This week in fintech news, USAA went live with a version of Alexa that allows customers to speak naturally about financial transactions, providing a more precise experience for customer inquiries. At the MDM and Data Governance Summit in San Francisco, Pitney Bowes was named the leader in master data management solutions, and Bank of America is staying at the forefront of technology by patenting several use cases for blockchain. Continue reading to find out the latest in fintech news.
Alexa now Provides Financial Information to USAA Members
By now, you’ve probably heard of Alexa, a voice activated service developed by Amazon that provides capabilities that enable customers to interact with devices. Just last week, USAA went live with a virtual assistant that works with Alexa so customers can answer questions about their accounts, balances, spending and transactions. USAA has taken the functionality of Alexa to another level, allowing users to speak naturally and conversationally about their financial transactions, rather than using scripted commands. Find out more about how USAA is using Alexa here.
Pitney Bowes Named Leader in Master Data Management
At the recent MDM and Data Governance Summit in San Francisco, MDM Institute Chief Research Director Aaron Zornes released his listing of top providers in the master data management space. Included in the 30 top products evaluated by the MDM Institute is the Pitney Bowes Spectrum Information Management System, a graph-based solution that provides a single unified framework for end-to-end customer data management, giving users a holistic view of their customers. Read more about it here.
Bank of America Files Blockchain Patents
Across the globe, many financial institutions have already begun adopting blockchain technology to ensure digital ledgers of economic transactions can be programmed to record not just financial transactions but virtually everything of value. In order to stay at the forefront of Technology, Bank of America is patenting some of the use cases of blockchain. In fact, they have filed for 15 blockchain-related patents and are currently in the process of drafting another 20 to be submitted to the U.S. Patents and Trademark Office. Find out more here.
The End of the Beginning of Fintech
Former CEO of Barclays, Anthony Jenkins, said banks could become irrelevant if they fail to keep up with fintech, suggesting that digital ledger solutions are saving companies between $80 billion and $100 billion a year by being able to settle and clear transactions near real-time. Such a revolution is taking place in fintech that Jenkins believes the financial services industry will experience a 50% decline in banks and staff over the next ten years. Find out more here.
