for ing, being probably one of the first fintechs around, when fintech was not even a word 20 years ago, we knew it was coming. we're ready to work with it. >> reporter: so are you innovating from within or looking outside, looking to acquire some of these so-called disruptors? >> actually, both. we're doing innovation from within. we get a thousand new ideas every time we do a boot camp. we accelerate those, test those ideas, and deliver new ideas in order to service our clients. on the other side, clearly there's a lot of good ideas outside as well. we see a lot of fintechs with useful propositions in order to improve the client experience. clearly, we look outside and we do look for corporations and partnerships. that's what we're doing as well. >> reporter: how do these innovations, the fintech charge, what does that translate to when it comes to the bottom line? do you think it's a realistic estimate? >> i certainly think it's an estimate that's indicating the disruptive element of it. i don't know if it's exactly those percentages, but we see the change happening already. in ing,

and it's difficult to go to these fintech conferences and not mention the word block chain.re you feeling the block chain hype? >> yeah, we're studying did deep by. we think it will be a powerful cause for change across the industry. it's very hard to look farther than a few years out at this point but i think it will be emerge. outside of five years, it will be simply be the new way of doing things. >> finally, you can give us an idea in your role, there are any discussions about specific measures to put in place should the eu force a brexit? >> we said we had spoken publicly about brexit and not able to add to them today. >> you there have. the cio of rbs saying not quite yes are we able to declare an uber moment for financial sectors but the bank nonetheless taking notice of the disrupters here. >> nancy, thank you very much. we'll see you back in the studio. that is it for today's show. let's check in u.s. futures before we go. the implied open slightly higher in the states as europe as holding ton slight gains. we're only two hours into trade this morning, so we've got

where fintech has taken root.ina, financial services using smartphones began five years ago and have been rapidly expanding in the past three years. ja lei works for an i.t. firm in shanghai. as chief of the beijing branch, he has been going on business trips several times a year. his smartphone has become an irreplacement part of his routine. since online financial services began, jai hardly ever carries around cash. he uses the qr codes of various stores to pay for purchases. ♪ store clerks check customers' phones to finish payment. in china, there is no service charge for deposits within the same bank in a city. but a charge is applied for remittances from bank "a" to bank "b." financial service companies using smartphones have partnerships with all banks, enabling individuals to transfer money between any bank without paying a charge. now any small vendor in beijing can allow payment via smartphones. that's because no equipment is needed. sellers simply download apps on their smartphones, register their bank a

interesting take by fintech. >> it has an ongoing debate on whether fintech will disrupt traditional. especially when you look at venture capital investing, a lot of these firms are investing in fintech. so far in 2016 that is the top sector that has gotten the most funding on the prospect or hope they can disrupt that. >> bank's earning season kicking off in ten days' time. >>> my must read is also in "financial times." it's titled "britain's pro-europe campaigners are losing the arguments." what i found interesting about the june 23rd referendum which some people aren't talking as much, what happens to david cameron if in fact britain votes to leave the eu. he is likely to step down. who would be next, jeremy clober of the labor party. >> it would definitely remain the conservative party. you would get a change of leadership within the conservative party. the likes of george osborne, they're leading candidates if cameron would step down. he, of course, maintains that he won't resign. although if we voted britain to leave the european union, it would be huge pressure. >> one year ba

they're meeting to discuss the latest trends in the rapidly growing business of fintech. joining is us is the founder of bizfi, who is speaking at the lending conference. his company provided over $1.6 billion in financing to more than 29,000 small businesses. good morning to you. >> good morning. >> so, you know, it's funny. you come to us literally as jpmorgan's earnings, the old traditional stand by, those earnings coming out. you guys dtrying to disrupt tha business. the question i put to you, which is the larger question hanging out over all of fintech and i imagine becomes a conversation like the conference you're at. you look out two, three, four, five years from now. all of these startups in your space, are they independent companies, or door the big guys, like jpmorgan, ultimately say, we need to be your partner, or we effectively need to own you? >> i think you're going to see more collaboration in working with as opposed to acquisitions with the major banks. i think you'll see some collaboration and consolidation within the industry, but you'll see a lot of ven

there's a lot of promise in fintech. fintech could lower cost, promote convenience, which be great. it may be the banking system in the fintech companies will converge in some ways so there is better compliance, but the benefit of the innovation. but we are trying to stay top a lot of it because if we fall behind this could affect markets and we could think we are dealing with a market that is different from the one -- senator warner: i think there will be somewhat of a distinction. there is information that about income volatility, and some of the tools -- and level some of that income volatility. i would point out i hope catalyst is also working with regulators around the world. this is a worldwide phenomenon. mr. cordray: our team has been leading regulators. a group in britain is modeled after -- senator warner: somebody raised this a year or so ago, and we raise it again, the different level of credit protections between debit cards and credit cards. and debit cards being with a younger person. i did not realize until we got into the data breach issues, and we have legislation

fintech could lower cost, promote convenience, which be great.t may be the banking system in the fintech companies will converge in some ways so there is better compliance, but the benefit of the innovation. but we are trying to stay top a lot of it because if we fall behind this could affect markets and we could think we are dealing with a market that is different from the one -- senator warner: i think there will be somewhat of a distinction. there is information that about income volatility, and some of the tools -- and level some of that income volatility. i would point out i hope catalyst is also working with regulators around the world. this is a worldwide phenomenon. mr. cordray: our team has been leading regulators. a group in britain is modeled after -- senator warner: somebody raised this a year or so ago, and we raise it again, the different level of credit protections between debit cards and credit cards. i do not realize it until he got into the data breach issues, and we have legislation to try to equalize those credit productions.

. >>> shifting the focus now to fintech. blythe masters is best known for helping credit default swaps at jpmorgan. those instruments which featured very prominently in the financial crisis to say the least. now she's pioneering a new product with the potential to change wall street all over again, as she says. i caught up with her at money 2020 and asked about the big banks interest specifically. >> your average financial institution will be trying to squeeds in any given year 5% or 10% out of its cost base to reinvest in new technologies in order to grow for the future. in an environment where you are consistently and structurally returning r.o.e.s that are below your long run marginal cost of capital, 5% or 10% per annum is just not going to cut it, especially when revenues themselves are structurally depressed and capital requirements are exponentially rising. in that environment, you're looking to cut tens of percentage points of cost, and the way that this technology facilitates that is to allow institutions to imagine

emily: at revolution you guys have taken a look at fintech. lot of that innovation is taking place outside the united states. how well positioned is paypal to compete with them? steve: i think they are doing well. there's too much focus on what is happening there. the bigger picture is these large financial banks like jpmorgan. the debate in washington is are they too big to fail? i think the question is are they too big to innovate? the third wave will be about the connection between the innovators in the policymakers. someplace like london is really leading the way. we have to enable the right kind of innovation. enabling those startups to take on some of these giant companies. emily: what is paypal need to prove? gene: they need to prove their five parts of the digital wall. they do a good job of desktop. there are two important parts, in app and point-of-sale, where they haven't proved themselves. having a seamless product, that is the key. small amounts of friction have a dramatic impact on behavior. think about when you put your credit c

. >> you talk about fintech. not seen a bank by facebook or google --buy facebook or google? >> they are too expensive. you you're large-company slip into being a defender and the entrepreneurs are the attackers. ♪ ♪ scarlet: you are watching "bloomberg best." i am scarlet fu. held aek energy finance global summit on the future of energy. businessuential leaders joined us on bloomberg television. here are some conversations, leading off with secretary of state john kerry. >> what is it that you are asking the private sector to do that they would not otherwise do? >> make energy conscious decisions in their business. in the plans, how they power, how they do it, and in their choices for national policy with the respect to energy. to a lowo move rapidly carbon energy-based economy. that would be not only significant in terms of omissions and the negative consequences for the -- in terms and the negative consequences for the planet, but there are millions of jobs to be created in making energy conscious decisions. a

tomorrow we focus on fintech.wn with peter thiel and square capital. ♪ announcer: on today's paid presentation for cindy crawford, brought to you by gouthy renker you discover the secret to not only aging gracefully, but beautifully. cindy: my philosophy on aging is the same as my philosophy on living, which is do it well and take care of yourself. it's about celebrating where you are and being the best you can be in that moment. then, it is not aging. you are just living.

omorrow we focus on fintech. ♪ >> from our studios in new york city, this is "charlie rose." campbell is here. he became the metropolitan museum of art's ninth director in 2009. he was a curator of the museum department of new york sculpture and decorative arts specializing in tapestries. he has unified the museum's identity and expanded its modern collection. into an eight-year agreement with the whitney museum to occupy a building on madison avenue. able use the space to host exhibitions

>> fintech needs the banking system. there are intersections between fintech and banking system.omplish, look at innovation within the banks but intersection using fin tech companies for help in originating loans and particularly on the consumer side. the risk management, if your outsourcing, do you know what the risks are. i think it's really both. you need access to the payment system and can't survive without the two together. that's really the challenge to come up with the framework that works for both in a way that helps the public. >> thanks for stopping by. also reviews movies on twitter. very helpful sometimes. >> minneapolis fed president neel kashkari will join us tomorrow. >> 2018 could bring us commercial space travel, but how viable is space tourism? that story coming up next. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% o

here in the exhibit hall, the focus is really on fintech. as you just pointed out there, it's not just how the financial firms are being disrupted by the smaller innovators, there's also a big focus on the big tech names that are here. we've been talking to amazon, to samsung, paypal later. i think it was you that famously coined the phrase techfin. we often talk about the financial firms taking a lead in tech, but some are tech firms that are trying to appeal to banks as a customer. that's a similar story to my next guest. thank you so much for joining us. it's a real pleasure to hear more about your company. i want to get a view on the strategy, the growth going forward. walk us through exactly who your clients are and how you service them with your technology for security purposes. >> well, thank you for having me here. mainly what we're seeing here in scandinavia, because this is our home market, we are a swedish company, and we've been very successful in the nordic region. obviously we're seeing a lot of growth in europe, western europe

co-founder of the fintech services start-up. hello watson. your analysis of social media and conversations on various trading floors, helps us uncover insights. insights that help investors predict market closes, well before markets close. you know, your analysis has helped us improve our predictive accuracy by over 500%. 550.2, to be precise, but we can always do better. i like your attitude watson. >> dickerson: with news director of elections an none knee salvanto. so, you're in new york, let's start with new york. what is the state of play there for donald trump? >> the polling has had donald trump up. but in new york as we'll see in the story elsewhere, up isn't enough any more. he has to win he has to win big. because what happens is, new york will be giving out its delegates by congressional district also proportionally within those districts. what it is, is that for donald trump to get back on track after loss in wisconsin, after ted cruz has been cutting in to his lead he will need large win in new york, probably watch if he can get

co-founder of the fintech services start-up. hello watson.analysis of social media and conversations on various trading floors, helps us uncover insights. insights that help investors predict market closes, well before markets close. you know, your analysis has helped us improve our predictive accuracy by over 500%. 550.2, to be precise, but we can always do better. i like your attitude watson. it was this same old story in the democratic caucuses in wyoming yesterday. bernie sanders won the votes, but hillary clinton got the delegates. sanders won wyoming by 12 points, 5644. but that didn't help him in the delegate race. clinton took 11 delegates to sanders 7 when you threw the supers, the super designate gats. as you can see, clinton still holds a large delegate lead. it came after a week of unusually harsh sniping between sanders and clinton in anticipation of next week's make or make new york state caucuses. senator sanders joins me now from his home state, new york city. senator, welcome back, sir. >> great to be with you. >> let me star

you talk about fintech. why have we not seen a bank by facebook or google?ensive. it could have happened earlier. one of the challenges of the a large company is that you are a defender. our theuptors attackers. i talk about a balance between defenders and attackers in the book. when they are merging people are skeptical. i'm sure 10 years ago, when the idea of airbnb came up, that was crazy. now airbnb is worth more than marriott. you have to look at the disruptions and realize there is a cycle, but when they hit the tipping point valuations soar. sometimes little things end up buying the bigger things. francine: what is the endgame of the third wave? five-years, 10-years? steve: i think longer. the first wave was building the internet. when we started 3% of people were online. the second wave is building on top of the internet. integratingve is the internet seamlessly in every aspect, health care, education. in the book i talk about the internet of everything being broader than sensors and devices. a book where get the author is the lead singer in a willia