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As Apple Inc AAPL and Alphabet GOOG GOOGL -owned Google penetrated into financial service and realized significant gains with mobile wallets, Americas biggest banks have joined their efforts to defend their turf. Namely, JPMorgan Chase & Co. JPM , Bank of America Corporation BAC and Wells Fargo & Company WFC , among others, will be launching a mobile wallet that will connect to credit and debit card accounts of 150 million customers.Fintech Partnerships Have Been In The Air For AWhile Now

Fintech has been taking a bite out of traditional banking. In April, Apple continued its iBanking revolution that began with Apple Pay by joining forces with The Goldman Sachs Group Inc GS to release its Apple Card high-yield savings account. Goldman Sachs is known for embracing technological development to meet the needs of its tech-savvy customers. But, even other offline banks entered the fintech game.

For example, JPMorgan has struck deals with both Apple and Amazon.com Inc AMZN that will fuel the two tech titans to expand their banking footprints. Amazon also got the help of Citigroup Inc C with its instalment payment offering.Big Banks Mobile Wallet

Named Paze, the banks soon to be launched digital wallet will be operated by Early Warning Services. This bank consortium group already runs the payments app Zelle which became the largest-peer-to-peer payment app pretty quickly since its launch in 2017 so no wonder that big banks are hoping that the same formula will help replicate this success. Last year, payments over Zelle increased almost 30% to$629 billion while PayPal Holdings Inc PYPL -owned Venmos score was only $244 million and PayPal acquired Venmo back in 2013, four years after its inception. Even PayPal got pressured by Apples entry into digital payments and is undergoing a business turnaround. Venmo has long been seen as the source of long-term growth for PayPal but it still didn't get to a point of becoming asignificant revenue contributor. Despite the digital payments platform'spioneeringjourney, PayPal managements guided for lacklustergross profit growth.Fintech Partnerships Are Here To Stay

Paze shows that rivaling banks are willing to work together and to use the expertise of tech firm to stop Apple, Google and most recently, X, whose goal is to offer banking services. Although Financial Times quoted a market research study that merely 6% of global purchases was made by Apple Pay, the number of users skyrocketed in five years, going from 60 million to now exceeding 500 million and that is making banks nervous.

Yet, fintech partnership are not favored by regulators whose concern is that such unions expose the U.S. banking system to non-trustworthy players.Putting The Genie Back In The Bottle Is An Unlikely Scenario

Big Tech is certainly giving Big Banks a run for their money as Apple, Amazon and Google are poised to challenge the power that banks have enjoyed for a very long time and the mobile wallet is now the biggest battleground in this tussle. Many believe that banks are not able to put the Apple, Amazon and Google genie back in the bottle as the history of the industry is filled with advancements that ultimately became industry standards.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

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Technology

Instagram co-founder Mike Krieger joins Amazon-backed Anthropic

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Instagram co-founder Mike Krieger joins Amazon-backed Anthropic

Omar Marques | Lightrocket | Getty Images

Instagram co-founder Mike Krieger will join artificial intelligence firm Anthropic as chief product officer, the company announced Wednesday.

Krieger, the former chief technology officer of Meta-owned Instagram, grew the platform to 1 billion users and increased its engineering team to more than 450 people during his time there, per a release. He and Instagram’s other co-founder, Kevin Systrom, most recently built the personalized news app Artifact and sold it to Yahoo.

Around this time last year, Anthropic had only rolled out the first version of its chatbot without any consumer access or major fanfare. Now, it’s one of the hottest AI startups, with a product that directly competes with OpenAI’s ChatGPT in both the enterprise and consumer worlds. Krieger’s hiring is likely meant to further that competition.

The generative AI startup is the company behind Claude, one of the chatbots that, like OpenAI’s ChatGPT and Google‘s Gemini, has rocketed in popularity in the past year.

“Mike will oversee Anthropic’s product engineering, product management, and product design efforts as we work to expand our suite of enterprise applications and bring Claude to a wider audience,” Anthropic said in a release.

News of Krieger’s hiring follows Anthropic’s debut of its first enterprise offering and iOS app earlier this month. And in March, Anthropic announced Claude 3, a suite of AI models that it says are its fastest and most powerful yet.

Anthropic was founded by ex-OpenAI research executives, and its backers include Google, Salesforce and Amazon. It’s closed five different funding deals totaling about $7.3 billion in the past year.

Krieger will lead Anthropic’s latest initiatives.

The company’s new plan for businesses, dubbed Team, has been in development over the last few quarters and involved beta-testing with between 30 and 50 customers across various industries, such as technology, financial services, legal services and health care, Anthropic co-founder Daniela Amodei told CNBC in an interview earlier this month.

Anthropic’s first iOS app is free for users across all plans and also debuted this month. It provides syncing with web chats and the ability to upload photos and files from a smartphone. There are plans to launch an Android app, too.

The generative AI field has exploded over the past year, with a record $29.1 billion invested across nearly 700 deals in 2023, a more than 260% increase in deal value from a year earlier, according to PitchBook. It’s become the buzziest phrase on corporate earnings calls quarter after quarter.

Academics and ethicists have voiced significant concerns about the technology’s tendency to propagate bias. But even so, it’s quickly made its way into schools, online travel, the medical industry, online advertising and more.

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Politics

Sunak and Starmer facing historic unpopularity with ethnically diverse communities, polling suggests

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Sunak and Starmer facing historic unpopularity with ethnically diverse communities, polling suggests

Rishi Sunak and Sir Keir Starmer are both facing a historic lack of popularity among ethnically diverse communities, new polling suggests.

While ethnically diverse community voting trends are incredibly complex and almost always hard to predict, some polling can give useful indications that can speak to the mood of the country.

A comprehensive set of data based on polling by Ipsos and shared exclusively with Sky News gives us a general sense of how the leaders of the two main parties are faring at this very specific time.

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Sunak more popular with white voters

Mr Sunak was named the UK’s next leader on the festival of Diwali, serving as a reminder of the milestone in Britain’s evolution as a multicultural and multi-faith society.

He’s the UK’s first prime minister from an ethnically diverse background and the first Hindu prime minister, but in terms of how much ethnically diverse communities have rewarded him for these historic firsts, it’s a somewhat surprising figure.

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Over the past year, his approval rating among ethnically diverse communities is -53.

That figure is historic too – it’s one of the worst of any prime minister in nearly 30 years.

Actually, from these figures, he’s much better liked by white voters – who give him a rating of -41.

This is perhaps unsurprising, given that historically the majority of ethnically diverse communities have voted Labour.

Though support for the Conservatives reached a high of 30% in the first half of 2016 and only falling sharply in the aftermath of Brexit and then in the 2017 general election under a different leader.

Sir Keir behind Blair and Brown

For the Labour Party then, the stakes could not be much higher as they bill themselves as the party of equality and progressive politics and ethnically diverse communities have traditionally rewarded them for it.

The party has consistently held large leads with ethnically diverse community voters over the last few decades and under previous Labour leaders, often given net positive satisfaction levels.

The current leader, Sir Keir Starmer, has a more favourable rating than the current prime minister, with an average satisfaction rating over the past year of -32.

But he is also considerably more popular among white voters.

And when you compare these numbers to previous Labour leaders, it is more stark.

Sir Keir’s standing with ethnically diverse community voters currently is the lowest level a Labour leader has recorded among black and south Asian voters since 1996.

Far worse than the very worst ratings recorded by either Tony Blair (at -11 during the Iraq War) or Gordon Brown (at -13).

‘The Gaza Effect’

Now, there are myriad reasons why individuals and different communities have drifted from the central parties and traditional voting patterns, but Ipsos has outlined one specific thread of dissatisfaction with both parties that they call “The Gaza Effect”.

During by-elections and the recent local elections we saw a wave of independent candidates running on this single issue platform, most prominently George Galloway in Rochdale, but this data shows an indication of how deep that sentiment runs.

When you compare the aggregate satisfactions levels across the year for both leaders, you can see how different ratings become for ethnically diverse communities when compared to white voters.

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For white voters, there’s next to no effect in satisfaction levels towards the two leaders post 7 October.

When you compare that data to the rating ethnically diverse community voters have given the two leaders, there is a noticeable drop in support.

For Mr Sunak the drop is only around 13 points, but for Sir Keir, it is far more significant with a huge fall of 29 points.

The scale of the impact is almost impossible to predict, and the drop in these figures won’t necessarily translate into votes or even seats – but what is clear is these figures show both parties will need to offer ethnically diverse communities much more to win their vote at the next election.

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Technology

These wall-climbing, AI-powered robots are finding the flaws in ‘D’ grade US infrastructure, from commuter bridges to military hardware

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These wall-climbing, AI-powered robots are finding the flaws in 'D' grade US infrastructure, from commuter bridges to military hardware

CNBC Disruptor 50 Gecko Robotics disrupts the infrastructure industry

The collapse of Baltimore’s Francis Scott Key Bridge earlier this year and an I-95 overpass in Philadelphia last June weren’t triggered by structural flaws — a runaway, powerless ocean ship and tanker fire were the culprits. But the disasters were the latest examples of an issue seen across the U.S.: trillions of dollars worth of critical — and vulnerable — bridges, roads, dams, factories, plants and machinery that are rapidly aging and in need of repair.

Significant sums of money are being spent to fix the issues, some coming from President Biden’s Infrastructure Act and other legislation, but the way infrastructure is maintained has largely not changed, mostly done slowly by humans or after a significant issue arises like a leak or collapse.

Gecko Robotics, which ranked No. 42 on the 2024 CNBC Disruptor 50 list, is taking on the nationwide challenge with AI and robots, specifically, its wall-climbing bots that perform inspections on infrastructure and not only identify existing issues but also to try to predict what can be done to avoid future problems.

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“When you think about the built world, a lot of concrete, a lot of metal that is, especially in the U.S., 60 to 70 years old; we as a country have a D rating for infrastructure and getting that up to a B is a $4 trillion to $6 trillion problem,” Gecko Robotics CEO Jake Loosararian told CNBC’s Julia Boorstin. “A lot of that is understanding what to fix and then targeting those repairs, and then also ensuring that they don’t continue to make the same mistakes.”

Gecko Robotics’ technology is already being used to monitor “500,000 of the world’s most critical assets,” Loosararian said, which range from oil and gas facilities and pipelines to boilers and tanks at manufacturing facilities.

A focus on military hardware, from subs to aircraft carriers

Gecko robots are increasingly being utilized by the U.S. military. In 2022, the U.S. Air Force awarded Gecko Robotics a contract to help it with the conversion of missile silos. Last year, the U.S. Navy tapped the company to help modernize the manufacturing process of its Columbia-class nuclear submarine program, using Gecko’s robots to conduct inspections of welds.

Gecko Robotics is also working with the Navy to inspect aircraft carriers, which Loosararian demonstrated on CNBC via a demo on the USS Intrepid, a decommissioned aircraft carrier that now serves as a museum in New York City.

He compared the analysis that Gecko Robotics is doing on infrastructure to a CAT scan of a human body, while also creating a digital twin of the scanned object.

Those inspections historically are done by workers, collecting thousands of readings across an aircraft carrier. Gecko Robotics technology can collect upwards of 20 million data points in a tenth of the time, Loosararian said.

“There’s human error, and if you’re hanging off the side of a ship, it’s pretty dangerous too,” he said.

There are also issues related to the timeliness of military hardware construction and readiness of defense assets in an unpredictable world of global threats. For example, Loosararian said China is building ships 232 times faster than the U.S. is, a function of the sheer amount of shipbuilding capacity that China now has in comparison.

“A third of our naval vessels are in drydock right now, and you want them out of drydock or not even in a maintenance cycle,” Loosararian said. “What we’re doing with Lidar and ultrasonic sensors is a health scan, seeing what the damages are and how to fix them, because what we’re trying to do is get these ships from drydock out to the seas patrolling as fast as possible.”

The digital twins being created by Gecko robots also help with the building of future projects, saving not only time but resources and capital.

“It’s not just about how things work day-to-day but also how do you build smarter things,” Loosararian said.” If we can understand what fails in the real world, then we can figure out how to build smarter things in the future.”

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CNBC Disruptor 50 Gecko Robotics disrupts the infrastructure industry

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