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THE IDENTITY VERIFICATION IN BANKING REPORT: How banks should use new authentication methods to boost conversions and keep their customers loyal

23 hours 43 min ago  |  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.

The way incumbent banks onboard and verify the identities of their customers online is inconvenient and insecure, resulting in lowered customer satisfaction and loyalty, and security breaches leading to compensation payouts and legal costs.

It’s a lose-lose situation, as consumers become disgruntled and banks lose business. The problem stems from the very strict verification standards and high noncompliance fines that banks are subject to, which have led them to prioritize stringency over user experience in verification. At the same time, this approach doesn't gain banks much, since the verification methods they use to remain compliant can actually end up compromising customers' personal data.

But banks can't afford to prioritize stringent verification at the cost of user experience anymore. Onboarding and verification standards are increasingly being set by more tech-savvy players within and outside their industry, like fintechs and e-retailers. If banks want to keep customers loyal, they have to start innovating in this area. The trick is to streamline verification for clients without compromising accuracy. If banks manage to do this, the result will be happier and more loyal customers; higher client retention and revenue; and less spending on redundant checks, compensation for breaches, and regulatory fines.

The long-term opportunity such innovation presents is even bigger. Banks are already experts in vouching for people’s identities, and because they’re held to such tight verification standards, their testimonies are universally trusted. So, if banks figure out how to successfully digitize customer identification, this could help them not only boost revenue and cut costs, but secure a place for themselves in an emerging platform economy, where online identities will be key to carrying out transactions. 

Here are some of the key takeaways from the report:

  • The strict verification standards that banks are held to have led them to create onboarding and login processes that are painful for clients. Plus, the verification methods they use to remain compliant can actually end up putting customers' personal data at risk. This leaves banks with dented customer satisfaction, as well as security breaches and legal costs.
  • Several factors are now pushing banks to attempt to remedy the situation, including a tougher regulatory environment and increasing competition from agile startups and tech giants like Google, Amazon, and Facebook, where speedy onboarding and intuitive service is a given.
  • The trick is to streamline verification for clients without compromising accuracy, something several emerging technologies promise to deliver, including biometrics, optical character recognition (OCR) technology, cryptography, secure video links, and blockchain and distributed ledger technology (DLT). 
  • The long-term opportunity such innovation presents is even bigger. Banks are already experts in vouching for people’s identities, so if they were to figure out how to successfully digitize customer identification, this could help them secure a valued place, and relevance, in a modernizing economy.

In full, the report:

  • Looks at why identity verification is so integral to banking, and why it's becoming a problem for banks.
  • Outlines the biggest drivers pushing banks to revamp their verification methods.
  • Gives an overview of the technologies, both new and established but repurposed, that are enabling banks to bring their verification methods into the digital age.
  • Discusses what next steps have to happen to bring about meaningful change in the identity verification space, and how banks can capitalize on their existing strengths to make such shifts happen.
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These 3 people have cracked the code to making major profits while working fewer hours per week. Here's how they did it.

Fri, 02/22/2019 - 11:01pm  |  Clusterstock

Although a 40-hour workweek is seen as quite standard for many Americans, most people would rather be making more money while working fewer hours. Retiring early with plenty of cash to spare is a common financial goal and some people seem to have discovered the secret to building up their savings account without spending decades working a salaried job with a major time commitment.

Here are a few people who have cracked the code to making profits outside of the standard salary system.

After working in finance for 13 years, Sam Dogen wrote that he retired at 34 years old and he now lives entirely off of his passive income

In a 2018 article he wrote for CNBC, Sam Dogen said that at the beginning of his career he was working 70 or more hours per week, but he "escaped full-time work for good" 13 years later at the age of 34.  He wrote that one of his steps to success is that he's been saving and investing ever since he got his first job.

According to the CNBC article, he began putting away at least 50% of his income after taxes as soon as he got his first post-college job at an investment bank. He wrote that he used those funds to buy rental properties, stocks, bonds, and CDs (savings certificates with a fixed maturity date and interest rate) in order to build passive income streams. "Start your passive income journey as soon as possible because it takes a long time to build something significant," he wrote. 

In 2009, Dogen started a personal finance site called the Financial Samurai where he educates others about maximizing their income and productivity. And as his blog and profits from his investments and rental properties grew, Dogen wrote that he found himself making enough money to retire at age 34.

According to his CNBC article, Dogen and his wife don't have day jobs and they live entirely off of passive income. According to his blog, in 2017 he made about $211,000 in passive income alone. He also wrote that he and his family continue to save money by driving a car worth less than 1/10th of their gross income, never buying new clothes, and taking advantage of free activities in the city during weekdays. 

He later wrote that he only works about 25 hours a week on his blog as of 2018.

Timothy Kim said he immigrated to the US with just $500 and by the age of 31 he had become a self-made millionaire

So grateful for my blogging-for-income book that was released in December! . . . By God’s grace, and all of your support, it was the #1 best selling book in the “New Releases” category on Amazon for 4 weeks in a row! . . . I appreciate all of you who have shown support and your eagerness and enthusiasm for self-improvement by getting my book, especially those who took time out of their day to leave such thoughtful and kind reviews! Thank you! All glory to God! . . . #wordsintocash #bloggerlife #passiveincome #escape #ninetofive #financialsecurity #financialstability #financialindependence #thankyouLord #

$5 billion hedge fund LMR Partners poached Bank of America Merrill Lynch's top equity derivatives boss in the US

Fri, 02/22/2019 - 10:58pm  |  Clusterstock

  • The US head of equity derivatives at Bank of America Merrill Lynch quit this week after less than two years at the bank.
  • He's headed to LMR Partners, a $5 billion hedge fund launched in 2009 and run by former UBS traders.

Bank of America Merrill Lynch's top equity derivatives boss in the Americas is leaving after less than two years, and he's headed for the hedge fund LMR Partners.

After an eight-year run with Barclays, William "Bill" Hillegass joined BAML in 2017, heading up equity client solutions and running equity derivatives out of New York.

He quit the firm, Business Insider reported this week, and he's joining LMR Partners, a multistrategy fund founded and run by the former UBS traders Ben Levine and Stefan Renold, according to people familiar with the matter.

Hillegass, LMR Partners, and Bank of America declined to comment.

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Hillegass may have crossed paths with Levine and Renold at UBS, where he started his career in 2003. He left for Lehman Brothers in 2007 just before the financial crisis, followed by his run at Barclays, according to his LinkedIn profile.

LMR, which was founded in 2009 and has offices in Hong Kong, London, and New York, manages more than $5 billion in assets, according to its website.

A private-equity fund run by Goldman Sachs Asset Management bought a minority stake in the hedge fund last year, according to Reuters.

Hillegass will manage the portfolio out of the New York office, the people said.

He is one of a slew of sell-side equity derivatives traders to switch posts in the past year amid a rebound in the business and a war for talent.

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NOW WATCH: A Microsoft EVP explains how every company is becoming digital — from farming to staffing

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

Fri, 02/22/2019 - 10:08pm  |  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

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

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How and why the payments industry will experience massive growth over the next five years

Fri, 02/22/2019 - 8:02pm  |  Clusterstock
  • The payments ecosystem is undergoing a period of digital transformation, which will spur tremendous growth in money moved around the globe in the next five years.
  • Consumers and businesses will make 841 billion noncash transactions worldwide in 2023, up from 577 billion in 2018.
  • The next five years will mark a pivotal transformation in how companies and consumers handle payments.

The impact of payments’ digital transformation is rippling around the world, in both advanced economies and developing countries.

Across major global regions, the total volume of e-commerce transactions is expected to rise 91% over the next five years to hit $5.7 trillion by 2023.

With such impending immense growth, it’s crucial for any business that even touches the payments industry to understand what’s ahead.

Take, for example, noncash transactions, which include debit card, credit card, direct debit, and credit transfer transactions that are conducted either online or offline. Consumers and businesses will make 841 billion noncash transactions globally in 2023, a 46% surge from 577 billion in 2018. The rise in global card and terminal penetration, coupled with increasing digital payments volume, will will be the key drivers in this growth.

To successfully navigate this changing landscape, individuals and organizations must understand the full extent to which digital transformation will affect the payments industry, the key drivers of this growth, and how it all relates to the work they do every day.

Business Insider Intelligence, Business Insider’s premium research service, has forecasted the future of the payments ecosystem in The Payments Forecast Book 2018 — and the next five years will be critical for the following four areas:

  • Global Payments: Asia, North America, and Europe will be the three main growth regions in the next five years, and will make up 70% of all noncash transaction growth by 2023.
  • US Payments: In the US, P2P and retail payments combined will still be less than a quarter of the size of the B2B payments market by 2023 ($6.3 trillion vs. $27.3 trillion).
  • US E-Commerce: Total e-commerce spending in the U.S. will surpass $1 trillion by 2023, and the average consumer will spend $2,959 online.
  • US Emerging Payments: By 2023, 67% of US adults will have used BOPIS (Buy Online Pickup In Store) at least once in the last 12 months.

Want to Learn More?

People, companies, and organizations all over the world are racing to adopt the latest payments solutions and prevent growing pains amidst a technological transformation. The Payments Forecast Book 2018 from Business Insider Intelligence is a detailed four-part slide deck outlining the most important trends impacting the payments ecosystem around the world — and the key drivers propelling each segment forward.

Representing thousands of hours of exhaustive research, our multipart forecast books are considered must-reads by thousands of highly successful business professionals. These informative slide decks are packed with charts and statistics outlining the most influential trends on the leading edge of your industry. Keep them for reference or drop the most valuable data into your own presentations to share with your teams.

Whether you’re newly interested in a topic or you already consider yourself a subject matter expert, The Payments Forecast Book 2018 can provide you with the actionable insights you need to make better decisions.

Get The Payments Forecast Book

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Everything to know about the Florida spa at the center of the Robert Kraft sex scandal

Fri, 02/22/2019 - 5:36pm  |  Clusterstock

Orchids of Asia Day Spa in Jupiter, Florida, has become the epicenter of a large-scale human-trafficking and prostitution investigation involving multiple spas and massage parlors.

Patriots owner Robert Kraft was charged Friday with two counts of soliciting prostitution. He was allegedly a customer at Orchids of Asia Day Spa in Jupiter, Florida, which is about 20 miles from Palm Beach and 30 minutes from Donald Trump's Mar-a-Lago club.

Jupiter police said Kraft paid for sexual services at the spa and that there is video evidence of Kraft in both instances. Kraft has denied any illegal activity. So far, 173 people have been charged with crimes in the bust.

Police said women lived in the parlors and were coerced into having sex for money.

Read more: Reviews on an illicit massage website helped Florida police crack a massive sex trafficking and prostitution ring that Patriots owner Robert Kraft has been tied to

The spa offers services such as waxing, antiaging facials, acne treatment, and 11 different types of massages, including a "Tokyo Ultimate 4 Hand" massage.

Here's everything we know about the spa at the center of a prostitution scandal. 

SEE ALSO: NFL insider Adam Schefter says Robert Kraft 'is not the biggest name involved' in Florida prostitution ring

Orchids of Asia Day Spa in Jupiter, Florida, has become the center of a massive prostitution and human-trafficking bust involving multiple spas and massage parlors.

Source: Business Insider

Robert Kraft, the owner of the New England Patriots NFL team, was charged Friday on two counts of soliciting prostitution. He is accused of paying for sexual services at Orchids of Asia Day Spa. Police said there is video evidence linking him to the incidents.

Source: Business Insider

Kraft's arrest comes as part of a large-scale human-trafficking and prostitution bust in Florida involving multiple spas and massage parlors. Police said women lived in the parlors and were coerced into having sex for money.

Source: Business Insider

See the rest of the story at Business Insider

This is how insurance is changing for gig workers and freelancers

Fri, 02/22/2019 - 5:35pm  |  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.

The gig economy is becoming a core element of the labor market, pushed to the fore by platforms like Uber and Airbnb. Gig economy workers are freelancers, such as journalists who don’t work for one publication directly, freelance developers, drivers on platforms like Uber and Grab, and consumers who rent out their apartments via Airbnb or other home-sharing sites.

Gig economy workers are not employed by these platforms, and therefore typically don't receive conventional employee perks, such as insurance or retirement options. This has created a lucrative opportunity to provide tailored insurance policies for the gig economy. 

A number of insurtech startups — including UK-based Dinghy, which focuses on liability insurance, and US-based Slice, which provides on-demand insurance for a range of areas — have moved to capitalize on this new segment of the labor market. These companies have been busy finding new ways to personalize insurance products by incorporating emerging technologies, including AI and chatbots, to target the gig economy.

In this report, Business Insider Intelligence examines how insurtechs have begun addressing the gig economy, the kinds of policies they are offering, and how incumbents can tap the market themselves. We have opted to focus on three areas of insurance particularly relevant to the gig economy: vehicle insurance, home insurance, and equipment and liability insurance.

While every consumer needs health insurance, there are already a number of insurtechs and incumbent insurers that offer policies for individuals. However, when it comes to insuring work equipment or other utilities for freelancers, it's much more difficult to find suitable coverage. As such, this is the gap in the market where we see the most opportunity to deploy new products.

The companies mentioned in this report are: Airbnb, Deliveroo, Dinghy, Grab, Progressive, Slice, Uber, Urban Jungle, and Zego.

Here are some of the key takeaways from the report:

  • By 2027, the majority of the US workforce will work as freelancers, per Upwork and Freelancer Union, though not all of these workers will take part in the gig economy full time.
  • By personalizing policies for gig economy workers, insurtechs have been able to tap this opportunity early. 
  • A number of other insurtechs, including Slice and UK-based Zego, offer temporary vehicle insurance, which users can switch on and off, depending on when they are working.
  • Slice has also developed a new insurance model that combines traditional home insurance with business coverage for temporary use.
  • Other freelancers like photojournalists need insurance for their camera, for example, a coverage area that Dinghy has tackled.
  • Incumbent insurers have a huge opportunity to leverage their reach and well-known brands to pull in the gig economy and secure a share of this growing segment — and partnering with startups might be the best approach.

 In full, the report:

  • Details what the gig economy landscape looks like in different markets.
  • Explains how different insurtechs are tackling the gig economy with new personalized policies.
  • Highlights possible pain points for incumbents when trying to enter this market.
  • Discusses how incumbents can get a piece of the pie by partnering with startups.
Get the insurtech and the gig economy


SEE ALSO: These were the biggest developments in the global fintech ecosystem over the last 12 months

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6 unexpected tax breaks you can claim on your tax return

Fri, 02/22/2019 - 5:18pm  |  Clusterstock

  • There are several legitimate ways to pay less taxes.
  • Tax deductions reduce your taxable income, while tax credits lower your tax bill.
  • A few of the most under-the-radar tax breaks include deductions for jury duty and bringing your pet to work (but only if they're working, too).

There are several legitimate ways to pay less taxes

There are hundreds of tax breaks available to Americans in the form of deductions, which reduce the amount of your income that's taxed, and credits, which lower your overall tax bill.

A bonus just for you: Click here to claim 30 days of access to Business Insider PRIME

When filing a federal tax return, you can either itemize deductions or claim the standard deduction, which is $12,000 for single filers, $18,000 for head of household filers, and $24,000 for married couples filing jointly. 

If your itemized deductions total more than the standard deduction, it may be worth the extra time it often takes to itemize, experts say. Typical deductions filers can claim include medical expenses, charitable donations, state and local taxes (SALT), mortgage interest, and student-loan interest. Some deductions are available even if you don't itemize.

Read more: 10 things you probably didn't know you could deduct on your taxes

Tax credits can be claimed whether you itemize or not; the most popular ones include the child tax credit, earned income tax credit, and the American Opportunity tax credit.

But those are just a few of the many tax breaks available to Americans. Here are a few you may not have heard of:

1. Charity work deduction

If you volunteered for a charitable organization in 2018 and drove there, you can deduct the cost of parking and toll fees and some gas (14 cents per mile), according to NerdWallet.

You can also deduct up to $250 worth of supplies you purchased for charity purposes, like food for a soup kitchen, if you kept all your receipts. If you want to deduct more than $250, it requires documentation from the charitable organization.

2. Gambling losses deduction

If a trip to Las Vegas or Atlantic City left you nearly penniless, you can recoup some of those losses come tax time. You can include gambling losses as tax deductions if you itemize, NerdWallet explained.

Money lost at a casino or racetrack qualifies, as does money spent on bingo, lottery, or raffle tickets, but only if the ticket was a loser — the amount you deduct cannot exceed the winnings you claim as income. 

3. Jury duty pay deduction

If you're summoned for jury duty, your employer may offer regular pay or paid leave to attend, and the court may pay you for your time — typically between $10 and $30 a day, according to TurboTax. In both situations, the money you receive is counted as taxable income.

However, some employers require employees to hand over their jury duty pay. If that's the case, you must still claim the pay as part of your income, but on your tax return you can claim the pay as a deduction, resulting in a zero net gain.

4. Guard dog deduction

Believe it or not, the IRS may actually consider your pet's medical, training, or food costs a business expense. If you bring your dog to work and can show that they're necessary on site (maybe even protecting your business' inventory), you may be able to deduct the cost of caring for the dog, Bankrate explained. Your chances may be better if the dog is a breed that would call for a "beware of dog" sign.

5. College tuition and fees deduction

Students earning less than $80,000 (single) or $160,000 (married, filing jointly) can deduct up to $4,000 in tuition and fees on their tax return. This is an above-the-line deduction, meaning you don't need to itemize to claim it.

6. Retirement account savings credit

The Saver's Credit enables low- to moderate-income taxpayers saving for retirement to reduce their tax bill by up to $1,000, or $2,000 if married and filing jointly. 

To be eligible for the Saver's Credit, you must meet three requirements: You're at least 18 years old, not a full-time student, and aren't claimed as a dependent on someone else's return. Your adjusted gross income (AGI) also must be less than $31,500 if you're a single filer, and less than $63,000 if you're a joint filer.

Depending on your income, you can claim a credit that's equal to 50%, 20%, or 10% of the first $2,000 in contributions to your retirement account or Achieving a Better Life Experience (ABLE) account (a tax-advantaged savings account for people with disabilities and their families). 

SEE ALSO: 5 tax breaks you can't get anywhere but the US

DON'T MISS: More than 76 million Americans don't pay federal income taxes, but it's not usually the luxury you might think

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The 25 CEOs whose pay is most wildly out of sync with their company's performance

Fri, 02/22/2019 - 5:12pm  |  Clusterstock

  • Check out which 25 CEOs on the S&P 500 earn a salary that's higher than expected, given shareholder return.
  • The list appears in a report from As You Sow, a nonprofit focused on shareholder advocacy.
  • As You Sow also calculated the ratio of CEO pay to median employee pay.
  • Ronald F. Clarke, CEO of Fleetcor Technologies Inc., took the top spot: He makes about $53 million a year, which means he's overpaid by 263%.

Most CEOs make a lot of money. No surprise there.

In fact, the typical CEO made a whopping 312 times their median employees' salary in 2017, according to the Economic Policy Institute.

But some chief executives earn salaries that are seemingly disproportionate to their company's shareholder returns. A new report from As You Sow, a nonprofit focused on shareholder advocacy, ranks the most "overpaid" leaders on the S&P 500.

To figure out who's overpaid, As You Sow calculated the ratio of CEO pay in 2018 to total shareholder return at each company, as well as the companies where the most shares were voted against the CEO pay package (the first ratio was weighted double).

Ronald F. Clarke, CEO of Fleetcor Technologies Inc., which makes corporate payment products, took the No. 1 spot. According to the analysis, Clarke is overpaid by 263%. His expected pay based on Fleetcor's performance is $14,483,985; his actual pay is $52,643,810. Per the report, 86% of shareholders voted against Clarke's pay package.

Because there was a change in CEO at a few companies (Oracle Corp., The Walt Disney Co., TransDigm Group, Inc., and Discovery, Inc.), the salary of the higher-paid CEO was counted.

Below, we've listed the 25 most overpaid CEOs, as well as each of their salaries, the median employee salary at their company, and the pay ratio.

Read more: A new study found CEOs at America's biggest companies raked in $19 million on average last year, while workers' pay barely budged

25. Randall Stephenson, AT&T, Inc. 

CEO pay: $28,720,720

Median employee pay: $78,437

Pay ratio: 366:1

24. Reed Hastings, Netflix, Inc.

CEO pay: $24,377,499

Median employee pay: $183,304

Pay ratio: 133:1

23. Paal Kibsgaard, Schlumberger NV

CEO pay: $20,759,340

Median employee pay: $88,604

Pay ratio: 234:1

22. Brenton Saunders, Allergan Plc

CEO pay: $32,827,626

Median employee pay: $94,064

Pay ratio: 349:1

21. Brian Roberts, Comcast Corp.

CEO pay: $32,520,224

Median employee pay: $71,006

Pay ratio: 458:1

20. Ari Bousbib, IQVIA Holdings, Inc.

CEO pay: $38,029,517

Median employee pay: $97,997

Pay ratio: 388:1

19. Richard B. Handler, Jefferies Financial Group, Inc.

CEO pay: $21,787,285

Median employee pay: $44,584

Pay ratio: 489:1

18. Leonard S. Schleifer, Regeneron Pharmaceuticals, Inc.

CEO pay: $26,508,058

Median employee pay: $123,418

Pay ratio: 215:1

17. Mark D. Okerstrom, Expedia Group, Inc.

CEO pay: $30,720,457

Median employee pay: $71,696

Pay ratio: 428:1

16. Jeffrey A. Miller, Halliburton Co.

CEO pay: $23,078,364

Median employee pay: $79,636

Pay ratio: 290:1

15. Debra A. Cafaro, Ventas, Inc.

CEO pay: $25,254,607

Median employee pay: $88,630

Pay ratio: 285:1

14. James Cracchiolo, Ameriprise Financial, Inc.

CEO pay: $23,900,309

Median employee pay: $107,082

Pay ratio: 223:1

13. Gary A. Norcross, Fidelity National Information Services, Inc.

CEO pay: $29,141,610

Median employee pay: $44,556

Pay ratio: 654:1

12. Stephen Kaufer, TripAdvisor, Inc.

CEO pay: $47,933,462

Median employee pay: $99,643

Pay ratio: 481:1

11. David M. Zaslav, Discovery, Inc.

CEO pay: $42,247,984

Median employee pay: $80,858

Pay ratio: 522:1

10. E. Hunter Harrison, CSX Corp.

CEO pay: $151,147,286

Median employee pay: $98,697

Pay ratio: 1531:1

9. Margaret H. Georgiadis, Mattel, Inc.

CEO pay: $31,275,289

Median employee pay: $6,271

Pay ratio: 4,987:1

8. Brian Duperreault, American International Group, Inc.

CEO pay: $43,086,861

Median employee pay: $64,186

Pay ratio: 671:1

7. W. Nicholas Howley, TransDigm Group, Inc.

CEO pay: $61,023,102

Median employee pay: $46,742

Pay ratio: 1,306:1

6. Robert Iger, The Walt Disney Co.

CEO pay: $36,283,680

Median employee pay: $46,127

Pay ratio: 787:1

5. Stephen Wynn, Wynn Resorts Ltd.

CEO pay: $34,522,695

Median employee pay: $44,437

Pay ratio: 777:1

4. Dirk Van de Put, Mondelez International, Inc.

CEO pay: $42,442,924

Median employee pay: $42,893

Pay ratio: 990:1

3. Hock Tan, Broadcom, Inc.

CEO pay: $103,211,163

Median employee pay: NA 

Pay ratio: NA

2. Mark V. Hurd/Safra Catz, Oracle Corp.

CEO pay: $81,562,244

Median employee pay: $89,887

Pay ratio: 907:1

1. Ronald F. Clarke, Fleetcor Technologies Inc

CEO pay: $52,643,810

Median employee pay: $34,700

Pay ratio: 1,517:1

SEE ALSO: Regular workers now have to work for 167 years to make as much as CEOs do in one

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Twitter co-founder Ev Williams has stepped down from the $24 billion company's board (TWTR)

Fri, 02/22/2019 - 4:45pm  |  Clusterstock

  • Twitter cofounder and former CEO Evan Williams will step down from the public company's board of directors, the company announced Friday.
  • Williams, who is CEO of Medium, said he stepped down from Twitter's board to pursue other projects.
  • He ran the company as CEO from 2008 to 2011 after reportedly leading a coup against then-and-now CEO Jack Dorsey.

Evan Williams, who ran Twitter as CEO for two years before founding and running Medium, has stepped down from Twitter's board of directors after 13 years. The company announced his departure in a filing Friday.

“It’s been an incredible 13 years, and I’m proud of what Twitter has accomplished during my time with the company. I will continue rooting for the team as I focus my time on other projects,” Williams said in a statement.

Williams, who is CEO of Medium as well as a partner at Obvious Ventures, has not always seen eye-to-eye with his cofounder and current Twitter CEO Jack Dorsey. Williams reportedly led the coup which led to Dorsey stepping down from the helm back in 2008.

Read more: The Evolution of Ev: The creator of Twitter, Blogger, and Medium has a plan to fix the mess he made of the internet

Williams then took over as CEO and held the role until 2010, when he was replaced by Dick Costolo, who ultimately took the company public in 2013.

After Twitter posted its public filing, Williams confirmed the news on none other than 

I'm very lucky to have served on the @Twitter board for 12 years (ever since there was a board). It's been overwhelmingly interesting, educational—and, at times, challenging.

— Ev Williams (@ev) February 22, 2019

Dorsey followed up with his own kind words and emoji love.

I appreciate you, Ev! You’re the reason I joined Odeo in the first place. I’ve learned so much from you since that crazy interview you and @Noah put me through. We’re going to miss your voice in our board conversations. ❤️

— jack (@jack) February 22, 2019


SEE ALSO: $1 billion video-conferencing company Zoom is aiming for an April IPO

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NOW WATCH: Here's how to use Apple's time-saving app that will make your life easier

Here's how fintech is taking over the world — and what's coming next

Fri, 02/22/2019 - 4:31pm  |  Clusterstock

Digital disruption is affecting every aspect of the fintech industry.

Over the past five years, fintech has established itself as a fundamental part of the global financial services ecosystem.

Fintech startups have raised, and continue to raise, billions of dollars annually, pushing incumbent financial institutions to get in on the action. Legacy players have begun using fintech to remain competitive in a rapidly evolving financial services landscape.

So what's next?

Business Insider Intelligence, Business Insider's premium research service, explores recent innovations in the fintech space as well as what might be coming in the future in our brand new exclusive slide deck, The Future of Fintech: How Fintech Is Taking Over The World and What Comes Next.

To get your copy of this free slide deck, click here.

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MoviePass lays off its entire business-development team as the company continues to tailspin

Fri, 02/22/2019 - 4:10pm  |  Clusterstock

  • The three-person business-development team at MoviePass was laid off on Thursday, multiple sources told Business Insider.
  • This is the latest in a string of departures at the company as several employees, including some on the management level, have resigned or been let go in the last month.
  • The salaried staff is now about 50 people.

The business-development team at MoviePass was laid off on Thursday, multiple sources familiar with the decision told Business Insider.

The loss of the Los Angeles-based, three-person team — who were given the news by MoviePass CEO Mitch Lowe — is the latest in a string of departures at the movie-ticket subscription company. In the last month, several employees, including some on the management level, have resigned or been let go, the sources told Business Insider. The salaried staff is now about 50 people (at the end of 2018, there were about 60 staffers, at its height it was about 80).

These layoffs came on the heels of MoviePass' parent company, Helios and Matheson Analytics (HMNY), being kicked off the Nasdaq earlier this month. It had failed to meet the Nasdaq's listing standards by trading at less than $1 per share since July. The stock price crashed as HMNY sold new shares to offset hundreds of millions of dollars in losses.

Read more: MoviePass has been hit with a lawsuit from subscribers alleging it's a "bait and switch" scheme

At the time of the delisting, HMNY said in a statement that the "delisting has no effect on the day-to-day business operations of HMNY or its subsidiaries, including MoviePass and MoviePass Films."

But the continued layoffs and departures tell a different story.

Employee morale has been low for months. Product manager Eric Jeng sent a scathing letter to the entire staff when he resigned in January, blasting management, particularly for how they responded to Business Insider's reporting on MoviePass employee allegations of inappropriate conduct by a contractor.

MoviePass did not respond to a request for comment.

SEE ALSO: Former Oscar producers say the Academy should move the telecast to January — before the 14 other award shows make everyone exhausted

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NOW WATCH: Michael D'Antonio reveals Donald Trump's 'strange' morning ritual that boosts his ego

An executive coach uses rocks, pebbles, and sand to explain time management to new CEOs

Fri, 02/22/2019 - 3:35pm  |  Clusterstock

  • Time management is difficult to master, but is critical for productivity.
  • One executive coach has a helpful analogy involving rocks, pebbles, and sand that can drive home the point of effective time management.
  • The takeaway: By taking time to address our most important goals, the smaller items on our to-do list will fall into place around them.

Time management is one of the most difficult things to master at work, whether you're an intern or a CEO.

Alisa Cohn knows that firsthand — she's an executive coach who teaches leadership and business strategy to entrepreneurs.

Cohn said when first-time CEOs ask her for advice on time management, she responds with an analogy involving, rocks, pebbles, and sand. And it's a helpful piece of advice for anyone who struggles to find enough time in the day to get things done.

Here's how it goes: A professor presents a class with a gallon-size glass jar he says he's trying to fill up. He brings out a platter of large, fist-sized rocks and dumps them into the jar until they reach the top.

He asks the class if the jar is full, to which they naturally reply, yes.

A bonus just for you: Click here to claim 30 days of access to Business Insider PRIME

Then, the professor brings out a bowl of pebbles, and proceeds to pour them into the jar. He shakes the jar until the pebbles settle in all the spaces between the big rocks. He asks again if the jar is now full, to which the class responds yes. 

Lastly, the professor reveals a bucket of sand, which he pours into the jar until every nook and cranny is occupied. The jar finally appears full — until the professor pours a bottle of water into the jar.

"Now it's full," he says, before revealing the moral of the story: "If we had put the sand in first, would there have been any room for the big rocks?"

It's an old story that was popularized in part by speaker and management expert Stephen Covey, author of "The 7 Habits of Highly Effective People."

As Cohn explains, each of the materials in the story represents tasks of varying importance in your workday: The big rocks are your major goals and strategic initiatives, the pebbles are shorter-term goals of lesser importance, and the sand is minor tasks that aren't essential to your success. Meanwhile, the water is the distractions that prevent you from getting any work done at all.

Cohn said that by taking time to identify what your "big rocks" are, the smaller tasks will fall into place around them, like the rocks in the analogy. On the flip side, you can easily get sidetracked by email chains or choosing the perfect font for a report — the pebbles and sand — if you lose sight of your overarching objectives. 

"You can't work on those if you're inundated by the day-to-day little minutiae of the day," she told Business Insider. "So when you're looking at your week, it's really helpful to figure out, when am I going to block out a couple hours, maybe two or three times a week, to really do that reflection, to have a sacred time that you can work around?"

Read more: An NYSE exec who spent a week resisting email for 7 hours a day quickly caved to her inbox, but took away a productivity strategy she uses to this day

The big rocks are the hardest to conceptualize, as they are often abstract and wide in scope, like the mission of a company or its yearlong growth goals. A common trap executives fall into, Cohn said, is focusing so hard on completing smaller tasks that they put off the larger, more consequential ones that would ultimately improve the business and make their lives easier.

"Let's say the head of marketing is doing all the marketing presentations and all the work himself," Cohn said. "Why? Because he hasn't stopped and done the big rock of hiring a really great director to do all the work."

"You will never get out of that mode if you don't sit back and say, 'I've got to do the important work here.'"

SEE ALSO: An NYSE exec who spent a week resisting email for 7 hours a day quickly caved to her inbox, but took away a productivity strategy she uses to this day

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Apps are reportedly telling Facebook how much users weigh and when they're menstruating (FB)

Fri, 02/22/2019 - 3:22pm  |  Clusterstock

  • Some 11 popular apps are sharing the highly personal data they collect with Facebook, The Wall Street Journal reported Friday.
  • Among the data the apps shared with Facebook were users' weight and whether they were menstruating, according to the report.
  • The apps generally didn't give users an easy way to opt out of such sharing and many didn't explicitly disclose what data they were uploading to Facebook.
  • Facebook bars developers from sharing certain sensitive data with it ,and deletes such information when it finds it, a spokeswoman said.
  • But sharing of app data generally is a standard industry practice, she said.

Some of the most popular smartphone apps are uploading to Facebook highly personal information about their users, including their blood pressure and weight, what house listings they were looking at, and whether they were menstruating or pregnant, without users' explicit knowledge or consent, The Wall Street Journal reported Friday.

The Journal found that at least 11 apps were transferring such sensitive data to Facebook; they included Flo Health's Flo Period & Ovulation Tracker, Move's, and Instant Heart Rate: HR Monitor. All of the apps named by the Journal — and thousands of others besides — include code from Facebook that allow their developers to track how people are using them and use that information to target ads at them.

The apps are transferring data to Facebook regardless of whether the individual users log into the app via the social network or are even members of it, The Journal reported. None of them gave users an obvious way to block Facebook from getting their data, according to the story. Many of them didn't explicitly disclose to users what information they were sharing with Facebook, according to the report.

The practices may put the developers and Facebook in trouble with regulators in the United States and Europe. Following The Journal's report, New York Gov. Andrew Cuomo reportedly ordered an investigation into apps sharing sensitive information with Facebook.

That may only be the start. The Federal Trade Commission has in the past cracked down on companies whose actual privacy practices differed significantly from what they disclosed to their users. Meanwhile, Europe's new General Data Protection Regulation typically requires companies to gain users' explicit consent before collecting or sharing their personal data.

The company is already under regulatory scrutiny after a series of mishaps that came to light last year, including the leak of records to Cambridge Analytica, the data firm linked to President Trump. The Journal's report comes as the company is reportedly negotiating with the FTC over the size of a fine related to that massive data leak.

Read this: Facebook is reportedly considering paying a record multibillion-dollar fine to settle the FTC's investigation into its privacy practices

Facebook's terms bar the sharing of sensitive data

Facebook's terms of service require developers that use its code to make clear what information they are sharing with the social network, company spokeswoman Nissa Anklesaria told Business Insider. They also bar app makers from sharing certain sensitive data with Facebook. Facebook looks for and deletes such data when the company finds it, she said.

But generally, the practice of apps sharing data with Facebook for the purpose of advertising to users is nothing unusual or untoward, Anklesaria said.

"Sharing information across apps on your iPhone or Android device is how mobile advertising works and is industry standard practice," she said.

Several of the developers mentioned in The Journal's report changed their privacy policies or data sharing practices after being contacted by the newspaper. For example, BetterMe, maker of BetterMe: Weight Loss Workouts, updated its privacy policy to make more explicit what information it shares with Facebook and why.

SEE ALSO: Mark Zuckerberg once suggested that a Facebook user's data was worth 10 cents a year

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United is doubling down on its business class offerings — and that could be good news for investors (UAL)

Fri, 02/22/2019 - 3:18pm  |  Clusterstock

  • United is slowly adding to its fleet of business class cabins and lounges.
  • The premium upgrade market is huge, and selling more to these customers could be good news for United's stock price, Credit Suisse said Friday. 
  • United's hubs in premium cities like San Francisco, New York, and Chicago should also help it fill the luxury seats. 

United Airlines's business class — branded as Polaris — might be the best in the industry.

It's wowed Business Insider reviewers with everything from its posh airport lounges, to comfortable seats, and even luxury amenity kits. And now, Wall Street appears to be on board too.

In a note to clients Friday, Jose Calado, an analyst at Credit Suisse, said the company's premium push could be good news for the stock.

"With operational reliability on the mend, UAL is now going all-in with its premium push to carve out a greater slice of this highly lucrative market," he said. "Today UAL has an extremely competitive biz-class product (ground & onboard) with its Polaris concept, and is increasing supply to satisfy customer demand."

Read more: United Airlines is retrofitting its fleet for more high-fare travelers in a bid to take down Delta

Calado was already one of the most bullish analysts on the stock, and now he's raised his price target even further, to $113. At Friday's prices of $89 per share, that could reflect a 26% upside for shareholders.

"The focus on premium seating has been a successful strategy for DAL and is an important driver of its current revenue (and margin) premium," Calado said. "Considering that UAL’s hub geography is skewed to even bigger premium markets (San Fran, LA, NYC, Chicago, Houston), these moves by United have the potential to close that revenue and margin premium over the long-run "

Credit Suisse isn't the only firm hoping premium offerings can help airlines eke out extra profits on their balance sheets.

Southwest, known for its open seating policy, could bring in an extra $1 of earnings per share per year if it were to change up its seating process. That's according to JPMorgan's Ryan Brinkman, who admitted earlier this month that while Southwest has said no changes are imminent to its famous policy, he's begun to "opine on the feasibility and potential profitability of seat monetization" at Southwest.

SEE ALSO: The United Airlines app has a new feature that could be a game-changer for delayed travelers

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All the tech startups that have taken steps toward going public in 2019 — and those rumored to be eyeing an IPO

Fri, 02/22/2019 - 3:02pm  |  Clusterstock

  • This year was supposed to be the "year of unicorns," but market volatility and the 35-day government shutdown have caused some companies looking to go public to slow down or delay their filing processes.
  • Some companies, including dueling ride-hailing competitors Uber and Lyft, have been taking their first official steps toward IPOs despite an uncertain economic environment.
  • Here are all the tech startups that have taken steps toward going public in 2019, as well as companies that are rumored to be gearing up for an IPO later this year. 

Although the market for tech IPO offerings is being called a "s---show" in 2019, it hasn't stopped some startups from taking steps toward going public anyway.

But thanks to market volatility at the end of 2018, as well as the government shutdown in January that put public filings on hold, 2019 as a "banner year" has started out slow. The down market has left many highly anticipated tech IPOs to be delayed, and bankers are now anticipating an inundation of IPOs in the second quarter of 2019, beginning in March.

Through the first two months of 2019, there have been only a handful of tech startups that have taken official steps toward going public. Some of the most highly anticipated startups have made their first moves already: Uber and Lyft are dueling it out to be the first of the two multibillion-dollar ride-hailing platforms to go public.

Here are the tech startups that have taken steps toward going public, and those that are rumored to make their first moves in 2019:

(Valuations and funding raised courtesy of PitchBook.)

SEE ALSO: The AI tech behind scary-real celebrity 'deepfakes' is being used to create completely fictitious faces, cats, and Airbnb listings

Beyond Meat

Company role: Animal-free meat products

Year founded: 2009

Headquarters location: El Segundo, California

Valuation: $1.35 billion

Total funding raised: $192.8 million

Reported revenue: $56.4 million in first nine months of 2018 (MarketWatch)

IPO status: Beyond Meat filed to go public under the ticker BYND in November 2018. However, the company has yet to list because of delays tied to market volatility and the 35-day federal government shutdown that continued through January.


Company role: Ride-hailing app

Year founded: 2007

Headquarters location: San Francisco

Valuation: $15.1 billion

Total funding raised: $4.91 billion

Reported revenue: $909 million in first half of 2018 (The Information)

IPO status: Lyft confidentially filed paperwork with the Securities and Exchange Commission in December. Multiple news outlets have reported Lyft is readying to make its filing public as soon as the end of February, with a roadshow beginning the week of March 18.


Company role: IT incident-management platform

Year founded: 2009

Headquarters location: San Francisco

Valuation: $1.3 billion

Total funding raised: $173.7 million

Reported revenue: $100 million in "annual recurring revenue" as of September 2018 (Forbes)

IPO status: PagerDuty confidentially filed to go public with the SEC in January but has faced delays because of the government shutdown, Bloomberg reported.

See the rest of the story at Business Insider

A mistake on Google is causing people to freak out that Nigeria's currency is soaring

Fri, 02/22/2019 - 2:45pm  |  Clusterstock

  • Nigeria is going to the polls on Saturday.
  • Ahead of the election, an error on Google is showing the country's currency to be more than twice as valuable as it really is.
  • The error has caused a stir on Twitter.
  • Watch the Nigerian naira trade live.

Nigeria is going to the polls Saturday to vote in an election that pits President Muhammadu Buhari, who is seeking a second term in office, against former Vice President Atiku Abubakar and other challengers. But ahead of the election, an error on Google is causing a stir among Nigerians in the Twittersphere.

A Google search shows the Nigerian naira to be trading at 184 per US dollar, nearly twice as strong as its actual value of 362. A quick look at the chart, however, shows the currency at the correct value.

Still, that hasn't stopped people from excitedly weighing in on Twitter.

This isn't the first time the currency's value has been wrongly displayed on Google. Last March, a similar error occurred, with a Google search showing the naira's exchange rate at 182.16 per US dollar. At the time, it was trading at about 360 per dollar.

Google did not immediately respond to a request for comment.

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NOW WATCH: Michael D'Antonio reveals Donald Trump's 'strange' morning ritual that boosts his ego

Car companies are saying goodbye the sedan — but there are still some great ones on the market

Fri, 02/22/2019 - 2:42pm  |  Clusterstock

  • Automakers are discontinuing sedans.
  • In general, automakers are ditching passenger cars in the US.
  • SUVs may be surging, but there are still plenty of great sedans on the market.
  • We've driven many four-doors over the past few years.
  • Here are 12 of our favorites.

One of the big stories in the car business over the past two years has been the realignment of sales in the US. Pickup trucks have always done well, but as the market was setting records in 2016 and 2017, SUVs were moving up while sedans were moving down.

Ford announced last year it would no longer invest in passenger cars for the US markets, and General Motors has been existing car-heavy markets for years, most recently selling its Opel division in Europe. Fiat Chrysler Automobiles got on the trend earlier, transforming car plants into SUV plants.

So four-doors aren't the be-all and end-all products they once were, for both mass-market and luxury brands. But for luxury brands in particular, mainstays such as the BMW 3-Series and the Mercedes S-Class have been watching as their SUV counterparts capture new buyers.

Does that mean that the sedan is truly dying? Not entirely. Ask anybody in the industry, and they'll tell you that Toyota Camrys and Honda Accords are still important vehicles. Audi continues to take four-doors seriously. Yet it's also clear that a customer can now start out with a small SUV and work his or her way all to a big one, and never look twice at a sedan.

Too bad, as there are some great ones for sale. We rounded up a dozen of the best:

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Kia Stinger

Here's what I had to say about the $52,000 Business Insider Car of the Year for 2018 in our review:

The Stinger takes things to a whole new level. This is easily the best car Kia has ever made, but more than that, it's among the best cars of its type that I've driven. The comparison that jumped immediately to mind was the Alfa Romeo Giulia Quadrifoglio, a 505-horsepower beast that was a finalist for Business Insider's 2017 Car of the Year.

BMW 7-Series

We were impressed enough the say in our review that the $90,000 bimmer is "easily the finest 7 Series that BMW has ever built."

Plus, we named it a finalist for our 2015 Car of the Year. The new 7-Series is basically incredible. Crammed with technology and capable of BMW-level performance and pure cruising comfort, it has reset expectations for what is probably BMWs history least-loved car.

The 7-Series is getting a major update for 2019.

Audi A4

In our review of a $52,000 tester, Business Insider's Ben Zhang wrote that the "Audi A4 is everything you could want in a modern compact luxury sedan," adding that "it's the best car Audi has ever made."

The A4 was a finalist for BI's 2017 Car of the Year. It was also one of those cars that we unanimously adored. We literally couldn't find anything wrong with it. Nothing. 


See the rest of the story at Business Insider

Patriots owner Bob Kraft was just charged with soliciting prostitution. Here's how he made his $4.3 billion fortune, from working at his father-in-law's packaging company to buying the NFL team for $172 million.

Fri, 02/22/2019 - 2:23pm  |  Clusterstock

Robert Kraft, the billionaire owner of the New England Patriots, was charged with two counts of soliciting prostitution on Friday.

Kraft, who also owns two-and-a-half paper companies, a shopping mall, an office park, and a soccer team, is worth at least $4.36 billion — although another estimate puts his net worth at $6.6 billion.

Here's a look at the wealth, career, and life of the Patriots owner.

SEE ALSO: Patriots owner Robert Kraft charged with 2 counts of soliciting prostitution

DON'T MISS: Trump called New England Patriots owner Robert Kraft every week for a year to console him after his wife's death

Robert Kraft, the billionaire owner of the NFL's New England Patriots, is worth an estimated $4.36 billion, according to Bloomberg. Forbes, however, estimates a higher net worth of $6.6 billion.

Source: BloombergForbes

The Patriots owner was charged with two counts of soliciting prostitution on February 22, 2019.

Source: Business Insider

Kraft made his fortune in paper manufacturing.

SourceForbes via Business Insider

See the rest of the story at Business Insider

A look at the global fintech landscape and how countries are embracing digital disruption in financial services

Fri, 02/22/2019 - 2:22pm  |  Clusterstock

This is a preview of the “Global Fintech Landscape” premium research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence,  click here.

Since sprouting in the US and UK around 10 years ago, fintech has spread globally. Now, after years of proliferation, countries around the world are starting to see their fintech industries mature. Additionally, we continue to see the emergence of new hotbeds for fintech. This indicates that the space is still far from being fully developed, and that there are many new ways in which startups and their technologies continue to change financial services.

The fact that many new players are emerging in the space also suggests that attention is shifting away from the main countries where fintech is prevalent, and that investors are seeing the potential of newer, conventionally untapped markets.

The spread of fintech can be largely seen in the emergence of fintech hubs — cities where startups, talent, and funding congregate — which are proliferating globally in tandem with ongoing disruption in financial services. These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.

In this report, Business Insider Intelligence compiles various fintech snapshots, which together show the global proliferation of fintech, and illustrate where fintech is starting to mature and where it is just breaking onto the scene. Each snapshot provides an overview of the fintech industry in a particular country, and details what is contributing to or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry.

Here are some of the key takeaways from the report:

  • Besides the US and UK, there are plenty of other countries developing strong fintech hubs. Australia, Switzerland, and China, which are profiled in this report, have managed to leverage their stable financial centers of Sydney, Zurich, and Shanghai, respectively, to spur fintech development and attract funding.
  • There are also a number of emerging fintech markets, including Brazil, Israel, and Canada, that are likely to play a big part in the global fintech ecosystem in the future. These countries have nascent but rapidly developing fintech hubs, as well as supportive regulatory environments, that could help them cement strong positions in the broader fintech scene.
  • Many more fintech hubs will likely morph into big fintech players. This could push investors to increasingly wake up to the opportunities in new markets, leading fintech funding to become more diversified in the future, particularly outside of the UK and US.

 In full, the report:

  • Outlines how the fintech industry has changed over the past 10 years.
  • Details which cities are the most likely to succeed as fintech hubs at present and going forward.
  • Highlights notable fintech startups in each of these markets.
  • Discusses the potential opportunities and challenges these countries are facing today and in the future.

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
  2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and over 100 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

The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of Fintech.

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

Join the conversation about this story »

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