Items tagged with finance:

News & Updates:

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  Is Artificial Intelligence the Future of Financial Services?
  These days, it seems like every other reported major tech advancement is in some way related to artificial intelligence (AI). Indeed, AI is a big deal, and it’s on the verge of revolutionizing everything from how we drive to how we raise our children. One industry bound to feel AI’s impact is the financial services sector.
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  Even as Floods Worsen With Climate Change, Fewer People Insure Against Disaster
  In the face of increasing disaster-related property damage, fewer people are still purchasing the necessary insurance policies. As such, Prof. Carolyn Kousky has advocated for policies that make it harder to drop the expenses in the first place. 
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  Student-loan borrowers are using their vacation days to pay off their debt
  Wharton Professor Peter Cappelli comments on PTO exchanges, or a new system where employees can trade in the monetary value of their vacation days in exchange for compensation to pay off student debts. Cappelli notes how strategies such as this one are creative solutions to deal with an ever tightening labor market. 
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  Payment Processing Is Finally Getting the Upgrade It Deserves

  If your friend owes you money for putting the dinner tab on his card, all it takes is a few clicks in the Venmo app and within minutes the money is in your account. It is one of the easiest ways to transfer money between people. Yet the backbone of Venmo and the entire American financial system—the main payment processing system the United States—still runs on the same schedule as when it was launched in 1974. This is the reason why when you get a paycheck on a Friday, the funds are not available until the following Monday or Tuesday. In October, the Federal Reserve put out a notice seeking comments on how the central bank could “support faster payments in the United States.” While this upgrade is still in its early stages, the Federal Reserve needs to make a massive change in how payments are processed in the United States. The Fed should correct some of the system’s regressive components and make the system quicker and more consumer-friendly.

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  Will a $1 Billion Fine Change Wells Fargo?
  Wharton Professor David Zaring discusses the implications of the $1 billion dollar fine levied on Wells Fargo and whether or not it is a sufficient value to function as a deterrent for future malpractices in big banks