This week’s roundup will feature titles on insurtech development, banking hubs and Ethereum’s proof-of-stake shift. Join us and the Managing Director of Unlimit BaaS, Jovi Overo, in the exploration of some of the biggest headlines of our industry.
- The UK will see 13 banking hubs open across various locations. Shared banking hubs are run by the Post Office and allow customers of any bank to use the facilities to manage their accounts. The expansion comes in response to depletion of cash, despite efforts from the Government to protect access to cash. [source: Fintech Futures]
The Cash Pilots report showed why communities depend on cash. Cash dependency is higher amongst older adults. Other groups who rely on cash are the digitally excluded (46%), those with no education qualifications (31%) and those in poor health (26%). We really need Fintechs that develop digital products and services which serves these groups. – Jovi
- Ethereum has begun its transition to a proof-of-stake coin. Currently as the crypto community sit on tenterhooks during the shift, the price of Ethereum has already risen by 5% over the past five days. Investors have high hopes for the PoS coin and its ability to become a more widely accepted payment method, that is cost effective. [source: Evening Standard]
The transition for Ethereum and the upgrade is that it will make it 99% more efficient than proof of work. The average person can’t afford the high transaction fees and for this technology to really benefit humanity it needs to be affordable. A big issue in crypto is definable use cases. What problem does this project solve? High level answer, the transition to PoS, it saves the end user transaction costs. – Jovi
- InsurTech company Breeze announced their commitment to simplifying how disability insurance is bought and sold. To achieve their mission of building a more accessible platform to distribute income protection insurance, they have partnered with Appalachian Underwriters (AUI). The partnership will become a connective, as partners, agents, and brokers of AUI will be given access to use the disability insurance platform by Breeze. [source: Fintech Global]
Insurance is innovating after a 300-year-old slumber. I for one am excited by the shift in insurance as it gets embedded into ever more products and services and as it transitions from simple risk protection to ever more risk prediction. – Jovi
See you next week, back here for your next weekly news roundup.
