Tech Trends
Strengthening Community Cyber Defenses through Engagement and Learning
As part of our commitment to Cybersecurity Awareness Week, JPMorganChase has launched a suite of vibrant community initiatives aimed at educating both young people and adults on the basics of cybersecurity, thereby bolstering their online safety. Read on to discover how these initiatives have impacted the digital resilience of the communities we support. Fostering Interest in Cybersecurity at Global Impact Academy By Candice Biamby and London Murray, Product Security In celebration of Cybersecurity Awareness Week, the cybersecurity team from the Atlanta Tech Center at JPMorganChase collaborated with the External Community Engagement program to cultivate an interest in cybersecurity among students at the Global Impact Academy (GIA) STEM Magnet High School in Fairburn, GA. With a student body of 588 talented individuals from grades 9-12, GIA offers a range of career tracks in advanced mathematics, science, engineering, biotechnology, cybersecurity, game design, computer science, and more. This half-day event included presentations by JPMorganChase’s Cybersecurity and Technology Controls experts, who discussed their career paths and the diverse opportunities available in the cybersecurity sector. Students engaged in hands-on workshops that covered various aspects of cybersecurity, such as security engineering, governance, risk management, compliance, and cyber operations. The event was a fantastic opportunity to engage with future STEM leaders. The GIA students asked thought-provoking questions and demonstrated impressive knowledge. Our team relished the lively debates, particularly the spirited exchange when students shared their AI experiences, which led to a mix of curiosity, admissions, and laughter. The students' passion and curiosity bode well for the future of cybersecurity, marking a successful conclusion to our Cybersecurity Awareness Week at JPMorganChase. Enhancing Digital Protection for Youth and Seniors By Sesh Subramanyan and Venkat Melam, Cybersecurity and Technology Controls Cybersecurity Awareness Week was a nationwide campaign in India, featuring a range of community engagement activities focused on cybersecurity. These activities included quizzes, puzzles, and awareness sessions for children and seniors from employee families, with over 200 participants. The goal was to enhance understanding of cybersecurity and encourage secure online behavior. The 'CyberKids' session, designed for children aged 12-16, covered essential topics such as secure internet usage, recognizing online threats, and safeguarding personal information. In contrast, the 'CyberSeniors' session was aimed at older family members, offering practical advice on online security, identifying scams, and protecting digital identities. These sessions provided vital knowledge about online risks, including cyberbullying and phishing, helping families establish a secure digital environment. Given the increasing cyber threats targeting the young and elderly, such awareness sessions are essential for safeguarding our loved ones. The foundation of cybersecurity begins at home.
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The Impact of Revolut's Banking License on the Future of Digital Banking
Since its establishment in 2015, Revolut, a UK-based fintech firm, has swiftly evolved from a money-transfer service to a leading digital banking platform. A significant milestone in its journey was acquiring a European banking license from the European Central Bank via Lithuania in 2018. This landmark achievement transformed Revolut from a simple financial app into a fully licensed bank, enabling it to offer a comprehensive range of banking services across Europe. With a customer base exceeding 45 million personal users and half a million business clients globally, the banking license empowers Revolut to directly compete with traditional financial institutions. The license allows Revolut to provide full current accounts, loans, and deposit protection under the European deposit guarantee scheme. Additionally, this strategic move enhances Revolut's capability to develop its financial super app, which integrates banking, stock investment, and budgeting tools into a single platform. Expanding Across Europe Securing the European banking license was a critical step for Revolut, facilitating its expansive growth strategy across the continent. By 2020, Revolut had launched full banking services in key markets such as Poland, Lithuania, France, Italy, and Portugal. This expansion enabled the fintech firm to offer fundamental financial products typically associated with traditional banks, including deposit protection and business loans. In Portugal, Revolut encountered a mixed reception. While some welcomed its entry as a necessary disruption to established banks, local institutions expressed concerns about potential unfair competition, questioning whether Revolut adhered to the same regulatory standards. Despite these criticisms, Revolut pressed forward with its expansion, leveraging the license to introduce various services, such as mortgages and branded loans, throughout the European Economic Area (EEA). This initiative not only broadened Revolut's product offerings but also solidified its position as a formidable player in the European banking landscape. The Significance of the Banking License Revolut's European banking license signifies more than just regulatory approval; it marks a transformative moment in the company's evolution. The license provides a legal framework that enables Revolut to offer a broader range of financial products, allowing it to directly hold deposits and offer lending products without relying on third-party banks. One of the most notable benefits of the license is the European deposit guarantee scheme, which protects customers' deposits up to €100,000. This safeguard is crucial for building trust with users, particularly in markets where Revolut competes against long-established financial institutions. The license also enables Revolut to penetrate markets that were previously inaccessible. Moreover, the banking license positions Revolut as a stronger competitor to traditional banks, many of which are encumbered by legacy systems and slower innovation cycles. With its app-first approach, Revolut continues to offer users greater convenience, lower fees, and modern financial tools. This focus on innovation, combined with the banking license, positions Revolut to capture further market share across Europe. Challenges and Criticism Despite the advantages provided by the banking license, Revolut has faced criticism. In Portugal, local banks accused Revolut of being subject to different regulatory standards than traditional banks, sparking debates on whether fintech companies like Revolut should adhere to the same stringent regulations. Furthermore, Revolut's rapid expansion across multiple markets has not been without technical difficulties. The company faced scrutiny over its financial controls and auditing processes, particularly in the UK, delaying its UK banking license acquisition until 2024 after a three-year wait. Revolut's Chief Financial Officer acknowledged that the company's internal systems initially struggled to keep pace with its growth, necessitating significant IT infrastructure updates. Nevertheless, Revolut has worked diligently to address these issues. The acquisition of the European banking license allowed the company to continue its expansion and strengthen its presence across the continent. Despite regulatory challenges and criticism, Revolut remains committed to maintaining compliance with European banking standards and delivering high-quality services to its customers. Revolut's Global Ambitions Revolut's ambitions extend beyond Europe as it seeks to bolster its global footprint. In 2024, the fintech company applied for a banking license in Colombia, aiming to compete in the Latin American market alongside established players like Nubank. This move follows its earlier success in securing a banking license in Mexico, further entrenching its presence in the region. After a protracted regulatory review, Revolut finally obtained a banking license in its UK home market. Although this license comes with certain restrictions, it sets the stage for the company to offer essential financial products such as current accounts, mortgages, and consumer loans. This diversification of offerings will help reinforce Revolut's position within the competitive UK banking landscape. Additionally, Revolut is preparing for an Initial Public Offering (IPO), anticipated to significantly enhance its capital base and facilitate further expansion into untapped markets. As the company continues to grow its customer base and refine its financial systems, the upcoming IPO is expected to be a pivotal moment in Revolut's journey, enabling it to unlock new opportunities and solidify its status as a leading player in the global fintech arena. Conclusion Revolut's acquisition of a European banking license marked a major turning point in its history, enabling the expansion of its services across Europe and direct competition with traditional banks. The license not only enhances Revolut's credibility as a robust financial institution but also provides its customers with increased security and a broader range of financial products. Despite facing regulatory hurdles and criticism from traditional banking institutions, Revolut continues to grow and innovate. Its global ambitions, supported by a strong foundation in Europe, indicate that Revolut is well-positioned to emerge as one of the leading digital banks worldwide.
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5 Creative Ways to Leverage ChatGPT for Your New Year’s Goals
As the calendar turns to a new year, many of us set grand intentions for self-improvement – but, as history often proves, those resolutions can fizzle out before long. Whether your ambitions include adopting healthier habits, saving more money, or finally tackling the monumental task of reading War and Peace, ChatGPT can be your ultimate companion in staying focused and motivated. From refining your goals to overcoming obstacles along the way, this AI-powered tool is here to provide you with guidance, support, and even the occasional reality check when your goals start to veer off course (like when you try to justify "eating cake for breakfast" as a healthy fruit substitute). Here are five innovative and fun ways you can make ChatGPT your secret weapon in achieving your 2025 goals. 1. Tailor-Made Resolutions Crafting resolutions that speak to your passions is the key to maintaining motivation. ChatGPT shines when it comes to helping you think outside the box and come up with unique goals that suit your personal interests. Forget the usual clichés like "lose weight" or "spend less." Instead, share your hobbies, such as photography, travel, or acquiring new skills, and ChatGPT will help you develop resolutions like starting a daily photo journal, learning to greet people in multiple languages, or unearthing hidden gems in your local area. For instance, imagine telling ChatGPT about your love for photography or your desire to explore new cultures. The AI might suggest a resolution like taking one photo a day to build a digital yearbook, or challenging yourself to learn how to say "hello" in 52 different languages. These kinds of personalized resolutions are more likely to keep you motivated for the long haul. However, beware of setting conflicting goals—like vowing to be a better baker while also committing to a fitness regimen. If you're not careful, you might find yourself baking a cake every day! But with personalized goals, you're more likely to stay engaged and see it through. 2. Step-by-Step Action Plans Large, ambitious goals can feel daunting and difficult to navigate. ChatGPT is great at breaking them down into bite-sized, actionable steps. Suppose your resolution is to write a novel. ChatGPT can suggest a structured timeline, such as spending January outlining your story, dedicating the next six months to writing 500 words daily, and wrapping up the year with editing and feedback from beta readers. A clear, actionable plan like this makes what seemed impossible much more achievable. However, be cautious about overloading yourself. Trying to learn Spanish, write a novel, train for a marathon, and start a side business all at once can quickly become overwhelming. While ChatGPT will happily provide plans for each of these endeavors, by March, you might find yourself juggling too many projects—none of them getting the attention they need. 3. Your Personal Accountability Partner Sometimes, sticking to your resolutions requires an external nudge. ChatGPT can act as your personal accountability buddy, offering a judgment-free space to track progress and setbacks. Instead of sharing your goals with family or friends, where it might feel awkward, you can confide in ChatGPT and receive constant support. You can proudly share milestones—like sticking to your workout routine—and ChatGPT will celebrate your achievements, offering praise and motivation. If you fall short of your goals, the AI will provide gentle suggestions to help you get back on track. However, keep in mind that ChatGPT doesn’t always catch sarcasm or self-deprecating humor. Telling it you ate an entire box of donuts and asking if it's "carb-loading" for a run might prompt concern rather than the laughter you're hoping for. 4. Overcoming Roadblocks Challenges are inevitable when working toward any goal, and this is where ChatGPT can shine. When you're stuck or facing obstacles, simply explaining your issue to the AI can lead to tailored, practical solutions. For instance, if evening workouts aren’t happening due to fatigue, ChatGPT might suggest switching to morning sessions, shortening your workout time, or even finding a workout buddy for extra motivation. The AI's flexibility and personalized advice can help you adjust and move past roadblocks. Just remember—honesty is key. If you're making excuses (like claiming that a walk to the ice cream shop counts as cardio), ChatGPT will see right through it. 5. Celebrating Wins with AI When you reach your milestones, ChatGPT is excellent at helping you recognize your achievements and plan meaningful rewards. It acts like a personal cheerleader, offering suggestions to keep the momentum going. For instance, if you’ve been consistently meditating each day, ChatGPT might recommend treating yourself to a relaxing spa day, upgrading to a premium meditation app, or even sharing your journey with others to inspire them. While you still provide the prompts, these external reminders of your progress can feel more fulfilling, adding an extra layer of motivation to keep you moving forward.
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Meta Unveils 'Edits,' a New Video Editing App to Compete with CapCut
Meta recently announced the launch of a brand-new video editing application called "Edits," coinciding with the removal of ByteDance's video editing tool CapCut from the Apple App Store and Google Play Store due to the TikTok ban. This new app is expected to debut on the iOS platform next month, with an Android version to follow. Adam Mosseri, head of Instagram, revealed on the Threads platform that the company is collaborating with select creators to gather feedback on the application. He stated, "We are excited to introduce 'Edits,' a new app designed specifically for mobile video creators. No matter how the market environment changes, our mission remains to provide creators with the highest-quality tools." According to Mosseri, Edits will feature a range of innovative functions, including an inspiration zone, a creative idea management module, and a high-quality camera feature. Notably, the app will also support users in sharing draft creations with friends or collaborators. Additionally, creators can access performance data of their videos on the Instagram platform through the app, helping them optimize their content strategies. Mosseri emphasized that Edits primarily targets professional creators rather than casual users. This differentiated positioning, though difficult to quantify, reflects Meta's deep understanding of the creator ecosystem. This move by Meta continues its consistent market strategy. Recall that in June 2020, after TikTok was banned in India, Meta quickly launched Instagram Reels in early July. In 2023, the company introduced Threads, a platform competing with X. Industry analysts suggest that CapCut's temporary absence has created development opportunities for other video editing tools, and even if CapCut is reinstated in the future, the market landscape may undergo significant changes. It is worth noting that Captions, a video editing app backed by a16z, recently shifted to a freemium model in an attempt to attract more users and compete with CapCut. These market dynamics indicate that the video editing tool sector is entering a new wave of competition and innovation.