FinTech Daily: The Benefits of Cloud Computing in Finance; Tech Firms and Banks Battling Over Data;
How Cloud Computing Benefit Fintech Companies
Some cloud clients keep up all applications and information on the cloud while others utilise a cross breed show keeping certain applications and information on private servers and others on the cloud, as per Daily Fintech. A universal quickening agent with a fintech twisted, Startupbootcamp offers individuals AWS, Microsoft Azure and Google Cloud administrations, among others, while computerized startup Cross River Bank is utilizing Microsoft Azure. At first, security was viewed as a spoiler from utilizing the cloud.
Money related authorities are grasping cloud benefits and making consistence methods to guarantee safe cloud use, as indicated by Investing News. Truth be told, the article reports that a large portion of the information breeches have been with on location frameworks, not those in the cloud. For enlistment, utilizing cloud arrangements joined with web-based social networking and online stages, fintech is utilizing and profiting by the cloud. Fintech HR offices are likewise utilizing the cloud to build efficiencies.
Category: Cloud Computing
Banks and Tech Firms Battle Over Something Akin to Gold: Your Data
William Harris, the founder of Personal Capital, a San Francisco-based start-up, said the problems with getting access to data from banks had grown worse over the last year. The director of the Consumer Financial Protection Bureau, Richard Cordray, has made it clear that he believes banks have not been willing enough to give customers control over their own data. Banks, in the meantime, have taken the initiative by pushing technology companies to accept new agreements on how they use the data they pull from the banks. The company said that in the last two months, several large banks had told it that it would lose access to at least some data in the near future if it did not agree to new restrictions on the data it is pulling. The banks say they are pushing for new data agreements in an effort to stop technology companies from getting access to customer data in ways that the customers might not understand, or that could create security risks. Yodlee and a few other data aggregators serve as the middlemen between the banks and the start-ups, pulling the data from the banks and putting it into a form that start-ups like Betterment and Digit can use. He said that agreements like those Intuit recently struck with the banks would speed up the movement of data but give the banks too much control over the data flowing to companies like Personal Capital.
Clarity Money raises another $11 million to help users improve their financial health
Founded by serial entrepreneur Adam Dell, Clarity Money makes a personal finance app that aims to help users lower their monthly bills and improve their financial health along the way. Just three months after launch, the company is announcing another $11 million in funding from RRE Ventures and Citi Ventures. Clarity Money uses machine learning and AI to identify actions its users can take to reduce spending or lower their costs. "We want to make sure people trust Clarity Money to present an option that is better for them," Dell told TechCrunch. To expand its business, Clarity is announcing another $11 million in Series B financing. He decided to double down on Clarity Money after Dell built out his team and brought the product to market. While Citi Ventures typically invests in companies that are a little further along, Valdich said he was impressed by how quickly Clarity Money was growing.
Category: Personal Finance