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Home » Daily Briefing » Daily briefing - 13 Sept 2017

Daily briefing - 13 September 2017

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The launch of Apple's much-anticipated new iPhone X took place with the usual brouhaha on Tuesday — and its updated design and increased functionality is good news for Apple Pay, the company's flagship mobile payment platform. As outlined in a report by Mashable, the device's side button will allow users to access Apple Pay with a double-tap, simplifying the payments process. In a move to add greater security, the phone's brand new Face ID will be used to authenticate payments as well as to enable various other security features — this new feature will replace the Touch ID technology in place on previous models. In addition, Apple's upgraded operating system may now house a 'Venmo killer' because, according to Time, it "allows users to send or request money through iMessage, Apple's texting app, rather than using a separate app like Venmo."

The fallout from Equifax's massive data breach continues with news of a $70 billion lawsuit being filed in Portland, Oregon. The breach saw the personal data of over 143 million customers' exposed to hackers, but now affected parties are fighting back with more than 30 class-action lawsuits being filed. While the Consumer Financial Protection Bureau's (CFPB) arbitration rule (which would enable individuals to join class-action suits against credit card companies and banks) seemed to be on its last legs after the Comptroller of the Currency delayed its implementation, the Equifax breach could dramatically change its fate. Indeed, as one of our regular correspondents points out, the Equifax lawsuits could revive a CFPB that had seemed to be in its death throes.

Vikram Pandit, once chief executive of Citigroup, believes that technology is set to cut 30 percent of banking jobs in the near future. Mr Pandit told Bloomberg Television that AI and robotics are set to play an increasingly important role in how banks operate. "Everything that happens with artificial intelligence, robotics and natural language — all of that is going to make processes easier. It's going to change the back office." His comments are another reminder of the increasing number of AI partnerships being made by banks, but they arrive on the back of JP Morgan Chase CEO Jamie Dimon's comments last month that people were overreacting to the potential impact of tech on jobs — a position disputed by Deutsche Bank's John Cryan.

Americans are fast heading towards amassing over $1 trillion worth of credit card debt, according to a report from WalletHub. The projected figure is the highest on record since the fateful fourth quarter of 2008. Following the aftermath of the crash, recent years have seen a steady, almost unbroken, hike such that credit card debt currently stands just $60 billion shy of the $1 trillion mark. On a micro scale, the average American household credit card debt stands at $7,996 — a five percent increase over the last 12 months.

Following the publication of the European Banking Authority's (EBA) latest monitoring exercise on the European banking system, it has become clear that there has been a distinct improvement in the capital leverage and liquidity ratios of EU banks. The report shows that in the last six months of 2016 the total average Common Equity Tier 1 ratio rose by 0.6 percent.

South Africa: New financial sector regulation act is signed into law
Amazon plots China fightback with hiring spree

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