Fintech vs. Financials, Exclusive Interview with San Francisco Fed President Mary Daly & Live Outside Elon Musk’s SolarCity Trial

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 13 July 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start off the morning on the battle between fintech and financials in light of bank earnings this week. The Production Board CEO David Friedberg joins to share his take on digital banking and the future of fintech. Then, CNBC’s Steve Liesman is here to interview San Francisco Fed President Mary Daly on inflation, Fed policy and much more. Later, Washington Post Tech Reporter Will Oremus joins live outside the courtroom where Elon Musk is defending Tesla’s 2016 acquisition of SolarCity. Also, CNBC’s Julia Boorstin is here with the story on the Female Founders Fund closing its third fund at $57 million. We also have CNBC’s Eamon Javers with details on the Biden Administration’s newest cybersecurity team members. Then, Arctic Wolf CEO Brian NeSmith joins to further discuss cyber threats and his cybersecurity company’s latest $150 million funding round.

Transcript

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0:00.0	I'm Dear Jrabosa and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.7	Happy Tuesday. Welcome to Tech Check. I'm John Ford with Carl Kintanilla and Deirdrebosa.
0:11.6	Today, an interview with San Francisco Fed President Mary Daly, that Tech Check exclusive,
0:16.4	just moments away. And then we're live outside the courthouse as Elon Musk's second day of testimony begins.
0:23.0	Tesla coming off a big day for the stock. And later, President Biden beefs up his cybersecurity staff.
0:27.7	We will talk about the investment thesis for companies in the space.
0:32.6	We are obviously watching the banks. Both Goldman Sachs and J.P. Morgan kicking off earnings season with very strong results, as well as you can see, both stocks are currently in the red this morning.
0:42.4	We're going to talk about methods in which the banks D are going to try to get more competitive.
0:48.4	Yeah, and despite both of them beating expectations, but the question is, is that where the real growth is?
0:54.8	FinTech, as we often talk about, is becoming a bigger and bigger threat to the big banks with public
0:59.0	companies like Square and PayPal rivaling or beating in terms of market caps.
1:03.4	J.P. Morgan is trying to save off rivals by investing in the space with three acquisitions
1:08.2	since December, including ESG platform open invests just
1:11.7	two weeks ago. CEO, Jamie Diamond, has pushed for more regulation for these companies.
1:16.4	He also tried to share some optimism on today's earnings calls saying that while the competition
1:21.1	is, quote, very large and very tough, it does not mean that J.P. Morgan won't win. And guys,
1:26.2	you got to give Jamie Diamond credit for thinking about fintechs, which he has for a long time. A few years ago, he confessed to having square envy. He said that they innovated, or perhaps they should have. And earlier this year, he actually expanded the threat beyond fintech, at least your typical fintech, to big tech on an analyst call.
1:44.9	He said that he told his employees to watch out for the likes of Amazon, Apple, and Google as threats that the banks need to keep their eye on.
1:54.8	Yeah.
1:55.8	Amazon, of course, playing in dongles at one point, Apple teaming up with Goldman Sachs for that Apple
2:03.5	credit card as well. But I can't help but think, Carl, that this environment is likely to shift.
	...

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