Our ChatGPT Poem is Funny- and Illuminating
Media coverage of last week’s Visa/Mastercard settlement predictably- and appropriately- focused on the impact to merchants and the card network behemoths. Fortunately most news outlets avoided the dubious claim that consumers would somehow benefit from the estimated $30 billion fee concession (there were exceptions- looking at you, New York Times).
Payments Stories You May Have Missed
The industry news has been coming so fast and furious lately- while many are trying to squeeze in a last summer trip to the beach- that even those plugged into the payments and fintech spaces could be forgiven for overlooking a few headlines. Here are four stories I think deserve a bit more attention.
Fed Report Advances the CBDC Conversation (a little)
The Federal Reserve’s long-promised report on Central Bank Digital Currencies (CBDCs) finally arrived last week- and it could serve as a Rorschach test separating the supporters from the skeptics.
New Fed Research Highlights COVID’s Impact on Payments
We’re all aware the pandemic has altered Americans’ shopping and payments behavior- the remaining questions are how, and by how much. There are plenty of good sources to track pockets of data- the PSCU Payments Index and Mastercard’s SpendingPulse immediately come to mind. For an authoritative and comprehensive view, however, the Federal Reserve remains the gold standard.
All Eyes on 2022- BIG’s Predictions for a Complicated World
Everyone has their opinions on where the credit union and technology worlds are headed; we at BIG have been documenting our predictions for several years running. Although the navel-gazing part is fun, we believe it’s equally important to hold ourselves accountable.
The Biggest Stories of 2021
ntech and credit union landscape during 2021, it quickly became clear how fast our world has been spinning.
The Great Resignation – Be Careful What You Wish For
Another week, another befuddling batch of employment numbers. In November my home state of Georgia set an all-time record low unemployment rate of 3.1%. Several others aren’t far behind. In normal times, this would be seen as cause for celebration.
The PAX Terminal Controversy- Small Market Share, Big Headache?
While attending Money 20/20 last week I received a text from a colleague asking if I’d heard rumors about PAX terminals being pulled by a payment processor. At first I thought it might have been a typo, but soon enough I began hearing corroboration in the conference hallways. But the story got even juicier- the FBI had raided PAX’s Jacksonville warehouse.
Fintech is Hard- The Lessons of Google Plex
When Google pulled the plug on its closely followed checking initiative on October 1, the news was a bigger surprise than it probably should have been. The Big Tech firm has long subscribed to Silicon Valley’s “fail fast” mantra, and has a graveyard of abandoned products to show for it. Google had also already allowed some soft deadlines to quietly slide by for its multi-FI banking interface.
Standing Out from the (Vaccinated) Finovate Crowd
The Finovate crew did an impressive job of bringing their winning formula of seven-minute live demos back into a live New York City setting in mid-September. By my visual estimate 300-400 vaccinated and judiciously spaced attendees were in the Marriott Marquis ballroom at any given time.