Understanding the Financial Challenges of Gig Workers
November 7, 2022 | 1 min read
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This week we look into what Amazon did to get their foot in the metaphorical door of mortgage financing and the MX and Coast Capital partnership.
Amazon now has their foot in the metaphorical mortgage financing door, partnering with Quicken Loans to provide a variety of services to customers through Alexa. This isn't the first move that Amazon has made in financial services and, as Jacob Gaffney speculates, this will not be their last: 'Amazon is quietly testing the waters for access in both the real estate and mortgage markets. Could this help within its R&D department?
One of the largest credit unions in Canada has signed on with MX to power their digital financial tools. Jeff Wong, Coast Capital's Chief Business Transformation Officer, says there is plenty of overlap between MX technology and Coast Capital's commitment to deliver to their customer: 'Coast Capital is committed to equipping members with the very latest digital tools... With leading-edge technology from MX, one of the top innovators in financial software, Coast Capital's Take Charge Money Manager delivers on this commitment.'
With continued advancement into the digital age, nothing is above its influence. As Jim Marous points out, this includes banking: 'Nothing has impacted today's consumer more than the power of the smartphone and digital technologies. The full impact of digital technologies has yet to be fully realized. Those banks and credit unions that continue to have a passion for yesterday's banking models will soon see negative impacts on growth and revenue.'
'Venmo, the PayPal-owned digital peer-to-peer (P2P) transfer service, is officially launching instant bank transfers following a pilot held last summer. The new service requires a Visa or Mastercard debit card, and will allow users to instantly (within 30 minutes) cash out their Venmo balance for a flat $0.25 fee.'
“The customer only pays us if they are so happy with what they’re getting they choose to pay,” said Aspiration CEO Andrei Cherny. “Banking services cost money. Employees and technology cost money. The problem is the model by which the banks are making that money, which instead of trying to make sure the customer is successful and happy often preys on those who can least afford the extremities.”
“SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company,” Noto said in a press release.
“We want to embrace the innovation opportunities presented by APIs and work with industry providers to give our clients an expanded, secure experience that helps them grow and prosper,” Faiz Ahmad, head of global transaction services at B of A Merrill, said in a press release.
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