In today’s top news, the European Commission has plans to pool its data to better compete with Big Tech firms, and Goldman Sachs warns that the coronavirus outbreak could cause a correction in the stock market. Also, Google users in the U.K. are losing access to EU data security.
EU Wants PSD2-Like Regs For Big Tech Data
The European Commission wants to compete with Big Tech in Silicon Valley and China by pooling its talent in a single European market for data. The plan also includes measures to limit data control by Google, Facebook, Amazon and other Big Tech firms.
Goldman Sachs Warns Of Market Drop Due To Outbreak
Goldman Sachs is warning that the coronavirus outbreak could cause a correction — or 10 percent drop — in the stock market. The bank said the virus’ impact on the economy has thus far been “underestimated” and could be more significant than investors thought.
UK Google Users Will Be Under US, Not EU Privacy Protections
Due to Brexit, Google users in the U.K. are losing access to European Union data security. They will be shifted to American jurisdiction and will be required to sign new terms of service agreements.
Taxi Medallion Loans Sold To Distressed Asset Manager For $350M
Marblegate Asset Management now holds the largest lot of New York’s taxi-medallion loans. The National Credit Union Administration, which has sold most of its medallion loan portfolio to the distressed asset manager, said private entities like Marblegate are better resourced for dealing with borrowers than NCUA.
New Data: Banks Could Lose A Quarter Of Their Customers To Tech Giants
More than 24 percent of consumers say they’d be likely to open accounts with Google, Apple or Amazon if they offered banking services. For the Building A Better App Report, PYMNTS surveyed more than 3,000 U.S. consumers to reveal how highly functional mobile card apps could help financial institutions boost customer loyalty by meeting their evolving financial needs.
How Smart Algorithms Deliver Faster, Secure Gig Payouts
Stringent security measures — and burdensome onboarding processes — can get in the way of providing faster payments to gig workers. In the latest Gig Economy Tracker, Francois de Landes, co-founder of LGBTQ-focused global travel marketplace misterb&b, explains how the company is using machine learning and smart algorithms to make payouts fast and secure.
Is Paying Consumers For Their Time The Future Of Physical Retail?
In an effort to get customers back into their stores, IKEA announced that it will pay customers for the time it takes them to get to their brick and mortar locations. Great idea, or money-losing gimmick?
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