What does banking and the music industry have in common? If startups have anything to do with it—the blockchain. Jonathan Chester (@JonChest), contributing writer for Forbes, reports how Ujo, a royalty distribution platform based on blockchain technology, is looking to shake things up with the same bitcoin framework disrupting banks. Ujo aims to remove the inefficiencies in how royalty payments are paid out to music artists.
EU commission accepts fintech with open arms—or is that open APIs? Jack Burrows, contributing writer for Finextra (@Finextra), reports on the recent ratification of PSD2— a set of laws that will open up banking’s infrastructure in the EU. Customers will be able to piece together financial products and services from different banks like Lego blocks. Will this trend make it across the pond and be the British Invasion of banking?
One step forward, two steps back. That’s the dance playing out with bitcoin and its underlying technology, blockchain. Although governments have begun to pay attention to bitcoin, little notice has been given to blockchain—and that’s beginning to damper adoption of this technology. “As long as regulatory bodies are unsure how to handle distributed ledger systems legally,” Ruth Reader (@RuthReader) of Fast Company reports, “banks may be wary to adopt it.”
Goldman Sachs has recently applied for a patent that relies heavily on blockchain technology. “The hope is that blockchain could provide ‘near-real-time’ transactions to speed up the foreign exchange market,” Ian Kar (@iankar_ )of Quartz reports. The question remains however, will this technology be shared with others in the industry, or will it be an exclusive advantage for Goldman’s clients?
This just in: “Banks that provide an excellent mobile deposit app have a markedly higher customer adoption.” Those are the unsurprising results from a study conducted by Futurion. What’s revealed by Tom Groenfeldt (@tomgroenfeldt) of Forbes, is how banks with a good mobile app experiences also excel at customer service. “Nearly 75 percent of a typical financial institution’s mobile deposit adoption and usage can be predicted by the strength of their customer experience,” the report found.