Silicon valley banks

Last week McKinsey published its 2017 Global Banking Annual Review, which is summarized in this Business Insider article. The headline on that article is the title of this post and is both accurate and an understatement of the risks of technological and relationship disruption facing banks. This was a major topic of conversation at last week’s Money 20/20 conference, of which K&L Gates was a sponsor and which drew more than 10,000 attendees.Much of the threat comes from payment, micro-lending, information technology and other technology and services offered by prototypical Silicon Valley startups consisting of a small team of committed founders and engineers. At the same time, however, many of these startups provide services complimentary to those offered by banks or which are actually used by banks themselves to improve their customer experience or otherwise streamline operations. For instance, Blend Labs has developed software used by … [Read more...] about Wall Street Banks Face Threat From Silicon Valley: McKinsey

Summon her with a tap or a word. Yell at her if you want. First, she was the perky female assistant in your phone. Then, a woman’s voice in a little box on the table checking the weather. Now, she’s growing a virtual body that looks like a retro fantasy of female servitude. You don’t have to pay her. She doesn’t have any rights. In fact, she’s sub-human. In the race to bring artificial intelligence into every corner of our lives, Big Tech is wiring the future with cultural signals that undermine the hard-won rights of women to be treated as humans and paid as equals. Female digital assistants hearken back to the bad old days when females did the work — and everyone else got the benefits. It’s time to stop them. When Apple’s Siri and Amazon’s Alexa hit the market, plenty of commenters pointed out the obvious — that they reinforce sexist attitudes. But that didn’t stop Bank of America from recently launching … [Read more...] about Female digital assistants like Siri hurt women. But Silicon Valley doesn’t care ǀ View

Blockchain startups are fueling growth of innovative companies in the small canton of Zug, Switzerland, dubbed the “Crypto Valley” (and yes, it’s written as “CryptoValley” in German, and not translated into “CryptoTal”). This approximately 20-mile valley between Zurich and Zug is home to the Ethereum Foundation and more than a dozen other blockchain technology companies. Crypto Valley has a long way to go before it catches up to blockchain investment levels seen in Silicon Valley or the other top investment countries of UK, Israel, Sweden, Germany and Argentina. What is driving Crypto Valley’s growth?CoinDesk reports that the laissez-faire philosophy that makes Swiss banks so valuable is the same philosophy driving the development of Crypto Valley. Switzerland, with its deeply decentralized government, appears to be a fertile environment in which innovation can flourish. For instance, Zug’s local government is experimenting with … [Read more...] about Blockchain Startup Innovation Fuels Growth in Crypto Valley, Zug, Switzerland

CONTACTLESS card fraud has doubled in the past year – and The Sun on Sunday can reveal just how easy it is to fall victim while you shop. Our investigation found that a widely available app allows thieves to clone tap-and-go credit and debit cards in just ONE SECOND by pressing up against shoppers. Your car keys could soon be used to pay for shopping or beer thanks to new contactless card tech The software turns a mobile phone or tablet into a scanner, meaning a crook can spend your money without reaching into your pocket. Our reporter tried the app on a busy high street and cloned a credit card we gave to our test “victim” with a simple swipe of a hand. Andre Kay, security expert at tech ­company VoyagerBlue, said: “If your debit or credit card is compromised in this way the implications can be terrifying. “A fraudster can go online shopping with your money. They can also go to popular travel websites and book a luxury holiday that you or your bank … [Read more...] about How crooks are using a legal app to steal your bank card details in under one SECOND

Jun 01, 9:27 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Technology By Leigh Cuen 12/13/17 AT 4:24 PM Israeli news broadcasters are buzzing about unearthed footage of Prime Minister Benjamin Netanyahu speaking off the cuff about bitcoin. “Are banks going to eventually disappear? Yes. The truth is that this is what’s pushing bitcoin prices upwards,” Netanyahu said. He also said banks won’t disappear tomorrow, and that the current state of explosive bitcoin market growth can’t last forever. However, in the long term, it appears the Israeli leader believes technologies like bitcoin will supplant centralized institutions. He told reporters banks traditionally establish trust while protecting people against risk. Those days, in his opinion, are numbered.Israeli Prime Minister @netanyahu to journalists:#Bitcoin prices upwards” pic.twitter.com/SwIxaCPSQM— Udi Wertheimer (@udiWertheimer) … [Read more...] about Benjamin Netanyahu Says Bitcoin Rises As Banks Die