Welcome to our weekly news roundup, of headlines which we thought would be beneficial to our readers. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of tech, banking, cryptocurrency, DeFi, BaaS and beyond.
This week’s roundup will feature titles on cryptocurrency value, open banking and AI technology. Join us and Managing Director of Unlimint BaaS, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Ethereum’s Bitcoin has continued to drop, with over $344 million liquidated. Despite making a recovery last week, they are now down by 4.8% (as of 09.11) and the market capitalisation has plummeted from $1.27 trillion in 2021 to under $379 billion today. [source: Decrypt]
Cryptocurrencies have taken a shellacking this week with FTX’s implosion. The market takes a hit, and it stands back up. FTX is (was) a multi-billion-dollar exchange, if it dents the digital asset class for a couple of days, if it withstood 3A, Luna, et al, that is the very definition of resilience. – Jovi
- Scandinavian bank, Nordea, has implemented a virtual agent using AI technology to improve customer service by resolving enquiries through Boost.ai-powered virtual agentssir. Nordea entrusts that the virtual agents will provide a 91% solution rate for private banking customers and a 95% rate for their 500,000 corporate customers. [source: FinTech Futures]
Harnessing AI and technology will determine the split between winners and losers. Banks need to future proof their systems and processes and needs efficient back-office operations. Nordea, by implementing virtual agents using AI, will be looking to take market share from competitors that do not. – Jovi
- JP Morgan has teamed up with Mastercard for their Pay-by-Bank service which uses open banking to let their customers use their bank account information instead of a card. [source: Finextra]
Open banking and the utilisation of it by JP Morgan, is confirmation that the way people think, and money and commerce is changing. How they pay and get paid now is different than 50 years ago. It is proof that even the most fiat institutions can adapt to change. – Jovi
See you next week, back in the Unlimint BaaS blog for your next weekly news roundup.