Facebook's data and privacy rules have slowed business development plans for insurtech firm, Admiral; many fintech firms have sought to use social media profiles in crowdfunding with little success for various reasons; insurtech firm, Admiral, will now be forced to end its plans to use Facebook social media posts and likes for consideration in auto insurance underwriting; Facebook says use of the information is a violation of its data privacy rules. Source
Facebook is building towards a Metaverse version of the Internet, in both its hardware and software efforts. What are the implications? And further, how does one acquire status, work, and social capital in such a world? We explore the recent NFT avatar projects through the lens of Ivy League universities and CFA exams to understand some timeless cultural trends.
Dodd-Frank requires banks to disclose information about employee wages and the data shows a mixed bag for banks; banks like Goldman Sachs lie on the high end of the pay scale while small banks in locations like Houston are at the bottom of the spectrum; what the data also shows is banks are finding it hard to compete with big tech firms for talent as companies like Google, Facebook and Amazon tend to pay premium wages; wages overall look to be rising as lower skill, lower wage jobs are becoming less frequent across the industry. Source.
Since the financial crises banks, for the most part, have focused their time and effort on complying with new regulations and building up capital ratios in case another crisis hits; while they were doing this another industry, fintech, emerged and has eaten into some of the core profit making businesses of the banks; banks have started to catch up with technology and as countries like the US look to pare back some crisis era rules the banks see the next few years as the perfect opportunity to invest wisely in technology; the one thing the banks might not be able to handle is if Amazon, Facebook or Google begin to encroach further into fintech, potentially bring in competition who can immediately match up in size and strength. Source.
This week Digit announced it was launching a savings bot which will operate on Facebook's messenger; to date users have saved over $350 million with the app which tracks income and spending and subsequently transfers small amounts of money to a savings; the company is also rolling out a financial goal program using artificial intelligence which will allow users to set savings goals and timelines. Source
When Facebook first launched Libra they laid out a grand plan to help reshape the financial system, that plan is...
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·I've seen a whole bunch of headlines this past week about how Facebook is launching its version of the "Supreme Court", as if that were an app feature. The oversight board is meant to police controversial content decisions, and have the power to overrule Zuck's judgment on political matters. Its charter is drafted as if Facebook's 3 billion users were citizens of an Internet nation. Add to this the insanity over WeWork's failing IPO plans, where the CEO has been personally named in the amended filing documents with clear checks on demonstrated abuses of power. We are drifting into a Twilight Zone episode where modern corporations act as if they were feudal states run by divine kings negotiating with their nobility over a Magna Carta. Which is actually sort of where we are.
Facebook plans to reveal their crypto plans next week and now they count a group of impressive backers to support...
We discuss the Facebook pivot into the metaverse and its rebrand into Meta. Our analysis touches on the competitive pressures faced by the company from big tech players, other ecosystem builders, and limits to growth for a $1 trillion business that likely motivated this refocus. We further dive into network effects around platforms, and why super apps and financial features are attractive, and how owning the hardware is a required defensive strategy. Lastly, we discuss these development through the crypto and Web3 lens, deeply disappointed with Facebook trying to domain park a generational opportunity with a centralized solution.
There was a lot of talk surrounding Facebook’s launch of Libra last year with varying opinions on if the company...