mediante una integración, logrando sinergias en el desarrollo de productos de convergencia que traerán significativos beneficios para los consumidores, el sector y la economía en general".

El comunicado que se enviará a la Bolsa señala que el acuerdo prevé la fusión por absorción de Cablevisión. En otras palabras, Telecom Argentina es la Sociedad Absorbente.

La transacción, lógicamente, estará sujeta a la aprobación de sus accionistas, hecho que se descuenta. Y también al visto de las autoridades regulatorias. En este caso, todo indica que la fiscalización le cabrá tanto al Ente Nacional de Comunicaciones (Enacom) como a la Comisión Nacional de Defensa de la Competencia. 

Como parte de las negociaciones, Telecom deberá aumentar su capital social en una suma que alcanzará casi $1.200 millones. 

La fusión, 10 años después

La eventual fusión entre ambas compañías circuló en el mercado con fuerza desde el momento en que comenzó el Gobierno de Mauricio Macri.

A los pocos días de asumir emitió el decreto 267/2015 de reforma del mercado de las telecomunicaciones en donde, básicamente, echó por tierra con disposiciones de la ley de medios 26.522, que ponía límites de licencias y de participación a los operadores.

De ese modo, el Grupo Clarín ya no tuvo la obligación deescindirse en seis unidades, tal como se había previsto durante el segundo mandato de Cristina Fernández de Kirchner.

La fuerte disputa que mantuvo el Gobierno K contra Clarín desde 2008 en adelante se debió, justamente, a los términos del eventual avance que, en ese entonces, pretendía hacer el multimedios sobre la empresa de telefonía. 

Al mismo tiempo, se aprobó la compra de Nextel por parte de Cablevisión, y también el ingreso de Fintech a Telecom como accionista mayoritario en remplazo de Telecom Italia. Hasta ese entonces, era obligatorio que una "telco" fuera la controlante principal de una empresa de este tipo.

Hace un año, Cablevisión adquiría, a su vez, a las cinco empresas que le permitirían hacerse de espectro para ingresar en la telefonía 4G. Fue cuando pagó u$s140 millones por la adquisición de Skyonline, Netizen, Callbi, Trixco e Infotel, con las que accedió a bandas de 2,5 GHz, asignadas para dar servicios fijos de Internet.

Este año, y producto de un proceso de reatribución (refarming) de esas frecuencias, el Enacom, a cargo de Miguel de Godoy, habilitó a Cablevisión a utilizar esas bandas para proveer telefonía móvil 4G.

Pero también la obligó a devolver parte del espectro adquirido para, a su vez, ser atribuido a las actuales prestadoras: Claro, Personal y Movistar.

Ese proceso finalizó a mediados de junio, con la presentación de las propuestas técnicas y económicas de parte de las compañías móviles, luego de que quedara fuera de carrera Telecentro, por no cumplir con los requisitos para participar de esa compulsa.

Todo señalaba que esta semana se conocerían los resultados finales de esa asignación a demanda pero, hasta ahora, no ocurrió.

Con esta decisión, el regulador buscó que las cuatro compañías tuvieran acceso al mismo tipo de espectro. Las frecuencias de 2,5 GHz se presentan como ideales para la transmisión de contenidos de video a alta velocidad.

Es el negocio que viene creciendo de manera más fuerte y que está llevando a modificar sus estrategias de negocios e inversiones a todas las compañías de telecomunicaciones en el mundo.

El acuerdo previo de fusión entre Telecom y Cablevisión termina de cerrar una etapa que la segunda quería concretar desde el año 2006.

"Cuando nuestra posibilidad de explorar una inversión en Telecom Argentina volvió a estar en nuestros análisis de estrategia luego de la fusión de los cables", describe el propio Héctor Magnetto en su libro "Así lo viví".

El conductor del holding expresó en sus diálogos con Marcos Novaro, autor del libro, que el conflicto con el Gobierno de Néstor Kirchner que se inició desde entonces fue porque desde la compañía se negaron a aceptar los términos que quería imponer el ex presidente.

"Con lo que ellos especulaban era con un negocio en el que tendríamos que asociarnos con empresarios del círculo íntimo kirchnerista", según cuenta Magnetto sobre la propuesta a la que su grupo se negó rotundamente, dice.

La decisión de fusionar ambas compañías llega también luego de que los Werthein terminaran de alejarse definitivamente de Telecom, hecho que se concretó hace un par de semanas.

Esta movida posibilitó que David Martínez -de Fintech- ex Legionario de Cristo , tomará el control total de la empresa y que, ya libre de pedir opiniones a otros involucrados, avanzara en la dirección del actual acuerdo.

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Mr. David Martinez, ex seminarista de Los Legionarios de Cristo 


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          Brexit prompts skilled European workers to leave the UK - Financial Times   

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          South African fintech startup sets new African record   
Cape Town, Monday, 3 July 2017: An African record has been set for the FICA process which used to take anywhere from two days to two weeks. It is now completed within three minutes thanks to an innovative South African’s fintech startup, ThisIsMe.  “ThisIsMe has set a new African record for the compliance process known […]
          Taylor Root: FinTech / Payments    
Negotiable: Taylor Root: Our client is a dynamic payments organisation seeking a lawyer to join its West London-based office.You will work in a team of international lawyers covering a wide variety of matters that come up for the business including general corporate/commercial/li England, London
          Singapore fintech startup Validus Capital raises US$2.9M to grow SME lending platform   

Validus Capital is an online lending platform that provides insurances to investors Singapore-based fintech startup Validus Capital has raised S$4 million (US$2.9 million) from Vertex Ventures. It will use the newly-raised round to expand regionally and grow its online lending platform. Founded in 2015, Validus Capital is an online p2p lending platform that facilitates loans between Singapore […]

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          By enabling access to the underbanked, these fintech startups will change the face of e-commerce in Asia   

Micro-loans and financing for the underbanked are making a big difference in the region Asia, in the last couple of years, has seen immense growth in the e-commerce sector, with numerous startups burgeoning into mammoth enterprises. This growth has been driven by consumer finance organisations and the banking sector, which have put forth new trends catering […]

The post By enabling access to the underbanked, these fintech startups will change the face of e-commerce in Asia appeared first on e27.


          Prêts aux PME : la Fintech Lendix soutenue par Bruno Le Maire et la BEI   
La Banque européenne d'investissement abonde de 18,5 millions d'euros le fonds du numéro un français du financement participatif de PME. Le ministre de l'Economie est venu assister ce lundi à la signature de ce partenariat.
          The UK's biggest peer-to-peer lender appointed a new CFO   

Sean Glithero

Funding Circle, the UK's biggest peer-to-peer lender, appointed Sean Glithero as the company's chief financial officer.

The news follows a record start to the year for the company, with roughly £800 million lent globally in the first half of 2017.

Glithero comes from Auto Trader, the UK's largest digital automotive marketplace, where he has been CFO since 2012.

Funding Circle, which targets small businesses, has lent over £3 billion globally since its inception in 2010, to 32,000 business across the UK, US and Europe. In May it was granted full authorisation by regulator the Financial Conduct Authority.

"Over the last seven years, Funding Circle has cemented its place as the leading platform for small business loans globally," said Glithero. "Similar to Auto Trader, their business model is digital and data-led and they have a collaborative culture for deivering the best results for their employees, customers and investors," he said.

In January Chancellor Philip Hammond praised Funding Circle as "a real success story," after the lender secured £82 million in funding from investors Accel and £40 million from the state-owned British Business Bank.

"Our ambition is to build a better financial world by revolutionising the financial system and securing a better deal for everyone," said Samir Desai, CEO and co-founder of Funding Cirlce. "Sean's experience will be invaluable as we continue on the journey to creating a category-defining global company, helping thousands of small businesses access finance and create jobs, while providing investors with attractive stable returns on their investments," he said.

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          The CEO of an investing startup taking in $12 million a day on the future of finance, millennials, and happiness   

jon stein ceo betterment 3

It took a year for the roboadviser Betterment to reach $10 million in assets under management.

That day, in 2011, was a big one for founder Jon Stein, 37, who set up the company after working at First Manhattan Consulting Group. He recalls going out to dinner that evening and being in awe of having so many people trust him and his company with their money. Now the company pulls in $12 million a day.

Betterment is the largest independent roboadviser in the world, with $9 billion under management and 270,000 customers. Betterment is currently valued at $700 million, according to a company spokeswoman.

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest. Global assets managed by robos could reach $13 trillion by 2025 in a best-case scenario, according to a group of equity analysts at Morgan Stanley. That would be up from $100 billion in December.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Stein is resolute in his belief, however, that those firms are rooted in the old way. Business Insider recently met up with Stein at Betterment's Manhattan office to talk about the company's journey, the future of wealth management and the firm, and happiness.

This interview has been edited for clarity and length.

Frank Chaparro: How's business?

Jon Stein: We have had an incredible run. We are the largest independent online financial adviser. And this has been a goal of ours since we started the company seven years ago. We just celebrated our seventh anniversary. We have grown something like 300% year-over-year for that entire time. When we first started out, it took us a year to get to $10 million assets under management. When we did, I couldn't believe it.

It took us another six months to get to $20 million. It then took us another three months to get to $30 million. We just kept growing faster and faster and faster. And today we bring in $10 million on an average day. Our business has changed a lot, in one sense. We are growing so well, and that growth is accelerating. And our offerings are much more sophisticated than when we started.

But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things. The old way just sells the product. The old way has the product they want to push. Our vision is that the service should be built around the customer and it should be very personalized. It should be built for their needs. It should be very convenient and strip away unnecessary complexities, and it should give them peace of mind.

robotChaparro: In February, Betterment rolled out an offering that would provide users with access to human financial advisers. It appears that the pure robo-only model is unsustainable and that firms have to go hybrid, with a bit of old and new. Was this the thought process behind the move?

Stein: Our goal, long-term, is to be our customers' central financial relationship. We want them to be able to manage everything in one place when they come to Betterment. We give them guidance about their full financial life with that holistic view. That's what customers want. They want that ability to manage everything in one place.

And that's why we rolled out Betterment Plus and Premium. We want to be able to answer any question our clients have. We want to make it clear to everyone that people can call us and get advice and guidance on any financial question. Just call us. I don't think we've been clear enough about that even today. I think there is more work to do. And I think you will see us over the course of the year rolling out better ways that make it really obvious that anyone can get financial advice here on anything. Because we have certified financial planners who are willing to answer any question.

Chaparro: It's been said that pure roboplatforms could face trouble if there is a downturn. Without that hand-holding and someone to talk to, investors might pull —

j00322_004_237Stein: Says who? I don't think that prop really resonates with customers.

If you talk to customers and ask them, "What do you want from your financial adviser?" They don't say, "We really want someone who is going to be there for me during a downturn." That's a very industry-oriented way of thinking about justifying your value as a financial adviser. It's not really what customers care about or want. They want performance. The reason they hire us is because we maximize their money. That is core to our value.

Convenience is another. They want it easy. They want it fast. They want transfers to happen quickly, and they want peace of mind. Peace of mind is related to the idea that you can talk to someone, but it is not actually "I want someone to hold my hand in a downturn." Rather, it is more like "I want to know that my financial adviser is on my side."

So Betterment is a fiduciary, so we work only for our customers. We only work in their best interest, and we always have. Charles Schwab can't say that. Schwab is a brokerage firm selling you a product. Vanguard can't say that. Vanguard is a mutual-fund supermarket. They do not care if you maximize your money because that's not their goal. That's not their objective function. Their objective function is to sell funds.

The old way doesn't really think about what is in the customer's best interest. So it is hard to get peace of mind that you are getting what is best for your money if that's not their goal.

Editor's note: We reached out to Vanguard and Charles Schwab to respond to Stein's comments.

  • Charles Schwab said: "Jon is wrong about his fiduciary point. All of Schwab's advisory services, including our roboadvisory service, Schwab Intelligent Portfolios, are fiduciary, which means we put our clients' interests first when giving advice."
  • Vanguard said: "As the industry's only client-owned asset manager, Vanguard is not only structured to serve our clients' best interest, but guided by the noble premise that an investment company should exist to make money for our clients — not from our clients."

Chaparro: What is your target demographic?

Stein: We look at our target customer as someone who is 35 to 55 years old with $100,000 to $2 million of investable assets. But we are open to everyone. We get a lot of people with less than that because we have no minimum balance. The folks with $10 million plus are well-served by private wealth managers and family offices. The folks in the $2 million to $10 million range are decently served. But people with less than that are just getting ripped off, and not getting a lot for the financial advice they pay for. So that's the market we serve best.

Chaparro: UBS put out a note last week about how the millennial generation is about to benefit from "one of the largest intergenerational wealth transfers in history." Do you view this as a tailwind for Betterment?

Stein: Definitely. I think every 30 or 40 years, historically, in this industry, there has been a new wave of technological change or regulatory change that brings about a new crop of firms that grow to be significant players in the space. I think the last time we saw this was with the growth of Vanguard and Schwab, which were both born in the 1970s. And it took them a long time to get scale. Probably about two decades.

We think we can accelerate that, and we are already growing faster than they did in the early days. We are also growing faster than mutual funds did in their early days, and we are growing faster than ETFs in their early days.

millennials festival friends fun

Chaparro: Why has that been possible?

Stein: With Betterment, it is obvious why you should switch from the old way. We do things for you that the other firms do not. For starters, we make you more money — more take-home returns than you can get anywhere else. That is the value that we provide.

The headwind to growth is that people hate to talk about finance. And there is a lot of inertia as a result. People feel like "I am probably not getting the most out of my money." They have doubts and are not confident in their money management, but they think that everything else is equally bad — everything is the same, essentially.

Our job is to open people's eyes that Betterment represents a generation shift — that it is a different way of thinking about your money and what it can do for you. We're not looking to tell people that they've been doing the wrong thing for the past 30 years, because they haven't. This didn't exist before. But now that it does, and they have to take advantage of it.

Chaparro: When we think about what matters to millennials, the things that come to mind are transparency, customer service, and performance. How does Betterment stack up on those fronts?

10000th Customer Group 2Stein: On every point, we win.

On performance, we do more to personalize the portfolio to meet your actual needs than anyone else. And that helps improve performance. We help improve your take-home returns through tax-loss harvesting, through dividend shielding, through intelligent rebalancing and other intelligent software.

On the theme of convenience, I'll call it — customer service, as you mentioned, is a part of that. That's a big piece. Being accessible and being able to answer questions is an integral component. But convenience also includes other things, such as having faster money movements and a faster sign-up process, and making it easier for customers to add beneficiaries to their account. We are better at all of those things. And that translates into a much better customer experience. I think we are much higher than the average. We are tied with Vanguard's levels of customer satisfaction.

And on transparency, that ties into our pillar of making sure our clients have peace of mind. Peace of mind is driven by, yes, understanding what you own and understanding how the service works. Having that level of comfort is very important. And we are very clear on all of that. But I also think peace of mind comes from knowing that your financial provider is working in your best interest. We are doing that in a way that others are not.

Chaparro: Morgan Stanley put out a big note on the future of fintech back in May in which they argued that "only a handful of roboadvice startups will survive." Those that don't survive will consolidate or be bought up by legacy firms. Do you think this is how things will play out?

Stein: It's the way things have gone in every other industry and during every other cycle in this industry. So I expect that is right. That doesn't mean there aren't going to be new ideas coming out and new competitors emerging for decades to come.

But we have to ask ourselves: How many of these players can actually make it to scale? In financial services, it is not many. How many big financial services brands have broken out in the last three decades? It is very few. What's the brand-new bank that has come along? There's none. What's the new investing firm that has broken out and taken a lot of share? There are a couple that I probably know of, but they're not on the public's radar. Maybe like Financial Engine or DFA.

There are a couple of firms that have gotten big, but they're not a huge name. PayPal did it. Capital One did it. But it's few. So I agree with their thesis: Few will survive, and there will be consolidation.

Bezos Amazon Chaparro: Incumbents have had their own robo offerings for years, and they have their big brand and infrastructure to back them up. What makes you so certain Betterment can survive up against such competition?

Stein: For the same reason why we often see those few innovators break out.

You could also ask "Why did Amazon break out and become the dominant online retailer?" — some would say dominant retailer period. And why wasn't it Barnes and Nobles, Target, or Walmart, or anybody else? It is because Amazon has a specific focus. They didn't have conflicts with a set of existing infrastructure and systems and people who were built around doing things the old way.

Morgan Stanley, for instance, is a firm set up to serve clients the old way. As a result, they are having a really hard time shifting to this new paradigm of pure customer alignment because that's not their model. Their model is brokerage alignment. It is a brokerage model. They are there to sell you a product, whatever product makes them the most money. That tends to be the one that they favor.

The DOL's fiduciary rule, which is now partially enacted, tries to eliminate those conflicts of interest under retirement accounts. We think every account should have an adviser that is aligned with customer interest. We think that is the future of the industry.

Editor's note: Morgan Stanley declined to comment on Stein's comments. The Wall Street giant has taken many notable steps to digitize its wealth-management offerings. As Business Insider's Matt Turner reported, the bank is planning to roll out a goals-based roboadviser option for the children of existing wealthy clients and for Morgan Stanley stock-plan participants.

Chaparro: Naturally, there are a lot of folks in wealth management and financial services who don't agree with the DOL's rule. How do you respond to folks who argue that it's bad for clients because it limits choice?

Stein: I think the industry will say and do anything it can to hang on to the old way. No one argues with the idea that about $20 billion will flow from financial industry profits to client wallets if the rule is enacted. Parties on both sides agree with that annual estimate. So is that a good thing? If you're on our side, then it is.

TechCrunchDisruptSummer2010 JS01

Chaparro: Is this model part of the reason why you left Wall Street?

Stein: I left Wall Street because I wasn't fulfilled with the idea that I could have a career by just helping banks sell more product and helping banks make more money. I wanted to be able to get closer to the customer and to build something that mattered, that made a difference in the world, that really changed the game. And I saw a bunch of opportunities to do that.

The most glaring one was investment management, where there had been no innovation from a customer perspective in decades, in my opinion. Maybe there had been innovation on the back end for the affluent. But for the mass-market customers, the side we tend to serve, there had been very limited improvement. And so much technological change has occurred.

I mentioned this idea that advice is core. That is an important part of our vision. If you believe in technology as much as we do, you then believe, for instance, that someday we will have self-driving cars. It is not a controversial thing to say that will probably happen. I think it is controversial, relatively, today that someday we will have self-managing wallets. You earn some money, and you have some preferences about how you want it saved and spent, and I believe your wallet will manage and optimize itself. You will have the right amount going into the right accounts, the right amount set aside for different needs. You can always change. Just like with a self-driving car, you can change your destination.

But all that optimization is happening for you, in a way that's aligning with your best interests. And as an adviser, we can build that future. A broker can't build that because that's not their core. A mutual-fund company can't do that. I think we are best positioned to be the financial-services firm of the future because we started with this vision of advice.

Chaparro: What's the next innovation you are excited about?

hbz 80s fashion 1986 gettyimages 499296983Stein: As far as future innovation is considered, I think we can stand out the most in personalization. We want to do more and more to give you a personalized index.

The idea that you should buy a fund with 5 million other people who are buying that fund, that is a very 1980s view of the world. Why? Because that's the only technology we could support at the time. Building indexes was hard and took a lot of math.

We can do so much better than that now. I can build you an index that takes into consideration your risk tolerance, your goals, your values and personal preferences about what kind of companies you want to invest in, and any changes that come up in your life. We can build you this separately managed index fund that will yield a higher performance. I think that's a very exciting lane.

Chaparro: As part of your strategy to target younger folks, I imagine you guys are constantly advertising on podcasts. Shifting gears a bit, do you listen to podcasts?

Stein: I do. I was driving over the weekend, and I just heard one of our ads. This weekend I was listening to "Reply All," "99% Invisible," and "StartUp." I listen to a lot of them.

Chaparro: What other hobbies do you have?

Stein: We have a garden on our deck. We've got tomatoes, cherries, strawberries, squash. In past years, we've had okra.

Chaparro: How did you get into gardening?

Stein: Also, I'm a big student of happiness and figuring out what makes us happy. Part of the reason why I started this company is I think having purpose and doing something with purpose is one of the key drivers of happiness — much more so than financial gain or money.

More money doesn't really make people happier. Having purpose and having peace of mind about your money makes us happy. Gardening is one of those things that is well-correlated with happiness. I just like the idea of it.

SEE ALSO: A 'paradigm shift' is taking place in financial technology

DON'T MISS: This is the future of financial advice

Join the conversation about this story »

NOW WATCH: HENRY BLODGET: Tech market is nowhere near the dotcom days


          Robert Half: Business Analyst   
£50000 - £60000 per annum: Robert Half: Robert Half are working with an SME FinTech firm based in the City of London. England, London, City of London
          PROMOTOR DE CREDITOS MEJORAVIT- IMSS - Broxel Fintech - Playa del Carmen, QRoo.   
*Innovamos con tecnología financiera para revolucionar los medios de pago, basadas en tecnología financiera, con el objetivo de crear ecosistemas financieros $7,000 al mes
De Indeed - Tue, 30 May 2017 23:18:05 GMT - Ver todos los empleos en Playa del Carmen, QRoo.
          HR Shared Services Team Lead munkakörbe keresünk munkatársat. | Feladatok: Design and set up ...   
HR Shared Services Team Lead munkakörbe keresünk munkatársat. | Feladatok: Design and set up an HR Shared Services centre for all HR transactional processes: initial focus will be for EMEA and Americas comprising London, Budapest and New York. Identify, redesign and implement global process; creating a single process where currently multiple processes exist identifying and planning out where local hand off may be required. Define and implement SLA terms and KPI targets with the business for delivering global HR processes. Identify areas and solutions for process improvement and create a continuous improvement culture. Play a key role in identifying the shared services team structure and resourcing needs to ensure that it is operating effectively through a period of internal change, restructuring and transformation. Take direct responsibility for all aspects of control and quality management processes within the centre ensuring compliance with all contractual and commercial requirements. Drive a client focussed culture in the delivery teams to ensure that continuous improvement and excellent customer experience are at the heart of all activity. Ensure all global processes are described clearly in process maps / workflows Work with the legal team to ensure GDPR compliance and Data Impact Assessments built into processes. Work with regional Heads of HR to ensure compliance with local legislative requirements in HR processes. | Mit ajánlunk: Work at the award winning Office of the Year in the heart of the city Eiffel Square Working for the leading FinTech provider of specialized software and data for investment banks Use cutting edge technology MS in an Agile environment on global projects Personal career development, on-going training and interesting challenges Competitive remuneration package Support a healthy work life balance Free sport and social activities every day | Elvárások: Experience setting up Shared Services function / team / process preferrably in Budapest servicing a global business. You will be able to demonstrate measurable success in the delivery of process improvement. Ability to get into the detail of HR transactional processes, identifying areas for improvement, streamlining and efficiency. Experience in leading Transactional HR and/or Payroll teams Broad HR Generalist skills and European HR knowledge Customer service skills and commercial acumen English skills on negotiation level Some experience with reporting and data analysis skills, possessing skills with Excel Ability to execute quickly without compromising quality Good judgement and the ability to be proactive and use your initiative to seek out solutions Capable of managing multiple projects within a pressurised environment Resilient, tenacious and self-confident Ability to adapt to change and be flexible in supporting client delivery Strong communication verbal and written interpersonal skills | További infó és jelentkezés itt: www.profession.hu/allas/1037134
          7/3/2017: MONEY: Fintech drives innovation in banking   

Investment in the Canadian fintech sector has exploded over the past five years. By 2018, technology spending by the Canadian financial sector is expected to reach $14.8 billion — compared to $12 billion in 2013. This boom can be attributed to several...
          Qianhai Authority and Abu Dhabi Global Market Partner to Promote Investment and FinTech Cooperation   

Abu Dhabi - MENA Herald: The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) entered into a new partnership to further develop and promote closer investment and financial innovation opportunities and collaborations for enterprises in Qianhai, Hong Kong [...]

The post Qianhai Authority and Abu Dhabi Global Market Partner to Promote Investment and FinTech Cooperation appeared first on MENA Herald.


          51信用卡科技金融业务强势,入榜2017全球Fintech 250榜单   
榜单中的企业是从行业内超过2000家公司样本中筛选出来的,上榜的250家企业来自23个不同的国家,2016年共完成240笔融资,涉及金额超过140亿美金,其中有23家企业估值超过10亿美元。
          Boston Preps for Fintech's 'Second Wave'   
Move over New York and California, the Commonwealth of Massachusetts wants fintech startups to pick the Bay State as home sweet home.
          Brexit prompts skilled European workers to leave the UK - Financial Times   

Financial Times

Brexit prompts skilled European workers to leave the UK
Financial Times
Marcin Cyaza, a Polish carbon credits trader, found himself in a new kind of business after the UK's vote last year to leave the EU — helping relocate highly skilled European nationals from Brexit Britain. Mr Cyaza, who is based in Amsterdam, was ...
European markets open higher; Barclays court case eyed; Nets up 11%CNBC
State must act on inequality by providing social housingIrish Times
What it says in the papers – business pagesIndependent.ie
Siliconrepublic.com -iNVEZZ -insider.co.uk -Insurance Business
all 40 news articles »

          Blackhawk CEO: 'Effort is the ultimate equalizer'   
​Talbott Roche took over as president and CEO of Blackhawk Network in February 2016 and has continued to grow the Pleasanton, Calif.-based fintech.

          Blackhawk CEO: 'Effort is the ultimate equalizer'   
​Talbott Roche took over as president and CEO of Blackhawk Network in February 2016 and has continued to grow the Pleasanton, Calif.-based fintech.

          Blackhawk CEO: 'Effort is the ultimate equalizer'   
​Talbott Roche took over as president and CEO of Blackhawk Network in February 2016 and has continued to grow the Pleasanton, Calif.-based fintech.

          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Imagine you could start with a clean slate and think of a different way to deliver banking to small businesses....
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Expert knowledge in at least one modern programming language, experience with relational and nonrelational databases, designed complex and secure server...
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs
          Telecom Argentina, Cablevision announce merger   
Argentine telecoms operators Cablevision and Telecom Argentina are set to merge, it has been announced. On 30 June 2017 Grupo Clarin and Cablevision Holding informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the board of directors of Cablevision, a subsidiary of Cablevision Holding – the spun off company that resulted from Grupo Clarin’s reorganisation process – has approved a ‘pre-merger commitment’, whereby Telecom Argentina will absorb Cablevision pursuant to a merger under the terms of Articles 82 and 83 of the Argentine General Companies Law. The merger is subject to corporate and regulatory approvals. As per the pre-merger commitment, an exchange ratio of 9,871 new common shares of Telecom Argentina – with a nominal value of ARS1 (USD0.06) per share – will be issued in exchange for each common share of Cablevision, with a nominal value of ARS10,000 per share. Further, pursuant to the merger, Telecom Argentina shall issue 1.185 billion new common, book entry shares with a nominal value of ARS1 and one vote per share, to be delivered to the shareholders of Cablevision as either Class A shares of Telecom Argentina or Class D shares, as applicable. TeleGeography notes that investment firm Grupo Fintech holds the 40% stake in Cablevision not currently held by Cablevision Holding. Fintech, meanwhile, also owns 100% of Sofora Telecomunicaciones, which itself holds a 55.6% economic interest in Telecom Argentina.
          7/3/2017: SPORTS: Fintech drives innovation in banking   

Investment in the Canadian fintech sector has exploded over the past five years. By 2018, technology spending by the Canadian financial sector is expected to reach $14.8 billion — compared to $12 billion in 2013. This boom can be attributed to several...
          The CEO of an investing startup taking in $12 million a day on the future of finance, millennials, and happiness   

jon stein ceo betterment 3

It took a year for the roboadviser Betterment to reach $10 million in assets under management.

That day, in 2011, was a big one for founder Jon Stein, 37, who set up the company after working at First Manhattan Consulting Group. He recalls going out to dinner that evening and being in awe of having so many people trust him and his company with their money. Now the company pulls in $12 million a day.

Betterment is the largest independent roboadviser in the world, with $9 billion under management and 270,000 customers. Betterment is currently valued at $700 million, according to a company spokeswoman.

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest. Global assets managed by robos could reach $13 trillion by 2025 in a best-case scenario, according to a group of equity analysts at Morgan Stanley. That would be up from $100 billion in December.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Stein is resolute in his belief, however, that those firms are rooted in the old way. Business Insider recently met up with Stein at Betterment's Manhattan office to talk about the company's journey, the future of wealth management and the firm, and happiness.

This interview has been edited for clarity and length.

Frank Chaparro: How's business?

Jon Stein: We have had an incredible run. We are the largest independent online financial adviser. And this has been a goal of ours since we started the company seven years ago. We just celebrated our seventh anniversary. We have grown something like 300% year-over-year for that entire time. When we first started out, it took us a year to get to $10 million assets under management. When we did, I couldn't believe it.

It took us another six months to get to $20 million. It then took us another three months to get to $30 million. We just kept growing faster and faster and faster. And today we bring in $10 million on an average day. Our business has changed a lot, in one sense. We are growing so well, and that growth is accelerating. And our offerings are much more sophisticated than when we started.

But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things. The old way just sells the product. The old way has the product they want to push. Our vision is that the service should be built around the customer and it should be very personalized. It should be built for their needs. It should be very convenient and strip away unnecessary complexities, and it should give them peace of mind.

robotChaparro: In February, Betterment rolled out an offering that would provide users with access to human financial advisers. It appears that the pure robo-only model is unsustainable and that firms have to go hybrid, with a bit of old and new. Was this the thought process behind the move?

Stein: Our goal, long-term, is to be our customers' central financial relationship. We want them to be able to manage everything in one place when they come to Betterment. We give them guidance about their full financial life with that holistic view. That's what customers want. They want that ability to manage everything in one place.

And that's why we rolled out Betterment Plus and Premium. We want to be able to answer any question our clients have. We want to make it clear to everyone that people can call us and get advice and guidance on any financial question. Just call us. I don't think we've been clear enough about that even today. I think there is more work to do. And I think you will see us over the course of the year rolling out better ways that make it really obvious that anyone can get financial advice here on anything. Because we have certified financial planners who are willing to answer any question.

Chaparro: It's been said that pure roboplatforms could face trouble if there is a downturn. Without that hand-holding and someone to talk to, investors might pull —

j00322_004_237Stein: Says who? I don't think that prop really resonates with customers.

If you talk to customers and ask them, "What do you want from your financial adviser?" They don't say, "We really want someone who is going to be there for me during a downturn." That's a very industry-oriented way of thinking about justifying your value as a financial adviser. It's not really what customers care about or want. They want performance. The reason they hire us is because we maximize their money. That is core to our value.

Convenience is another. They want it easy. They want it fast. They want transfers to happen quickly, and they want peace of mind. Peace of mind is related to the idea that you can talk to someone, but it is not actually "I want someone to hold my hand in a downturn." Rather, it is more like "I want to know that my financial adviser is on my side."

So Betterment is a fiduciary, so we work only for our customers. We only work in their best interest, and we always have. Charles Schwab can't say that. Schwab is a brokerage firm selling you a product. Vanguard can't say that. Vanguard is a mutual-fund supermarket. They do not care if you maximize your money because that's not their goal. That's not their objective function. Their objective function is to sell funds.

The old way doesn't really think about what is in the customer's best interest. So it is hard to get peace of mind that you are getting what is best for your money if that's not their goal.

Editor's note: We reached out to Vanguard and Charles Schwab to respond to Stein's comments.

  • Charles Schwab said: "Jon is wrong about his fiduciary point. All of Schwab's advisory services, including our roboadvisory service, Schwab Intelligent Portfolios, are fiduciary, which means we put our clients' interests first when giving advice."
  • Vanguard said: "As the industry's only client-owned asset manager, Vanguard is not only structured to serve our clients' best interest, but guided by the noble premise that an investment company should exist to make money for our clients — not from our clients."

Chaparro: What is your target demographic?

Stein: We look at our target customer as someone who is 35 to 55 years old with $100,000 to $2 million of investable assets. But we are open to everyone. We get a lot of people with less than that because we have no minimum balance. The folks with $10 million plus are well-served by private wealth managers and family offices. The folks in the $2 million to $10 million range are decently served. But people with less than that are just getting ripped off, and not getting a lot for the financial advice they pay for. So that's the market we serve best.

Chaparro: UBS put out a note last week about how the millennial generation is about to benefit from "one of the largest intergenerational wealth transfers in history." Do you view this as a tailwind for Betterment?

Stein: Definitely. I think every 30 or 40 years, historically, in this industry, there has been a new wave of technological change or regulatory change that brings about a new crop of firms that grow to be significant players in the space. I think the last time we saw this was with the growth of Vanguard and Schwab, which were both born in the 1970s. And it took them a long time to get scale. Probably about two decades.

We think we can accelerate that, and we are already growing faster than they did in the early days. We are also growing faster than mutual funds did in their early days, and we are growing faster than ETFs in their early days.

millennials festival friends fun

Chaparro: Why has that been possible?

Stein: With Betterment, it is obvious why you should switch from the old way. We do things for you that the other firms do not. For starters, we make you more money — more take-home returns than you can get anywhere else. That is the value that we provide.

The headwind to growth is that people hate to talk about finance. And there is a lot of inertia as a result. People feel like "I am probably not getting the most out of my money." They have doubts and are not confident in their money management, but they think that everything else is equally bad — everything is the same, essentially.

Our job is to open people's eyes that Betterment represents a generation shift — that it is a different way of thinking about your money and what it can do for you. We're not looking to tell people that they've been doing the wrong thing for the past 30 years, because they haven't. This didn't exist before. But now that it does, and they have to take advantage of it.

Chaparro: When we think about what matters to millennials, the things that come to mind are transparency, customer service, and performance. How does Betterment stack up on those fronts?

10000th Customer Group 2Stein: On every point, we win.

On performance, we do more to personalize the portfolio to meet your actual needs than anyone else. And that helps improve performance. We help improve your take-home returns through tax-loss harvesting, through dividend shielding, through intelligent rebalancing and other intelligent software.

On the theme of convenience, I'll call it — customer service, as you mentioned, is a part of that. That's a big piece. Being accessible and being able to answer questions is an integral component. But convenience also includes other things, such as having faster money movements and a faster sign-up process, and making it easier for customers to add beneficiaries to their account. We are better at all of those things. And that translates into a much better customer experience. I think we are much higher than the average. We are tied with Vanguard's levels of customer satisfaction.

And on transparency, that ties into our pillar of making sure our clients have peace of mind. Peace of mind is driven by, yes, understanding what you own and understanding how the service works. Having that level of comfort is very important. And we are very clear on all of that. But I also think peace of mind comes from knowing that your financial provider is working in your best interest. We are doing that in a way that others are not.

Chaparro: Morgan Stanley put out a big note on the future of fintech back in May in which they argued that "only a handful of roboadvice startups will survive." Those that don't survive will consolidate or be bought up by legacy firms. Do you think this is how things will play out?

Stein: It's the way things have gone in every other industry and during every other cycle in this industry. So I expect that is right. That doesn't mean there aren't going to be new ideas coming out and new competitors emerging for decades to come.

But we have to ask ourselves: How many of these players can actually make it to scale? In financial services, it is not many. How many big financial services brands have broken out in the last three decades? It is very few. What's the brand-new bank that has come along? There's none. What's the new investing firm that has broken out and taken a lot of share? There are a couple that I probably know of, but they're not on the public's radar. Maybe like Financial Engine or DFA.

There are a couple of firms that have gotten big, but they're not a huge name. PayPal did it. Capital One did it. But it's few. So I agree with their thesis: Few will survive, and there will be consolidation.

Bezos Amazon Chaparro: Incumbents have had their own robo offerings for years, and they have their big brand and infrastructure to back them up. What makes you so certain Betterment can survive up against such competition?

Stein: For the same reason why we often see those few innovators break out.

You could also ask "Why did Amazon break out and become the dominant online retailer?" — some would say dominant retailer period. And why wasn't it Barnes and Nobles, Target, or Walmart, or anybody else? It is because Amazon has a specific focus. They didn't have conflicts with a set of existing infrastructure and systems and people who were built around doing things the old way.

Morgan Stanley, for instance, is a firm set up to serve clients the old way. As a result, they are having a really hard time shifting to this new paradigm of pure customer alignment because that's not their model. Their model is brokerage alignment. It is a brokerage model. They are there to sell you a product, whatever product makes them the most money. That tends to be the one that they favor.

The DOL's fiduciary rule, which is now partially enacted, tries to eliminate those conflicts of interest under retirement accounts. We think every account should have an adviser that is aligned with customer interest. We think that is the future of the industry.

Editor's note: Morgan Stanley declined to comment on Stein's comments. The Wall Street giant has taken many notable steps to digitize its wealth-management offerings. As Business Insider's Matt Turner reported, the bank is planning to roll out a goals-based roboadviser option for the children of existing wealthy clients and for Morgan Stanley stock-plan participants.

Chaparro: Naturally, there are a lot of folks in wealth management and financial services who don't agree with the DOL's rule. How do you respond to folks who argue that it's bad for clients because it limits choice?

Stein: I think the industry will say and do anything it can to hang on to the old way. No one argues with the idea that about $20 billion will flow from financial industry profits to client wallets if the rule is enacted. Parties on both sides agree with that annual estimate. So is that a good thing? If you're on our side, then it is.

TechCrunchDisruptSummer2010 JS01

Chaparro: Is this model part of the reason why you left Wall Street?

Stein: I left Wall Street because I wasn't fulfilled with the idea that I could have a career by just helping banks sell more product and helping banks make more money. I wanted to be able to get closer to the customer and to build something that mattered, that made a difference in the world, that really changed the game. And I saw a bunch of opportunities to do that.

The most glaring one was investment management, where there had been no innovation from a customer perspective in decades, in my opinion. Maybe there had been innovation on the back end for the affluent. But for the mass-market customers, the side we tend to serve, there had been very limited improvement. And so much technological change has occurred.

I mentioned this idea that advice is core. That is an important part of our vision. If you believe in technology as much as we do, you then believe, for instance, that someday we will have self-driving cars. It is not a controversial thing to say that will probably happen. I think it is controversial, relatively, today that someday we will have self-managing wallets. You earn some money, and you have some preferences about how you want it saved and spent, and I believe your wallet will manage and optimize itself. You will have the right amount going into the right accounts, the right amount set aside for different needs. You can always change. Just like with a self-driving car, you can change your destination.

But all that optimization is happening for you, in a way that's aligning with your best interests. And as an adviser, we can build that future. A broker can't build that because that's not their core. A mutual-fund company can't do that. I think we are best positioned to be the financial-services firm of the future because we started with this vision of advice.

Chaparro: What's the next innovation you are excited about?

hbz 80s fashion 1986 gettyimages 499296983Stein: As far as future innovation is considered, I think we can stand out the most in personalization. We want to do more and more to give you a personalized index.

The idea that you should buy a fund with 5 million other people who are buying that fund, that is a very 1980s view of the world. Why? Because that's the only technology we could support at the time. Building indexes was hard and took a lot of math.

We can do so much better than that now. I can build you an index that takes into consideration your risk tolerance, your goals, your values and personal preferences about what kind of companies you want to invest in, and any changes that come up in your life. We can build you this separately managed index fund that will yield a higher performance. I think that's a very exciting lane.

Chaparro: As part of your strategy to target younger folks, I imagine you guys are constantly advertising on podcasts. Shifting gears a bit, do you listen to podcasts?

Stein: I do. I was driving over the weekend, and I just heard one of our ads. This weekend I was listening to "Reply All," "99% Invisible," and "StartUp." I listen to a lot of them.

Chaparro: What other hobbies do you have?

Stein: We have a garden on our deck. We've got tomatoes, cherries, strawberries, squash. In past years, we've had okra.

Chaparro: How did you get into gardening?

Stein: Also, I'm a big student of happiness and figuring out what makes us happy. Part of the reason why I started this company is I think having purpose and doing something with purpose is one of the key drivers of happiness — much more so than financial gain or money.

More money doesn't really make people happier. Having purpose and having peace of mind about your money makes us happy. Gardening is one of those things that is well-correlated with happiness. I just like the idea of it.

SEE ALSO: A 'paradigm shift' is taking place in financial technology

DON'T MISS: This is the future of financial advice

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Don’t worry about a tech bubble — worry about 1 million retail jobs instead


          Chief Finance Officer - London - FinTech - London - up to £150k   
We are looking for an enthusiastic & driven CFO to join a FinTech client who are embarking on a period of rapid international growth. You will manage the international growth of this innovative & patented FinTech. You will be responsible for driving the growth of finance function from the ground-up covering all internati..
          Révolution bancaire en marche   

Le secteur bancaire est en pleine mutation. 1 Français sur 4 se dit prêt à quitter sa banque au profit d’une FinTech, selon une étude Deloitte récente. C’est dans ce contexte qu’émerge ipagoo, filiale du Groupe Orwell. Un nouveau concept révolutionnaire d’application bancaire mobile haut de gamme qui vient bousculer encore un peu plus les […]

The post Révolution bancaire en marche appeared first on Wellnews.


          7/3/2017: SPORTS: Fintechdrives innovation in banking   

Investment in the Canadian fintech sector has exploded over the past five years. By 2018, technology spending by the Canadian financial sector is expected to reach $14.8 billion — compared to $12 billion in 2013. This boom can be attributed to several...
          Abu Dhabi forges Asian fintech partnership   
The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Author...
          The whole ICO phase of this market is based on one picture which may be wrong and if it is right 99% of ICOs are doomed (and that’s OK)   

@BernardLunn wrote:

This is the picture, which comes from Fred Wilson (read AVC in case you don’t know him). Actually two pictures as they “paint a thousand words” about the fundamental shift between the Dot Com era and the Blockchain, Bitcoin and Crypto era.

Side Note: we need something simpler to describe this era. Blockchain is not right as there are other non-blockchain ways to do immutable consensus and Blockchain, Bitcoin and Crypto is too long.

There are two possibilities here:

One: this theory is wrong. The big value creation will be at the App level of the stack.

Two: this theory is correct.

I incline to Two. I think the theory is correct and most or the value creation will be at the Protocol layer. That is where 1,000x returns will be found. That is also where 99% of ventures at the Protocol layer will fail. Not 90%, which used to be the old startup rule, but 99%. If we get 1,000 ICOs, maybe 1% will be big (and they will be humungously big). That is only 10 ventures. I suspect we will have something like 500 ICOs at the protocol layer. That 99% failure rate translates to 5 ventures making 1,000x and 495 ventures failing.

This is the 99/1/1000 risk profile.

That boring app layer is also huge because of two numbers - 40% and 90%. Financial Services accounts for as much as 40% of corporate profits and as much as 90% of that 40% can be digitised/automated. It is not just Financial Services firms that make money from money. Many big non-financial companies make a big % of their profits from services such as Lending (to customers and suppliers, think GE and Amazon) or Payments (think Alibaba, Apple, Facebook, Google etc). So there is a lot at stake. As money makes the world go around, innovation in other areas (such as health or energy) are also dependent on Finance.

So the App layer is also huge and it has a totally different risk profile. This is more like the old 90/10/10 rule. 90% of startups fail, 10% make 10x returns. Actually it is more like 10x to 100x depending on what stage you enter. The key point is the risk is lower than at the protocol layer and with 90% of 40% of corporate profits to play with, you won’t run out of opportunity. That is why at Daily Fintech we spend 99% of our time at the App layer of the stack.

The reason why the protocol layer is a 99/1/1000 risk profile is very simple - network effects. It is why I describe myself as an economic Bitcoin maximalist. All this talk of TCP/IP of money is a mirage.

ICO is a phase of the market. It is bubbly for sure and that’s OK. Without irrational exuberance we would not have most innovations (including Ethereum). The best ICO IMHO is MarmotCoin by @prestonbyrne We will know we have reached the top of the rollercoaster when Preston confirms he raised $100m in 10 seconds for the best ICO joke.

The next phase is when Innovation Capital will totally change. This is when all assets are tokenised and traded/settled in real time. This will drive innovation in things that really matter like new healthtech or cleantech. This will use the protocol layer ventures. But how many? The Dot Com era used TCP/IP. There were not multiple TCP/IP like protocols. There was one. There might be two protocol layer ventures for App layer developers to use. One could at a stretch conceive of 3 to 5. But not more than that.

For a discussion about the TCP/IP of money mirage from 2014, please go to this post:

and read Preston Byrne’s take on it:

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          Off the shelf PFM systems for PSD2 ready Banks   

@anthony.kyriazis wrote:

Hello all and thank you @Efi for inviting me.

I'm looking for off the shelf PFM systems that can be installed within a Bank which is PSD2 ready.
Other thank Strands and Meninga could anybody recomend another company for us to look into?
Many many thanks.
Ant.

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          Which #Fintech verticals are Amazon proof?   

@Efi wrote:

  1. Payments aren't!

  2. Small Biz Lending isn't?

  3. Jim Cramer, has proposed more than once, that Amazon should become the "StockTwits" and the "Robinhood". So, brokerage isn't?

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          Эдриан Сето, FinTech Innovation: «Настоящий успех финтех-стартапа не в битве с гигантами, а в исправлении их недостатков»   
Директор глобального проекта акселерации финтех-стартапов компании Accenture Эдриан Сето (Adrian Seto) рассказал Bankir.ru о том, какая поддержка на самом деле требуется будущим модернизаторам устоев, чем Россия отличается от других стран, и почему он никогда не будет сотрудничать с желающими поскорее продать свой проект.
          New South African Record: Startup sets FICA registration record with AI   
New South African Record: Startup sets FICA registration record with AI
South African fintech startup, ThisIsMe, has set a new Africa record for the FICA (Financial Intelligence Center Amendment) process. This process which used to be a drawn out taking as long as two days to two weeks, has now been streamlined by ThisIsMe and will be completed in three minutes. “ThisIsMe has set a new [&hellip
          Robert Rubin: The US Still Has The ‘World’s Best Long-Run Hand’   
“The US still has the best long-run hand. The question is how we play our cards,” Robert Rubin, former US Treasury Secretary told the Financial Times’ Robin Wigglesworth at CB Insights’ Future of Fintech conference. But while some people are … Continued
          PROMOTOR DE CREDITOS MEJORAVIT- IMSS - Broxel Fintech - Playa del Carmen, QRoo.   
*Innovamos con tecnología financiera para revolucionar los medios de pago, basadas en tecnología financiera, con el objetivo de crear ecosistemas financieros $7,000 al mes
De Indeed - Tue, 30 May 2017 23:18:05 GMT - Ver todos los empleos en Playa del Carmen, QRoo.
          Market - Back in time: Curve lets you switch the bank card you paid with after each transaction is complete   
A fledgling fintech startup is embracing time travel with a new feature that lets users switch the bank card they use for a transaction after they've already made the...
          区块链革命引领经济 三竹信息积极前瞻布局   
三竹信息长期致力于金融信息服务,近年更是Fintech金融科技的开发领头羊;近期Bitcoin比特币等虚拟货币涨势不断,全球各界更倾力投入区块链技术应用发展及创新商机,三竹信息董事长邱宏哲认同区块链为重要经济「典范转移」的开始,遂与资策会行业情报研究所MIC周树林主任及德明财经科技大学卢瑞山教授三方共同合作,将携手打造一区块链创新服务,让台湾年轻一代的投资人可以和国际接轨。... 阅读全文
          Fintech app Curve lets you change the account you pay for something with after you've made a purchase   
Curve is an app that allows you to track your finances across all your different accounts.
          Cyberattacks rely on the consumer and that’s a problem, says anti-fraud fintech firm's CEO   
Cyber attacks have been allowed to happen because cybersecurity places the onus on consumers to protect themselves, according to the CEO of an anti-fraud fintech firm.
          Bahrain Business Analyst Bahrain Credit cards & Digital Payments   
Job Extract About us Quick Link Consultancy is a pioneer in FinTech solutions catering to Financial Institutes across UK Ireland Middle East and India Quick Link Consultancy with headquarters in London UK has reinvented financial services by creating a digital banking platform that p
          Chief Technology Officer (for FinTech Startup) - Ferst Digital - Toronto, ON   
Imagine you could start with a clean slate and think of a different way to deliver banking to small businesses....
From Indeed - Thu, 29 Jun 2017 12:36:24 GMT - View all Toronto, ON jobs