The New York company, which offers loans and provides personal finance advice, plans to expand its product line and invest in new technology with the funds.
Commercial customers, including small businesses, seem ready to pay up to shift to faster, more sophisticated electronic invoicing and payments, and enterprising banks that provide them the technology to do so could find it lucrative.
Startups that have developed blockchains for real estate finance are starting to conduct a broader array of transactions, including property sales. Banks can either try to incorporate the technology into their businesses or risk being displaced by it.
The digitally savvy lender MyBucks, which has lent money through a smartphone app and chatbots on WhatsApp and Facebook Messenger, could be a good role model for U.S. banks thinking of using AI in credit decisions.
With so much uncertainty, the only thing that's clear is how different the sector may look a year from now. Here's an overview of the leading trends in technology that will impact banking in 2018.
