Articles by: JJ Hornblass

Why Do Banks Consistently Ignore Their Text Banking Apps?

Why Do Banks Consistently Ignore Their Text Banking Apps?

by May 26, 2016 at 1:15 pm 2 comments

Many banks have them. Many banks spend money on them. Nearly all of those banks ignore them. The “them” is text banking apps, and the degree to which they have been marginalized baffles me. Earlier this week, I asked a top innovation executive at one of this nation’s largest financialRead More

MasterCard Releases Its IoT App for Samsung Refrigerator

MasterCard Releases Its IoT App for Samsung Refrigerator

by May 18, 2016 at 10:30 am 0 comments

The vision of a refrigerator — and internet of things — that can facilitate home shopping has been realized. MasterCard several days ago quietly released its iOS app to support a partnership with Samsung it announced last January. The new Groceries by MasterCard app connects to Samsung’s Family Hub Refrigerator for “standingRead More

Despite Subpoena, OCC Taps Lending Club for ‘Responsible Innovation’ Guidance

Despite Subpoena, OCC Taps Lending Club for ‘Responsible Innovation’ Guidance

by May 17, 2016 at 11:29 am 0 comments

The Office of the Comptroller of the Currency announced yesterday that it was turning to — brace yourself — Lending Club for guidance on “responsible innovation.” Lending Club disclosed yesterday that it was subpoenaed by the Department of Justice. On June 23, the OCC will hold a forum entitled, “Supporting ResponsibleRead More

Lending Club Shares Remain Under Pressure

Lending Club Shares Remain Under Pressure

by May 13, 2016 at 11:19 am 0 comments

The firing of Renaud Laplanche at Lending Club has not stemmed the stock’s decline, and some market observers are starting to say that the online marketplace company might go into a financial “death spiral.” The issue was and is trust. Apparently, the errant sale of loans to Jefferies & Co. was notRead More

Scandal Rocks Lending Club, Laplanche Ousted

Scandal Rocks Lending Club, Laplanche Ousted

by May 9, 2016 at 9:07 am 4 comments

Investors were looking to today’s Lending Club Corp. earnings as a sign of validation for the troubled marketplace lending sector. Instead, they got scandal. The company said Renaud Laplanche has resigned as chief executive and chairman after an internal review found sales of $22 million in near-prime loans to aRead More

Yet Another Association for Marketplace Lending Launches

Yet Another Association for Marketplace Lending Launches

by May 6, 2016 at 10:50 am 3 comments

That’s what the industry needs: competing marketplace lending associations. Today, the three big names in marketplace lending (for now — more on that below) that were not in the just-launched Marketplace Lending Association have formed the Innovative Lending Platform Association. This is Funding Circle, Lending Club and Prosper Marketplace of the Marketplace LendingRead More

OnDeck Is Largely Ditching Marketplace Lending

OnDeck Is Largely Ditching Marketplace Lending

by May 4, 2016 at 12:19 pm 3 comments

A deep read of OnDeck Capital‘s earnings report yesterday reveals this truth: the company is moving away from marketplace lending. OnDeck is largely ditching funding through marketplace in favor of more traditional sources of capital, such as securitization — no small development considering that OnDeck is a standard bearer of the marketplaceRead More

Uber Deal Bolsters Alipay as ‘Global Lifestyle Super App’

Uber Deal Bolsters Alipay as ‘Global Lifestyle Super App’

by May 3, 2016 at 10:51 am 1 comment

Uber’s deal with Alipay is more than just a win for riders of black cars. The deal moves Alipay further toward its goal of becoming a “global lifestyle super app” — Alipay’s words, not ours. Ant Financial, which operates Alipay, recently raised $4.5 billion in what is being called the largestRead More

Say Hello to Our Spring 2016 Class of Startups

Say Hello to Our Spring 2016 Class of Startups

by April 28, 2016 at 11:00 am 0 comments

Bank Innovation INV, this blog’s fintech accelerator, is pleased to today to announce the six extraordinary startups that have been admitted to its inaugural class. The companies selected from applications received from startups around the world are: CrossCues Dyme GoldBean Hermetic Security Spare We Are Briqs The companies, chosen after aRead More

How Payments Is Fueling China’s E-Commerce Megaboom

How Payments Is Fueling China’s E-Commerce Megaboom

by April 20, 2016 at 9:56 pm 0 comments

HONG KONG — The numbers are in “holy *$#%” territory. “The numbers” are for e-commerce sales in China, and they are astounding. In the first two months of 2016, China’s online retail sales hit $98.2 billion, an increase of 27% over the previous year. That puts it on pace to hit around $590Read More