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Essential Banking News: House Passes Financial Choice Act, Apple Releases P2P Payments, MX Partners with COCC

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Get up to speed with banking news in less than 5 minutes.

House passes sweeping legislation to roll back banking rules — Renae Merle, The Washington Post

The House voted pretty much along party lines for the Financial Choice Act, a bill that reforms many rules in the 2008 Dodd-Frank Act. At its core, the Financial Choice Act gives banks the choice to accept the regulations of Dodd-Frank or have more capital on hand so they can survive a financial crisis without a bailout. In addition, it eliminates the Volker Rule, which prevents commercial banks from engaging in speculative trading, and allows banks to undergo fewer stress tests. Proponents of the bill say that it will enable banks to lend more and profit more. Opponents of the bill say that it puts our system at risk of another financial crisis.


Apple is taking on Venmo and Square Cash with peer-to-peer payments — Selena Larson, CNN Tech

Apple announced a P2P platform that's directly embedded in Apple Messages, so users can send money via text. Even though Apple's version of P2P payments is limited by those who use their platform, this is still a move that should worry Venmo and Square Cash. After all, there's a large overlap of people who adopt Venmo or Square Cash and those who adopt Apple. It remains to be seen as to which users will choose.


Banking Needs Deeper Customer Insights to Remain Relevant  Jim Marous, The Financial Brand

Jim Marous writes about the need for banks to actually use the data they're sitting on. “To be in a more advantageous competitive position, traditional banks need to leverage the customer data advantage they possess, and start innovating not only like fintech firms, but with fintech firms.”


2017 Global Digital IQ® Survey: 10th anniversary edition — Chris Curran, Dan Garrett, & Tom Puthiyamadam, PwC

PwC shares their learnings from 10 years of surveys about digital progress, showing that companies are increasingly interested in digital as a way to drive up revenue.

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What Can Fintech Learn From Other Areas Of Technology? — Eleftherios Jerry Floros, The Market Mogul

“Fintech is the new “gold rush” in banking, lending, insurance, payments and wealth management. Although financial technology has been around for quite some time, it’s only now being utilised across the financial industry.”


Using Fintech to Democratize Financial Services — Rik Kirkland, McKinsey&Company

“The typical underserved population spends 10 percent of its disposable income on unnecessary fees and interest rates. Ten percent. That’s the same amount the population spends on food. With technology, that’s ridiculous.”


The Challenger Bank Battlefield — Devie Mohan, The Financial Brand

“Challenger banking has evolved to be a microcosm of fintech trends and innovation – with the sheer level of competition and diverse trends in the various regional markets making it an ideal ecosystem for observing.”


An Introduction to Fintech Data Science — Angela Scott-Briggs, TechBullion

“Data science is critical in the holistic analysis of customer behaviour across multiple channels of engagement. A financial institution is able to classify payment records, therefore, enabling it to have customer-tailored services.”


COCC Announces MX as a Preferred Partner

“Our clients are always looking for ways to better serve their users on the digital front, and MX gives them that edge.” -Joe Lockwood, Chief Operating Officer at COCC