Friday 7 August 2015

FinTech - marrying up finance and tech start-ups

14:43 Posted by G No comments
There's lots and lots in the press, and the word FinTech is certainly getting a workout (too much many would say).  This Bloomberg article caught my eye, not only as it's a good example of a bank doing it's own incubating and working directly with start-ups, but because of the synergy between the two companies.

  "Wells Fargo’s investment in Context360 is part of a technology incubator program the bank began last year to spur innovation. In April it selected the San Mateo, California-based startup and two other firms out of almost 300 applicants for one-time investments of between $50,000 and $500,000."

"Customers may be more receptive to offers or notifications if phone sensors show they are commuting by train, watching soccer practice or otherwise in a place where they can look at their phone. The results could theoretically be used by Wells Fargo to tailor alerts that would hit customers’ phones just when they are engaging in an interaction that might require the bank’s products -- like a car loan.

Or it could be used to detect fraud by checking that a phone and credit card are in the same place, and stopping a transaction if they aren’t."


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