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72-year-Old Fidelity Bets On The Future With Blockchain, Virtual Reality And AI

TedTed
in Fund Discussions
FYI: .The 72-year-old financial services company is competing with Google, Facebook and Microsoft to recruit top talent from Silicon Valley.
.The firm, which administers more than $7 trillion in customer assets, spends $2.5 billion a year on tech through Fidelity Labs and its Fidelity Center for Applied Technology.

.The Boston-based private company is experimenting with blockchain, artificial intelligence and virtual reality — and is benchmarking itself against digital natives like Nvidia instead of brokerage firms like Charles Schwab.

.“Fidelity is a sleeping giant,” says Rich Repetto, principal at Sandler O'Neill & Partners who covers its brokerage competitors. “Or at least they're not a well known giant as far as what they're actually doing.”
Regards,
Ted
https://www.cnbc.com/2018/09/28/fidelity-the-tech-company.html

Comments

  • VintageFreakVintageFreak
    I wonder if any of the following ideas will get money from Fidelity

    Buttbook
    LinkedOut
    Timberrrrr
    Titcoin (this is actually real and perhaps better investment than Bitcoin)


  • msf
    Fidelity spent $250M to acquire eMoney three years ago. It took almost that long to integrate it with its retail platform (FullView), and has been struggling for several weeks to simply bring it up to the level of the software it replaced.

    Unlike any "real" bank, you can't set a travel notice on its debit cards online. You can't even do it via automated phone service, you need to talk with a real human being. A human being who can't see the 16 digit number you just punched in, so you have to repeat the whole thing again.

    So far, the only thing I know that's come out of Fidelity Labs is FidSafe®. Wow, imagine storing files in the cloud. Sounds real high tech to me, something that you'd expect to come from an "innovation center". Sure.

    "in the 1990s decided there should be a group tasked with researching cutting-edge technology."
    Most of the technology Fidelity uses is fine, even very good. But cutting edge it's not.
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