FinTech Daily: Steemit's ambitious blockchain roadmap; AI in banking; Motive Partners raise $150
Fintech Steemit Migrating Servers To Amazon Unveils Ambitious Blockchain Roadmap
Steemit, creators of the world's fastest growing decentralized social media platform, has unveiled today what it describes as a "Comprehensive roadmap" detailing improvements to its blockchain, company structure and website. As part of its plans Steemit is to migrate its servers this first quarter to Amazon Web Services, the world's largest hosting provider. Steemit plugs into a robust blockchain database called Steem, which distributes rewards in cryptocurrency, with real value to the users who bring the best articles, commentary, creativity, images and videos to their site. The rising fintech innovator has attracted over 120,000 registered users in around six months and is creating 'native' Steemit apps for use on mobile iOS and Android. "Due to the immutable and tamper proof nature of blockchain, Steemit is completely free from censorship, meaning no advertisements can be hidden from view, nor can user comments be edited." On blockchain bottleneck and scalability concerns, Scott revealed to Forbes: "We want to be able to handle as many transactions as Facebook, reddit and Twitter combined. Steem is currently second most used blockchain by transactions, behind bitcoin."
The Use of AI in Banking is About to Explode
AI can improve customer personalization, identify patterns or connections that a human couldn't find, and answer questions about banking relationships in real-time and firms are already recording amazing success with AI in banking. If we consider that the definition of AI is the ability for machines to interact and learn to do tasks previously done by humans, the history of AI goes back to the 50s in the banking industry. In another Digital Banking Report, The Power of Personalization in Banking, it was found that consumers want to share their personal information if they can receive custom advice, offers and service based on this shared insight. As is the case for several innovations in banking over the past several years, one of the most exciting applications of AI in retail banking has come from a small start-up not from a large national bank. Ann Arbor-based Clinc has created a voice-powered AI platform, named Finie as a way to interact with a banking account using natural language queries. Finie is integrated within a banks' mobile banking application, acting as "a voice-activated intelligent personal assistant that is able to answer financial questions unique to each individual user, offer personalised spending advice, and fulfil any banking task".
Category: New Product
Motive Partners, a new London/NYC fintech VC, is raising a $150M fund
A new fintech VC called Motive Partners, founded by a team of fintech entrepreneurs and investors, is launching today with offices in London and New York. Motive quotes figures from Goldman Sachs that estimate $4.7 trillion in annual revenue at risk of displacement by new tech-enabled entrants. "We believe that financial services is in the middle of a perfect storm of change, driving towards a better customer experience, frictionless technology integration, new standards and most of all a 'democratization of access' to financial services around the world," said managing partner Rob Heyvaert in a statement. Motive's team, is a mix of financial industry execs and investors and due diligence is where Motive's in-house expertise should, in theory, come in most helpfully. Motive is not revealing what its first investment will be but a report last night on Sky News identified an undisclosed amount in LMRKTS.com.
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