Wells Fargo’s ongoing fraud scandal, which involved the creation of 2m fake accounts by bank employees, demonstrates some of the reasons banks are vulnerable to fintech startups.
But there are lessons that all companies can learn from Wells Fargo’s woes. Here are five of them.
Wells Fargo, one of the largest and most prominent banks in the world, has been embroiled in a scandal in which thousands of its employees apparently engage in fraud.
The company, which was founded in 1852, has already paid $185m in fines over charges that it opened more than 2m deposit and credit accounts without the permission of its customers.
And investors have knocked more than $20bn in value off Wells Fargo’s market capitalization.
While most companies’ social media efforts are customer-focused, a recent ruling by the National Labor Relations Board (NLRB) serves as a reminder that employee social media strategy is very important too.
China’s internet advertising market is much larger in proportion to its traditional advertising than Western countries.
The US, for example, spends less than half (47%) on internet and mobile advertising and slightly less on TV advertising (39%).
Fintech upstarts are disrupting established financial institutions and many pin the blame on those very institutions, arguing that they’re not innovative.
But now one bank is complaining that EU rules, namely the bonus cap instituted after the Great Recession, are impeding its ability to innovate by luring top tech talent and acquiring startups.
Now that the dust has begun to settle from the UK’s Brexit referendum, I am seeing more and more measured articles discussing a number of vexing issues, including its impact on data protection legislation.
While I am not an EU attorney, I am a Chief Privacy Officer at a US based technology company and a privacy wonk, so I want to throw my unsolicited thoughts into the mix.
Ad fraud is not a new topic, but as some U.S. Senators who are members of the powerful Senate Banking Committee see it, action is needed to prevent ad fraud from ballooning into one of organized crime’s most lucrative businesses.
In a letter to the Federal Trade Commission (FTC) urging the agency to look into ad fraud, the Senators suggested “It remains to be seen whether voluntary, market-based oversight is sufficient to protect consumers and advertisers from digital advertising fraud.”
In recent years, Facebook has grown to be one of the most dominant players in online advertising, but when it comes to policing the ads it displays, is it asleep at the wheel?
An investigation by Justin Seitz, creator of investigation tool Hunchly, raises questions about just how hard Facebook is working to weed out bad ads.
In an effort to reach consumers via social channels, in recent years a growing number of brands large and small have embraced influencer marketing.
But as evidenced by Essena O’Neill, a popular 18-year-old influencer from Australia, influencer marketing has a dark side.
I cannot remember a time when privacy was as relevant as it is right now.
Across the EU and US, privacy has morphed from an abstract legalese concept to a kitchen table issue.
This week, Facebook held its annual F8 conference during which the world’s largest social network makes key announcements and launches new offerings.
Here are the five biggest developments from this year’s event.
Digital businesses and organisations of all sizes will be aware of the myriad of laws and regulations when operating in or across EU markets.
Top of the list will be data protection and privacy law as many organisations become more data-driven in the quest to monetise their digital offering by delivering a more customised user experience.