Listers Lots of discussions on cryptocurrencies and Blockchains but the truth of the matter as far as innovation goes the last time financial sector really innovated was when the ATM was invented. Now is an opportunity for the industry to jump back on the innovation bandwagon..
Monday, August 22, 2016 WALL STREET IS OUTSOURCING INNOVATION
Wall Street has a major innovation problem.
So says Sallie Krawcheck, CEO of Ellevest (an investing platform tailored to women) and the former CFO of Citigroup.
"Now, I would argue to you...the last real innovation that came out of a big bank was the ATM," Krawcheck told Business Insider's Linette Lopez and Josh Barro.
Innovation in the everyday technology that regular consumers use, such as depositing a check by taking a picture with your smartphone, has come from outside the industry.
Banks have been partnering with startups, but Krawcheck calls this "outsourcing innovation because the banks' money fuels the startups, which in turn give the banks a spot in the tech world.
You can hear more of Krawcheck's comments here.
FIVE IN FOCUS 1
Lyft reportedly tried to sell itself to Uber and several other companies, but failed. The startup has refused to comment on these reports. Read more » 2
The CEO of $3.8 billion workplace messenger Slack has a clever idea to help people get off work early, as he thinks chatbots will become "the browser and the command line for enterprise." Read more » 3
Facebook has made a surprising move that could breathe life into its one shrinking business. Revenue from payments and fees has been trending downwards, but Facebook's new "all-new PC gaming platform" could start to change that. Read more » 4
Some security experts believe the NSA hack proves that Apple was correct in its stance on user privacy. Read more » 5
Chinese selfie app Meitu is preparing to go public with a $1 billion IPO on the Hong Kong stock exchange. Read more » REPORT OF THE DAY The First Look at Apple Home In this report, we analyze the finally complete Apple Home ecosystem. We examine the Apple Home app, as well as HomeKit, and discuss it's potential effect on the overall do-it-yourself smart home market.
Learn More » BRIEFING HIGHLIGHTS The VR and AR Market Will Hit $162 Billion by 2020 Via Apps and Platforms Briefing | Subscribe Here »
Total revenue for virtual reality (VR) and augmented reality (AR) is projected to increase from $5.2 billion in 2016 to over $162 billion in 2020, according to the IDC. Read More »
How NBC Can Salvage Future Olympics Broadcasts Via Digital Media Briefing | Subscribe Here »
NBC’s TV ratings for the Olympics are down 17% compared with the 2012 Summer Games in London, creeping dangerously close to the “nightmare” 20% threshold described by the network’s CEO Steve Burke. Read More »
Theft Is Erasing Some of Self-Checkout's Benefits Via Payments Briefing | Subscribe Here »
A study of self-checkout kiosks in Belgium, the Netherlands, the U.K., and the U.S. found that self-service checkout technology likely increases shoplifting. Read More »
The Amazon Echo Can Now Control The Hyundai Genesis Via IoT Briefing | Subscribe Here »
Hyundai announced a partnership with Amazon to allow drivers to use their Amazon Echo to control elements of their Hyundai Genesis. Users need to link their Amazon account to their Genesis Connected Car Services account to activate this feature. Read More »
Alibaba Is Looking to Expand in India Via E-Commerce Briefing | Subscribe Here »
Chinese e-commerce giant Alibaba has been in talks to acquire Indian online marketplace, ShopClues, an online marketplace that specializes in cheaper and unbranded merchandise and is aimed at price-sensitive shoppers. Read More »
U.K. Crowdfunding Platform Breaks Funding Record Via Fintech Briefing | Subscribe Here »
Last week, Crowdcube revealed that it raised $11 million. This is the largest U.K. crowdfunding round to date, and more than double the previous record of $5 million raised by money management fintech GoHenry. Read More »
CHART OF THE DAY The importance of open hardware in the IoT
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