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Why are Apple Pay, Starbucks’ app, and Samsung Pay so much more successful than other wallet providers?

Fri, 10/18/2019 - 10:01pm  |  Clusterstock

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

In the US, the in-store mobile wallet space is becoming increasingly crowded. Most customers have an option provided by their smartphone vendor, like Apple, Android, or Samsung Pay. But those are often supplemented by a myriad of options from other players, ranging from tech firms like PayPal, to banks and card issuers, to major retailers and restaurants.

With that proliferation of options, one would expect to see a surge in adoption. But that’s not the case — though Business Insider Intelligence projects that US in-store mobile payments volume will quintuple in the next five years, usage is consistently lagging below expectations, with estimates for 2019 falling far below what we expected just two years ago. 

As such, despite promising factors driving gains, including the normalization of NFC technology and improved incentive programs to encourage adoption and engagement, it’s important for wallet providers and groups trying to break into the space to address the problems still holding mobile wallets back. These issues include customer satisfaction with current payment methods, limited repeat purchasing, and consumer confusion stemming from fragmentation. But several wallets, like Apple Pay, Starbucks’ app, and Samsung Pay, are outperforming their peers, and by delving into why, firms can begin to develop best practices and see better results.

A new report from Business Insider Intelligence addresses how in-store mobile payments volume will grow through 2021, why that’s below past expectations, and what successful cases can teach other players in the space. It also issues actionable recommendations that various providers can take to improve their performance and better compete.

Here are some of the key takeaways:

  • US in-store mobile payments will advance steadily at a 40% compound annual growth rate (CAGR) to hit $128 billion in 2021. That’s suppressed by major headwinds, though — this is the second year running that Business Insider Intelligence has halved its projected growth rate.
  • To power ahead, US wallets should look at pockets of success. Banks, merchants, and tech providers could each benefit from implementing strategies that have worked for early leaders, including eliminating fragmentation, improving the purchase journey, and building repeat purchasing.
  • Building multiple layers of value is key to getting ahead. Adding value to the user experience and making wallets as simple and frictionless as possible are critical to encouraging adoption and keeping consumers engaged. 

In full, the report:

  • Sizes the US in-store mobile payments market and examines growth drivers.
  • Analyzes headwinds that have suppressed adoption.
  • Identifies three strategic changes providers can make to improve their results.
  • Evaluates pockets of success in the market.
  • Provides actionable insights that providers can implement to improve results.
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Here is a list of the largest banks in the United States by assets (JPM, BAC, C, WFC, GS, MS, USB, PNC, TD, COF)

Fri, 10/18/2019 - 6:00pm  |  Clusterstock
  • Business Insider Intelligence is launching its brand new Banking coverage in early September.
  • To obtain a free preview of our Banking Briefing, please click here.

The Federal Reserve has rolled out a list of top US banks by assets, and we've broken down exactly how these banking giants manage to stay ahead of the competition. For decades banks have been merging, partnering, and expanding — so much so that the top four banks now account for 50% of all US banking assets.

Here are the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry. 

1. JPMorgan Chase - $2.74 Trillion

By targeting digitally-savvy consumers and introducing artificial intelligence to its offerings, JPMorgan Chase has been able to outperform its competitors. JPMorgan is playing the long-game by acquiring millennials through digital channels — and hopes to convert them to higher-value customers later on.

Additionally, JPMorgan is investing heavily in banking technology, and boasts the biggest tech budget of all banks in 2019 with $11.4 billion. A key focus of these funds is identifying use cases to implement artificial intelligence, such as enabling investment banking clients to access analyst reports and stock information through voice assistants.

2. Bank of America - $2.38 Trillion

Bank of America has been able to cut costs and appeal to young users by adapting strategies for the digital age. The bank's digitized branches – which allow customers to access contactless ATMs and connect with call centers via video-conference technology – experienced half the traffic of nearby branches only five months after launching in 2017. 

Bank of America's digital-only services Zelle and Erica have also re-defined what the company offers its retail banking customers. Zelle allows users to digitally send real-time payments to friends and family, and by integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement.

Bank of America has also seen success with its voice-enabled assistant, Erica, which provides customers the ability to conduct peer-to-peer payments as well as bill payments. Since officially launching in 2017, Erica has surpassed a massive 7 million users per year.

3. Citigroup - $1.96 Trillion

For three years in a row, Citibank has been named the "Best Bank for High-Net-Worth Families" by Kiplinger's Personal Finance. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants them access to its Citigold Package. 

Business Insider Intelligence's Mobile Banking Competitive Edge Study also shows that Citi took the top spot for mobile banking features, as rated by consumers. Citi saw a massive increase in digital banking users in 2019 – up 11.3% year-over-year – and its mobile users grew twice as fast at 22.4% YoY. This growth, combined with the company's electronic client statements surging to 50%, demonstrates that Citi has secured its spot as one of the best banks in US.

4. Wells Fargo & Co. - $1.89 Trillion

Wells Fargo is following the lead of top competitors by targeting millennials through mobile banking services. Pay with Wells Fargo is a mobile service where users can access their most used payment features before signing into the app. Additionally, Wells Fargo's app Greenhouse helps customers simplify their bills and track spending. 

Joining the contactless payment market has also bolstered Wells Fargo's position as a leading bank. With 78% of the top 100 US merchants accepting contactless transactions, providing contactless credit and debit cards helps attract users who prefer digital banking methods — and according to Business Insider Intelligence, 44% of US consumers prefer contactless payments.

5. Goldman Sachs -  $925 Billion

Since launching Marcus, an online bank that offers customers fixed-rate, fee-free unsecured loans and high-yield savings accounts, Goldman Sachs has become one of the largest banks in the US. The banking giant has made several acquisitions for Marcus, including personal finance management app Clarity Money.

Clarity Money was an early step Goldman took to breaking into the digital-only banking industry, and allows users to open a Marcus savings account directly through their mobile device.

The firm also partnered with Apple to develop their co-brand Apple Card – giving users who have an associated iPhone access to rewards, money management features, and the ability to choose either a digital or physical card.

Acquiring and investing in startups and other businesses, combined with the decision to explore new ways to integrate technology with existing banking services, has allowed Goldman Sachs to become one of the largest banks in the US.

6. Morgan Stanley -  $875 Billion

After acquiring Solium Capital, a global provider of Software-as-a-Service for stock administration, financial reporting, and compliance, Morgan Stanley gained access to new technology and millennial employees who propelled the company into the digital banking market. 

By 2030, it is projected that millenials in North America will control $20 trillion of global assets, and Morgan Stanley is looking at Solium's young clients as its future affluent customers. 

Additionally, Morgan Stanley partnered with Box,a cloud content management service, to launch a "Digital Vault," an encrypted, cloud-based platform that allows Morgan Stanley's wealth management clients to easily share financial documents. The firm's wealth management business already contributes 44% of its revenue, and the "Digital Vault" is expected to accelerate this segment even further. 

7. U.S. Bancorp -  $475 Billion

U.S. Bancorp, the parent company of U.S. Bank National Association, earned a spot on the list of top US banks due to its commitment to competing with tech giants making their way into the banking industry.  

With Facebook, Amazon, Apple, and Google all announcing their desire to launch banking services, U.S. Bancorp decided to improve its own technology. According to Business Insider Intelligence, Terry Dolan –chief financial officer of U.S. Bancorp – said that the bank plans to partner with fintechs inorder to maintain competitive banking technology. 

8. PNC Financial Services -  $392 Billion

PNC Bank is known as a top bank in the US because it offers specialized perks and services to customers while developing original products. In 2017 PNC began offering mobile payment options to corporate clients who hold Visa commercial cards — allowing them to leverage popular mobile wallets like Apple Pay.

Additionally, in 2019 PNC piloted credit cards with card verification values that periodically refresh, in the hopes of combating fraud. Fraudsters are able to guess three-digit CVV codes relatively easily due to the limited number of permutations; but periodically changing CVVs makes stolen data less valuable. 

9. TD Bank -  $384 Billion

In addition to having extensive influence abroad, TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology. 

TD Bank partnered with to launch Clari, an AI-powered chatbot, in Canada. Clari answers customers' questions via text message and notifies them when credit card payments are due or how much they spent at a certain store. Chatbots cut down on call volume, and Clari's success in Canada will likely influence TD Bank to develop a chatbot for its US branches. 

In another partnership, TD Bank teamed up with fintech provider Amount to leverage its digital lending technology, which comes with a suite of tools including fraud detection and account verification. 

10. Capital One -  $373 Billion

Despite its recent data breach, Capital One still managed to make the list of top US banks, likely due to its ongoing commitment to digital transformation.

Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, launched Eno – its AI-powered chatbot, similar to Bank of America's Erica – and is in the midst of a multi-year migration of its back-end software development tools to the cloud

Capital One also acquired fintech United Income in 2019, a digital platform that offers wealth management services for people moving into retirement. The fintech combines both technological capabilities with human facets, like providing access to a team of wealth managers — making it attractive for consumers who still desire human interaction. 

How can small banks compete?

Breaking into the digital banking industry is key for smaller firms looking to become major US banks. Neobanks – digital-only banks that aren't tied to traditional banking technology or expensive physical branches – are gaining steam in the US and secured a record $2.5 billion globally in funding for the first half of 2019.

Chime, a San Francisco-based neobank, took about four years to reach one million users in 2018. It has since acquired over 4 million users — quadrupling its user base in just one year. The competition put forward by digital-only banks will eventually force traditional banking leaders to revamp their banking practices and offerings due to the increasing digital demands of consumers.

Banking Industry Analysis

The banking industry is constantly undergoing change in the digital age, and it's important for its biggest decision-makers to stay informed of how the leading US banks continue to garner success.

That's why Business Insider Intelligence is launching Banking, our newest coverage area, to keep you up to date on strategies and tactics  of the largest banks in the US.

Click here to obtain an exclusive FREE preview of Banking!

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THE AI IN INSURANCE REPORT: How forward-thinking insurers are using AI to slash costs and boost customer satisfaction as disruption looms

Fri, 10/18/2019 - 4:57pm  |  Clusterstock

The insurance sector has fallen behind the curve of financial services innovation — and that's left hundreds of billions in potential cost savings on the table. 

The most valuable area in which insurers can innovate is the use of artificial intelligence (AI): It's estimated that AI can drive cost savings of $390 billion across insurers' front, middle, and back offices by 2030, according to a report by Autonomous NEXT seen by Business Insider Intelligence. The front office is the most lucrative area to target for AI-driven cost savings, with $168 billion up for grabs by 2030.

There are three main aspects of the front office that stand to benefit most from AI. First, Chatbots and automated questionnaires can help insurers make customer service more efficient and improve customer satisfaction. Second, AI can help insurers offer more personalized policies for their customers. Finally, by streamlining the claims management process, insurers can increase their efficiency. 

In the AI in Insurance Report, Business Insider Intelligence will examine AI solutions across key areas of the front office — customer service, personalization, and claims management — to illustrate how the technology can significantly enhance the customer experience and cut costs along the value chain. We will look at companies that have accomplished these goals to illustrate what insurers should focus on when implementing AI, and offer recommendations on how to ensure successful AI adoption.

The companies mentioned in this report are: IBM, Lemonade, Lloyd's of London, Next Insurance, Planck, PolicyPal, Root, Tractable, and Zurich Insurance Group.

Here are some of the key takeaways from the report:

  • The cost savings that insurers can capture from using AI in the front office will allow them to refocus capital and employees on more lucrative objectives, such as underwriting policies.
  • To ensure that AI in the front office is successful, insurers need to have a clear strategy for implementing the tech and use it as a solution for specific problems.
  • Insurers are still at different stages when it comes to implementing AI: a number of them need to find ways to appropriately build their strategies and enable transformation, while the others must identify how to move forward with their existing strategy.
  • Overall, incumbents should focus on a hybrid model between digital and human to ensure they're catering to all consumers.

 In full, the report:

  • Outlines the benefits of using AI in the insurance industry.
  • Explains the three main ways insurers can revamp their front office using the technology.
  • Highlights players that have successfully implemented AI solutions in their front office.
  • Discusses how insurers should move forward with AI and what routes are the most lucrative option for players of different sizes.

Interested in getting the full report? Here are two ways to access it:

  1. Purchase & download the full report from our research store. >> Purchase & Download Now
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The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of AI in insurance.

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Investors say these are the 11 hottest startups from Austin's booming tech scene to watch in 2020

Fri, 10/18/2019 - 4:20pm  |  Clusterstock

  • Austin, Texas, is becoming a tech hub in its own right, with massive tech companies like Amazon, Facebook, and Google moving in with an army of well-off employees looking for better cost of living without compromising vibrant culture.
  • The influx of talent also highlights the city's fast-growing startup scene growing along with its burgeoning venture capital industry.
  • Perhaps best known for birthing PC and enterprise IT giant Dell, some of the city's fastest growing startups are making names for themselves in the athleisure, healthcare, and finance industries.
  • See the 11 startups Austin's biggest investors are keeping an eye on in 2020.
  • Click here for more BI Prime stories.

Ask any investor where the next big startup will come from, and odds are they won't say San Francisco.

The high costs of living, and the accompanying costs of labor, have pushed many investors to look elsewhere to stretch their venture dollars further. On top of that list is Austin, Texas — where Business Insider recently spent a week talking with investors and founders to get the pulse of its fast-growing tech scene. 

The capital of the Lone Star State is commonly referred to as the "Silicon Hills," a reference to the hills just over the highway bordering the city to the north. With a top-ranked university, desirable downtown housing, and thriving outdoor leisure scene, Austin is drawing more attention to itself as an incubator for some of tech's hottest up and coming startups. 

"We've always been called out as being a second-tier startup environment," investor and Osano founder Arlo Gilbert told Business Insider. "There was San Francisco, Boston, New York, Los Angeles, and then Austin was like, five. And I think that most of us here have felt like that wasn't fair."

Read More: As Big Tech doubles down on Austin, startups are moving to its cooler neighbor. Take a look at how one startup is bringing Silicon Valley style to East Austin.

But with the arrival of Silicon Valley giants like Apple, Amazon, Facebook, and Google, tech industry notables have been forced to acknowledge Austin's thriving startup scene. One investor told Business Insider that when he moved from California to Texas, his colleagues in the Bay Area threw him a "Texas, not taxes," themed party.

And with its venture capital renaissance, Austin feels poised to give Silicon Valley a run for its investor money in 2020. So we asked them — which companies are armed and ready to take on Silicon Valley's red hot startup economy? 

Here are the 11 hottest startups Austin investors say they're watching in 2020.

SEE ALSO: Austin is seeing a startup boom. Meet Austin's top VCs, giving Silicon Valley investors a run for the money.

ScaleFactor wants to remake finance software for small businesses.

What it is: ScaleFactor provides accounting and financial software for small and medium businesses, and is perhaps best positioned to become one of Austin's breakout unicorns. The startup uses machine learning to automate bookkeeping, payroll, and other complex tasks.

The fintech startup has gained acclaim with local and Silicon Valley investors as an improvement on Intuit's Quickbooks accounting software, and most recently raised Series C funding at a $360 million valuation.

Founded: 2014 by Kurt Rathmann.

Funding: $105.89 million from Coatue Management, Citi Ventures, Stripes Group, Bessemer Venture Partners, Flyover Capital, Firebrand Ventures, and Canaan Partners.

Outdoor Voices wants to make athleisure for everyone.

What it is: Outdoor Voices makes athletic apparel for women, men, and children who are "doing things," as its marketing materials suggest. The female-founded online apparel company highlights function and comfort over form and aesthetic — the antithesis of other popular athletic brands like Lululemon.

Outdoor Voices is one of Austin's many successful consumer retail startups, having moved to Texas from New York in 2017. The startup encourages athleisure in its corporate dress code, and its employees are active in Austin's burgeoning fitness scene. It has opened traditional storefronts in several cities, but its flagship remains in its Texan hometown.

Founded: 2013 by Tyler Haney.

Funding: $67.18 million from GV, Forerunner Ventures, General Catalyst, Collaborative Fund, Bam Ventures, and Gwynneth Paltrow.

The Zebra wants to change how car owners purchase insurance.

What it is: The Zebra offers transparent car insurance policy comparisons in "black and white," hence the name. By partnering with over 200 insurance providers, The Zebra is able to compare a specific customer's options in a highly-regulated and often confusing industry.

The startup has goals to expand to other areas of insurance as younger consumers start making large purchases like homes, broadening its appeal. Because it is not providing insurance itself, The Zebra cofounder Joshua Dziabiak told Business Insider that the startup is well-positioned to withstand an economic downturn, should one occur.

Founded: 2012 by Joshua Dziabiak, Adam Lyons, and Keith Melnick.

Funding: $61.5 million from Accel, Silverton Partners, Floodgate Fund, Ballast Point Ventures, Mark Cuban, Daher Capital, and Birchmere Ventures.

Anaconda wants to make open source data analytics accessible to everybody.

What it is: Anaconda is an open-source data analytics tool for in-house data analytics teams. The service uses its own machine learning and artificial intelligence technology to simplify analytics for young startups and legacy companies alike.

The startup counts Jim Curry, Peter Freeland, and Lanham Napier – all formerly of pioneering Texan tech company Rackspace — as some of its core investors through BuildGroup. That's a fitting match given the investors' expertise in open source and enterprise software.

Founded: 2011 by Peter Wang and Travis Oliphant.

Funding: $48 million from BuildGroup,  ORIX Growth Capital, Quansight Initiate, Citi Ventures, General Catalyst Partners, and DARPA.

EverlyWell wants to make lab test pricing transparent.

What it is: EverlyWell offers at-home testing kits for food sensitivity, fertility, hormones, STDs, and thyroid or metabolism issues, all compliant with federal standards. The tests are not currently covered by any insurance provider, but EverlyWell says that it tries to keep its pricing simple and easy for consumers to understand.

EverlyWell patients receive results that have been reviewed by licensed physicians through a mobile app. They are then able to take those to a primary care or specialist provider without having to step foot in a traditional medical testing lab. The startup received national attention when founder Julia Cheek pitched the idea on Shark Tank.

Founded: 2015 by Julia Cheek.

Funding: $45.1 million from Goodwater Capital, Highland Capital Partners, NextGen Venture Partners, SoGal Ventures, Next Coast Ventures, and Sequoia Capital.

AlertMedia wants to help companies communicate with employees during emergencies.

What it is: AlertMedia offers tools for companies to communicate with employees during all types of emergencies, from hurricanes and wildfires to terrorist attacks or mass shootings. 

AlertMedia sends an alert across multiple modes of communication, including push alerts and traditional SMS messages. According to Crunchbase, the startup has also been used for logistics coordination and filling on-call shifts at hospitals.

Founded: 2013 by Brian Culver.

Funding: $42.58 million from JMI Equity, Next Coast Ventures, ATX Seed Ventures, Silverton Partners, and Capital Factory.

SpyCloud wants to warn businesses of data breaches in real-time.

What it is: SpyCloud provides enterprise software that alerts companies to account takeovers in real-time to help better prevent data breaches. The startup's technology alerts companies as soon as employee, customer, or company assets appear to have been compromised by an outsider.

The rise of SpyCloud comes as cybersecurity becomes even more important to every kind of company: Breaches like the Capital One hack show what can happen to a business and its reputation in the the wake of a cyberattack. 

Founded: 2016 by Ted Ross and David Endler

Funding: $28.5 million from M12, Silverton Partners, March Capital Partners, and Altos Ventures

Diligent Robotics wants to automate hospital tasks.

What it is: Diligent Robotics makes robots that perform repetitive manual tasks through a combination of artificial intelligence software and proprietary hardware design. It announced on October 1 that its flagship robot, Moxi, will be available in Texas hospitals in 2020.

Moxi is designed to perform tasks like transporting tools around large floors, but is explicitly not made to interact with patients. That said, many healthcare providers are eager to automate processes like chart reading and reading of vitals given current nursing shortages in Texas, cofounder Andrea Thomaz told Business Insider.

Founded: 2017 by Andrea Thomaz and Vivian Chu.

Funding: $5.25 million from True Ventures, Ubiquity Ventures, Capital Factory, Next Coast Ventures, and Grit Ventures.

Osano wants to help users take control of their data.

What it is: Osano is a certified B-Corporation — meaning that it's designed to serve the public good, not profits — that helps users understand different company's privacy and data collection policies, which are usually stored deep in a lengthy terms of service agreement.

Instead of just clicking "Agree," Osano wants website users to better understand what data is being collected about them, who has access to it, and who is profiting off that information. Armed with a clear explanation of what, exactly, they are giving up to a specific website, users can make informed decisions about where to go online.

Founded: 2018 by Arlo Gilbert and Scott Hertel.

Funding: $3 million in seed funding from LiveOak Ventures, Barracuda Networks, Next Coast Ventures, Social Starts, and Capital Factory.

Enzyme Health wants to match doctors with telehealth providers.

What it is: Enzyme Health matches doctors with telemedicine providers using machine learning technology. The software matches providers with doctors and nurses based on availability and expertise, allowing patients to better access care without needing to be physically nearby. 

Enzyme Health also works with more traditional healthcare groups, like hospitals and insurance providers, that need to offer remote care.

Founded: 2018 by Michelle Davey, Griffin Mulcahey, and Philip Johnson.

Funding: $1.7 million from Silverton Partners.

Bthere wants to make sure friends get home safe.

What it is: bthere is a mobile app for iOS and Android that lets friends share locations with each other. The app was started on campus at the University of Texas at Austin to help friends keep track of each other after leaving a party.

The app officially launched in April without outside funding. It also has gamified features, doling out coins to users that spend time IRL with connected friends on the app.

Founded: 2019 by Ben Johanson.

Funding: TBD   

The Reddit geek who raked in $100,000 with 2 trades is 'taking a small break'

Fri, 10/18/2019 - 3:57pm  |  Clusterstock

  • The Reddit geek who raked in more than $100,000 with two trades is taking a break from investing.
  • Eddie Choi turned less than $800 into nearly $108,000 by purchasing puts on Roku stock and SPY — the S&P 500 exchange-traded fund — then profiting enormously when they fell, Bloomberg reported.
  • Choi returned to WallStreetBets, the subreddit where he learned to trade options, to share the Bloomberg story and reply to comments about his watchlist, investing approach, and the significance of the windfall to him.

The Reddit geek who raked in more than $100,000 with two trades is taking a break from investing.

Eddie Choi turned less than $800 into nearly $108,000 by purchasing puts on Roku stock and SPY — the S&P 500 exchange-traded fund — then profiting enormously when they fell, Bloomberg reported. He learned how to trade options on WallStreetBets, a subreddit with the tagline "Like 4chan found a Bloomberg terminal."

Choi, whose Reddit username is TheTriviaTribe, returned to WallStreetBets to share the Bloomberg story in a thread titled, "I Did It!" He also answered several questions in the comments.

"I'm taking a small break from heavily looking at stocks, but I love them tech stocks," he responded to a query about what's on his watchlist. "It's a bit weird not trading options anymore, but I'm sure I'll do it again sometime in the near future!"

One commenter proclaimed his win was a victory for bears. Choi replied: "I'm not bull or bear. I follow the overall market and some stocks, and decide if I'll be bear or bull for the next day to week for the overall market or a specific stock."

The same commenter asked whether the cash influx changed his life. "It didn't change my life because it's not like these gains are totally life changing, but I don't have tons and tons of money, so it's not like it was nothing for me," Choi replied. "I do have high goals for my future though! Career wise."

Choi also cracked a few jokes in the comments.

"Taxes are for chumps. Haha just kidding. Of course I'll pay my taxes."

Markets Insider has reached out to Choi for more details about his investing. We will update this story if we hear back.

Read more: Nobel laureate Robert Shiller wrote the textbook on the 2 worst bubbles in recent history. Now he tells us his best advice for avoiding the next big one.

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Leaked video reveals Adam Neumann told staff earlier this year that his family had 100% control of WeWork and that even in 300 years his descendants would be in control

Fri, 10/18/2019 - 3:50pm  |  Clusterstock

  • Adam Neumann told staff at an all-hands meeting in January that he planned to have his family control WeWork indefinitely, according to a video leaked to Business Insider.
  • The founder, who was ousted last month, said he and his family controlled the company "100%." He contrasted his situation with Google and Facebook, where he said founders had lost control.
  • He said his five young children would "stay the moral compass of the company" and that even in 300 years his descendants could control WeWork, even if they weren't CEO.
  • For more WeWork stories, click here.

Real estate is often a family business, and for Adam Neumann, founding WeWork was no exception.

He hired family members and friends with little experience and brought his rabbi in to lead executive meetings and help do deals, Business Insider found in multiple investigations.

Neumann envisioned WeWork as a multigenerational family dynasty that would keep close control of the company for hundreds of years. He explained his vision to staff at WeWork's Global Summit, an all-hands meeting in Los Angeles in January, according to a video clip reviewed by Business Insider.

See more: The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse

The source who provided the video is not authorized to speak to the media but said the remarks were so standard for the unconventional founder that staff did not react.

In the video, Neumann appears to respond to a question about WeWork's investors.

"WeWork is a controlled company. People don't know that," he tells the audience. "I, Adam, and my family control the company 100% — very rare when you have investors. It's not the truth of any company in the world. Google still has it a little bit. Facebook and Mark [Zuckerberg] already lost it. No other company else has it."

The Neumanns made some plans that hinted at how they would keep this control. WeWork's original August filing to go public said Adam Neumann received 20 votes per share of his stock, an unusual structure even by Silicon Valley standards.

And if something were to happen to him, his wife, Rebekah Neumann, would play a major role in succession planning. If Adam were permanently disabled or died in the decade following the initial public offering, Rebekah would be one of a two- or three-member committee to select the new CEO. If both Rebekah and Adam were unable to participate in the selection, the trustee of their estate would step into Rebekah's shoes.

In subsequent filings, WeWork reduced Adam Neumann's voting power and barred Neumann family members from the board. A representative for Neumann couldn't be reached for comment.

'Stay the moral compass of the company'

In the January video, Adam Neumann highlights his long-term plan for the company. He and Rebekah Neumann have five young children, whose involvement at WeWork included attending WeGrow, the school that's closing at the end of the academic year, and flying on WeWork's private jet.

"We're not just controlled — we're generationally controlled," Adam Neumann said.

See more: Sex, tequila, and a tiger: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked it

He said he didn't expect his children to be future WeWork CEOs, as he was before his ouster last month. Neumann added that he worried that his children wouldn't "earn" leadership and that he would prefer a leader who "grew from the bottom."

Even if the Neumann children didn't lead the company, he still thought they would be involved.

"They don't have to run the company, but they do have to stay the moral compass of the company," he said. "If we do this right, over the years different CEOs will come, but we will keep an eye on these basic values and basic moral standards and not allow them to shift."

Neumann intended this plan to work for the long term.

"It's important that one day, maybe in 100 years, maybe in 300 years, a great-great-granddaughter of mine will walk into that room and say, 'Hey, you don't know me; I actually control the place. The way you're acting is not how we built it,'" he said.

Adam Neumann was replaced last month with two co-CEOs after a tumultuous lead-up to an IPO that was ultimately shelved. Investors cited several concerns with his leadership, including conflicts of interest with his family. Rebekah Neumann, who was credited as a cofounder and led WeGrow, also stepped back from her roles.

Got a tip? Contact Meghan Morris on Signal at (646) 768-1627 using a nonwork phone, Twitter DM @MeghanEMorris, or email at (PR pitches by email only, please.) 

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The best rewards credit cards — updated for October 2019

Fri, 10/18/2019 - 3:42pm  |  Clusterstock

Here are the best rewards credit cards of 2019:

Since the 2016 launch of the Chase Sapphire Reserve, rewards credit cards have exploded into a mainstream obsession. 

It's not hard to see why more people than ever are jumping into the once-obscure world of credit card rewards and bonuses. There's the lure of high sign-up bonuses and special perks, not to mention the opportunity to use points for free flights, hotel stays, and even first-class tickets.

So what's the best move for someone seeking to boost their stock of credit card points and frequent flyer miles? Here are some of the top credit cards currently available, based on sign-up bonuses, rewards earned on everyday spending, benefits, and overall value. 

We consulted top credit card, finance, and travel experts to inform these picks and provide their advice on finding the best rewards card for your needs. You'll find the full text of our interviews with them at the bottom of this post.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Chase Sapphire Reserve

Why you'll love it: Easy to earn rewards for travel and more, with a great sign-up bonus and 3x points on travel and dining

Sign-up bonus: 50,000 points after you spend $4,000 in the first three months

Annual fee: $450

With 3 Ultimate Rewards points per dollar spent on dining and any travel and 1 point per dollar on everything else, the Sapphire Reserve makes it easy to maximize your everyday spending, and it comes with a slew of perks. 

While there are a few different ways to use Chase points, there are usually two options to get the best value. First, your points are worth 50% more toward travel booked through Chase. Second, you can transfer points to a number of frequent flyer and hotel loyalty programs — typically, this gets you the most value for your points.

Benefits include access to airport lounges through the Priority Pass network, trip delay coverage, purchase protection, a Global Entry or TSA PreCheck credit, and primary car rental insurance. However, while the airport lounge access can be great, most Priority Pass lounges are in international terminals, which isn't helpful when you're flying domestically. If you find lounge access crucial, you should consider the Amex Platinum, which offers superior lounge access within the US.

Read more: Chase Sapphire Reserve vs. Amex Platinum — which premium card is right for you?

The Sapphire Reserve's annual fee is a hefty $450, but that's offset by a $300 travel credit each year, good for things like taxis, subway fare, parking, tolls, and flights.

There aren't many downsides to this card besides the upfront annual fee. Chase has invested heavily in making the Ultimate Rewards program competitive. Booking flights by transferring points to frequent flyer partners is generally more lucrative — that's usually how people use points to fly in first and business class — but it can be complicated because you have to decipher award charts, find availability, and work around complicated airline rules. 

What the experts love: Points are worth 1.5 cents each when redeemed for travel through Chase, 3x points on two very broad bonus categories (travel and dining) 

What the experts don't love: The high annual fee. "It's hard to wrap your head around a $450 annual fee. Unless you can fully use all the other perks this card offers, it will become expensive to carry this card for a long time," says NerdWallet's travel and credit cards expert, Sara Rathner.

Click here to learn more about the Chase Sapphire Reserve. Read more about the Chase Sapphire Reserve: The Platinum Card from American Express

Why you'll love it: Big welcome offer and lots of perks for travelers

Welcome offer: 60,000 points after you spend $5,000 in the first three months

Annual fee: $550

The Amex Platinum has a higher annual fee than the Sapphire Reserve, but also a longer list of benefits. The Platinum card is also one of the best options for paying for flights, because you'll earn 5x Membership Rewards points on airfare purchased directly with airlines.

Like Chase Ultimate Rewards points, American Express Membership Rewards points can be used to purchase travel, gift cards, or products directly through from the issuer, or they can be transferred to certain airline and hotel loyalty programs. The best value comes from that latter use. If you redeem points by using them to book travel through Amex, you'll get around 1 cent per point.

The Platinum Card includes access to the same lounges as the Sapphire Reserve, plus Delta Sky Clubs and the proprietary American Express Centurion Lounges. Amex Platinum cardholders also get exclusive access to major events and experiences, including once-in-a-lifetime "By Invitation Only" events.

Of course, $550 is a lot to pay out each year. Up to $200 in annual airline fee credits and up to $200 in annual Uber credits certainly help, but the airline credit can be difficult to use if you aren't checking bags or buying drinks on flights. 

The bonus spending categories on this card are less generous than on the Sapphire Reserve, meaning it can take longer to earn points unless you book a lot of flights. Even so, the card remains extremely valuable if you can make good use of the benefits. For example, in my first year with the card, I got more than $2,000 in value, which is more than enough to make up for the fee.

What the experts love: Airport lounge access (especially to Amex Centurion Lounges — "They're pretty high end as far as airport lounges go!," says Rathner), access to high-end hotel benefits through Amex Fine Hotels & Resorts, 5x points on flights

What the experts don't love: High annual fee, some annual statement credits have significant limitations. "You have to choose one airline to apply the annual $200 statement to, which limits your flexibility," says Rathner. 

Click here to learn more about the Amex Platinum Card. Read more about the Amex Platinum: Chase Sapphire Preferred

Why you'll love it: Higher sign-up bonus and lower annual fee than the Sapphire Reserve, easy to rack up points

Sign-up bonus: 60,000 points after you spend $4,000 in the first three months

Annual fee: $95

The Reserve's older sibling, the Sapphire Preferred, offers a number of similar features and a higher sign-up bonus for a lower annual fee. The card earns 2x Ultimate Rewards points instead of the Reserve's 3x points on dining and travel, and 1 point per dollar on everything else.

Points are worth a lower 1.25 cents apiece on travel booked through Chase, but can still be transferred to frequent flyer and hotel loyalty programs. There's no annual travel credit, but there's still car rental primary coverage, as well as slightly less-generous trip delay coverage and purchase protection.

While the Sapphire Preferred was the all-around best card for a long time, the Sapphire Reserve has made it a harder choice. Although the Preferred has a lower annual fee and higher initial bonus, it earns fewer points on bonus spending categories than the Reserve, and the value of the points on travel booked through Chase is less.

Read more: Chase Sapphire Preferred vs. Reserve — which credit card is best for you?

The no-hassle travel credit on the Sapphire Reserve makes the annual fee on that card effectively $150 (accounting for the $300 you get back through the credit), so — depending on your spending habits — it can be worth paying more up front for the Sapphire Reserve

What the experts love: Good sign-up bonus, some of the benefits of the Sapphire Reserve at a lower price, travel perks like primary rental car insurance.

What the experts don't love: No annual travel credit, earns points more slowly than the Sapphire Reserve, no Global Entry or lounge access, which Rathner notes are "increasingly typical" credit card benefits

Click here to learn more about the Chase Sapphire Preferred. Read more about the Chase Sapphire Preferred:

Capital One Venture Rewards Credit Card

Why you'll love it: Low annual fee, easy to earn miles for travel

Sign-up bonus: 50,000 miles after you spend $3,000 in the first three months

Annual fee: $0 the first year; then $95

Capital One's travel rewards program isn't necessarily as lucrative as what other banks offer. However, Capital One recently expanded the card's benefits, adding airline transfer partners, and launching transfer bonuses — such as a 20% bonus to Air France/KLM. While the transfer value isn't quite as good as with Chase or Amex, the flip side is that Capital One miles are easy to earn and easy to use — and thanks to a new partnership, you can earn them quickly.

The Venture Rewards card earns 2 miles per dollar on all purchases. The card also earns a stunning 10x miles when you book prepaid hotel stays with (you just need to go through a special landing page: Plus, you can earn through's own rewards program at the same time.

Miles can be redeemed as a statement credit to "erase" travel purchases. For example, if you buy a $500 plane ticket, you can apply 50,000 miles to cancel out that charge. The annual fee of $95 is waived the first year.

Capital One added airline transfer partners in late 2018 — most are at a 2:1.5 ratio, and a few are 2:1 — meaning it's now possible to get outsized value from the card. This is especially the case when you consider that you can earn 10x Capital One miles on hotels, which translates to 5–7.5 airline miles per dollar, based on the transfer ratios.

What the experts love: Low annual fee, 10x miles at, redemption flexibility with the Purchase Eraser function

Cons: Points transfer at a lower ratio than 1:1, and transfer partners aren't quite as strong as Chase's — as Rathner notes, "the only US carrier available is JetBlue and there are no hotel partners."

Click here to learn more about the Capital One Venture card. Read more about the Capital One Venture: American Express Gold Card Why you'll love it: Generous rewards on dining and groceries

Welcome offer: 35,000 points after you spend $2,000 in the first three months

Annual fee: $250

The Gold Card earns a massive 4x points at restaurants worldwide and on up to $25,000 per year at US supermarkets (and 1x point after that), 3x points on flights booked directly through the airline, 2x points on hotels booked and prepaid through Amex Travel, and 1 point per dollar on everything else.

Based on the fact that you can easily redeem Membership Rewards points for more than 1 cent of value each when you transfer them to frequent flyer partners, this is one of the highest-earning available cards for everything food-related.

The Gold Card offers up to $120 of dining credits per year, broken into chunks of $10 each month. Credits are good for purchases through food delivery services Seamless and GrubHub, and at The Cheesecake Factory, Ruth's Chris Steak House, or participating Shake Shack locations.

Additionally, the card offers up to a $100 airline fee credit each calendar year, which is good for things like checked bags, onboard food and drinks, seat reservations, seat upgrades, lounge day passes, and more.

The two credits — together worth $220 — are almost enough to offset the card's $250 annual fee even before factoring in the value of the rewards you'll earn.

What the experts love: Fantastic rewards on dining and groceries at US supermarkets, statement credits and benefits to offset the annual fee

Cons: Smaller welcome bonus, only 1 cent per point of value unless you transfer points to an airline. Rathner adds, "The $120 dining credit sounds like a lot, but it's actually up to $10 a month at select restaurants and food delivery apps. If you don't live near any of these restaurants or live in a city not served by those apps, this benefit is useless to you."

Click here to learn more about the Amex Gold card. Read more about the Amex Gold Card: Blue Cash Preferred

Why you'll love it: Earns cash back quickly at a great rate

Welcome offer: $250 statement credit after you spend $1,000 in the first three months

Annual fee: $95

If you're less excited about earning rewards points — which can be valuable, but also tricky to redeem — and want to stick with cash back, the Blue Cash Preferred is the best option, despite its $95 annual fee.

Read more: The best cash-back credit cards of 2019

Amex recently added 6% cash back on select US streaming services and 3% back on all transit. That's in addition to the existing categories of 6% cash back at US supermarkets on up to $6,000 in purchases per year (and 1% after that), 3% back at US gas stations, and 1% cash back on everything else.

As a bonus, the Blue Cash Preferred offers a 0% intro APR on purchases and balance transfers for the first 12 months, before switching to a variable 14.99-25.99% APR.

The Blue Cash Preferred comes with a handful of travel and purchase protections as well. Cash back comes in the form of a statement credit, so effectively you can use it to "erase" purchases.

What the experts love: Bonus cash back on useful categories, easy to earn enough cash back to offset the annual fee, introductory APR

What the experts don't love: The card has an annual fee, which Silbert notes is relatively rare for cash-back cards, and there's a cap on earning 6% back at US supermarkets each year. Rathner recommends switching to a different card for groceries once you hit the $6,000 mark.

Click here to learn more about the Blue Cash Preferred. Read more about the Blue Cash Preferred card: Chase Freedom Unlimited Why you'll love it: Helps you earn points for normal purchases and get cash back with no annual fee

Sign-up bonus: Double rewards for your first year: 3% cash back (or 3x points) for your first year with the card on up to $20,000 of spend, then 1.5% back (or 1.5x points)

Annual fee: $0

If you already have the Sapphire Reserve or Preferred and are saving your points for something, the Freedom Unlimited can give your balance a nice boost. While Chase markets the card as "cash back," it actually earns Ultimate Rewards points that you can redeem for cash (1 point = 1 cent).

When you have a premium card like one of the Sapphires or an Ink Business card, you can pool your points from the two cards. The Freedom Unlimited earns 1.5 points per dollar spent, so paired with a Sapphire Reserve, it's a great card to use for purchases that aren't made on travel expenses or dining.

The card used to offer a 15,000-point (or $150) sign-up bonus, but Chase recently replaced that with something new. Now, for your first year, you'll earn double rewards on up to $20,000 of spend. If you spend more than $10,000 in those first 12 months, you'll come out on top compared to the old bonus.

Best of all, the card has no annual fee and often has an introductory 0% APR for the first 15 months on purchases and balance transfers. After that, there's a 16.99%-25.74% variable APR. If you have a major purchase ahead of you, that introductory offer can be useful.

The Chase Freedom Unlimited is a fantastic all-around card. However, to get the most value when it's time to spend your points, you need the Sapphire Reserve or Preferred card, too, so you can pool your points. Otherwise, points are only worth 1¢ each no matter how you use them and they can't be transferred to airline or hotel partners.

What the experts love: Flat cash-back rate makes it easy to earn rewards without keeping track of bonus categories, you can transfer your points to another Chase card to redeem them for travel at a higher rate, no annual fee

What the experts don't love: One point only equals 1 cent for cash back, to get a better value you'll need to pair it with a Sapphire card. "The 1.5% cash-back rate is the standard at this point, but other cards like the Citi Double Cash earn 2% on every purchase. If you're looking for a flat-rate card, earn the highest rate you can," says Rathner.

Click here to learn more about the Chase Freedom Unlimited. Read more about the Chase Freedom Unlimited: Frequently Asked Questions How did we choose the best rewards credit cards?

You'll notice that this page doesn't include every rewards credit card currently available to new applicants. That's on purpose — we evaluated the options on the market, utilizing the expertise of our Personal Finance Insider staff and the input of credit card, points and miles, and financial experts to narrow down the list to the very best options.

We define "very best options" as those that offer concrete value through benefits like annual statement credits and airport lounge access and through rewards such as bonus points on your everyday spending.

This list doesn't include our top picks for airline and hotel cards. You can learn more about those cards here:

What credit card offers the best rewards?

If you don't want to overthink it, the Chase Sapphire Reserve (or the Chase Sapphire Preferred if you want a lower annual fee) is a safe bet. However, there is no easy answer if you want to optimize all of your spending, because all the types of points and miles have different values. We recommend using The Points Guy's valuations to get a sense of what the different currencies are worth. For example, one Chase Ultimate Rewards point is worth 2 cents, while one Delta miles is worth 1.2 cents. So when you look at how many points or miles a rewards credit card offers per dollar, remember that you need to take the value of those points or miles into account. 

What are the different types of rewards credit cards?

There are a few main types of rewards cards:

  • "Flexible" travel rewards credit cards —Most of the picks in this article fall under this category. These cards earn bank points, also called "flexible points," that can be redeemed for travel, either directly through the issuing bank's travel portal (like Amex Travel) or with travel partners. This type of rewards credit card is usually the most valuable because you have the most options for using your rewards. For example, Amex has more than 20 travel partners you can transfer points to, and Chase has 13. Examples of this type of card include the Chase Sapphire Preferred, the Amex Gold card, and the Capital One Venture Card.
  • Cash-back credit cards — Examples include the Blue Cash Preferred card. These cards don't earn points or miles; they earn you cash back on all your purchases. If you don't travel or your priority is to get money back, these are the cards for you.
  • Hotel or airline travel rewards credit cards — Examples include the Hilton Honors American Express Aspire Card. These are travel-focused credit cards that earn rewards with a specific hotel or airline loyalty program and offer benefits like credit toward elite status. For that reason, they make the most sense for travelers who are loyal to the given travel brand. 
Should I earn cash back or points?

It depends on what you want to do with your rewards. If you want to put money back in your bank account, a cash-back credit card will help you accomplish just that — and you usually won't have to pay a very high annual fee, if you have to pay one at all.

On the other hand, if you're hoping to earn rewards that you can redeem for travel, a card that earns points is more up your alley. Our picks for best points-earning rewards cards earn either Amex Membership Rewards points, Chase Ultimate Rewards points, or Capital One miles. You can transfer all three of these currencies to travel partners and redeem them for things like free flights. (Note that while Capital One calls its rewards currency "miles," they aren't miles with a given airline program.)

If you're willing to juggle multiple credit card accounts, there's value in having both cash-back and points-earning cards. If you prefer a single-card strategy, evaluate your goals and consider how much you're willing to pay in annual fees to make the best decision for your situation.

The experts' advice on choosing the best rewards card for you

We interviewed a certified financial planner along with top experts on credit cards and travel rewards about what makes a good rewards card and how to choose the best options for you.

Here's what they had to say when we interviewed them about finding the best card for you. (Some text may be lightly edited for clarity. Special thanks to Business Insider's Tanza Loudenback for interviewing the experts.)

Generally, what features make a rewards credit card good?

Sara Rathner, travel and credit cards expert at NerdWallet:

I look for three things when I consider a rewards card:

  • Does it earn more points or miles where I spend the most?
  • Can those points or miles be applied to rewards I'd actually want? (Like airlines I typically fly, hotels I want to stay at, etc.)
  • Is it easy to redeem points, or will I get lost in a maze of draconian rules, restrictions, and blackout dates?

I also weigh the annual fee, but a sign-up bonus and other perks tend to offset the fee for me.

Luis Rosa, certified financial planner

Generally, cards that offer a variety of reward options are best because they offer the card holder flexibility. Whether it's points, miles, or discounted offers with a particular airline or hotel brand, the more options available the better in order to help the card holder take full advantage of the rewards offering.

Sarah Silbert, credit cards editor at Business Insider:

A good rewards credit card earns points that are flexible, meaning you have lots of options for using them, like you do with Amex and Chase points. It also has bonus categories that give you the opportunity to earn rewards quickly, as well as (hopefully) a generous sign-up offer for new cardholders.

Beyond that, a good rewards card should offer you benefits that make it worth the annual fee (if there is one), such as statement credits that cover travel purchases and travel coverages like trip delay insurance.

How can someone identify whether a rewards credit card is good for them?

Sara Rathner, NerdWallet:

Look for a card that rewards you where you spend the most, with terms you can live with. A card that's trendy won't necessarily be the right card for you. It's a highly personal decision, and it's worth it to not overlook a less flashy card that may suit your needs really well.

Luis Rosa, CFP: 

To best identify if a rewards credit card is good for you, consider your lifestyle and spending habits. For example, do you have a preferred hotel brand or airline? Do you often travel abroad? Knowing the answer to these types of questions will help you narrow down your choices in order to best help you identify if a rewards credit card is good for you.

Sarah Silbert, Business Insider:

Look at the card's bonus categories and see if they align with where you spend your money. Also remember to check if a card has a foreign transaction fee before you take it abroad — many cash-back cards do charge this fee, so don't assume.

What should someone consider when selecting a rewards credit card?

Sara Rathner, NerdWallet:

Travel rewards cards are popular, but they're a better bet for consumers who travel often, especially if they travel internationally. If you stay close to home, a cash-back card may actually be more rewarding.

Also, consumers who currently have credit card debt should make paying that debt down their number-one priority, before looking for a rewards card. The interest you'd pay on your debt would wipe out the value of any rewards you'd earn. Consider a balance transfer card, which gives you a year or more to pay down your debt at 0% interest.

Luis Rosa, CFP:

Consider annual fees and foreign transaction fees. Some annual fees can be in the hundreds of dollars, so you want to make sure that the rewards you'll accumulate will offset the cost of having the card. Another thing to consider is whether or not you carry a balance. If you do carry a balance, you should also consider the interest that you'll be paying on that balance in order to ensure that it's not eating away at your rewards.

Sarah Silbert, Business Insider:

Make sure you're doing your homework so you don't miss out on a higher sign-up bonus (do some searching online to see if higher offers are available). Many cards offer limited-time welcome offers that can score you thousands of extra bonus rewards compared to the standard offers.

Always make sure that you'll be able to use the rewards card responsibly, by paying off your statement each month and avoiding spending beyond your means.

Join the conversation about this story »

NOW WATCH: People are still debating the pink or grey sneaker, 2 years after it went viral. Here's the real color explained.

Latest fintech industry trends, technologies and research from our ecosystem report

Fri, 10/18/2019 - 3:01pm  |  Clusterstock

This is a preview of a research report from Business Insider Intelligence,  Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

In recent years, we've seen a ballooning of activity in fintech — an expansive term applied to technology-driven disruptions in financial services. And 2018 has been no different, with fintechs' staggering influence on the market evidenced by record funding levels for the industry — by Q3 2018, overall funding was already up 82% from 2017’s total figure, according to CB Insights.

Additionally, this year marked a watershed moment for the industry, with the once clear distinction between fintechs and financial services proper now blurred significantly. Virtually every incumbent financial institution (FI) is now looking inward and engaging in an innovation drive, spurred on by competition from fintechs. As such, incumbents are now actively investing in, acquiring, and collaborating with their fintech rivals.

In this report, Business Insider Intelligence details recent developments in fintech funding and regulation that are defining the environment these startups operate in. We also examine the business model changes being employed among different categories of fintechs as they strive to embed themselves further in mainstream finance and prove sustainability. Finally, we consider which elements of the fintech industry are rapidly rubbing off on incumbent financial services providers, and what the future of fintech will look like.

The companies mentioned in this report are: Funding Circle, GreenSky, Transferwise, Ant Financial, Nubank, Cellulant, Oscar Health, Stripe, One97, UiPath, LianLian Pay,, Gusto, Toast, PingPong, Flywire, Deposit Solutions, Root, Robinhood, Atom, N26, Revolut, OneConnect, PolicyBazaar, WeCash, Zurich, OneDegree, Dinghy, Vouch Insurance, Laka, Cleo, Ernit, Monzo, Moneybox, Bud, Tandem, Starling, Varo Money, Square, ING, Chase, AmEx, Amazon, Monese, Betterment, Tiller Investments, West Hill Capital, Square, Ameritrade, JPMorgan, eToro, Lendy, OnDeck, Ripple, Quorom, Chain, Coinbase, Fidelity, Samsung Pay, Google Pay, Apple Pay, Bank of America, TransferGo, Klarna, Western Union, Veriff, Royal Bank of Scotland, Royal Bank of Canada, Facebook, ThreatMetrix, Relx, Entersekt, BNP Paribas, Deutsche Bank, Gemalto, Lloyd's of London, Kingdom Trust, Aviva, Symbility LINK, eTrade, Allianz, AXA, Broadridge, TD Bank, First Republic Bank, BBVA Compass, Capital One, Silicon Valley Bank, Credit Suisse, Ally, Goldman Sachs.

Here are some of the key takeaways from the report:

  • Fintech funding has already reached new highs globally in 2018, with overall funding hitting $32.6 billion at the end of Q3.
  • Some new regions, including South America and Africa, are emerging on the fintech scene.
  • We've seen considerable scaling in older corners of the fintech ecosystem, including among neobanks and alt lenders.
  • Some fintechs, including a number of insurtechs, have dipped into new markets to escape heightened competition.
  • Emergent areas like blockchain and distributed ledger technology (DLT), as well as digital identity, are gaining traction.
  • Many incumbents are undertaking business transformations that aim to reimagine everything from products and services to front-end systems and back-end processes.

 In full, the report:

  • Details the funding and regulatory landscape in the US, Europe, and Asia.
  • Gives an overview into a number of fintech segments and how they've changed over the past year.
  • Discusses how incumbents are reacting to fintechs in order to stay relevant in the changing financial services sector.
  • Evaluates what the future of fintech will look like and what trends to look out for in the coming year.
Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to: This report and more than 250 other expertly researched reports Access to all future reports and daily newsletters Forecasts of new and emerging technologies in your industry And more! Learn More

Purchase & download the full report from our research store


SEE ALSO: How the largest US financial institutions rank on offering the mobile banking features customers value most

Join the conversation about this story »

Here's why you should still care about the British pound

Fri, 10/18/2019 - 3:00pm  |  Clusterstock

By Kathy Lien for CME Group

On a historical basis, the British pound is extremely important. It is the oldest currency in the world that is still in continuous circulation. 

There have been a lot of ups and downs in its 1,200-year history, but the pound, commonly known as sterling, is the fourth most actively traded currency behind the US dollar, euro, and Japanese Yen.  And it has long been a popular investment destination with a well developed English-speaking financial market. While the London Stock Exchange is only the world's seventh largest, London is the world's leading foreign exchange center with nearly double the daily foreign currency turnover as New York. 

And foreign currency is easily the largest and most liquid market in the world.

Sterling's investment impact

On a practical basis however, sterling's impact on investments depends on the percentage of sales that a company does in the UK. If the amount is limited, say less than 15%, the rise and fall of sterling will only affect earnings in a minor way. However, if the company has significant business abroad in the UK — in excess of 30% for example — then a stronger pound will translate into higher earnings for the American business.  A weaker currency on the other hand will reduce the value of UK-based earnings. So if you're investing in a company with UK exposure, watching the currency is important.

Brexit effect

Aside from the makeup of sales, the greatest impact that sterling and the UK economy have on the US and other economies comes during times of instability. In June 2016, the UK voted to leave the European Union and since then they have been mired in Brexit uncertainty. This risk is expected to drag on for years to come and could have a real, potentially devastating impact on Britain's economy, as instability in UK markets translates into instability for the rest of the world.

If an unruly Brexit causes money to flock out of the UK, we could see markets and sterling come tumbling lower. There could also be major stress for UK banks that would force the Bank of England to provide stimulus. London is home to some of the largest banks in the world — and in the worst case scenario, we could see UK bank failures with global repercussions.

If sterling crashes, the biggest beneficiaries will be the euro and US dollar, as investors escape into the safety of assets in the US and continental Europe.  From proximity alone, German, French, and Eurozone investments would be the biggest beneficiaries of Britain's plan to leave the European Union.

Fintech could be hit hard

But there's one sector — fintech — that could be hit particularly hard by increased regulatory hurdles and the loss of EU trade benefits.  Startups in this sector and many sectors for that matter may realize that it makes more sense to set up their offices in the EU over the UK, which in the past had received major fintech investment. The bottom line is that Brexit is a serious issue that worries policymakers and business managers around the world, and while it is also a topical one we expect it to haunt investors for years to come.

Learn more about trader tools and resources for British pound futures.

This post was created by CME Group with Insider Studios.

Join the conversation about this story »

CULTIVATED: How the largest Wall Street banks are cautiously opening their doors to cannabis, food investors make a bet on CBD, and more

Fri, 10/18/2019 - 2:20pm  |  Clusterstock

Welcome to Cultivated, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom. Sign up here to get it in your inbox every Friday.

Happy Friday,

Never a dull week when it comes to cannabis. Thursday marked year one of Canada's legalization experiment, and while the country (my homeland) is to be lauded for sticking its neck out and becoming the first G7 country to legalize, the results have been mixed at best for consumers, investors, concerned citizens, and anyone else affected by such a monumental shift in social policy. It's worth revisiting this story I published last year on Canada's rocky legalization rollout

Let's go to the market:

All eyes were on Aphria's earnings this week as the Canadian cannabis company posted its second straight quarter of profitability after facing off with short-sellers in December of last year.

Analysts and industry watchers considered Aphria to be something of a bellwether stock for the Canadian cannabis sector one year into legalization as many companies have seen their share prices crater this year — the Horizons Marijuana Life Sciences Index ETF has fallen 55% — amid lower-than-expected retail sales and other industry headwinds.

My colleagues over at Markets Insider have the scoop on what else went on in the sector this week, including CannTrust destroying $77 million worth of marijuana to get back onside with regulators, Cronos Group being named the new "King in the North" (miss you Kawhi), and some weird moves in the market. 

In New York, Gov. Cuomo held a meeting with the leaders of Connecticut, New Jersey, and Pennsylvania — which is also now weighing a legalization bill — to come up with a regional plan to legalize cannabis and set standards around vaping.

Cuomo called the issue "one of the most challenging" he's had to address in his time as governor. 


Here's what we wrote about this week:

Here's how the largest and most powerful Wall Street banks are cautiously opening their doors to the potentially $80 billion US cannabis industry

As cannabis reform becomes one of the most hotly-debated topics in Congress, some of the largest Wall Street banks are slowly dipping their toes into the industry.

The chief psychoactive component of cannabis, THC, is illegal under US federal law despite being legalized in some form in 33 states. Most federally chartered US investment banks won't raise money or advise on deals for companies that are actively violating federal law, no matter how attractive the growth prospects of the industry are.

Still, the banks are starting to figure out how to serve cannabis companies and develop relationships within the nascent but expanding industry, in a bid for first-mover advantage if or when the market opens up thanks to changes in federal law.

A VC best known for organic-food investments just made its first foray into CBD. A top partner at BIGR Ventures told us why.

BIGR Ventures, a Colorado-based fund that focuses on the food industry, made its first foray into the hemp and CBD space. The firm led a $3 million Series A investment round into RE Botanicals, a CBD tincture, oil, and oral capsule startup.

BIGR partner Carole Buyers explained why the firm decided to invest in an interview on Thursday. 

We've been researching the CBD industry for over a year," Buyers, one of BIGR's partners, said. "It was the passage of the Farm Bill in 2018 that really gave us the green light to go ahead and invest."

Capital raises, M&A activity, partnerships, and launches Executive moves
  • TILT Holdings named its COO, Tim Conder, to the company's board. Conder previously founded Blackbird Logistics Corporation, which is now part of TILT.
  • Canadian cannabis company Aphria named Jodi Butts, the wife of Prime Minister Justin Trudeau's close confidante Gerald Butts, to its board. Butts is a veteran of other big-ticket boards, including Canada Goose. 
Chart of the week

It's worth revisiting this chart, which we published in July, in light of the one year anniversary of cannabis legalization in Canada. 

After a number of scandals involving publicly traded Canadian cannabis companies, Canadians have a dim view of operators in the industry: 

Stories from around the web

Investors hope psychedelics are the new cannabis. Are they high? (The Economist)

CBD or THC? Common drug test can't tell the difference (The New York Times)

The Ebbu files (WeedWeek)

Cannabis 2.0 is upon us, but are retailers ready for the influx of new products? (Financial Post)

Nevada cracking down on marijuana businesses (Las Vegas Review-Journal)

Frustration and pride in Canada after a year of legal pot (The Associated Press)

Aphria profit didn't come from selling marijuana (MarketWatch)

Did I miss anything? Have a tip? Just want to chat? Send me a note at or find me on twitter @jfberke.   

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NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.

Boeing slides on report that employees may have misled the FAA on the doomed 737 Max (BA)

Fri, 10/18/2019 - 2:12pm  |  Clusterstock

  • Shares of Boeing traded as much as 4% lower Friday after Reuters reported that employees of the airplane manufacturer may have misled the Federal Aviation Administration in 2016 regarding the 737 Max. 
  • Boeing reportedly turned over internal messages between two employees to the FAA that suggest the company may have lied about a key safety system on the 737 Max.
  • According to Reuters, the FAA said on Friday the messages were "concerning" and that it was working to "determine what action is appropriate."
  • Watch Boeing trade live. 

Boeing's stock price slid as much as 4% Friday on a report that the airplane maker may have misled the Federal Aviation Administration in 2016 regarding the 737 Max. 

According to Reuters, Boeing turned over internal messages between two employees to the FAA that show the company's employees may have lied about a key safety feature on the grounded aircraft model. 

The messages refer to the performance of the MCAS anti-stall system, which has been connected to the two fatal 737 Max crashes that resulted in 346 deaths. The system malfunctioned during both flights and sent the planes into irreversible nose dives. 

According to The New York Times, pilot Mark Forkner complained in the messages that the system wasn't working properly. 

"Granted, I suck at flying, but even this was egregious," Forkner said in the messages, according to The Times.

Forkner added: "I basically lied to the regulators (unknowingly)."

The FAA told Reuters the messages were "concerning" and that the agency "is reviewing this information to determine what action is appropriate."

Shares of Boeing are up about 10% year-to-date. 

Read more: GOLDMAN SACHS: These 5 trades can help investors make a killing during a crucial earnings season

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NOW WATCH: 9 items to avoid buying at Costco

Messages reveal a top Boeing pilot knew about problems with the 737 Max's 'egregious' behavior before 2 deadly crashes (BA)

Fri, 10/18/2019 - 2:11pm  |  Clusterstock

  • Boeing's chief technical pilot on the 737 Max project told another employee in 2016 that there were "egregious" problems with the jet's automated anti-stall system, MCAS.
  • The pilot, Mark Forkner, made those observations at least two years before the first of two deadly crashes involving the 737 Max, in October 2018 and March 2019.
  • Boeing said it found the internal instant messages sent by Forkner "some months ago," according to Reuters, which first reported on the messages on Friday. The New York Times reviewed them.
  • Boeing is working to get the 737 Max back into service seven months after it was grounded worldwide.
  • Visit Business Insider's homepage for more stories.

Boeing's chief technical pilot on the 737 Max project told another employee in 2016 that there were "egregious" problems with the jet's automated anti-stall system, two years before the first of two fatal crashes attributed to the system, The New York Times reported on Friday.

Boeing said it found the internal instant messages sent by the pilot, Mark Forkner, "some months ago," according to Reuters, which first reported on the messages. However, Boeing did not turn them over to the Federal Aviation Administration until Thursday.

In the messages, reviewed by The Times, Forkner complained that the system, MCAS, was causing problems during flight simulations.

"It's running rampant in the sim," he said in one message.

"Granted, I suck at flying, but even this was egregious," he continued.

In another message, he suggested that he had unintentionally misled the FAA about the issue.

"I basically lied to the regulators (unknowingly)," he said.

Earlier in 2016, Forkner asked the FAA for permission to remove mentions of the MCAS from the pilot manual for the 737 Max, arguing that it would activate only in rare cases. The FAA approved the request.

Forkner could not immediately be reached for comment by Business Insider.

Read more: Boeing stripped its CEO of his chairman title and an analyst thinks it's the best possible outcome for him and the embattled company

The FAA told Reuters that it found the messages "concerning" and that it was "reviewing this information to determine what action is appropriate."

Forkner is said to have pleaded the Fifth after being subpoenaed for documents as part of the Justice Department's investigation into the Max.

Boeing's CEO, Dennis Muilenburg, is set to testify on Capitol Hill later this month about the two crashes and the development of the plane.

The 737 Max has been grounded since March, following the second of two fatal crashes in five months.

Preliminary reports about the two crashes, Lion Air Flight 610 and Ethiopian Airlines Flight 302, indicated that the MCAS — the Maneuvering Characteristics Augmentation System — erroneously engaged and forced the planes' noses to point down because of a problem with the design of the system's software. Pilots were unable to regain control of the aircraft.

Read more: Boeing 737 timeline: From the early days to the grounding of the 737 Max after 2 fatal crashes that killed 346 people 5 months apart

The system could be activated by a single sensor reading — in both crashes, the sensors are thought to have failed, sending erroneous data to the flight computer and, without a redundant check in place, triggering the automated system.

MCAS was designed to compensate for the 737 Max having larger engines than previous 737 generations. The larger engines could cause the plane's nose to tip upward, leading to a stall — in that situation, MCAS could automatically point the nose down to negate the effect of the engine size.

Boeing is aiming to submit a proposed fix to the FAA and get the plane certified to fly again by the end of 2019. US airlines have pulled the jet from their schedules until at least January.

SEE ALSO: A former Boeing official is pleading the Fifth Amendment after being subpoenaed for documents in the US Justice Department's probe of the 737 Max

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NOW WATCH: Will Boeing recover from the 737 Max crisis?

Dispensed: Ancestry's big move into healthcare, digital health's disruption of addiction treatment, and investors' multi-billion-dollar bet on the microbiome

Fri, 10/18/2019 - 2:00pm  |  Clusterstock


Welcome to another edition of Dispensed, the weekly healthcare newsletter where we're busy compiling names for our DC power-players post (if you haven't submitted a name, now's your chance!).

On this brisk autumn day, we'll get right to the stories that filled our minds this week. 

But first, Are you new to our newsletter? You can sign up for Dispensed here.

Genealogy giant Ancestry is finally in the health business

For so long (and on so many stories), I never was quite sure how to grapple with Ancestry in my beat. Sure, the consumer genetics company was a massive figure that has grown to test the DNA of 15 million people. But in return, those people (including yours truly) were getting reports solely focused on their ancestry. Was Ancestry a digital health company? Or did it have to fit somewhere else?

Well, dear reader, I no longer have to fret about it.

On Tuesday, the company came out with two health reports, aimed at mapping out your health history.

Two noteworthy points of distinction from where I sit from rival 23andMe: The tests have to be ordered by a doctor (which Ancestry provides), and beyond the main test, users who want quarterly updates have to pay into a subscription. You can read more about what's included in both tests here.

"We didn't want to be just another company issuing lab reports," Ancestry CEO Margo Georgiadis told me. You can read more from our conversation here. 

I'll also be interviewing Margo onstage at the HLTH conference in Las Vegas later this month. What questions should I ask her? Shoot them over to me at 

Next, Erin Brodwin took a deep dive into the microbes that live in your guts and the market potential investors see in them (as illustrated by this fantastic graphic). 

They're betting that sequencing bacteria that live in and on us could be as hot as the consumer genetics business, which tens of millions of people have used to trace their family history or learn about their health. 

Investors just bet $2.4 billion that your gut is the next frontier for the hottest part of healthcare
  • Several high-profile startups that promised to draw insights from the bacteria living in and on us, known as the microbiome, have failed in recent months.
  • One of them, a company called uBiome, which was valued at $600 million, said it would shut down on October 1 after months of challenges and setbacks.
  • But investors still see the microbiome as a lucrative opportunity for the burgeoning digital-health industry, which has raked in $36.3 billion from investors since 2011.
  • Here's how the microbiome companies they're betting on plan to succeed.

Clarrie Feinstein has a great primer on some of the digital health companies looking to address addiction treatment as the opioid epidemic carries on. 

The opioid-addiction epidemic costs $200 billion a year. These 5 digital health startups are trying to expand access to treatments and halt the crisis.
  • To curb the opioid-addiction epidemic, startups have been jumping on the opportunity to provide greater access to different types of treatment.
  • The startups are focused on medication-based treatment and using patient data to ensure people are following their treatment plans.
  • Business Insider chose five companies that are entering the $35 billion addiction treatment industry, with innovative solutions to help people with opioid use disorder. 
UnitedHealth's big earnings week

All eyes were on UnitedHealth Group's earnings this week. The company's third-quarter report sent the stock up 8%.

Ahead of earnings we spoke to Steve Warner, the head of Medicare Advantage at the company's insurance arm UnitedHealthcare. 

Warner broke down how America's largest health insurer plans to compete with a growing number of venture-backed companies with billions in their war chests.

One thing that caught my eye in the earnings call: Optum CEO Andrew Witty gave some concrete examples of how OptumCare is shaking out across the US. He laid out why the company's work in 4 states is key to building its next $100 billion business.

Health and social media

It's interesting to see how social media can be used to spread medical information — for better or for worse. 

Our UK-based colleague Tom Porter has a great read on how unlicensed medical 'cures' are flourishing in closed Facebook groups.  He describes how cancer treatments and even surgery are sold beyond the reach of the law in invite-only groups. The groups Porter looked into through his reporting have since been shut down by Facebook. 

Contrast that with what Erin Brodwin reported Tuesday. This week, Facebook expanded its blood-donation tool to the entire US, an expansion from a few cities earlier this year. The tool pings people asking them to donate during times of shortages. 

It'll be curious to see the impact of the tool, and we'll of course be keeping tabs on the tech giant's healthcare ambition. 

With that, I'll leave you to your weekends. Thoughts? Tips about any primary care IPOs? Questions I should ask at HLTH?

You can find me at, and you can reach the whole team at 

- Lydia

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NOW WATCH: Most scientists don't care about UFO videos because they don't indicate extraterrestrial life

$8.8 billion ExodusPoint's head of data strategy is out, but the hedge fund's 15-person data team has no plans to slow down

Fri, 10/18/2019 - 1:52pm  |  Clusterstock

  • ExodusPoint lost its head of data strategy, Chris Petrescu, last week, sources told Business Insider. 
  • Petrescu was in charge of finding alternative datasets for the hedge fund's portfolio managers to use, and he was a frequent panelist at data conferences. 
  • Exodus, Michael Gelband's $8.8 billion hedge fund, still has a 15-person data team, a person close to the firm told Business Insider.
  • Click here for more BI Prime stories.

Chris Petrescu, ExodusPoint's head of data strategy, left the $8.8 billion hedge fund last week, sources told Business Insider.

Petrescu was in charge of finding alternative datasets to buy for the firm's many portfolio-management teams, and he was a frequent panelist at high-profile data conferences. The firm still has a 15-person data team run by Anil Chandroth, the head of data science and Petrescu's former boss, and the team's strategy remains unchanged, according to a source close to the firm.

Exodus declined to comment. Petrescu did not immediately respond to requests for comment. 

Read more: Hedge funds' secret sauce is obscure data like satellite images. Here's how the people in charge of spending millions on this data find the stuff worth buying.

Hedge funds have turned to alternative data to boost returns, which has spurred an explosion of startups. The industry tracker says there are 445 alternative-data vendors — a huge leap from 10 years ago, when there were just over 100 vendors. 

To filter through the now overwhelming number of data streams for sale, hedge funds employ data buyers like Petrescu to find data that is unique and proven to generate returns. At conferences like BattleFin, where vendors are hawking their products, these data buyers can have dozens of meetings in a day on the search for game-changing data. 

As data has grown in prominence, the data buyers have also grown in stature. A lawsuit between WorldQuant and Third Point a couple years ago revealed that Dan Loeb's firm was paying the data-strategy head Matthew Ober $2 million a year to woo him away from Igor Tulchinsky's firm.

Read more: Nasdaq-owned alt-data seller Quandl just hired BlueMountain's former data buyer to get inside hedge fund clients' heads

Petrescu also worked at WorldQuant from 2014 to 2017 as a data strategist before leading data strategy for Exodus. The $8.8 billion hedge fund's first year of trading underwhelmed, returning less than 1% in the second half of 2018. 

This year, the firm has returned about 4% through the end of September, trailing multistrategy rivals like Point72, Balyasny, Citadel, and Millennium, Gelband's old firm, but it made money in last month — 0.4% — when many big names were hit by the dramatic swings in oil and momentum stocks

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NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.

I always compare the Tesla Model 3 to the Toyota Corolla. This is how they actually stack up. (TSLA)

Fri, 10/18/2019 - 1:39pm  |  Clusterstock

  • I often compare the Tesla Model 3 to the Toyota Corolla in terms of basics: Both vehicles are compact sedans.
  • I've driven several Model 3s. Recently, after reviewing a new Toyota Corolla, I decided to put my comparison to the test.
  • The Model 3 is a more compelling and important car — full of ideas, with a revolutionary attitude.
  • But after decades in the US market, the Corolla is still always just there for you. That counts for a lot in my book.
  • Also, Tesla never stops talking about how hard it is to make the Model 3. Toyota, meanwhile, has been quietly cranking out Corollas since the late 1960s.
  • Visit Business Insider's homepage for more stories.

Whenever I generalize about Tesla and the Model 3, I often point out that although the vehicle is in many ways revolutionary, if you boil it down to its automotive essence — and take out the battery pack and electric drivetrain! — it's a Toyota Corolla.

In other words, it's a compact family sedan. The Model 3 and the Corolla are almost exactly the same size, while the Model 3 is significantly heavier thanks to its fairly large battery. They each have four doors, six windows, and four wheels. (The Model 3, of course, has a panoramic glass roof.)

The fastback Model 3 and the more traditional deck-lidded Corolla are also kin when it comes to the trunk. Because the panoramic glass roof can't move, the Model 3 isn't a true hatchback.

Obviously, we have gas versus electrons here. But the cheapest Corolla comes in at under $20,000. The least expensive Model 3, as listed on Tesla's configurator at the time of this writing, is just under $40,000.

I've driven several Model 3 variants, but the one I officially reviewed was the rear-wheel-drive, single-motor, long-range Premium example, then priced at $57,500.

More recently, I reviewed a $29,189 2020 Toyota Corolla XSE. And an opportunity knocked: Why don't I test my compulsive comparison of the Corolla and Model 3 to determine if I actually have a point?

A quick note before we get started: YES, I KNOW THESE ARE VERY DIFFERENT CARS CONCEPTUALLY. But formally, they aren't so divergent. You could electrify the Corolla or gasify the Model 3 and have something of an interchangeable experience.

Read on to see how it went down.

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Tesla doesn't do model years, but the $57,500 long-range Premium I tested was more or less a 2019. It had a 75-kilowatt-hour battery pack and could travel 310 miles on a single charge.

Read the review »

The 2020 Toyota Corolla XSE arrived in "celestite gray metallic" livery. Celestite, for the record, is a mineral admired for its delicate blue color.

Read the review »

Let's start with the Model 3, which had a cool red multicoat paint job. My tester was fully loaded with options, including about $5,000 worth of Premium upgrades, plus another $5,000 for Enhanced Autopilot semi-self-driving systems.

The Model 3 is a sharp-looking set of wheels, but it's hardly anything radical. This is by design: Tesla has never sought to make its vehicles come off as too space-age. The Model 3 is sleek, not overly curvaceous, and something of a hybrid of midsize and compact sedan. No grille because ... there's no gas engine to feed air!

The Model 3 in this configuration can dash from 0 to 60 mph in about five seconds. That's speedy enough for anybody, and the quality of that speed is very Tesla and very electric-car. EVs have 100% of their available torque at 1 rpm, which means potentially neck-snapping velocity.

A Model S P100D with Ludicrous Mode engaged can do 0 to 60 mph in under 2.3 seconds. That's jarring acceleration. The Model 3 is calmer. But not too calm. You are rewarded when you punch it.

The Model 3 also has regenerative braking, which can be customized to be heavy or light. Heavy acts almost like an engine brake and permits the driver to actively brake much less frequently than with a gas vehicle while recharging the battery. Light mitigates the sense that the Model 3 is tugging when coasting.

For what it's worth, the Model 3 I tested lacked a Ludicrous or Insane mode — the default is quick acceleration. But you can switch that to Chill Mode, which dials it back. And I did. Chill is considerably easier to live with.

So the biggest obvious difference between the Model 3 and the Corolla is that the Model 3 has to be recharged.

Free supercharging for life used to be a great perk of Tesla ownership. But as ownership has grown, Tesla has adjusted the deal.

The company also discourages owners from using Superchargers for casual daily fill-ups, preferring they plug into slower charging options at home and save supercharging for longer trips.

A Supercharger can recharge a long-range Model 3 from zero to full in about an hour. Using 240-volt power will get the job done overnight, and a basic wall outlet will get you some miles in a pinch.

The 15-cubic-foot trunk can easily swallow a week's worth of groceries ...

... while the smaller front trunk, or "frunk," adds enough extra space to give the Model 3 crossover SUV-like cargo capacity.

The Model 3's interior is a study in minimalism. The steering wheel has a just a pair of thumbwheels to control various functions.

The black-upholstered cabin featured brushed-metal trim and a single piece of open-grain wood for a dashboard. Tesla makes its own seats, by the way, and they're rather comfy.

In the rear, pretty terrific legroom!

The panoramic glass roof is a wonderful feature. Sadly, while I had the Model to test, the weather was uncooperative.

The Model 3's attention-getting center touchscreen controls almost all vehicle functions — everything from navigation to Autopilot settings to climate to unlocking Easter eggs — and the important instrument-cluster display take up the left third of the panel.

The audio system is Tesla's creation — and it sounds fantastic! Some reviewers have complained about the lack of physical controls for the AC and heat, but I got used to the touchscreen pretty fast.

The navigation system can guide you to charging stations, track charge levels to plot a course and organize recharging sessions, and integrate with Autopilot for the "Navigate on Autopilot" feature, which I reviewed on another Model 3.

I've tested Autopilot in several Tesla vehicles, including the Model 3, and while it has performed as advertised for me (don't ever take your hands off the wheel!) I liked driving the Model 3 so much that I barely used it.

The Corolla isn't as cool-looking as the Model 3, but the 12th-generation design is perhaps my favorite in decades.

Alongside the Camry, Toyota's stalwart midsize sedan, the Corolla has been jazzed up. The 12th-generation car debuted for the 2018 model year and brought much more slashing, aggressive lines to styling that, to many eyes, had grown staid.

Toyota has been selling the Corolla in the US since 1968. It's been around almost as long as the Ford Mustang (1965)! The Corolla's most recent US sales peak was 2007, when over 370,000 units were sold. Last year, that number was a still impressive 280,000.

The base Corolla starts at just under $20,000. Our tester was the top-level XSE trim, priced at $25,450 before the addition of a few thousand dollars' worth of extras took the sticker to $29,189.

A rock-solid, 2.0-liter, four-cylinder engine — with no turbocharger! It makes 169 horsepower with 151 pound-feet of torque. The fuel economy is fabulous: a whopping 31 mpg city/38 highway/34 combined. I drove the car a lot and barely dented the fuel supply.

The power it piped to the front wheels through a continuously variable transmission, which helps with the sterling mpgs.

For the record, the Model 3 bests the Corolla's 0-to-60 by a wide margin: The Toyota makes the dash in a leisurely 7.8 seconds.

The Corolla's trunk has 13 cubic feet of cargo space. That's average for the segment, but the Model 3 can haul more stuff.

Toyotas aren't noted for premium interiors — that's more Lexus, Toyota's luxury brand. However, the Corolla XSE was, I thought, rather nice. The seats were predictably comfy, yet not too soft, with good bolstering. And the plastics weren't too plasticky.

Rear-seat legroom was segment-typical, and my tester had a moonroof to brighten things up.

The leather-wrapped steering wheel was adorned with the usual bevy of buttons to control numerous vehicle and infotainment functions. The gauges were old-school analog. This trim level has paddle shifters, but they were sort of useless, given the CVT.

The infotainment system runs on an 8-inch central touchscreen. I'm not a huge fan of the setup, and I say this as the owner of two Toyota vehicles. It does, however, get the job done.

Bluetooth device pairing is easy, and there are USB ports for your devices. Navigation worked as advertised, and the nine-speaker JBL audio system sounded quite good.

The system also has Apple CarPlay, so you can override the Toyota setup and use your iPhone.

My tester also had wireless charging, a feature that I've come to appreciate as it's shown up on more and more new vehicles.

My verdict on the Toyota Corolla?

The bottom line here is that the Corolla is a terrific choice — and a classic no-brainer if you don't want to think about your set of wheels.

Legendary Toyota reliability means a Corolla is unlikely to give you many problems, if any. The latest generation is also premium enough in the upmarket (yet still sub-$30,000) trim to make a strong case for buyers who aren't in their 20s and who don't feel the need to look at Audis and BMWs.

That's what the Corolla has going for it: credibility. This car has a splendid reputation. And that's always worth investing in.

And what about the Model 3?

What's really so hypnotically and addictively compelling about the Model 3 is how many great ideas have been crammed into one automobile.

This is a car that's absolutely bursting with thought, about the present and the future — and the distant future. Those ideas are overwhelmingly optimistic. Clearly, because it creates no tailpipe emissions, you can buy a Model 3 to feel better about yourself and your life on the environmentally embattled Earth.

The Model 3 is one of the greatest cars I've ever driven. Period.

Expecting me to pick a winner? Well then ...

In the interest of full disclosure, I own two Toyotas and had a Corolla for a while back in the 1990s. That means I'm a tad biased, though I've always been pretty clear on how generally brilliant I think Teslas are.

I mean, I'd get the Corolla and use the extra $20,000 to $30,000 to do something else. I'd also be able to gas up in five minutes once a week instead of waiting around for hours to recharge the Model 3. (Most owners do it overnight at their home setups, by the way.)

But what about my original question: Is it fair to keep comparing the Model 3 with the Corolla?

It sure is! In terms of driving and daily usage, these vehicles are the same. Yeah, yeah, the Model 3 can sort of drive itself and has a lot more in terms of technological bells and whistles. But at the end of the day, it's a four-door with four wheels.

This is where the distinction comes in. Toyota sells its four-door with four wheels for much less than Tesla sells its four-door with four wheels. Toyota has never, in my experience, made any noise about how difficult it is to manufacture its inexpensive and staggeringly reliable four-door with four wheels. The car just happens. It's been here and on sale since Nixon was president.

The part of me that adores the Corolla is the part of me that wants to have a life and not think about my car. (That part of me isn't the professional-auto-journalist part of me.) The Model 3 demands mindshare, bandwidth. It's pleasurable to think about the car. But pleasure can get old.

The Corolla doesn't ask this of you. And you can bet on one thing: It won't have any trouble getting old while you ignore it.

The highest credit score is 850, but you don't need it to get the best interest rates

Fri, 10/18/2019 - 1:39pm  |  Clusterstock

  • The highest credit score is 850.
  • You don't need a perfect score to qualify for the best interest rates on loans, but your score will need to fall within the Good to Excellent range.
  • If you're looking to improve your score, making on-time payments is most important. But you'll also want to pay attention to other factors like credit utilization rate, credit length, credit mix, and new credit accounts.
  • Read more personal finance coverage.

Your credit score can affect your ability to secure a loan and the interest rate that you're able to qualify for. But even if you don't plan to apply for a mortgage, car loan, or credit card in the near future, your credit score may still impact your life.

Utility companies, landlords, insurers, and cell phone companies have all been known to consider credit history when considering new customers. Building a good credit score can benefit you financially in multiple ways.

But what exactly is a good credit score? More specifically, what's the highest credit score? And does having the highest credit score even matter?

What is the highest credit score?

The two most popular credit scoring models are FICO and VantageScore. In both scoring models, the highest credit score is 850. 

At one time, the lowest possible scores on FICO and VantageScore were different. But now, the lowest possible score on both models is 300.

Does it matter if I don't have the highest credit score?

If you don't have a perfect score, there's no need to fret. Most people don't. According to Experian, only 1.2% of Americans have the highest credit score. 

So does that mean that only 1.2% of people qualify for the best interest rates? No. You don't need an 850 credit score to qualify for prime interest rates. But you will want your score to fall within a certain range.

According to MyFICO, there are five main scoring ranges:

  • Poor: Below 580 
  • Fair: 580-669
  • Good: 670-739
  • Very Good: 740-799
  • Exceptional: 800+

Working towards a credit score in the "Good" range would be a great initial goal. And if you're able to build a score that falls within the "Very Good" or "Exceptional" range, you can expect to receive some of the best interest rates currently available. 

It's also possible to have no credit score whatsoever. If you've never applied for credit before or haven't used credit in more than 24 months, you could find yourself in this situation.

In its 2015 report, the Consumer Financial Protection Bureau found that 26 million people were "credit invisible." While having no credit isn't the same as having bad credit, it still makes it difficult to qualify for the best rates on loans.

How to improve your credit score

Whether you have a poor credit score or none at all, you can take action today towards building the score that you want. In both the FICO and VantageScore models, payment history is the most important factor. So if you're looking to improve your score, making on-time payments each month is a critical first step. 

Next, you'll want to consider your credit utilization ratio — the percentage of your available credit that you use each month. Aiming to keep your credit utilization ratio below 30% is a great start.

Other factors that affect your credit score include your length of credit history, your credit mix, and new credit accounts that you recently opened. These factors aren't as influential, but paying attention to them could help you lift your score to the next level.

Want to check your credit score? You can do so for free once every 12 months at Your bank or credit card issuer may provide your credit score for free as well. You can also use credit score sites like Credit Karma or Credit Sesame.

More coverage from How to Do Everything: Money

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NOW WATCH: Here's why flight attendants avoid drinking tap water on airplanes

Why private label banking apps and products are on the rise

Fri, 10/18/2019 - 1:32pm  |  Clusterstock

Private labeling has long been a pervasive strategy in retail, where products are made by third party manufacturers and sold under a retailer's name. The cost to manufacture is often much lower than reselling another brand name, resulting in higher margins and increased revenue for sellers.

Retailers who implement this strategy also maintain wholesale control of the brand, including packaging and pricing, which generates product exclusivity as well as promotes customer recognition of and loyalty to the brand.

Possibly the biggest benefit of private labels, however, is that they eliminate the pains of having to design and build a new product — especially when entering a new market. By outsourcing the entire process and leaving those details to the experts, sellers can instead focus on what they excel at: branding and marketing the finished product.

Because the benefits of this strategy are so multifaceted, it's no wonder private labeling is moving beyond consumer goods and gaining traction in service-based industries. Businesses looking to develop new offerings and product functionalities can now easily outsource entire technology stacks and tedious regulatory administration.

As tech giants like Apple, Amazon, and Google deepen their financial services plays, banking and personal finance tools have become a prime opportunity for fintechs and smaller firms to leverage private labeling to compete, and for established players to unlock new revenue streams.

Here's a look inside how private labeling is transforming the banking industry— and which products are on the rise.

What is white label banking?

White label banking is another term for private label banking or banking-as-a-service (BaaS), in which banks open up their application program interfaces (APIs) to let third parties build their own financial products with existing infrastructure. White label banking accelerates the builder's go-to-market strategy by removing regulatory, legal, and technical obstacles.

White label banking services

White label banking services enable fintechs and third parties to showcase a sleek, company-branded frontend, while leveraging an established bank's license, regulatory compliance, and technology on the backend to offer core banking features that rival major institutions'. 

Common white label banking services include:

  • Savings and checking accounts
  • Current accounts
  • Debit and credit cards
  • Simplified bill payments
  • Online payment transfer systems
  • Personal loans
  • Mortgages
  • Insurance
  • Bank statements with transaction details
  • Balance notifications
White label banking apps

Some examples of mobile banking apps built with white label features include:

  • ADIB
  • Albaraka Mobil
  • Azlo
  • Börse Stuttgart App
  • Chime
  • Compte CO2
  • Digit
  • Dozens
  • Knotist business banking
  • MoneyLion
  • Nationwide Mobile
  • Qapital
  • Qonto
  • Score Kompass 
  • Simple
  • Spendesk
  • Stash
  • Tomorrow
  • Trade Republic
  • Van Lanschot
  • Vitesse Mobile
  • Xero Accounting & Invoices
Future of white label banking services

Across industries, digital technologies are democratizing information to spur more competition and innovation. Because of this, the trend towards "open access" will only become more pervasive. In the banking industry, particularly, the open banking movement has been unfurling from its epicenter in the UK and stretching across the globe for the past few years.

White label banking and BaaS technology are no longer brand new technologies in the industry, but firms that get involved now will still be ahead of the curve by the time regulation becomes mainstream. The UK's Competition and Markets Authority has already enrolled the nine biggest banks and building societies in its Open Banking Directory, and others are coming soon. After that, it won't be long before other countries follow suit with their own regulations.

Per Accenture estimates, €61 billion ($70 billion) or 7% of total banking revenue in Europe will be associated with open banking-enabled activities by 2020. Incumbent banks around the world that invest in open banking platforms now – before it's mandated – will be rewarded with new revenue streams, an early boost in demand, partnerships with tech-savvy fintechs, and an overall competitive advantage against newcomers in the space.

To stay ahead of trends like white label banking, Business Insider Intelligence is launching a Banking coverage area in September. Tailored for top decision-makers in the financial services industry, this vertical covers digital transformation across the industry, including open banking and BaaS, consumer and business banking, mobile and online banking, digital account opening, and neobanks. 

Interested in getting the full report? Here's how to get access:

  1. Purchase & download the full report from our research store. >>  Purchase & Download Now
  2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
  3. Current subscribers can read the report here.

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3 benefits of paying off my car loan I didn't see coming

Fri, 10/18/2019 - 1:15pm  |  Clusterstock

  • After I totaled my car in 2014, I entered into a $16,000 six-year loan on a used Honda Civic with a $259.26 payment and 5.59% interest. 
  • I paid it off a year ahead of schedule and immediately noticed three benefits I hadn't expected.
  • I was able to put more money toward my credit-card debt every month, I wasn't tied to my car insurance any longer and could opt for another plan with a lower rate, and I saw my credit score tick up.
  • Read more personal finance coverage.

For the first eight months of my job in Palm Beach, Florida, I commuted an hour from Fort Lauderdale on I-95, which is known to be one of the most dangerous interstates in America.

On May 20, 2014, I found out how true that is. On the way to work that day, I got into a nearly fatal car accident and completely wrecked my car. Fortunately, no one got hurt, and my job gave me the day off to recover from my shock. 

Because this was probably the scariest experience of my life, I decided it was time to move closer to work. But first, I needed a car. 

Along with my bestie, I went to the local Honda car dealership on June 14, 2014, and after a few hours of browsing, I chose a brown 2010 Honda Civic. After some paperwork, I entered into a $16,000 six-year loan with a $259.26 payment and 5.59% interest.

Fortunately, it took me only five years to pay it off. I made my final payment in June.

As my car loan got smaller and smaller, I got more and more excited because it would mean keeping more of my money. When I made my final payment on June 28, a few immediate benefits came onto the table: 

  1. As soon as I paid this off, I increased my monthly credit-card payments from $915 to $1,200.
  2. I changed my insurance policy and lowered my monthly payments by $50 a month.
  3. My credit score went up.
1. I increased my credit-card payments

Originally, I wanted to use my windfall to pay for wedding expenses but ultimately decided that paying off my debt was far more important, particularly since I want to buy a house in a few years and need the money. 

Since February, I had designated $915 toward credit-card payments. In July, once the car payment was gone, I was able to increase it to $1,200.

Thanks to this more aggressive payment plan, my credit-card debt will be gone in June 2020 (interest notwithstanding). If we had kept the payments at $915, it would have taken until September 2020. Considering how much interest adds up, it's a huge savings to be able to pay it off four months earlier.

2. I changed car-insurance policies

Before my car was paid off, I never knew that I had the option of lowering my car-insurance coverage. That's why my fiancé added me to his Allstate insurance policy a week before my last car payment was made. Paying $50 less a month is such a wonderful change.

As you may or may not know, when paying off a car, the bank requires you to keep the full insurance coverage. However, once you've made good on your loan, it's OK to make changes to your policy, which is what I did. I took advantage of that and went from paying $207.05 with Progressive to $157.29 with Allstate. 

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While my credit score did increase, it went up by only three points. Yes, that was disappointing because I assumed that it would go up by at least 10 points. Though it's not a significant increase, I absolutely love seeing the $0 balance next to the car-loan category on my Credit Karma account

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Chase recently added Emirates as a transfer partner — here are the best ways to use points for award flights and seat upgrades

Fri, 10/18/2019 - 1:08pm  |  Clusterstock

Chase's Ultimate Rewards program has some of the most valuable points around. You can transfer your points to 13 airline and hotel partners, and use them to book travel directly through Chase, and get up to a 50% bonus in value if you have the Chase Sapphire Reserve

However, other programs have become increasingly competitive. In 2019, the American Express Membership Rewards program has added valuable transfer partners including El Al and LifeMiles, giving cardholders more options for using their points. And Capital One recently introduced a bevy of airline transfer partners to make its own rewards more appealing to cardholders.

In response to other programs' updates, Chase added JetBlue and — most recently — Emirates as Ultimate Rewards transfer partners in 2019. While you may be familiar with the Dubai-based airline's lavish first- and business-class seats, you may be less acquainted with its Skywards loyalty program. So let's take a look at whether it's worth transferring your points, now that you can move the Ultimate Rewards you earned with your Chase cards over to Emirates at a 1:1 ratio.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Read more: The best Chase cards

Flight options through the Emirates Skywards program

You can use the Emirates Skywards program to book award flights on Emirates, as well as the following airlines:

• Air Mauritius
• Alaska Airlines
• Copa Airlines
• easyJet
• GOL Linhas Aereas Argentinas
• Japan Airlines
• JetBlue
• Jetstar
• Korean Air
• Malaysia Airlines
• Qantas
• S7
• South African Airways
• TAP Portugal

You can also use Skywards miles to upgrade certain paid flights on Emirates.

Booking on Emirates

Emirates allows you to either upgrade paid flights or book award flights on its website. There are three categories of award flights: Saver, Flex, and Flex Plus, each progressively more expensive (not all categories are applicable to every award type between every destination).

While Emirates doesn't publish an award chart, it provides pricing via a calculator on its website.

Upgrade Emirates flights with miles

The "sweet spot" with Emirates Skywards is generally considered to be using miles to upgrade paid flights, but this isn't always the right move. However, Emirates does charge very high fuel surcharges on award flights, and you can "move up" one cabin class with an upgrade, with no additional fuel surcharges involve. You'll only pay a fixed mileage cost based on the price of the ticket you purchased.

Upgrades aren't available on all fares. The least expensive "special" fares cannot be upgraded. Additionally, there's a considerable delta in upgrade cost between less expensive economy class fares and the more expensive "Flex Plus" fares.

Here's an example of upgrade pricing from economy class to business class on a round-trip flight from Seattle to Mumbai:

There are no additional charges to upgrade using miles. However, the devil is in the details: Purchasing Flex and Flex Plus fares is considerably more expensive.

Here's an example using random dates for a flight from Seattle to Mumbai:

Booking a Saver award fare will cost 52,100 miles more for the round-trip upgrade. Meanwhile, the additional cost for a Flex fare is about $300 each way with Emirates. If we're valuing Chase points at 1.5 cents apiece, the "sweet spot" in this case is purchasing a Flex fare, which will yield slightly better "all-in" value for your Chase points when upgrading. It may not be the "sweet spot" in every case, though — read on.

Emirates Award Flights

You can also transfer Chase points to Skywards to book award flights on Emirates, but they are very expensive — both in terms of points and in terms of surcharges. As an example, you'll pay 170,000 miles round-trip from Seattle to Mumbai in business class plus a whopping $1,733 in fees.

Is this a better deal than upgrading with miles? In this specific case, it's about the same. You need fewer miles and more cash for this flight, versus more miles and less cash for an upgrade. Note, however, that upgrades can be available on flights where Saver mileage awards are not, and this can change the calculation.

Booking award flights on Emirates partners

Award flights on Emirates partners are a mixed bag. Some partners allow only round-trip bookings, while others allow one-ways. Additionally, some partners charge a close-in booking fee ($75 within 24 hours of travel and $50 within seven days of travel). Accordingly, you'll need to check closely whether the value is good.

There aren't many sweet spots in Emirates partner award charts, but some of the partners (such as Alaska, JetBlue, Gol, and Copa) don't have fuel surcharges. There can be value if you look hard (really hard), such as flights within central America on Copa, flights within Brazil on Gol, and last-minute flights with JetBlue.

You can get a sense of how many miles you'll need by looking at Emirates' partner award charts.

To book on partners, you'll need to fill out an email form from the respective partner page to request an award. Note that you can't mix awards between partners or add an Emirates flight to an award without incurring additional charges.

How to transfer Chase points to Emirates

To use the Emirates Skywards program with Chase Ultimate Rewards, you'll need to create a Skywards account on Emirates' website and then hook it up to your Chase Ultimate Rewards account on the "Transfer to Travel Partners" page on Chase's website. Like most of Chase's mileage transfer partners, transfers to Emirates Skywards are instant.

Tip: Be sure you're logged out of your Emirates Skywards account before you transfer miles in order to make the transfers smooth and immediate.

Bottom line

To be perfectly frank, Emirates isn't a partner to get overly excited about unless you have a very large points balance, are willing to spend a lot of cash, and are pursuing an aspirational award such as Emirates first class. Apart from some niche redemptions (such as flights on Copa within Central America), there isn't a ton of value to be had in this program. At least not compared to other valuable Chase transfer partners like Southwest, Singapore Airlines, and Virgin Atlantic.

Click here to learn more about the Chase Sapphire Preferred.

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THE HEALTHCARE PAYMENTS REPORT: The strategies payments leaders are using to take advantage of the $3.7 trillion opportunity in US healthcare

Fri, 10/18/2019 - 1:02pm  |  Clusterstock

The US healthcare payments market is enormous: Healthcare expenditure hit $3.65 trillion in 2018, per projections from CMS, and this spending is only expected to accelerate.

But the industry is at a tipping point. Better-informed and more critical customers, along with a push to combat the complex and opaque medical billing process, are creating demand for innovation in the healthcare payments space.

Despite a titanic market size and room for innovation, digital transformation is occurring incrementally at best. In fact, 90% of healthcare providers still leverage paper and manual processes for collections, according to data from a report commissioned by InstaMed and compiled by Qualtrics.

And even when healthcare providers offer digital solutions like online portals to customers (which 60% do), they seem to be falling short: While the majority of consumers claim they want to make appointments (68%), fill out registration forms (68%), and pay healthcare bills (61%) online, the share of consumers who actually do so hovers around 30% for those use cases. Discrepancies like these make healthcare payments a greenfield for lucrative digital innovation.

In The Healthcare Payments Report, Business Insider Intelligence looks at the healthcare payments process, including the types of healthcare payments, the stakeholders making them, where those payments are going, and what's driving change in the market. We then examine payments companies' innovations from the past year that address healthcare payments' most pressing challenges, analyze why they're lucrative, and discuss how other payments companies can learn from the innovations to furnish their own solutions.

The companies mentioned in this report are: InstaMed, JPMorgan, Liquid Payments, Patientco, Waystar

Here are some of the key takeaways from the report:

  • The US healthcare payments market is massive: Total US healthcare expenditure hit $3.65 trillion in 2018, per projections from The Office of the Actuary in the Centers for Medicare & Medicaid Services. For reference, consumers spent slightly less on retail purchases — $3.63 trillion — in 2018, per Internet Retailer.
  • But healthcare payments innovation has failed to keep up with consumer demands due to providers' reliance on legacy processes, and this may be hurting providers' bottom lines. 
  • Healthcare payments are complicated by the different stakeholders — providers, payers, and patients — that have a role in each transaction. These stakeholders' needs are shifting as the market changes: Consumers are taking a more active role in paying for their healthcare while states are pivoting toward a model that compensates providers based on the quality of their services rendered rather than the quantity.
  • Some payments firms are successfully adapting to the shifting market by creating digital solutions that balance the evolving needs of the entire healthcare payment value chain. 

In full, the report:

  • Outlines the structure of the current healthcare payments market.
  • Analyzes the forces and stakeholders driving change in the market.
  • Highlights companies that are implementing innovative solutions in the healthcare payments space, and offers key takeaways that other players can apply to their own approaches.

Interested in getting the full report? Here are three ways to access it:

  1. Purchase & download the full report from our research store. >> Purchase & Download Now
  2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
  3. Current subscribers can log in and read the report here.

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