Impact Lab

Subscribe Now to Our Free Email Newsletter

» Currently browsing: Banking

The looming bank collapse

June 12th, 2020 at 12:08 pm » Comments Off

  The U.S. financial system could be on the cusp of calamity. This time, we might not be able to save it.  After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these […]

Mortgage refinancings set to surge to a 17-year high

May 31st, 2020 at 4:28 pm » Comments Off

Lenders probably will originate $1.5 trillion in refis, a 51% jump from 2019, Fannie Mae says If you’re in the mortgage business, fasten your seatbelts. Refinance volume is set to spike to a 17-year high this year as mortgage rates fall to the lowest levels ever recorded, Fannie Mae said. Even as other parts of […]

I’m prepared for a future where I never pay cash and rarely go to the store

May 27th, 2020 at 11:29 am » Comments Off

Since the coronavirus put New York under lockdown, I’ve completely changed my buying habits. I haven’t swiped my credit card in at least a month, relying on online payments and Apple Pay with curbside pickup. I actually prefer paying this way, and I don’t see myself paying with cash or card anytime soon, although I […]

Chime is piloting instant stimulus check disbursals

April 25th, 2020 at 12:46 pm » Comments Off

US neobank Chime is running a pilot in which it gives customers their $1,200 federal stimulus checks before the government begins disbursing the payments, CNBC reports. The neobank selected 1,000 customers who received their payments instantly on Thursday through Chime’s SpotMe feature, which usually acts as an overdraft protection feature, allowing customers to go negative […]

Step-by-step guide to tokenizing real-world assets

January 6th, 2020 at 12:52 pm » Comments Off

 Recent estimates place the current value of all real-world assets at around $256 trillion globally. While that jaw-dropping number is fairly stable, all of these assets keep changing owners on a regular basis. Unfortunately, the processes used to trade these assets are completely outdated. Ownership over a vast majority of real-world assets is still signified […]

The invisible company powers almost the entire finance industry

November 21st, 2019 at 2:50 pm » Comments Off

  The days of going to a bank are coming to an end. In the past 10 years, 15,000 bank branches have shut their doors for good. And foot traffic to banks has fallen by 50%. Bank branches are shutting down left and right for a simple reason… They’re useless! These days, you can deposit […]

Google to offer checking accounts in partnership with banks starting next year

November 21st, 2019 at 2:41 pm » Comments Off

Google is the latest big tech company to make a move into banking and personal financial services: The company is gearing up to offer checking accounts to consumers, as first reported by The Wall Street Journal, starting as early as next year. Google is calling the project “Cache,” and it’ll partner with banks and credit […]

The 7 biggest technology trends to disrupt banking & financial services in 2020

November 17th, 2019 at 3:52 pm » Comments Off

Even though banking and financial services have been slower than other industries to adopt the latest technology into their operations, financial organizations are trying to catch up by incorporating artificial intelligence, blockchain, and other technology to benefit their customers, remain competitive and improve business results. Here are the 7 biggest technology trends that will disrupt […]

“The Deadly Trifecta” is among threats putting $88 billion in banks’ payments revenue at risk

November 8th, 2019 at 12:39 pm » Comments Off

While fintechs and other nonbank payments providers continue to carve out more market share for themselves, banks could face losing up to $88 billion in payments revenue to them. That’s the assessment from Accenture, the consulting firm that on Wednesday released its latest report, “5 Big Bets in Retail Payments in North America.” Of that […]

Venmo to launch its first credit card in 2020

October 26th, 2019 at 12:25 pm » Comments Off

Venmo announced today its plans to launch its first-ever credit card. The card is being issued in partnership with Synchrony, already the issuer behind Venmo parent company PayPal’s Extras Mastercard and Cashback Mastercard. The move is meant to help Venmo, a still unprofitable arm of PayPal’s larger business, generate more revenue. PayPal’s plans in this […]

Should central banks issue digital currency? Suddenly, it’s an urgent question.

October 9th, 2019 at 11:44 am » Comments Off

Stable digital currencies—and particularly Facebook’s plans to launch one—have central bankers playing defense. For years, powerful central banks around the world have claimed to be studying digital currencies, and most have left open the possibility that one day they might launch their own. That day may be dawning—much earlier than anyone expected. In a recent […]

Robots to replace 200,000 US jobs in banking in 10 years

October 7th, 2019 at 12:41 pm » Comments Off

As the September jobs report looms, a recent report from Wells Fargo is casting a bleak light on the future of banking jobs. The report revealed that robots are likely to reduce headcount by 200,000 over the next decade throughout the financial industry in the U.S. Wells Fargo’s Mike Mayo spoke to Yahoo Finance’s On […]

The Coming Era of AI enhanced Super Humans