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Home » Daily Briefing » Daily Briefing - 11 July 2018

Daily Briefing - 11 July 2018

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Google Pay has finally rolled out some features that it had announced earlier this year, and the developments spell good news for the digital wallet's future. The new in-app functions will allow users to send money to each other (previously only allowed through the Google Pay Send app). As well as storing the likes of your plane boarding pass, Google has also made it easier for users to manage their payment information. It means that Google Pay is finally on an equal footing with Apple Pay which has offered similar features for some time.

Problems over the IT calamity at TSB continue after the bank informed customers to update their app to the latest version to avoid disruption. However, lots of customers took to social media to claim that, despite following the bank's instructions, they were still without access. The lender issued apologies, but insisted that it was witnessing "normal levels" of customers logging in, despite some still experiencing issues this morning. Meanwhile, insiders told Wolf Street that IBM estimates the mess will cost north of one billion dollars to fix.

In Italy, deposits at banks increased 5.7 percent in May (and 4.3 percent in April) on an annual basis — according to data from the central bank. The rise comes amid political turmoil in the country, following the rise to power of the populist government. It is good news for lenders because it shows that although investors got rid of banking stocks following a draft programme from the government, depositors do still have faith in the system.

Are we seeing the first waves of disillusionment with chatbots? The Swedish bank Nordnet is quietly binning Amelia, its digital assistant, after it failed to overly impress customers. The chatbot was developed by IPSoft. "Nordnet CEO Peter Dahlgren pointed out that the company wasn't directly displeased with IPSoft, but that they are instead choosing to focus their efforts in other areas going forward."

Facebook hit with first fine over Cambridge Analytica data scandal (paywall)
Amazon's first Prime Day with Whole Foods marks new retail era

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