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Bitcoin skepticism, Trump wins opening round, Trends behind digitalization: Essential Banking News

Last week, a midst the rise in Bitcoin, bankers continue to caution buyers and President Trump gets the opening victory in the CFPB legal battle. 

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Bitcoin mania mounts amid banker skepticism

Bitcoin is sailing in uncharted waters after the massive price increase over the last several weeks has continued. However, equally as persistent has been the caution from bankers: "At the beginning of 2017, bitcoin enthusiasts celebrated when the cryptocurrency closed in on its then all-time high of $1,216.7, set in 2013. Since then, it’s been month after month of record-breaking, confounding growth, accompanied by regular warnings from bankers about money laundering fears and bubble speculation."

Read more at American Banker


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Trump Wins Opening Round In Legal Battle Over Consumer Watchdog Agency

The federal court has denied the request of an Obama-era appointee for a temporary restraining order to block the President's administration from usurping control of the Consumer Financial Protection Bureau: "The ruling by U.S. District Court Judge Timothy Kelly is a victory for President Trump, who appointed White House Budget Director Mick Mulvaney to take charge of the CFPB after the resignation of its previous director, Richard Cordray."

Read more at npr


Infographic: Trends Behind Digitalization in the Financial Services Industry

"For the third consecutive year, GFT, the global IT consultancy for the financial services industry, has surveyed decision-makers in banking to gain insights into the trends behind digitalization in the financial services industry. Based on 285 interviews, the survey in partnership with Frost + Sullivan, offers valuable insights into the status of digital transformation, Bank as a Platform (BaaP) and artificial intelligence across eight countries."

Read more at PaymentsJournal


Is CX Your Top Priority? Banking Consumers Don’t Think So

In what has been a continued push for financial institutions, the customer experience within financial services is still a work in progress. Luc Burgelman, CEO at NGDATA, finds that more than ever before consumers are willing to leave their current institution if customer service is perceived as bad: "Companies like Amazon, Facebook, Google and Apple have forever altered the company/consumer paradigm by putting CX at the center of everything they do. The most innovative companies in the world have fundamentally changed consumers’ expectations. People demand more than ever before, and banks and credit unions are struggling to keep pace."

Read more at The Financial Brand


Welcome to the Age of Superhuman Banking

"An explosion in available data on consumers, and the ability to process this data for intelligent recommendations, is creating an exciting transformation in financial services. Organizations that can leverage this opportunity will be in a position to provide personalized financial and non-financial recommendations that were impossible just a few years ago."

Read more at The Financial Brand


Amazon Payments has one big glaring hurdle in its way

"It is easy to imagine why this platform would be popular with consumers. For Prime members, there are few things easier in life than shopping on Amazon's website, clicking what you want, and having it appear on your doorstep two days later. To have that convenience extended to other shopping experiences is a no-brainer. But the problem with Amazon Payments was never what the consumer would think of the platform, but the merchants who would be accepting it."

Read more at Business Insider


Trends 18: The Mobile Payments Race

"In emerging markets, rapidly expanding smartphone penetration rates help mobile payments leapfrog relatively under-developed financial infrastructures. This has made these markets (primarily in APAC) prime targets for the current heavyweights in the industry – Apple Pay and Ant Financial’s Alipay."

Read more at globalwebindex