Robinhood withdrew its banking charter application

This week's highlights: Qualcomm's smartphone chip dominance faces legal troubles, UBS is shifting its service for moderately wealthy clients, Amazon plans to unveil a new voice transcription tool for doctors, and much more

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December 7, 2019 Robinhood withdrew its banking charter application seven months after submitting it. Robinhood has withdrawn its application with the Office of the Comptroller of the Currency for a bank charter, merely seven months after submitting the application in April. The withdrawal was reportedly voluntary and Robinhood has no plans to resubmit its application – another setback for the fintech's banking push. However, withdrawing the banking license application isn't all bad news for Robinhood; it might be better off focusing on existing products instead of building out its product suite. Business Insider Intelligence's Lea Nonninger has the full story. BRIEFING HIGHLIGHTS Qualcomm's smartphone chip dominance faces legal troubles Intel claims Qualcomm was able to offer below-cost pricing on modems due to charging buyers for modems and intellectual property licenses separately. Read More → UBS is shifting its service for moderately wealthy clients UBS is planning to offer scaled-down services to a larger range of wealthy clients by using more technology to serve the moderately wealthy. Read More → Amazon plans to unveil a new voice transcription tool for doctors Amazon Web Services released a voice transcription tool that transcribes doctor-patient conversations and inputs them directly into patients' records. Read More → Xiaomi is launching a digital lending service in India As part of its continued efforts to win over consumers in India, Xiaomi officially rolled out its personal lending service in the country. Read More → Facebook has acquired virtual reality game studio Beat Games Facebook has acquired virtual reality game studio Beat Games, which will join Facebook-owned Oculus Studios to develop content for Oculus hardware. Read More → Open-source journalism can help rebuild trust in news media News organizations are engaging in open-source journalism, where reporters investigate and construct stories based on publicly available data. Read More → Cyber Monday 2019 has set a new e-commerce record Cyber Monday 2019 racked up an estimated $9.4 billion in US online sales, becoming the largest US e-commerce sales day ever. Read More → Private networks are setting the stage for a spectrum showdown 5G-based private networks are poised to provide industrial companies and large enterprises with a new means of connecting their facilities. Read More → Vodafone UK is turning key operations over to digital tools Vodafone UK has reduced headcount in network operations centers thanks to the introduction of digital tools, like chatbots and automated networks. Read More → What we learned at FinTech Connect Business Insider Intelligence reports key takeaways from the FinTech Connect conference, including latest trends with open banking and blockchain. Read More → RESEARCH IN FOCUS The Digital Health Ecosystem Personalization and convenience have become table stakes in nearly every industry, and consumers are extending demands for these digital-powered experiences to healthcare — US consumers have expressed a willingness to jump ship to care services that can provide them with better digital experiences. The second annual edition of the Digital Health Ecosystem explores the current healthcare ecosystem, the key trends driving digital transformation, and what we expect to see in the year ahead. Get the Full Report  → Insurtech Disruptors Insurtechs globally are challenging the status quo of the insurance industry. There are two types of customer-facing insurtechs: managing general agents (MGAs) that team up with licensed insurers and leverage their authorization to sell policies, and full-stack insurtechs that operate using their own insurance license. This report examines why full-stack insurtechs pose the biggest threat to incumbent insurers and how this threat will grow over time. Get the Full Report  → The Content Moderation Report Content moderation has become a top priority for social platforms — including Facebook, YouTube, Twitter, Pinterest, and LinkedIn — amid rising public and political scrutiny and escalating content-related crises. Brands, lawmakers, and even social media execs are coming to grips with the reality that platforms are not up to the task of moderating content on their own, primarily due to their massive scale. This report analyzes one of the most pressing issues currently facing social platforms — content moderation — and lays out how we expect the debate to evolve and why we think regulation is soon to emerge. Get the Full Report  →

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