This week’s roundup will feature titles on AI, digital checking accounts and digital IDs. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Visa opens $100 million generative AI venture fund focusing on payments, fintech and commerce [source: Fintech Futures]
The new venture led by Visa Ventures aims to use AI to drive greater innovation in payments which will help add value to its partnerships and for clients. We are seeing wider use of AI, not only to automate existing services but now the push for artificial intelligence is to also create meaningful changes which will modify our ways of working and living. Visa’s venture is exciting and it will accelerate the speed of AI adoption by supporting organisations who are harnessing generative AI technologies. – Jovi
- Experian launches digital checking account and debit card for customers in the US [source: PYMNTS]
Experian is a highly trusted service, and the launch of their new digital checking account will allow customers to make bill payments through their embedded product and reflect the payment into their credit files. Whilst we see new financial services offering access to goods and services without such dominant reliance on credit reports, there is still a need to build upon credit scores to access financial products and make large-value purchases. The digital checking account feeding data straight into credit files will be an excellent tool for younger generations to build on their credit scores and for others to improve theirs. – Jovi
- Lloyds Bank rolls out digital ID app for proof of identity [source: Finextra]
Cybercrime is reaching new heights, with attackers using identity theft to access personal funds and data. So the launch of the digital app will help to protect customers from having to share large amounts of personal data, such as their date of birth and address. Instead, customers will be able to conveniently prove their identity from their phone through a secure network. If successful, the use of digital IDs can potentially reduce identity theft, increase the security of data and therefore build better trust between businesses and end consumers. – Jovi
See you next week, back in the blog for your next weekly news roundup.