Tech Banks, Location ID and Magnetic Skin
November 21
This week I will discuss the current rush of the large technology companies into banking. I also look at how location data can be used to benefit us, the consumers and a new magnetic skin that will enable gestures to open doors or control switches. I will also find out if I can sing like Freddy Mercury.
The Tech companies are rapidly becoming Banks
We have previously discussed AfterPay, WeChat Pay, Alipay (AliBaba) and Apple Pay. This week Google announced that they will be shortly be providing cheque (check) accounts as it starts to partner with a range of Financial Institutions including Citibank. Most other tech companies have focused on payment systems and credit cards.
Facebook is also entering banking with Facebook Pay. Facebook is planning to start rolling out Facebook Pay on Messenger and Facebook in the US this week. It will initially be available for fundraisers, person-to-person payments, event tickets, in-game purchases, and some purchases from pages and businesses that operate on Facebook’s Marketplace. The service will soon be available on Facebook, Messenger, Instagram and WhatsApp.
Uber has announced the formation of a Financial Services Division, Uber Money, which will offer a digital wallet as well as debit and credit cards.
WeChat pay is now allowing Foreign visitors to link their overseas credit cards to WeChat pay for use in China (previously this had been restricted to locals). This week Alipay announced that foreign credit cards could now be used to top up a prepaid card.
Amazon has also been in discussion with various banks in order to offer a cheque (check) account. The tech companies are seeking to leverage their already established relationships with us as customers. The world of banking is changing but will we trust the tech companies enough to give them our banking data?
Location Data, what is it used for?
Most of us are aware that our phones track our location constantly (unless we turn off location services). Google uses this data to try and pitch us relevant ads based upon our search history and location. This can sometimes feel creepy and invasive of our privacy. However there are times that our location data can be made useful for us, not just for the companies that track us.
One Australian Startup that is working on this problem is Landmarks ID. Imagine you are on the way to the airport for a trip from Sydney to Melbourne. Suddenly, you hit heavy traffic. Despite leaving early for the airport the traffic has conspired against you. Usually you will just curse the traffic and run into the airport hoping that the flight has not yet closed. What if you had linked your location to your Frequent Flyer card and thus your booking. Before closing the flight, the airline can check your location to see if you have any chance of arriving on time. They see you are still a long way from the airport, they change your booking to the next fight and text you the rebooking proactively. This reduces your stress levels and allows the airline to manage their on time flight performance.
There are many ways that location data can be used to benefit both the customer and the business. Proactively providing special offers, giving businesses insight into buying behavior and promoting loyalty. The way that we will be marketed to in the future will change and location data will be one driver of that change.
Can you sing like Freddy
Late at night, many of us have tried to belt out a pitch perfect rendition of Bohemian Rhapsody. Generally we think we are pretty good. The later the night, the better we sound. AI can now tell you just how close you come to singing in tune with Freddy Mercury. The FreddieMeter was developed to give you feedback on Pitch, Melody and Timbre. You can record your efforts with or without video and then post your masterpiece on YouTube. Try the FreddieMeter here. Just click on try again, select a song, allow microphone access, decide if you will add video and then sing away.
Google developed the system as part of their efforts to better understand music. In the future these models may provide the basis for better singing coaching and learning.
Is anyone willing to share their score?
Magnetic Skin
A Saudi research team has developed a ‘magnetic skin’ that can open a door or control a switch remotely with a simple wave of the hand or blink of an eye. Principally designed for the disabled there may be other applications that will be useful in everyday life.
The lightweight and flexible skin, combined with magnetic sensors, can be placed on the hand, the fingertip or even the eyelid in any shape or color. The skin patch enables remote control functions through gestures. The patch does not require any power. Research is continuing to develop gesture control applications for wheelchair users to make everyday life simpler.
Getting the most out of your Iphone
This week, Tim Ferris (US investor and podcaster) sent out a link to this wonderful article on Medium, “How to set up your iPhone for productivity, focus and your own longevity”. Written by Coach Tony, who specializes in personal development advice, the article is a step by step guide to making you the master of your phone not your phone the master of you. It is long, very long, however it includes tons of photos of the screens required to take action.
Paying it Forward
If you have a start-up or know of a start-up that has a product, ready for market please let me know. I would be happy to have a look and feature the startup in this newsletter. Also if any startups need introductions please get in touch and I will help where I can.
If you have any questions or comments please email me via my website craigcarlyon.com
I would also appreciate it if you could forward this newsletter to anyone that you think might be interested.
Till next week.