Sean Murray: Today on deBanked News, stocks are going up,
interest rates will remain low, and we'll get some insight from
a fintech infrastructure company. But first, let's go
over to Johny Fernandez.
Johny Fernandez: Hey, Sean. So right behind me is the Office of
the New York Federal Reserve. It recently agreed that it will
keep interest rates to less than 1%, which is a good or bad thing
depending on what you're trying to do. For example, if you're
trying to secure a home mortgage right now, it could be a great
time to do so. But if your primary form of investing is
keeping your money in savings accounts, right now it may not
be the best time. For example, Marcus, which is owned by
Goldman Sachs recently agreed that it will keep its annual
savings account rates to less than 1%. Goldman Sachs has
predicted that the Fed will keep rates around zero until 2025.
Richard Clarida, the Central Bank's vice chairman, said that
they would not raise rates just because the unemployment rate
falls. And if investing is what you're looking to do, it should
be worth noting that the Securities and Exchange
Commission recently redefined and expanded the definition of
an accredited investor. It says that the move should promote
investment opportunities by maintaining investment
protection and also promoting capital formation. Now, if you
meet the expanded criteria, or even if you don't, it is
important to always do your due diligence, regardless of the
investment big or small. Sean that's the latest here from
lower Manhattan. I'm Johny Fernandez with deBanked News.
Sean Murray: Thanks, Johny. The stock market is currently
enjoying all time highs, seemingly in defiance of
reality. We commonly hear about hedge funds looking for double
digit returns, and it can be pretty hard to find, but now we
have stock indexes that are producing just that. In fact,
the NASDAQ is up year-to-date over 30%. Imagine if that
happened every year. Wait, no. Don't do that. Our next guest
offers something quite revolutionary
lending-as-a-service. We spoke with Timothy Li, CEO of Alchemy,
who told us how banks are changing their mindset to adapt
to the 2020 world.
Timothy Li: Alchemy is an end-to-end private label lending
platform. Lending as a service is essentially software
analytics and servicing. We have call centers. We have an
analytics team that can build models for you guys. And as well
as a technology as a centerpiece of this whole thing. Even before
you know what's happening today before COVID Thanks all what you
know Lending Club, Prosper, OnDeck and Kabbage, what these
guys have done. Banks credit unions, regionals are all
scrambling a little bit right. And we've seen the partnership
between JPMorgan Chase and ODX or OnDeck a couple of years ago.
So the banks were you know, learning, wondering, right? I
can't say they're scared. They have money and technology. But
what's happening with COVID is that they there's a new sense of
urgency. You know, we have conversation with banks, such
as, "hey, Tim, you know, my digital strategy was, you know,
got a 48 month, four-year plan And now I got to acceler
te everything into a four mo th plan. What do we do," right?
Do I build do I lease, or do I, ou know, do I just cry?" So we
ee a lot of these conversati ns happening.
Sean Murray: Thanks, Tim. That's all for today. From deBanked
News. I'm Sean Murray.