Daily Tearsheet: Community Banks pressured to move away from screen scraping, Lili is making taxes sexy, and FIs and payments in the metaverse?
- To find out why community banks feel the need to move away from screen scraping and what is slowing them down, we dive into the cases of two community banks, which are critically poised in their journey towards an API-first ecosystem.
- And Lili’s VP of creative marketing, Matthieu Silberstein, joins us on the Acquire Podcast to talk about the launch of their new campaign and latest product.
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Community Banks face mounting pressure to move away from screen scraping, but APIs are far from perfect. Should we panic?
Screen scraping isn’t as widely used anymore, but in some parts of the financial ecosystem, it is still integral to everyday business. This is because smaller institutions like community banks have been unable to keep pace with large FIs.
To find out why community banks feel the need to move away from screen scraping and what is slowing them down, we dive into the cases of two community banks, which are critically poised in their journey towards an API-first ecosystem.
The Acquire Podcast Ep. 15: Lili is making taxes sexy, one IRS Cocktail at a time
In episode 15 of Acquire, Tearsheet’s Marketing Podcast, host Rebecca Alma Cohen, Head of Tearsheet Studios, speaks with Matthieu Silberstein, VP of creative marketing at Lili.
Lili is a banking provider for freelancers – from side hustlers to small businesses. Matthieu speaks about launching the campaign for Lili’s Tax Optimizer, their latest product, that helps freelancers understand and manage the annual tax filing process. The launch was just this past winter ahead of the dreadful tax season that ended in April.
The latest briefing
Payments Briefing: What do FIs need to know about payments in the metaverse?
The metaverse economy could be worth $13 trillion by 2030, according to a recent report by Citibank. Naturally, financial institutions want to participate in this major growth opportunity, and industry leaders including JPMorgan Chase, HSBC, Amex, Visa, and Mastercard are actively exploring opportunities in the metaverse.
Of course, at the heart of a growing metaverse economy is the need for a robust payments ecosystem. Providing secure and convenient ways to pay for virtual goods will be essential to creating a fully immersive experience in the metaverse.
So, what kind of potential does the metaverse present for the payments industry? What are the opportunities to avail and challenges to tackle?
Tearsheet’s reporter Ismail Umar spoke with five experts to understand why it’s important to ask these questions now rather than years later and to get their thoughts on how traditional FIs, as well as fintechs, should be thinking about metaverse payments.
Read more (exclusive to Outlier members)
Just look at the charts
1. Is cash dying?
2. Can platform banking change traditional banking as dramatically as other digital trends have over the past decade?
PayPal surges on news of Elliott’s investment
PayPal shares jumped after saying activist investor Elliott Investment Management is now one of its largest shareholders and recent cost-cutting moves will result in savings of $900 million this year. Such savings will swell to $1.3 billion next year, as announced by the company during its second-quarter earnings. (Bloomberg)
Lasting crypto winter may mitigate fintech earnings
Wall Street has lowered earnings expectations for once high-flying fintechs, Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates. Coinbase is expected to report an adjusted loss in Q2, while Block is likely to post a 70% drop in adjusted profit. (Reuters)
The UK has been crowned the card fraud capital of Europe
The UK is the card fraud capital of Europe, with more victims and higher losses experienced than any of its continental peers. The data comes from an analysis of the European Central Bank’s Statistical Data Warehouse, sourced from all reporting card payment scheme operators for 2019. (Finextra)
Robinhood’s CEO loves his company as a standalone enterprise
The CEO of Robinhood, the brokerage whose stock has lost about three-quarters of its value since its debut last year, tried to shut down speculation that his firm might become a takeover target of crypto giant FTX. He further added that the firm has $6 billion in cash should the brokerage want to explore potential acquisitions. (CoinDesk)
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