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I am proud of companies like PayPal and Deutsche Bank. It is unfortunate that North Carolina believes in such hateful values.

Why?

The wallet landscape needs a lot competition and innovation to create a value proposition that has real economic value for all the players. The BarclayCard/Apple Pay situation is a clear indiction that not everyone is getting the value that they think they deserve.

Credit scoring can be improved by adding unstructured data from social media and telephone records along with sophisticated algorithms to add another dimension to traditional scoring techniques. Think about building an "integrity index" to complement a FICO score and standard credit reports. This takes us back to the days when bankers looked at applicants straight in their eyes. Technology can bring back the human element back to credit scoring.

This is great. Anything that simplifies things for consumers is a good thing. Also, the industry needs more competition to make ecommerce offerings better and more efficient. Competing brands are always a good thing.

I believe in innovation. But, I also believe in a level playing field. Some of today's Fintech's are being unfairly rewarded by the market in terms of higher market values since they do not have the capital and regulatory requirements of traditional banks. It is tough to free up funds for innovation when capital and regulatory costs are taking over 50% of the available funding. Fintechs are not emcumbered by this 50% tax. Now, this is not fair.

This is a great idea. I hope they find something that can really add to their technical capabilities. At the end of the day banking is still banking. Banks just need to leverage new technology to their advantage Vs competing against Fintechs. Remember most Fintechs are undercapitalized and know very little about banking.

I am not buying any of this! 99% of the Fintech start-ups will fail in the next three years. Who are consumers going to trust, some no name under-invested "Fintech" or a trusted well capitalized bank.

This does signal the fact that banks need to invest in their future which they will do. At the end of the day Fintechs will not be banks, and banks will continue providing trusted advice, loans and deposit services. The money is not in the technology; it is in the services. But, technology is required to improve service offerings and experiences.

Every ten or so years banking goes through an investment cycle as technology advances enables new and better ways to do the same old stuff. The key for a bank is not to believe all the "hype", but make strategic investments that create lasting value for consumers.

I guess I need a video on what this means from an ease of use persperctive. Otherwise, is this newsworthy?

Why did take so long since clearXchange has been around for a long time? The U.S. banking system needs to accelerate its innovation agenda. Congratulations to both Bank of America and USBank for taking the first step which was not easy.